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The case gives an overview of Jet Airways'

success in the domestic airlines industry. The
case talks about the performance of Jet Airways
since its formation in 1992. Over the years, Jet
Airways improved its market share significantly
from 6.6% in 1993-94 to 42% in 2000-01. Right
from the start, Jet Airways focused more on
customer service than anything else. It was
because of its superior customer service that Jet
Airways had become the most popular airlines
in India. The case makes a point about the
strategy adopted by Jet Airways. Jet Airways
started its operations in India with leased
aircrafts because buying an aircraft would have
cost Jet Airways around $ 40-$ 50 whereas a
monthly lease was as low as $ 0.4 million. Jet
Airways also started its operations with the new
Boeing 737-300s and not the older Boeing 737-

This was because the new aircrafts were fuel-efficient and cheaper to maintain. Jet Airways
also had only one type of aircraft'the 737--in its fleet. This ensured that maintenance and
flight crew training was simpler. Because of the above factors, Jet Airways' aircraft utilisation
and number of flights per day was more than that of Indian Airlines. Another reason for the
success of Jet Airways was its lean structure. Compared to Indian Airlines' 397 employees
per aircraft, Jet Airways had only 163 employees per aircraft. The case also highlights the
fact that Jet Airways was virtually the only private player in the aviation industry. It did not
face any competition from the other private player-Sahara Airlines. With more private
players planning to enter the Indian sky, Jet Airways has to gear up for competition ahead.
The company was also embroiled in a controversy regarding its ownership, with Naresh
Goyal, chairman of Jet Airways claiming that he owns Jet Airways.

» How Jet Airways has emerged as the most popular airline in India

Page No.
Flying High in the Indian Sky 1
Domestic Airlines Industry 2
The Takeoff 3
The Success Formula 3
Rough Weather Ahead 5
Exhibits 7
Jet Airways, domestic airlines industry, 1992, market share, 6.6% ,1993-94 ,42% , 2000-01,
customer service, airlines, India, leased aircrafts, buying, aircraft, $ 40-$ 50, million, Boeing
737-300s, Boeing 737-200s, cheaper, 737, fleet, Indian Airlines, lean structure, 397, 163
employees per aircraft, Sahara Airlines, Indian sky, Naresh Goyal, chairman

f we keep our passengers happy, they will keep us in business."

- Ernest Collette, General Manager, (Service Quality), Jet Airways, 2001.

"There is no doubt that Goyal has played his cards well."

- Vinod Kashyap, Joint MD, Indian Airlines, 2001.

Flying High in the Indian Sky

By 2001, with revenues of $542.18 million, (Refer Exhibit I), Jet Airways (JA) had emerged
as the most popular domestic airlines in India.

JA started its operations in 1993; the number of

its passengers increased from 0.663 million in
1993 to 5.9 million in 2000-01.

By 2001, when other private airlines such as

Modiluft, East West, NEPC and Damania had
stopped their operations, JA not only continued
to survive, but had become a formidable
competitor to India's national domestic airlines
—Indian Airlines (IA). JA seemed to be the lone
challenger to IA with Sahara Airlines in the
third position.

JA's market share increased to 42% in 2001

from 6.6% in early 1990s (Refer Table I).

In 2001, JA ran 215 flights per day compared to IA's 208. Unlike the loss making
IA, (Refer Exhibit II), JA is making profits. At the end of the first year, JA achieved
average seat factor close to break-even level of 71%.

Thereafter it broke even and has been making

profits ever since. In 2001, JA recorded profits
of Rs 125 million compared to IA which
recorded a loss of Rs 1.77 billion1 (Refer Exhibit
III). JA became a favorite with travelers because
of its friendlier approach and new generation
cleaner planes more importantly, seasoned air
travelers were confident that if they have crucial
appointments to keep in other cities, JA was
reliable than IA. JA's on-time performance and
schedules attracted business travelers who
accounted for 80% of its customers. JA had a
fleet of 33 planes in 2001, (Refer Table II), as
against IA that had a 57 planes. But JA's fleet
was much younger and the average daily flying
time of JA was greater than IA. Greater
utilization meant higher revenues and a more
efficient utilization of capital assets.

Domestic Airlines Industry

In 2000-01, Indian Airlines, Jet Airways and Sahara Airlines were the major players in the
Indian domestic market. Till the early 1990s, IA had a monopoly in the sector.

However in 1993 the Government of India (GoI)

under its open skies policy allowed private
participation and 8 new airlines were allowed to
commence operations. Of these, only two
survived - Jet Airways and Sahara Airlines
(Refer Table III for market share of IA vis-à-vis
private players in 2000-01). IA's network
covered Kuwait in the west to Singapore in the
east and included 75 destinations - 59 within
India and 16 abroad. IA's international network
covered Kuwait, Oman, UAE, Qatar and
Bahrain in West Asia, Thailand, Singapore,
Yangon (Rangoon) and Malaysia in South East
Asia and Pakistan, Nepal, Bangladesh,
Myanmar, Sri Lanka and Maldives in the South
Asian subcontinent.

In 2001, IA had a fleet strength of 57 aircrafts, JA had 33 and Sahara 9.

In 2000, GoI announced that private sector

participation would be a major thrust area in the
airlines industry.

Private participation was expected to increase

investment, improve quality and efficiency, and
increase competition. A competitive regulatory
framework with minimal controls was to be
created to encourage entry and operation of
private airlines.

The GoI would gradually reduce its equity in

Indian Airlines.

The Takeoff
Naresh Goyal (Goyal), chairman of JA was the one-man show behind JA's birth. Goyal
started his career as a marketing executive at the general sales agent (GSA) with Lebanese
International Airlines in Delhi.

He then worked with Iraqi Airways for a couple

of years, before joining Royal Jordanian
Airlines as regional manager. Goyal's diligence
and incredible ability to memorize flight
schedules caught the attention of Ali Ghandour,
who was then chairman and president of Royal
Jordanian Airlines. Ghandour introduced Goyal
to the wider world of aviation outside India. In
1974, Goyal decided to get into the GSA
business himself and established Jetair
Transportation representing Kuwait Airways
and Air France. Simultaneously Goyal was
appointed regional manager of Philippine
Airlines. Over the next few years, Goyal
expanded his network picking up agencies for
some more airlines. He was a regular member at
the annual general meetings of International Air
Transport Association (IATA), the global
aviation body...

The Success Formula

JA started its operations with leased aircrafts. The idea was to expand faster by using funds to
lease more aircrafts than buying one or two. A Boeing 737 could cost anywhere between $40
and $50 million, whereas a monthly lease could be as low as $.4 million.

The most crucial decision was the choice of

aircraft. While Damania, East West and
ModiLuft who also started their operations at
the same time opted for the older Boeing 737-
200s, JA chose newer 737-300s, whose lease
costs were at least 40% higher. Four
planes(about three years old) were leased from
Ansett Airlines. Although the 737-300s were
more expensive to lease they were more fuel
efficient (consumed 8% less fuel) and were
cheaper to maintain. Goyal felt that the young
fleet would help attract customers. Analysts felt
that by having one type of aircraft-the 737-in its
fleet, JA made the maintenance and flight crew
training far simpler. Spares were common and
inventories were lower as well. For engineers,
dealing with one type of aircraft...

