Annual Report Japan Airlines Corporation at a Glance Consolidated Financial Highlights Consolidated Operating Highlights Message from the Management Interview with the Group CEO Dream Skyward II: Stepping-stone to become "the world' s No.1 airline group" Review of Operations Corporate Social Responsibility (CSR) Activities Management's Review and Analysis of Financial Position Consolidated Balance Sheets Consolidated Statements of Operations Consolidated Statements of Stockholder' Equity (Note8) Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements Report of Independent Auditors Consolidated Subsidiaries JAL and Its Subsidiaries and Affiliates Directory JAL Group Route Network Board of Directors Investor Information

Japan Airlines Corporation and Consolidated Subsidiaries
For the Years Ended March 31, 2004, 2003 and 2002

			Millions of yen	Thousands of U.S. dollars
Years ended March 31,	2004	2003	2002 (Pro forma)	2004 (Pro forma)
For the Year:
Operating Revenues	¥1,931,742	¥2,083,480	¥2,029,481	$18,397,543
Operating Expenses	1,999,387	2,072,891	2,030,522	19,041,780
Operating (loss) Income	(67,645)	10,589	(1,041)	(644,238)
Net (loss) Income	(88,619)	11,645	(35,797)	(843,990)
Net (loss) Income Per Share (yen and dollars)	¥(45.19)	¥5.92	−	$(0.430)
At Year-End:
Long-Term Debt	¥1,170,156	¥1,094,285	¥1,132,238	$11,144,342
Stockholders ’Equity	159,273	254,256	254,803	1,516,885
Total Assets	2,113,418	2,172,284	2,294,836	20,127,790
Shares Issued (thousands)	1,980,465	1,980,465	−

Note:
The U.S. dollar amounts in this annual report are translated from yen amounts, solely for convenience, at ¥105=U.S.$1.00, the exchange rate prevailing on March 31, 2004 (see Note 2 to the Consolidated Financial Statements).