JAL | JAPAN AIRLINES

IR Dividend Policy

1. Dividend Policy

 The Company regards shareholder returns as one of our most important management issues. Our fundamental policy is to actively implement shareholder returns based on continuous and stable dividends, while securing internal reserves for making investments for corporate growth in the future and changing business environments and to build a strong financial structure.
 JAL has been adopted Dividend on Equity (DOE) in addition to the current dividend indicator, the payout ratio, as a reference.
Regarding the payout ratio, approximately 30% of net profit attributable to owners of parent excluding income tax deferred is considered as the proportion of profits paid out as dividends to shareholders. At the same time, JAL will aim for DOE of 3% or above, considering the target ROE level (10%) and the target payout ratio (30%). We will continue to further improve capital efficiency and realize stable shareholder returns.

2. Fixed Date of Interim Dividend Payout and Starting Date of Payout

  Interim Dividend
Fixed Date of Payout September 30, 2018
Starting Date of Payout December 3, 2018

3. Dividend (Result)

  Interim Dividend Year-End-Dividend Total (Yen)
FY / March 2018 JPY 52.50 JPY 57.50 JPY 110.00
FY / March 2017  -  JPY 94.00 JPY 94.00
FY / March 2016  -  JPY 120.00 JPY 120.00
FY / March 2015  -  JPY 104.00 JPY 104.00
FY / March 2014  -  JPY 160.00
(*1JPY 80.00)		 JPY 160.00
(*1JPY 80.00)
FY / March 2013  -  JPY 190.00
(*1JPY 95.00)		 JPY 190.00
(*1JPY 95.00)

*1 JAL undertook a two-for-one stock split of its common shares as of October 1, 2014, and each dividend recalucurated as such.

4. Dividend Forecast

  Interim Dividend Year-End-Dividend Total (Yen)
FY / March 2019
(Forecast)		 JPY 55.00 (definite) JPY 55.00 JPY 110.00