Rough Weather Ahead

The purchase of 10 Boeing 737s would help JA to operate flights to neighboring countries. It
had already applied for permission to fly countries such as Malaysia, Singapore and UAE.

However, analysts felt that JA would face a new kind of competition in the international
arena. Apart from Air India and IA, which deployed 22% of their capacity on international
routes to get 30% of the revenue, JA would face competition from international players such
as United Airlines, Singapore Airlines, Lufthansa, British Airways and Cathay Pacific. Also,
JA's overwhelming dependence on passenger business could prove fatal. JA's immediate goal
was to consolidate its market share by improving its service levels further and adding more
routes to its network. By early 2002, JA planned to include three more Boeing 737 in its fleet.
Steve Forte, CEO, Jet Airways said, "We feel that a satisfied customer is the best defence
against the threat of new entrants..."

Jet lag

Jet of now is not the Jet of the past. Sahara could help it
regain its losing sheen
India's No.1 private sector airline Jet Airways has announced acquisition of
smaller rival Air Sahara. This is the first instance of consolidation in the Indian
aviation industry. The value of the deal is pegged at $500 million (Rs 2300 crore):
Click here for more

Jet Airways reschedules


BMI taps Jet Airways for

17th January 2006 Jet-Sahara: Consumer
body raises concerns
The question on everyone's lips is: is Jet Airways buying
Sahara? Frankly, we don’t have an answer. Jet Airways interline deal
with Air Sahara
Rumours of Jet Airways' plans to acquire its smaller rival Air
Sahara have been doing the rounds for over a year. There has Jet sets record
never been any official confirmation from either of the
airlines. The Mumbai-based Jet Airways is India's largest Jet-Sahara: Celebration
private airline commanding about 37% of the market share, time?
while Air Sahara has around 10%. Among the dozen or so
private sector scheduled airline operators in India, only these Jet Airways posts 53%
two have the permission to fly abroad. lower profit

Jet Airways, which was launched in 1993, had it easy for a Jet to retain Sahara staff
decade as it steadily ate into the market share of state-owned only on merit
Indian Airlines. For many people, Jet became the preferred
mode of air transport and the erstwhile sarkari giant lagged Probe into Jet's Sahara
behind. Jet's only rival was the much-smaller Air Sahara, a acquisition likely
Lucknow-based airline owned by the Sahara Empire of
Subroto Roy also launched in 1993. Jet acquires Sahara

For Jet, the tide started turning in 2003, when Indian skies Jet Air-Sahara:
opened up. Foreign airlines, which were hammered in the background
aftermath of 9/11 and the following plane-scare, started
reviving and the sector began receiving attention in India too. Jet Airways sets up panels
By now, the low-cost model had become a proven success to study Sahara
story abroad, and Indian entrepreneurs started nurturing acquisition: report
ambitions of growing wings. The first off the block - and the
biggest of them now - was Air Deccan, which took to air in Jet Airways plans to raise
2004. funds

Initially, not many took the upstart airline seriously. But the Jet Air-Sahara deal: Talks
still on

Jet Air buying Air Sahara?

Not yet!
no-frills model attracted budget travellers to Air Deccan in hordes, and soon, the Bangalore-
based airline was flying to major metros and a bunch of non-metros. Within a year of its
launch, Air Deccan had become the synonym for low-cost air-travel in India.

Nothing succeeds like success, they say. Enamoured by the runaway hit that was Air Deccan,
more airlines started eyeing the skies. SpiceJet and GoAir followed in its low-cost footsteps,
while Kingfisher took the full-service route. Inspired by Air Deccan, Magic Air, Paramount,
East West and Jagson queued up for flying licences.

In just one year - 2005 - the skies opened up like never before. Apart from crowded airports
and accompanying infrastructure bottlenecks, cut-throat competition led to pilot poaching,
flight delays and profit dips. Jet Airways saw its market share decline. Leadership, it seemed,
was no longer about having the first-mover advantage. You had to keep running to stay where
you were. The writing was on the wall.

Even as the newbies went on an expansion spree, flying to newer locales, offering dirt-cheap
tickets and expanding fleets, Jet dithered in an existential dilemma. Now, this dilemma was
not specific to Jet Airways. Airlines across the world had to fight ugly battles, defending
themselves from low-cost airlines snapping at their heels. Different airlines took different
routes to maintain leadership.

Western airline majors like American Airlines, United and British Airways attempted to get
around the problem by launching their own low-cost subsidiaries. These discount carriers
sometimes cannibalised the parent's routes, but the logic was - at least it's my child, not
someone else's! American Airlines launched American Eagle, United launched Ted and
British Airways launched Citi Express. Many legacy carriers, like Lufthansa, launched low-
cost operations within the main airline, without launching a subsidiary. The efforts helped
these airlines - (except Delta, which has been sinking for long) retain their marketshare and
beat the discount airlines at their own game.

As competition scorched the domestic skies, many Western airlines started

looking at long-haul overseas flights as a way of recouping losses. Budget
carriers try to cut costs by reducing frills. However in long-haul flights, the frills
are only a very small fraction - the major component of fare is the fuel price,
where cost savings are not possible. By beefing up their overseas operations,
many airlines managed to keep the wolf from the door.

Meanwhile, Jet lagged behind. The No.1 airline failed to seize the opportunity
when it was still on a winning streak. Jet Airways has not added a single plane to
its fleet in the last one year when the new carriers spread wings. It launched
overseas flights, but the lucrative Gulf routes served by the government-owned
Air India are still off the reach of Jet Airways and its private peers.

Last year, Jet's plan to fly to the US had to be dropped with Jet Airways Inc,
registered in the US protesting against "patent infringement". Nancy Heckerman,
CEO the American Jet Airways, also alleged that the Indian Jet had former links
with Al Qaeda and global terrorist Dawood Ibrahim. That was enough to spook
the American administration, which held the Jet application in abeyance.
Meanwhile, smaller rival Air Sahara started flights to the US.

However, the trademark issue has been known to the Jet Airways management
for long. In its Red Herring prospectus before last year's IPO, Jet had even
mentioned that its trademark is under dispute abroad, and that it may have to
drop the name if it loses the suit. Jet has yet to lose the suit, but for practical
purposes, the US shores are still distant for Jet's planes.

It has been dogged by allegations of dubious funding for a long-time. Former

Union minister Aurn Shourie once wondered loudly in the Parliament if Jet is an
Indian airline or a foreign one. For the record, Jet Airways is owned by Tail Winds,
a company registered in the Isle of Man. According to Jet's IPO filing, Tail Winds is
fully owned by Naresh Goyal, chairman of Jet Airways.

Again, Jet Airways lost out when the discount carriers arrived in droves. It lost
traffic to them just the same way Indian Airlines lost to Jet in the nineties. The
airline missed out on the opportunity of launching a low-cost subsidiary when the
going was still good.

