Annual Report Profile JAL Group Overview Consolidated Financial Highlights Consolidated Operating Highlights Message from the Group CEO Interview with the Group CEO Spreading New Wings of Trust Review of Operations Fundamental Policies and Actions Regarding Corporate Governance 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

JAL Group Overview

Comprising 288 subsidiaries and 96 affiliates, the JAL Group's businesses are grouped into four segments: air transportation, airline-related, travel services, and other. Japan Airlines Corporation, the holding company, formulates Group-wide targets and strategies, and ensures the optimum allocation of management resources in order to maximize corporate value.

Air transportation

The air transportation segment involves 11 consolidated subsidiaries. This massive network includes not only JAL International and JAL Domestic, but also Japan Asia Airways Co., Ltd., Japan Transocean Air Co., Ltd., JALways Co., Ltd., JAL Express Co., Ltd., Japan Air Commuter Co., Ltd., J- Air Co., Ltd., Harlequin Air Co., Ltd., Hokkaido Air System Co., Ltd., and Ryukyu Air Commuter Co., Ltd.

Airline-related business

Airline-related businesses include passenger services and cargo handling, in-flight catering, aircraft and ground equipment maintenance, and aviation fuel supply, involving 105 subsidiaries and 74 affiliates.

Travel services

A total of 53 subsidiaries and 3 affiliates are engaged in the travel services business, developing and marketing travel packages which include air travel on the 11 air transportation subsidiaries.

Other businesses

.	Hotel and resort business The hotel and resort business is conducted through 25 subsidiaries and 4 affiliates.
.	Credit card and leasing business A total of 53 subsidiaries are involved in the finance, credit card and leasing businesses.
.	Commercial, distribution and other business This category includes wholesaling/retailing, real estate, printing, construction, outsourcing, information and advertising and cultural events, involving 41 subsidiaries and 15 affiliates.

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