IR Dividend Policy

1. Dividend Policy

JAL regards shareholder returns as one of our most important management matters. Our fundamental policy is to actively implement shareholder returns through continuous and stable dividends and flexible share repurchases, while securing internal reserves for making investments for corporate growth in the future and changing business environments and to build a strong financial structure.
In order to maintain a stable dividend level despite the upcoming effective tax rate increase, JAL will decide the dividend per share level, considering its continuity, stability and predictability with reference to a payout ratio of approximately 35%. In addition, JAL will proactively and flexibly consider share repurchases, considering its financial position and other factors. As a result, JAL seeks to achieve a total payout ratio, which combines the total dividends paid out and the total amounts of the share repurchases, of an approximately 35% to 50% range through appropriately sharing periodic profits and allocating capitals among all of its stakeholders.
At the same time, JAL continuously strives to improve capital efficiency through monitoring a total return on equity ratio, which is calculated by dividing the sum of total dividends paid out and share repurchases by shareholders equity. JAL makes its efforts to maintain this ratio at approximately 3% or above.
Please refer tothe above "Dear Shareholders,from President Akasaka"for the Year-End-Dividendof FY2019 and the dividends forecast for FY2020.

  Interim Dividend Year-End-Dividend Total
FY / March 2020 JPY 55.00 - JPY 55.00

2. Dividend Forecast

  Interim Dividend Year-End-Dividend Total
FY / March 2021 undetermined undetermined undetermined

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

  Interim Dividend
Fixed Date of Payout September 30, 2019
Starting Date of Payout December 3, 2019

4. Dividend (Result)

  Interim Dividend Year-End-Dividend Total
FY / March 2020 JPY 55.00 - JPY 55.00
FY / March 2019 JPY 55.00 JPY 55.00 JPY 110.00
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.