The Jet IPO last year was a decent success. But this did not translate to a fleet
expansion or aggressive marketing. The overseas flights have not started raking
in the moolah for Jet. Jet is in a piquant situation.

It was in this background that Jet Airways, according to reports, tied up with its
no-frills competitor Air Deccan to "tap synergies." It is still unclear what the tie-
up means, or how exactly it will benefit Jet.

However, what is clear is that rival airline Air Sahara is up for sale. It has been,
for quite some time. Initially, the Sahara group was interested only in offloading
a marginal stake, finally deciding that even a complete sellout would do. Sahara
mandated Ernst & Young to do a valuation, which was then pegged between
$750 million to $1 billion.

Now, Sahara holds attraction for many Indian airlines because it holds an
overseas flying permit, which the newbies do not have. Sahara is an established
brand, and has its own infrastructure in place.

But valuations played spoilsport in the Air Sahara stake sale. Kingfisher Airlines,
owned by Vijay Mallya's UB group reportedly agreed to pay just $500 million, an
offer which Air Sahara did not find too enticing. Kingfisher dropped out of the
race. Then, Jet is rumoured to have come up with an unconfirmed $560 million,
which Air Sahara is seriously considering.

Now, it is clear that no private airline in India is likely to offer more for Air Sahara
than Jet. The only other category which would be willing to buy Sahara would be
a private equity investor. A new airline management at Air Sahara would be
further detrimental to Jet's long-term growth plan. The best way forward for Jet,
then, is to go for Sahara - lock, stock and barrel.

Objections have been raised in several quarters against the 'proposed' Jet
Airways-Air Sahara deal. The Communist parties have complained that the Jet-
Sahara monopoly will control the market and dictate pricing. The same concern
has been raised by Jeh Wadia, who heads the low-cost GoAir. Though it evokes
laughter to see the comrades and the tycoons on the same ideological side
ranged against Jet-Sahara, the logic lies somewhere else. Some also say that Jet
and Sahara who have been flying for long have hogged a lot of parking bays in
airports since a long time, leaving little space for the newcomers. They fear that
the monopoly will make it worse.

Now, Jet Airways did not start out as a monopoly, nor did it reach one overnight
through inorganic growth. It was born as a small airline in the early days of
liberalisation, when Indian Airlines and Air India dominated Indian skies. Jet's
private sector siblings like East-West Airlines, Damania and NEPC never got the
act right, and kissed the dust in the late nineties. Jet Airways carefully cultivated
a market which was dissatisfied with the sarkari carriers. It helped that the
Indian economy grew smartly in the nineties, with rising disposable incomes and
increasing air travel. In the not-so-distant past, it commanded a marketshare of
46%. Nobody complained about monopoly then.

Though, Jet Airways still leads the market, its market share has declined to
around 35-36%. Now, even if Jet acquires Sahara, which commands 10% share,
the combined entity's share won't be much different from what Jet commanded
earlier. The question of airport parking bays cannot be an issue to prevent
corporate mergers or stake transfers - they have to be dealt with separately.

Even if Jet and Air Sahara finally announce a deal on equity transfer, it will be
only half the battle for Jet. The real battle will be fought in the marketplace,
fending off piranha pricing from upstarts. It needs to be present in all cities
where newcomers dictate terms and devise innovative, flexible strategies to lead
the market. Otherwise, Jet will be left with a unwieldy airline, too big to match
the agile budget carriers.

Our Mission Statement

Jet Airways will be the most preferred domestic airline in India. It will be the automatic first
choice carrier for the travelling public and set standards, which other competing airlines will
seek to match.

Jet Airways will achieve this pre-eminent position by offering a high quality of service and
reliable, comfortable and efficient operations.

Jet Airways will be an airline which is going to upgrade the concept of domestic airline travel
- be a world class domestic airline.
Jet Airways will achieve these objectives whilst simultaneously ensuring consistent
profitability, achieving healthy, long-term returns for the investors and providing its
employees with an environment for excellence and growth.

Quality Certification

and quality of highest standards in every sphere of service has earned us a prestigious
Superbrand status.

Jet Airways' Inflight Services have been found to conform to the Quality Management
System Standard : ISO 9001:2000 by the Accredited Unit: DET NORSKE VERITAS B.V.,
THE NETHERLANDS, who are approved by UKAS Quality Management -Accreditation
Certification Bodies (UK Registrars)

Certification for the product and service ranges includes Design, Development and Delivery
of Customer Services that meet world-class standards.

Jet Airways (India) Ltd. has also earned the distinction of receiving the IATA Operational
Safety Audit (IOSA) Registration.

IATA Operational Safety Audit (IOSA) Registration

Jet Airways Bags 'The Oscar Of Branding' and becomes a SUPERBRAND
Inflight Services, ISO 9001 : 2000 re-certified

Community Services

jet Airways commenced its operations in May 1993. It is an airline that has pioneered
concepts like Through-Check-in, City Check-in, Web and Kiosk check-in, SMS check-in,
automated tickets at travel agency locations, e-ticketing, JetMobile and the unique five-tier
frequent flier programme JetPrivilege in India.

As an Indian Corporate Body, Jet Airways also recognises its responsibility to the Society
and Nation. Consequently, in 1998 Jet Airways launched its Yellow Rose campaign. People
are like roses, and like the flower they require friendship, warmth and caring. Jet Airways has
striven not only to extend these qualities to its passengers, but also to the country in times of
crises or calamities.

Blood Donation Camp in association with Prathama Blood Centre in Ahmedabad

Jet Airways, India's premier international airline will organize a blood donation
camp on Friday, May 09, 2008 from 1230 hours to 1700 hours at the Jet Airways
Ahmedabad City Office in association with Prathama Blood Centre. The Staff and
Management of Jet Airways will participate in this noble cause.

Prathama Blood Centre, India's largest & most modern blood centre is a non-
profit organization recognized by the Indian Central and Gujarat State
Government, who will arrange for a mobile van to be parked at the Jet Airways'
Ahmedabad City Office for the blood donation camp.

Jet Airways, has received strong support from the Travel Trade community. Mr.
Kalpesh Shah (Chairman of TAAI Gujarat Chapter) has consented to be present at
the blood donation camp. Blood donors will receive a tote bag, snacks and
beverages, courtesy Prathama Blood Centre.

Radio City, Times of India and Ahmedabad Times are taking the initiative to
impart awareness of this blood donation camp.

Commenting on this initiative, Mr. Wolfgang Prock-Schauer, CEO, Jet Airways,

said, "Jet Airways is delighted in associating with this worthy cause. The airline
always endeavours to be a socially responsible corporate body, and this initiative
is a step in that direction."

Relief efforts in the aftermath of the earthquake in Jammu & Kashmir

Jet Airways launched its inflight collection programme the 'Magic Box' in
association with the NGO Save the Children India (STCI) on January 7, 1997.

