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

Profile

Spreading New Wings of Trust

The JAL Group is Japan's leading air transportation group, resulting from the integration of Japan Airlines and Japan Air System on October 2, 2002. On April 1, 2004 the Group was reorganized under a single "JAL/Japan Airlines" brand, with Japan Airlines Domestic handling domestic passenger operations and Japan Airlines International responsible for international passenger and cargo operations. Our ultimate objective is to build an operational structure bringing together the holding company and operating companies as a single entity.

Proud to be the largest domestic network in the industry, we bring peoples, their cultures and their hearts closer together, contributing to peace and prosperity in Japan and beyond. All this is predicated on a relentless commitment to flight safety. We strive to become a world-class air transportation group, one that is consistently chosen by our customers, and maximizes corporate value in pursuit of our fundamental policy of sharing the value we create with all our stakeholders. The JAL Group now is spreading new wings of trust, preparing for a renewed push forward.

The JAL Group's Corporate Philosophy:

1. We will prioritize safety and quality.
2. We will think and act from the standpoint of the customer.
3. We will strive to maximize corporate value.
4. We will fulfill our responsibility as a corporate citizen.
5. We will appreciate hard work and take on a positive attitude.

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