Press Release

To further ensure the achievement of the ”JAL Group Medium-Term Management Plan for Fiscal Years
2021-2025”(hereinafter referred to as the “Medium-Term Management Plan”), JAL Group formulated the
“JAL Group Medium-Term Management Plan Rolling Plan 2022 for Fiscal Years 2021-2025”(hereinafter
referred to as the “Rolling Plan 2022”)

1. Positioning and Direction of the “Rolling Plan 2022”
In fiscal 2021, we promoted initiatives in Medium-Term Management Plan to realize the ”JAL Vision 2030”,
which is based on the pillars of “Safety and Peace of Mind”.
Under the “Rolling Plan 2022”, despite the fact that the business environment is facing increasingly severe and uncertain economic conditions due to the prolonged impact of the new COVID-19, global instability and market fluctuations, we will not change the direction and goals of the major strategies outlined for the “Medium-Term
Management Plan”, and will accelerate the implementation of management strategy in order to ensure the
achievement of the “Medium-Term Management Plan”

2. Key Points of the “Rolling Plan 2022”
We aim to achieve our management objectives by placing ESG strategies at the core of our management
strategy, solving social issues through our business activities, accelerating business structure reforms, and
restructuring our financial position.

 ESG Strategy
We have positioned the ESG strategy as our growth strategy for 2030, and in order to realize the ”JAL Vision
2030”, we will create sustainable human resources, commercial distribution, and logistics flows by solving
social issues through our business, thereby enhancing the social and economic value of JAL Group and
improving our corporate value.

In promoting ESG strategies, proactive efforts to solve social issues will not only provide opportunities to
increase sales, cost reductions, and improve productivity, but will also enable companies to reduce risk by
complying with environmental regulations that are expected in the future. In addition, to achieve virtually zero
CO2 emissions by 2050, which is our core goal, we will steadily promote initiatives based on the three pillars of upgrading to fuel-efficient aircraft, improving flight operations, and utilizing SAF (Sustainable Aviation Fuel).
By 2030, we plan to replace 10% of our total fuel loading with SAF, and by diversifying our SAF suppliers, we
will achieve stable and reasonable procurement at reasonable prices.

 Business strategy
We will accelerate business restructuring and build a business portfolio that is highly resilient to environmental changes.

We will improve the profitability of Full Service Carrier (FSC) business, double the scale of the Low Cost Carrier (LCC) business through ZIPAIR, SPRING JAPAN and Jetstar Japan, expand the cargo and mail business
including freighter business, and develop new business in non-aviation domain (Mileage life Infrastructure) by
leveraging our customer base and human skills. To this end, we aim to maximize the profitability of the entire
Group by promoting Group management and further strengthening cross-organizational collaboration across
business domains more than ever.

 Financial strategy
We will strategically allocate management resources to achieve both "risk-tolerance enhancement" and "capital efficiency". First, in the financial restructuring phase, we will steadily rebuild our financial base while making investments for sustainable growth, and gradually shifting into the sustainable growth phase. We aim to quickly improve the equity ratio to
around 50% * and achieve net zero interest-bearing debt by the end of fiscal 2025. In addition, we aim to resume dividend
payments by the end of fiscal 2022.
*Credit Ratings

In terms of investment strategy, JAL Group positions all investments as being made to  steadily promote and
accelerate ESG strategies, and plans to invest 660 billion yen over the 4 years from FY 2022 to FY 2025,while actively utilizing ESG finance as a means of procuring  funds for investments.

JAL Group will unite all employees to implement the “Rolling Plan 2022,”aiming to be “the World`s most
preferred and valued Airline” in a future society where many people and various things come and go freely, and where hearts are filled with joy.

Attached File： ”JAL Group Medium-Term Management Plan Rolling Plan 2022 for Fiscal Years 2021-2025”