Opportunities and Challenges for Japan Airlines December 6 - 7, 2012

2 1.JAL Update 2.Product Update 3.Summary 4.Appendix Agenda

3 JAL is a key travel partner with numerous International companies including many Fortune 500 companies. The airline currently holds agreements with 65 of the top 100 Corporate Travelers by air volume* Posted net profit of US $2.4 Billion for 2011 Fiscal year (Apr ’11 – Mar ’12) US $1.2 Billion for 1 st half 2012 (Apr ’12 – Sep ’12) Facilitates global trade by operating 22,000+ flights a month, and has been expanding its International Network with San Diego, Boston, & Helsinki. * Booked in the USA as ranked by Business Travel News – September 2011 edition Japan Airlines (JAL) flies to more than 85 destinations in almost 20 countries and territories. The airline has provided international service between the U.S. and Japan for over 58 years. Japan Airlines: A Quick Introduction

4 FH12 net profit was 1.2bil USD (Apr – Sep 2012) Re-listing of shares in Sep 2012 More competitive cost structure, best practices #1 airline in world operating profit for 2010, 2011 Updates for 2012

5 BOS-NRT service commenced Apr. 22 SIN-NRT from Oct. 28, 2012 SAN-NRT service from Dec. 2, 2012 HEL service from Feb. 25, 2013 (scheduled) Also MOW, BJS in st carrier to utilize 787 in USA JAL has ’s on order (45) option (20) 787 Updates for JAL Schedules

6 Visa entry requirements Security issues High aviation taxes and fees Lack of recognizing the value of foreigner visitors Government Challenges

7 Rising fuel costs and the vision for an alternative Added competition from airlines and growing alliance networks Low cost carrier growth worldwide More government regulation and taxes Joint business and alliance evolution--how will business be done Specific Airline Challenges in the Future

8 Joint business route with *All flights operated by Japan Airlines; codeshare by American Airlines. *All flights/schedules are subject to change. New Route Summary San Diego = Tokyo Nonstop Launched: December 2, 2012 From March 1, 2013, JAL will increase the frequency to once daily. Boston = Tokyo Nonstop

9 Beijing Seoul Taipei Manila Singapore Hanoi Shanghai Pusan Kaohsiung Bangkok Hong Kong Ho Chi Minh City* Same Day Connectivity at Narita to: Overnight Stay in Tokyo Required for: Guangzhou Jakarta New Delhi Dalian Kuala Lumpur Strong Japan Domestic Connectivity too: Okinawa, Osaka (Itami), Fukuoka, Sapporo, & Nagoya More connections via Tokyo Haneda Airport * Codeshare Flight. JL operated Flight requires overnight stay JAL’s Tokyo Narita Hub: San Diego’s Gateway to Asia All Schedules Subject to Change

10 JAL Summary Financial reorganization successful Post-earthquake recovery strong JL/AA joint business evolving very well 787 introduction on Apr. 22, 2012 BOS-NRT New SAN-NRT Dec. 2, 2012 Well positioned for future

 Appendix Additional Information About JAL

13 Seat Name:JAL SUITE Configuration:1-2-1 (8 seats) Bed length:Approx inch (199 cm) Max. Bed width:Approx. 33 inch (84 cm) TV screen size:23 inch Features Excellent functionality with a sense of luxury in one of the largest First Class spaces available in the skies today. Refined woodgrain finishing that evokes an ambience similar to that of a personal study or bedroom. Newly-introduced liquid-crystal (LCD) touch-panel hand-held controller. Sample meals

Seat Name:JAL SKY SUITE Configuration:2-3-2 (49 seats) Max. Bed length:Approx. 74 inch (188 cm) Max. Bed width:Approx inch (65 cm) Width at base:Approx. 21 inch (53 cm) TV screen size:23 inch Features A highly-private space with plenty of legroom, furnished with a fully flat bed and a host of first-class amenities and functionalities. Unobstructed aisle access for every seat. Large swivel table for more flexibility in movement and ample storage space for various items. Partition can be electronically lowered to chat with traveling companion if you wish. Sample meals

Seat Name:JAL SKY PREMIUM Configuration:2-4-2 (40 seats) Seat pitch:Approx. 42 inch (107 cm)* Seat width:Approx. 19 inch (48 cm)* TV screen size:12.1 inch Features A substantial increase in seat pitch (distance between the seats) by as much as 4 inch (10 cm), providing more leg-space than ever before. Increased seat-slide by up to approx. 2.8 inch (7 cm) 12.1 inch personal touch-panel TV screens are 35% wider than previous Premium Economy product and one of the widest in its class. Retained the fixed-back seat feature of its predecessor, providing the same undisturbed space even when a passenger seated in front reclines. Center divider between seats at head-level to provide greater privacy. Three-step adjustable footrest. *Specifications for front-row seats are different.

JAL’s 787 – Executive Class Experience the Ultimate in Japanese Hospitality Designs are subject to change

Boston San Diego Helsinki Boeing 787: Future service introduction status - Tokyo (Narita) – Singapore, JL719/712,JL711/ services a week will operate from Narita from the 28th of October, and departing Singapore from the 29th of October. Schedule and aircraft types are subject to change without notice. JAL’s International Network

1.Domestic Connectivity 2.Travel Opportunity Cost Savings  Haneda Map

Lounges offer 4,000 square meters of space Menus will be adjusted to reflect the changing flavors of the seasons Stylish bar-areas include a bartender to serve a wide selection of drinks Private shower rooms Massages by a resident professional masseuse (advanced reservations required) Equipped with high-speed wireless LAN connection for Internet access Features a Children`s Playroom for families  JAL First Class and Sakura Lounges Narita Airport – Terminal 2

Pacific Joint Business with AA JL and AA Partners across the Pacific More options for the customer Harmonized pricing and discounts Joint contracting Earn AAdvantage miles on JL flights SAN-NRT flight complies with “Fly America” rules if ticketed on AA

Thank You for Your Partnership!