JAPAN AIRLINES

PRESS RELEASES

  • February 14, 2008

JAL Sells Maintenance Center Buildings to the Industrial & Infrastructure Fund Investment Corporation

Tokyo, February 14, 2008: Japan Airlines International, a subsidiary of JAL Corporation, decided to sell the fixed assets of its Haneda Airport Maintenance Centers 1 & 2 to the Industrial & Infrastructure Fund Investment Corporation. Haneda Airport Maintenance Centers 1 & 2 are hangars used by JAL primarily for aircraft heavy and line maintenance.

The JAL Group is making concerted efforts to achieve the medium term corporate revival plan FY2007-2010. The company is concentrating its resources on core air transport business activities and making cost reductions in order to strengthen profitability. JAL has decided to sell these maintenance facilities at Haneda Airport to reduce the risk from owning real estate and to reduce costs.

A decision by JAL to transfer these properties to the Industrial & Infrastructure Fund Investment Corporation was made today February 14, 2008 and the transfer of the property is expected on February 29, 2008.

JAL will continue operations at the center after concluding a rental agreement with the Industrial & Infrastructure Fund Investment Corporation.

The sale of this fixed asset will only have a minor effect on the JAL Group’s consolidated statement for FY2008, the year ending March 31, 2009. The financial forecast for FY2007, announced on November 6, 2007 will remain unchanged.

 

Outline of Fixed Asset Transfer

Asset & Location

Sale value

Haneda Airport Maintenance Centers 1 & 2

3-chome 1, Haneda Airport, Ota-ku, Tokyo

Land: 81,995.81m2

Property: Hangars, offices and machine rooms.

 

JPY 42.21 billion yen

(tax included)

*The land is government property. Permission has been obtained from the Tokyo Civil Aviation Bureau Director to use the land as hangar space.

 

Property to be Purchased by

Industrial & Infrastructure Fund Investment Corporation

Location

20F Tokyo Building, 2-chome 7-3, Marunouchi, Chiyoda-ku, Tokyo

Executive Director

Yasuyuki Kuratsu

Total Equity

36.529 billion yen (as of today)

Main Investors

Mitsubishi Corporation, (as of end of Dec 2, 2007)

 

Investment trust of mainly assets and investment operations of specific assets.

Relationship to JAL

None

 

 Maintenance Centers Sold.pdf

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