This unique inflight charity collection has contributed over Rs.42.8 million till end
April 2004. This fund has been utilised in development activities in remote Kargil,
improvement of education and health care facilities in quake affected
Osmanabad district in Maharashtra and in the fight against trafficking of women
and child prostitution in the Indian Subcontinent.

Among the notable achievements of the Magic Box of Jet Airways is SPARSH
(Sastur Project of Action Research Services through Hospital), which came into
being at Sastur Village in Osmanabad district in Maharashtra after the terrible
earthquake there. This is being run by the funds generated through Magic Box
and extends advanced medical care to the inhabitants of almost 257 villages. Jet
Airways' inflight collection has contributed significantly in running of the SPARSH,
which makes available integrated, preventive, curative and rehabilitative health
services to the earthquake victims of Latur and Sastur villages in Osmanabad

Jet Airways, carried more than 2,000 kilograms of relief material including
blankets, milk powder and clothes for the use of affected people of Kaksar village
in Ladakh, one of the worst affected regions on the border of the State of Jammu
and Kashmir during the Kargil conflict. Kaksar along with the villages of Latur and
Hunderma have been adopted by Save the Children programme under the
activity titled K3 (Kaksar-Kargil-Kashmir) programme to rehabilitate the affected

Other significant projects run by Save the Children, include pre-schools for the
urban slum children in Mumbai and a special care centre for the mentally
retarded and hearing impaired. Another unique project of Save the Children is to
respond and build confidence among pregnant women who are HIV positive with
a view to decreasing the infant mortality rate.

As a continuing effort through February and March 2001 all contributions by

passengers to Jet Airways' unique inflight Magic Box collection were directed
through Save the Children organisation to the benefit of children rendered
homeless and orphaned by the Gujarat quake.

Relief efforts in the aftermath of the Tsunami

The trail of death and destruction that the Tsunami Disaster left across South
and South East Asia on December 26, 2004 is unparalleled in the annals of
modern world history. In India, Tamil Nadu, Pondicherry, Andhra Pradesh, Kerala
and the Andaman & Nicobar Islands, which bore the brunt of the killer waves,
thousands have died and still many others have been uprooted from homes and

In the immediate aftermath of the tragedy Jet Airways has operated special relief
flights to Port Blair from Chennai and Kolkata to enable speedy evacuation of
stranded residents and tourists.

In addition to the ongoing relief efforts, to enable evacuation of the needy

residents of the Andaman & Nicobar Islands to the mainland, Jet Airways offered
a 50 per cent rebate on 30 seats in the Economy Class of its daily flight from Port
Blair to Chennai.

Over 1,600 stranded residents and tourists on the Islands were evacuated from
Port Blair on the 18 flights, which Jet Airways operated from Port Blair to Chennai
and Kolkata from December 26 until December 31, 2004.

Additionally, Jet Airways is uplifting 2,500 kilos of relief cargo everyday,

comprising of packaged water, clothing material, foodstuffs and medical supplies
for urgent despatch to Port Blair and Colombo in Sri Lanka from Chennai. Over
140,000 kilos of relief cargo sent by Governmental agencies and recognised
voluntary agencies in different parts of India have already been flown to the
Tsunami-ravaged archipelago and the Island Nation of Sri Lanka.

Jet Airways waived cancellation charges for tickets issued for travel on Chennai-
Port Blair-Chennai and Chennai-Colombo-Chennai sectors. Tickets issued
separately on domestic sectors in conjunction with onward journey on these
routes were also entitled to this benefit.
Jet Airways has contributed Rs.50 lakhs to the Prime Minister's Relief Fund for
rehabilitation of the Tsunami victims of India. The Airline has also made a
contribution of USD 55,000 for similar efforts in the Island Nation of Sri Lanka to
the President's Relief Fund.Additionally, approximately 7,000 employees of Jet
Airways have contributed one day's salary for relief efforts of the Tsunami
victims of the coastal areas of India.

Relief Efforts in the Aftermath of the Gujarat Earthquake

The January 2001 earthquake in Gujarat was a catastrophe of enormous

proportions. The devastation besides leaving thousands dead or injured also
uprooted many. Jet Airways set up 750 temporary shelters for over 700 families
of Ramvav village in Rapar Taluka of Kutch district in the quake-devastated
Gujarat as part of a massive rehabilitation programme.

This ambitious relief and rehabilitation effort was undertaken with active support
from the French aircraft manufacturer Avions de Transport Regionale (ATR) and
the NGO Nivara Hakk Suraksha Samiti (NHSS), which has vast experience in
social organisation and housing.

Jet Airways and ATR together committed nearly Rs.5 million for this project.

Ramvav, located 350 km north-west to the State capital Ahmedabad and a

further 115 km from Bhuj Airport, has a total population 5,000 consisting of
Ahire, Jadeja, Rabari, Harijan, Kholi, Pawa, Wagri and Darbari communities. The
severely affected village reported over 50 calamities during the January 26

A joint team comprising of experts from Jet Airways and NHSS toured several
villages in the state in the immediate aftermath of the quake before finally
deciding on Ramvav - a remote village along the Rann of Kutch - for

Subsequently, a detailed social survey was organised to establish a close

relationship with the quake-affected populace as well as to involve its
participation in the project.

Nearly 50 volunteers from Mumbai worked together with the villagers for ten
weeks to set up temporary, quake-resistant accommodation for Ramvav and
tented hostels for staff and students of three schools in the nearby Nilpar, also in
Kutch district.

Ramvav was a part of Jet Airways' commitment to enhance relief efforts in

beleaguered Gujarat since January 27, 2001 when it became the first private
airline to land in ravaged Bhuj the very next day after the devastating
earthquake with doctors, paramedics, and medical and relief supplies. A Crisis
Coordination Committee headed by Jet Airways Vice President, Support Services
was constituted in the wake of one of post-independent India's unprecedented
calamities to monitor operation of special flights.

The 15-ft X 10-ft tents set up to provide accommodation to the quake affected
people, comprised of a pre-fabricated steel structure that could be assembled in
a matter of an hour and a half. The roofing was double layered with the inner
layer made of bamboo mats and the top covered with mud-coated tarpaulin. This
combination provided insulation against the extreme temperatures of the Kutch
region. A door was provided in the front part with provision for ventilation in the

Well-known Indian architect P.K. Das designed the tents, with active involvement
of Mumbai based Council of Architecture. The cost of each tent, including
transportation and installation, was Rs.6,500.

Fabricated in Mumbai and Ahmedabad, the tents were designed so that they did
not require a change of canvas for two years. Designed to provide shelter till the
villagers were able to reconstruct their homes, these tents will also serve as
emergency shelters during any future calamity. In brief, this also constituted
building up of a bank of emergency shelters in a region prone to cyclones and
earthquakes. Jet Airways, therefore, considered this as an investment for the
future too. Alternatively the tents can also be used as storage or cattle sheds
once the villagers have moved to their reconstructed homes.

Between January 27 and February 4, 2001 the airline, apart from the daily
Mumbai-Bhuj-Mumbai flights, operated seven additional flights to facilitate
transportation of relatives of victims and representatives from relief
organisations to reach Bhuj, and also carried over 60 tonnes of relief cargo
including foodstuffs, blankets, medicines and rescue equipment. All flights
operated with a full complement of passengers and cargo.

