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Dividend Policy

1. Dividend Policy and the dividends of FY2021

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 environment and to build a strong financial structure.

However, even though the prolonged COVID infection is settling down and the passenger demand, especially domestic demand, is gradually coming back, the prolonged infection delayed passenger demand recovery and JAL regrettably recorded significant losses for this fiscal year that makes losses in two consecutive years. Considering the surrounding business environment such as the apparent geopolitical risk and the surge of fuel price, we believe securing liquidity at hand to enhance our risk resilience and financial foundation is the best for JAL at this moment, thus we have determined not to provide year-end dividends in order to secure liquidity at hand. We regret that we cannot pay dividends to our shareholders, but we would like to ask for their understanding in this situation.

In terms of dividends for the fiscal year ending March 2023, it may take some more time for international passenger demand to recover fully from the COVID infection, but a steady recovery of domestic passenger demand seems possible. While we have to keep a close eye on the geopolitical risk and the fuel price hike risk, our performance recovery and cash flow improvement is promising if there are no significant event risks. Therefore, we will aim for dividends payment for the fiscal year ending March 2023. However, for the interim and year-end dividends forecast, we will provide our forecast when our performance recovery becomes more steadfast and foreseeable. We will strive for early performance improvement and financial recovery in order to realize a continuous and steady return to shareholders again.

2. Dividend Forecast

This table can be scrolled horizontally.
  Interim Dividend Year-End-Dividend Total
FY / March 2023 undetermined undetermined undetermined
This table can be scrolled horizontally.

3. Dividend (Result)

This table can be scrolled horizontally.
  Interim Dividend Year-End-Dividend Total
FY / March 2022  -   -   - 
FY / March 2021  -   -   - 
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)
This table can be scrolled horizontally.

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

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