Shanghai Airlines CO.,LTD.

Shanghai Airlines CO.,LTD. is a China-based commercial airline company. The Company mainly provides air passenger and air cargo transportation services and air mail services domestically and internationally. The Company also develops travelling, import and export trading and advertising businesses. During the year ended December 31, 2008, the Company transported approximately 10.11 million passengers and 319,143.3 metric tons of cargos. In 2008, the Company newly opened two flight routes: Shanghai-Mumbai and Shanghai-Taiwan. As of December 31, 2008, the Company had 66 airplanes, 14 major subsidiaries and one associate.