Jet Airways cargo offices through its route network were instructed to accept all
relief material from recognised governmental and non-governmental agencies
for urgent despatch to Gujarat. The relatives of the victims carried relief material
and no excess baggage was charged towards the same.

Also, the over 4,000 employees of Jet Airways voluntarily contributed a days'
salary for the month of February 2001 for rehabilitation of Gujarat victims.

Magic Box and Contribution to Osmanabad and Kargil

Jet Airways launched its inflight collection programme the 'Magic Box' in
association with the NGO Save the Children India (STCI) on January 7, 1997.

This unique inflight charity collection has contributed, over Rs. 65,84,668 till end-
June 2006. This fund has been utilised in development activities in remote Kargil,
improvement of education and health care facilities in quake affected
Osmanabad district in Maharashtra and in the fight against trafficking of women
and child prostitution in the Indian Subcontinent.

Among the notable achievements of the Magic Box of Jet Airways is SPARSH
(Sastur Project of Action Research Services through Hospital), which came into
being at Sastur Village in Osmanabad district in Maharashtra after the terrible
earthquake there. This is being run by the funds generated through Magic Box
and extends advanced medical care to the inhabitants of almost 257 villages. Jet
Airways' inflight collection has contributed significantly in running of the SPARSH,
which makes available integrated, preventive, curative and rehabilitative health
services to the earthquake victims of Latur and Sastur villages in Osmanabad

Jet Airways, carried more than 2,000 kilograms of relief material including
blankets, milk powder and clothes for the use of affected people of Kaksar village
in Ladakh, one of the worst affected regions on the border of the State of Jammu
and Kashmir during the Kargil conflict. Kaksar along with the villages of Latur and
Hunderma have been adopted by Save the Children programme under the
activity titled K3 (Kaksar-Kargil-Kashmir) programme to rehabilitate the affected

Other significant projects run by Save the Children, include pre-schools for the
urban slum children in Mumbai and a special care centre for the mentally
retarded and hearing impaired. Another unique project of Save the Children is to
respond and build confidence among pregnant women who are HIV positive with
a view to decreasing the infant mortality rate.

As a continuing effort through February and March 2001 all contributions by

passengers to Jet Airways' unique inflight Magic Box collection were directed
through Save the Children organisation to the benefit of children rendered
homeless and orphaned by the Gujarat quake.

Eco-friendly Napkin Cords on our Premiere Class Long-haul service

Jet Airways has engaged the services of Shraddha Charitable Trust - a registered
NGO who train and provide post school vocation to their mentally challenged and
autistic young wards.

The airline has chosen and placed bulk orders for one of the Trust's in-house
products - a napkin cords made of jute, exclusively for their Premiere Class
service on their long-haul international flights to London on board the Airbus
340-300 E aircraft.

While being eco-friendly, the fabrication of this Napkin Cord entails100%

involvement of both high and low performing students. Jet Airways is proud to be
associated with Shraddha, and to be able to showcase and support the skills of
these special children.

Proceeds from sales of these products form a stipend for their special
employees. This helps to generate a sense of fulfillment and self reliance for
these children.

Special employees are taught to master simple skills like pasting, folding,
assembling, e.t.c. These skills are then applied by these special employees to
create eco-friendly innovative products made from jute, bamboo, dried leaves
e.t.c. and are sold through NGO fairs and exhibitions.

Since inception, Jet Airways has been participating in community building and
lending support to various NGOs, as part of an on-going programme of Corporate
Social Responsibility.

Magic Box -Jet Airways' In-flight Collection Programme

Jet Airways launched its in-flight collection programme the 'Magic Box' in
association with the NGO Save the Children India (STCI) on January 7, 1997. This
fund-raising programme for STCI is unique to Jet Airways, and is implemented on
all its flights in the airline's domestic network, thereby allowing its passengers to
participate in this noble cause.

Passengers can contribute onboard through Cash/Cheque or Credit Card in the

envelope placed in the seat pocket in front of you and put it in the Magic box
brought around by our cabin crew.

Save the Children, include pre-schools for the urban slum children in Mumbai and
a special care centre for the intellectually impaired and speech and hearing
impaired. Another unique project of Save the Children is to respond and build
confidence among pregnant women who are HIV positive with a view to
decreasing the infant mortality rate.

For further information kindly contact STCI - +91 22 2652 0601 / 02.

Other Activities

Every year, Jet Airways, together with various NGOs organises one or two "Flights
of Fantasy" for the underprivileged children. Under this unique initiative, children
belonging to underprivileged sections of Society are initiated into the world of
aviation through special dream flights. Together with NGOs, corporate partners
are also involved. Jet Airways has conducted several such flights at Mumbai and

With effect from July 2005, Jet Airways commenced operating military charters
for the Indian Army to transport troops to Thoise to facilitate the travel of military
personnel stationed in Siachen.

On January 15, 2006, a team of 30 Jet Airways employees participated in the

Standard Chartered Mumbai Marathon 2006 to raise funds for the children of
'Magic Bus' an NGO, that uses sports to change the lives of the city's most at-risk
children. As an Indian operator, Jet Airways would be proud to be of service to
the country in any other manner if necessary.

Fact Sheet

Jet Airways, which commenced operations on May 5, 1993, has within a short span of 14
years established its position as a market leader. The airline has had the distinction of being
repeatedly adjudged India's 'Best Domestic Airline' and has won several national and
international awards.

Airline Code: 9W.

IATA Membership: Active Member and a member of the IATA Clearing House. Also a
participant of the IATA Multilateral Agreement for Passengers and Cargo Traffic.

IATA Operational Safety Audit (IOSA) Registration: Jet Airways (India) Ltd. has earned
the distinction of receiving the IATA Operational Safety Audit (IOSA) Registration. The
airline has successfully completed the Operational Safety Audit and has entered into the
IOSA Registry

IOSA is a quality audit programme under the continuing stewardship of IATA (International
Air Transport Association). It is a globally recognised and accepted benchmarking and
evaluation system for assessing the operational management and control systems of an
airline. IOSA uses internationally accepted quality audit principles that ensure the audits are
conducted in a standardised and consistent manner. Airlines use IOSA Registration for a
variety of benefits, which include improving Safety within the airline, code share facilitation,
and audit reduction.

With the implementation and international acceptance of IOSA the industry has achieved the
benefits of cost-efficiency through a significant reduction in audits. The focus and scope of
the IOSA audit is on proper documentation and implementation of standard operating
procedures in various operational areas of the airline such as, Flight Operations, Aircraft
Engineering and Maintenance, Flight Dispatch, Cabin Operations, Security, Ground Handling
and Cargo.

The IOSA Programme is recognised by the member airlines of IATA as a benchmark for
airline safety and quality.

Jet Airways also offers an exclusive portal for travel agents,

Fleet: Jet Airways currently operates a fleet of 84 aircraft, which includes 10 Boeing 777-300
ER aircraft*, 12 Airbus A330-200 aircraft*, 48 classic and next generation Boeing 737-
400/700/800/900 aircraft and 14 modern ATR 72-500 turboprop aircraft. With an average
fleet age of 4.45 years, the airline has one of the youngest aircraft fleet in the world.

Please click here for detailed information about our fleet.

Airline Network: Jet Airways flies to 63 destinations span the length and breadth of India
and beyond, including New York (both JFK and Newark), Toronto, Brussels, London
(Heathrow), Hong Kong, Singapore, Kuala Lumpur, Colombo, Bangkok, Kathmandu, Dhaka,
Kuwait, Bahrain, Muscat, Doha, Riyadh, Jeddah, Abu Dhabi and Dubai. Please click here to
view our route map.

Hubs: Mumbai (Primary Hub and Maintenance Base),Delhi, Kolkata, Chennai, Pune,
Bengaluru and Brussels are our Secondary Hubs.

Flights: Jet Airways operates over 369 flights daily to 63 destinations within India and

Class of Service:
A. For our domestic sectors: Business branded - "Première"
For our international Sectors: First Class, Business Class branded- "Première".

B. Economy

Configuration of aircrafts: Please click here to view our aircraft and the configuration.

Reservations: Co-hosted in SABRE. Reservations can also be made on all major

Computerised Reservations Systems (CRS), e.g., Abacus, Amadeus, Galileo, Apollo,
Worldspan, Axess, Topas, Infini and Travelsky. Twenty-four hour reservations facility at
Mumbai, Delhi, Kolkata, Chennai and Bengaluru.

Jet Airways' electronic ticketing service offered on / enables passengers to book tickets to any
destination on the airline's route network through the Internet.

Jet Airways has set up call centers for International and Domestic flights & services that
operate on a 24x7 basis.

Interactive Voice Response Payment & Ticketing Service (IVR): Jet Airways, has
launched an Interactive Voice Response (IVR) based payment and ticketing service.The
airline has adopted this unique IVR technology to make payment and ticketing service easily
accessible to its passengers.

This service has been launched through Jet Airways 24x7 call centers wherein customers can
now book and pay for their eTickets over an exclusively customized and secure IVR system.
This latest service will allow customers to complete their reservation with their credit cards
through a secure gateway and instantly receive their eTickets via email, subject to certain
terms and conditions.

Jet Airways has set up call centers for International and Domestic flights & services.

City Check-in: Facility available for passengers travelling on our domestic network with
hand baggage only at Mumbai, Delhi, Kolkata, Chennai, Bengaluru and Indore. Passengers
can check-in and collect their boarding pass at the city office at least two hours before the
flight time and report at the airport 30 minutes before departure.

One Time Check-in on Return Journey:

Travelling somewhere and getting back the same day? Get checked-in just once and save
yourself the trouble of going through the check-in process twice.

You can get your boarding pass for the return flight at the first point of check-in. For
example, if you fly Mumbai-Delhi-Mumbai the same day, you can get your boarding pass for
your return flight at Mumbai.

You can also have your return or onward boarding pass issued if you are returning the next
day or travelling onward the next day within 24 hours of departure. (This is subject to the
passenger having no baggage for the return or onward sector.) This service is available only
when both the origin and return stations are computerised.
Please note that return check-in for international sectors is not permitted. Onward through
check-in will be done from domestic to international and international to domestic for
connecting flights.

Passengers can also get their return or onward boarding passes issued for travel held on
another airline but returning on Jet Airways. This is subject to the passenger having no
baggage for the return or onward sector and this facility is only available when both the
origin and return stations are computerised.

Available throughout the network at stations/cities connected by same day return flights,
provided both stations are connected online by the Departure Control System. Both boarding
cards are handed over to passengers at the point of origin, thereby eliminating a second
check-in and therefore, a shorter waiting time at the airport on the return flight. Such
passengers would need to report at the airport for the return flight only 30 minutes before
scheduled departure.

Tele Check-in: Jet Airways stations have tele check-in facilities for First class, Première
passengers as well as JetPrivilege Blue Plus, Gold, Silver and Platinum Card
members.Platinum and Gold Card members can tele-check-in 48 hours in advance. Silver and
Blue Plus members can tele-check-in 24 hours in advance. Passengers may tele check-in upto
one hour prior to departure and must arrive at the airport check-in counter at least 30 minutes
prior to departure.

However, Blue Plus members are required to report 45 minutes prior to departure. All
passengers for International flights will need to tele check-in upto four hours prior to
departure. All are required to report 45 minutes prior to departure.

Web Check-in: Jet Airways' online facility for Web Check-in is currently available for
passengers holding a confirmed and valid eTicket, anytime between 48 hours and 60 minutes
prior to their flight departure, in most of the airline's destinations. eTickets can be issued
through Travel Agents, Jet Airways portal, Jet Airways airport and city offices.

With this, Jet Airways has introduced yet another pioneering initiative that allows customers
not only to select their preferred seat but also to print their boarding pass for their same day
return flight online.

Kiosk Check-in: Kiosk Check-in is available for domestic flights and can be completed at
Jet Airways' kiosks located at the airport. When a customers uses kiosk check-in, the system
performs a name check, verifies the PNR, enables passengers to select their preferred seats
and print their boarding passes using the printer integrated with the kiosk. Kiosk Check-in
enables passengers carrying only to proceed directly for security check and thus experience a
hassle-free check-in. Currently, Kiosk check-in facility is available at the Mumbai, Delhi,
Chennai, Hyderabad, Kolkata and Bengaluru Airports.

Same day return tele Check-in: Jet Airways' First class, Première passengers as well as
JetPrivilege Blue Plus, Gold, Silver and Platinum Card members can Tele check-in for their
same day return journey at the originating station. Passengers availing of this facility have to
report at the airports 30 minutes prior to to departure. However, Blue Plus members are
required to report 45 minutes prior to departure. This facility is available only when both the
outbound and inbound sectors are on Jet Airways.

Check-in while Walk-in: Jet Airways introduces "check-in while walk-in" at Mumbai and
Bengaluru airports. With a view to ease the process of check-in Jet Airways, this new
initiative will facilitate the airline's passengers as also the airport staff and will supplement
the kiosks as well as the existing check-in counters of Jet Airways. Using this solution, the
mobile agent can quickly access and verify the travel reservation details of the passenger,
complete check-in functions and generate a boarding pass, either Premiere or Economy, and
book them on their choice of seats.

This facility would be introduced at the Metro airports first, followed by some of the other
airports, with infrastructure related challenges.

Mobile Ticketing: With this facility, Passengers can now book, pay and generate eTickets on
their phones by downloading the secure JetWallet application on to their GPRS enabled
phones. Once JetWallet is installed, Passengers can use the same for booking tickets using
their unique activation code generated while downloading, pay using credit cards and
generate an eTickets on domestic sectors in Indian currency.

This solution allows customers to view past tickets, change, cancel and refund the eTickets
booked through JetWallet, subject to certain terms and conditions.

Seat Request: First Class and Première passengers are requested to indicate their seat
preference at the time of reservation. Advance Seat Reservation Facility to Economy class
passengers is available for our international flights between India and London Singapore &
Kuala Lumpur. This can be done at the time of making a booking.

Meal Request: All Jet Airways passengers are requested to indicate their meal preference at
the time of reservation.

Airport Lounges: First Class, Première passengers and JetPrivilege members have the
facility of waiting at airport lounges in certain airports.
Passengers are offered complimentary beverages and snacks in these lounges.

Facilities for the Physically Challenged: Physically challenged passengers can make a
request while booking their flight and an attendant with wheelchair will be arranged. For
more information regarding passengers with special needs, please click here.

Baggage Clearance: Jet Airways ensures speedy baggage delivery on arrival at all

Check-In Facilities for Overseas Passengers: To assist overseas passengers, Jet Airways
have check-in counters at Terminals 2A (2200-1000 hrs) and 2C (2200-0700 hrs.) at the
Chhatrapati Shivaji International Airport, Mumbai.

Through Check-in: As a customer of Jet Airways, you can avail of the 'Through Check-in'
facility if you fly within India, or if you have a connecting flight into, or out of the country.
This means at the first check-in point, your luggage will be checked in and pre-labeled. And
your boarding passes and baggage tags will be issued to you up to your final destination of
the partnered airline.

Click here to know which airlines we have agreement with.

Interline: Jet Airways has interline agreements with over 133 international airlines which
allow passengers to use interline documents on Jet Airways for their travel.

Jet Airways also has interline agreements with 64 carriers for carriage of cargo to their

JetPrivilege is Jet Airways’ global frequent flyer programme.

With JetPrivilege, members enjoy a truly rewarding experience with unique privileges across
five membership tiers: Blue, Blue Plus, Silver, Gold and the exclusive Platinum.

JetPrivilege members can expect to earn more miles, enjoy more benefits, quicker tier
upgrades and easier tier retention, enhanced rewards and easier redemption.
JetPrivilege has won Freddie Awards considered 'Oscars' of frequent flyer programmes
across the world, for five consecutive years including the most coveted 'Program of the Year'
Award 2007 and 2006 for the Japan, Pacific, Asia and Australia region. Click here to know

Key features that make the JetPrivilege programme a winner:

• Ease of enrolment
• Five membership levels
• Faster tier upgrades
• Easier tier retention
• Personalized web access.
• Multiple mileage earning opportunities
• JetPrivilege membership updates on SMS
• Bonus JPMiles on e-Services
• Redeem JPMiles
• Purchase JPMiles
• Transfer JPMiles
• JPMiles Upgrade
• Cash Upgrade
• Global partnerships

Highlights of Privileges
The JetPrivilege programme offers members benefits and privileges based on their
membership tier. Some of the benefits are as follows: Check-in at Première counters, lounge
access, additional baggage allowance, priority baggage handling, guaranteed reservations up
to 24 hours before departure, priority stand-by, upgrade vouchers and more. Elite members
can also enjoy benefits on select airline partners like check-in at Business or First Class
counters, additional baggage allowance, and priority luggage handling. Click here to know

Visit India Fares: We offer special "VISIT INDIA USD FARES" for 7-day, 15-day and 21-
day travel.

Holiday Packages: A range of innovative JetEscapes travel packages in association with

India's leaading hotels and resorts. Packages are inclusive of return airfares. Click here for
more details.
In-flight Facilities: Jet Airways passengers are warmly greeted on board by our
multinational crew offering welcome drinks, fresh juices and refresher towels.

Pillows and blankets are available on request on all flights.

A wide choice of newspapers and magazines are offered. The monthly Inflight magazine
JetWings is placed in each seat pocket for your pleasurable reading. Première passengers may
request for exclusive stationery.

Jet Airways offers customers exemplary inflight services in First Class, Première and
Economy classes on all sectors. A choice of vegetarian or non-vegetarian snacks and hot
meals are offered in First class, Première and Economy class. All meals are cooked in pure
vegetable oil. We also offer a variety of special meals to cater to your every need. Passengers
can request for a special meal to be catered onboard 24 hours prior to their flight with our
reservations department. During flight, the Crew will take special care of unaccompanied
minors. A special giveaway 'JetKids' is offered to children for their recreation.

For our International Operations, we have multinational Cabin Crew to cater to our valued
customers. A wide-choice of in-flight entertainment, gourmet meal service using elegant
cutlery, exquisite French Wines and Swiss Chocolates, and the finest assortment of coffee
and tea. Passengers can choose from signature Continental, Oriental and Indian menus which
will be served on request.

Choice of Australian wines and liquor, comfortable seating, in-flight audio-video, brewed
coffee are all available in the Economy class.

Internationally, the IFE systems are available on a selected fleet strength.

"JetScreen" is also available on aboard these international flights, with a choice of Hollywood
and Bollywood movies from the latest blockbusters to all- time classics. Regional cinema in
Tamil, Gujarati and Punjabi languages with English subtitles, Sports, Short features features
include 'Everybody Loves Raymond' to the Indian stock market's success stories in Wizards
of Dalal Street and children's programmes. We also screen Film Festivals that celebrate the
finest in world cinema.

On the Airbus 330 aircraft we offer state-of-the-art Panasonic 3000i AVOD(Audio Video On
Demand) entertainment to every single passenger on the Airbus 330. The film and audio
content is changed on a bi-monthly basis.
Eight music channels are also offered to the passengers. These include a selection of the latest
Bollywood numbers, international Pop music, melodious ghazals, soulful Jazz, Classical
Indian and Western music and more.

A selection of 5 multi-level and multi-player games and iXPLOR, an innovative moving map
that gives locational insights into the flight plan is available to all the passengers as well.

For our "Première" passengers flying internationally to Singapore and Kuala Lumpur, on
board our Boeing 737 aircraft we offer an individual Personal Entertainment Appliance
(PEA), a handheld device capable of delivering Audio-Video-On-Demand. We offer five
English, four Hindi and two Tamil movies here. All Hindi and Regional movies have English

In Economy class, dropdown screens provide route-specific main screen entertainment that
changes depending upon the direction (outbound / inbound). Feature films and TV shorts
compilations are changed once a month. Fresh titles are added on a bi-monthly basis.

A selection of eight audio channels is also offered to all passengers.

Jet Airways on its select domestic flights offer "JetScreen", the in-flight entertainment for
domestic air travellers. This state-of-the-art Panasonic eFX system will offer Jet Airways'
customers on demand audio and video entertainment in Première and Economy classes.
Domestic passengers on-board Jet Airways' new generation Boeing 737-800 aircraft with
winglets will also have access to over 100 hours of award wining shows from Bollywood and
Hollywood, eight audio channels and over 70 audio CDs, games and iXplor - an innovative
moving map that gives locational insights into the flight plan.

This system provides for nine inch video monitors mounted with touch screens in Première
and a seven inch touch screen monitor at the back of every seat in economy class. These
individual LCD screens are currently the biggest in the Indian skies

JetWings International, a bi-monthly magazine is placed in each seat pocket of all our
international flights.

Jet Airways flights are non-smoking flights.

In accordance with the Government of India's regulations, consumption of alcohol is not

permitted on Jet Airways' domestic flights.

Safety instructions and Emergency procedures are explained by the Cabin Crew on each
flight in Hindi and English. Safety Briefing cards are placed in each seat pocket for additional
On our International flights Safety instructions and Emergency procedures are demonstrated
by the use of safety video on each of these flights in Hindi and English. Safety Briefing cards
are placed in each seat pocket for additional details.

Safety Instruction Manuals in Braille are placed on all Jet Airways' flights for visually
impaired passengers,

Jet Airways Cabin Crew is trained to a very high standard of Safety and First Aid by
Instructors with International experience.

A first-aid kit is available with the cabin crew. Passengers are requested to refrain from using
electronic devices during take-off and landing.

Cellular phones must always be in 'Power Off' mode from the time of boarding the aircraft till

*Includes aircraft that have been wet leased / dry leased to other airlines.

Code Of Conduct

The Code of Business Conduct and Ethics (Code) has been adopted by Jet Airways (India)
Limited to comply with applicable law and the rules and regulations of the Stock Exchanges
on which the securities of the Company are listed.

This Code covers a wide range of business practices, procedures and serves as a guide to
ethical decision-making. This Code does not cover every issue that may arise, but it sets out
basic policies to guide directors, officers and employees of the Company and its affiliates. All
directors, officers and employees must become familiar with this Code and conduct
themselves in accordance with these policies and seek to avoid even the appearance of
improper behaviour.

The principal duty of the Board of Directors, along with management, is to ensure that the
Company is well managed in the interests of its shareholders. The Board of Directors plays
the central role in the Company's governance. It is the Company's decision-making authority
on all matters except those reserved to shareholders or delegated to the management. The
Board of Directors is not expected to assume an active role in the day-to-day management of
the Company.

Those who violate the policies in this Code will be subject to disciplinary action, up to and
including discharge from the Company. If you are in a situation that you believe may violate
or lead to a violation of this Code, you must report the situation as described herein.

Mr. Naresh Goyal, a non-resident Indian national, is the chairman of the Company. He is
also the chairman of the Board of Directors. Mr. Goyal holds a Bachelors of Commerce
degree and after completing his education in 1967, Mr. Goyal joined the travel business and
underwent extensive practical training with several foreign airlines.

Mr. Naresh Goyal has more than 38 years of experience in the civil aviation industry.
Immediately after graduation in Commerce in 1967, Mr. Goyal joined the travel business
with the General Sales Agents for Lebanese International Airlines. Subsequently, Mr. Goyal
was appointed the Public Relations Manager of Iraqi Airways in 1969 and from 1971 to 1974
was the Regional Manager for ALIA, Royal Jordanian Airlines. During this period, Mr.
Goyal also worked with the Indian offices of Middle Eastern Airline (MEA) where he gained
experience in various areas including ticketing, reservations and sales. During this period, he
underwent extensive training in all facets of the travel business and undertook considerable
international travel on business. He was thereafter appointed Regional Manager of Philippine
Airlines where he handled the commercial operations of the airline in India. With the wide
experience, expertise and technical know-how Mr. Goyal acquired, he founded Jetair Private
Limited (then known as Jetair Transportation Private Limited) in 1974 with the objective of
providing sales and marketing representation to foreign airlines in India. Shortly thereafter in
1975, he was appointed Regional Manager of Philippine Airlines in India.

In Jetair, Mr. Goyal was directly involved in marketing studies and traffic development in the
Far East, Middle East, and Europe, the U.K. and the U.S.A. Mr. Goyal has also been involved
in developing studies of traffic patterns, route structures, operational economies and flight
scheduling, all of which have made him an authority in the world of aviation and travel.

As Chairman of the GSA company, Jetair Private Limited and the other promoter group
companies such as International Cargo Carriers Limited, National Travel Service and France
Air Ltd. he has imparted expertise to these companies and further refined his knowledge of
the operation of passenger and cargo services and promotion and development of tourism.

In 1992, as part of the ongoing diversification of his business interests, Mr. Goyal caused to
be promoted our Company for operating scheduled air services in India.

Mr. Goyal in his capacity as Chairman, Jet Airways has won the 'Entrepreneur of the Year
Award for Services' from Ernst & Young and also 'Distinguished Alumni Award-2000' for
meritorious and distinguished performance as an Entrepreneur and also the 'Most Respected
Company in Travel and Hospitality Sector'. Other awards conferred on Mr. Goyal include the
'Outstanding Asian-Indian' award for leadership and contribution to the global community
given by the Indian American Centre for Political Awareness, 'Aerospace Laurels' for
outstanding contribution in the field of Commercial Air Transport twice, in April 2000 and
February 2004. The airline has also been given the 'Pride in Excellence' award from Boeing
Company for maintaining the highest Technical Despatch Reliability for the second year in
succession in April 2004. In August 2003, the airline was awarded the 'Superbrand' status by
the world's leading authority on branding, the Superbrands Council.
In July 2005, Business Week selected Chairman, Naresh Goyal as one of the five leaders
from India in their Asia Edition cover story "Stars of Asia - 25 Leaders at The Forefront of

Chairman, Naresh Goyal received the first BML Munjal Award for Excellence in Learning &
Development in the Private Sector category from the Honourable Minister for Civil Aviation,
Shri Praful Patel along with a citation at a special function at Hotel Maurya Sheraton, New
Delhi on January 6, 2006.

The Prime Minister, Dr Manmohan Singh presented the first NDTV Profit Business Award
2006 to Jet Airways, which was received by the Chairman, Naresh Goyal at a glittering
function at Taj Palace Hotel on July 28, 2006. The award, in the aviation category, is to salute
the men and women who fuel India's journey to the forefront of the World Economy.

Chairman, Naresh Goyal was accorded the prestigious TATA AIG - Lifetime Achievement
Award at the Abacus-TAFI Awards ceremony organized during the TAFI (Travel Agents'
Federation of India) International Travel Convention 2007, on Saturday 8th September, 2007
at the Sutera Harbour Resort in Kota Kinabalu, Malaysia.

Chairman, Naresh Goyal, was conferred with "Travel Entrepreneur of the Year" award at the
19th annual TTG(Travel Trade Gazette) Travel Awards. The awards were presented at a
glittering ceremony and gala dinner on Thursday 25th October, 2007 at the Sofitel Centara
Grand, Bangkok.

Chairman, Naresh Goyal was awarded the prestigious "Man of the Year Award" by the
Aviation Press Club (APC) at its 30th Anniversary on Wednesday, April 09, 2008, in
Belgium. The Aviation Press Club is an influential club of Belgian Aviation Journalists. Mr.
Goyal has been re-elected to IATA Board of Governors for the year 2008-09. He has earlier
served on the Board of Governors of the International Air Transport Association (IATA),
from 2004-2006.