FOR YOUR CONVENIENCE TRANSLATION ONLY. Reference Data. 13 June 2001 Explanatory Meeting for Investors. Tokyu Corporation.

Transcription

1 FOR YOUR CONVENIENCE TRANSLATION ONLY Reference Data 13 June 21 Explanatory Meeting for Investors Tokyu Corporation (95)

2 Contents Tokyu Area Location of Tokyu Area 1 Railway Transition of Passenger Revenues 2 Regional Map of Tokyu Area Population of Tokyu Area (Entire population & ~4 years of age) Population of Tokyu Area (Transition) Transition of Land Prices in Tama Garden City (Tama Den-en Toshi) Average land price of residential area by railway line within the sphere of Tokyo New Lines Planned to Connect with Tokyu Lines Comparison of 3 Sub-Centers in Tokyo (Shibuya,Shinjuku,Ikebukuro) Transition of Passenger Volume Transition of Passenger Kilometers Index Comparison of Passenger Volume Variation Ratio against previous year Effect of Operational change 6 in Meguro Line and Toyoko Line Facility Lease Buildings of Tokyu Group 1 Others Business Performance of Commercial Facilities of Tokyu Group 11 Tokyu Cable Television Co.,Ltd. 25 Tokyu Group Hotels 12 Re-organization of Tokyu Group Domestic Hotels 13 Outlines of Employees 29 Tokyu Group Hotels (Shibuya) 14 Comparison of Shareholder s Distributions 3 Leisure Facilities of Tokyu Group 15 Shibuya Mark City 16 Transition of Stock Price 31 Grandberry Mall 17 bit Cube 18 Transition of Total Present Value 32 Cerulean Tower 19

3 1 Tokyu Area Location of Tokyu Area CHINA RUSSIA NORTH KOREA JAPAN Maebashi Utsunomiya SOUTH KOREA Tokyo Mito Urawa Tokyo Chiba Yokohama Tokyu Lines JR Lines Other Major Private Railways

4 2 Tokyu Area Regional Map of Tokyu Area 3km Tokyu Lines JR Lines Other Major Private Railways Chuo-Rinkan Kodomonokuni Nagatsuta 2km Aobadai Futako-Tamagawa 1km Shimotakaido Sangenjaya Jiyugaoka Mizonokuchi Den-en Chofu Tamagawa Musashi-Kosugi Tama-Plaza Kikuna Hiyoshi Tokyo Shibuya Nakameguro Meguro Gotanda Ookayama Oimachi Hatanodai Kamata Area along the Tokyu Lines (Definition of 17 City & Wards of Tokyu Lines ) Area : 489k m2 (approx. 1/3 of London) (approx. 8 times the area of Manhattan) Population : 4.56million(approx. 2/3 of London) (approx. the same as Norway) Household : 2.9million Taxable Income / person : approx. 1.4 times national average Consumption / household : approx. 1.2 times national average Total Consumption : 9,6 billion yen ( Approx. the National Budget of Spain ) Tokyu Cable Television service area Coverage : approx. 955, household 4km Yokohama Sakuragicho Tama Den-en Toshi (Tama Garden City) Area : 5km2 Population : approx. 53,

5 3 Tokyu Area (Data as of 31 March each year) City / Ward Name Population of Tokyu Area (Entire population & ~4 years of age) Entire Population Fluctuation rate /1995 2/1999 Persons Persons Persons % % -4 years of age Fluctuation rate /1995 2/1999 Persons Persons Persons % % Whole Country 124,655, ,86,6 126,71, Tokyo Metropolis 11,549,145 11,68,49 11,743, Kanagawa Prefecture 8,143,569 8,324,355 8,37, Chiba Prefecture 5,751,764 5,863,182 5,893, Saitama Prefecture 6,673,76 6,838,164 6,87, Sub Total 32,118,238 32,76,191 32,876, Tokyo (23 Ward) 7,836,665 7,884,822 7,919, Yokohama City 3,273,69 3,351,612 3,375, Kawasaki City 1,174,754 1,29,845 1,218, Shinagawa Ward 317, , , Meguro Ward 234, , , Ohta Ward 633, , , Setagaya Ward 758, ,11 778, Shibuya Ward 183, , , Machida City 356, ,631 37, Kanagawa Ward 22,842 24,461 25, Nishi Ward 74,628 75,721 76, Naka Ward 11, , , Kohoku Ward 273,23 285,36 287, Midori Ward 147,77 151, , Aoba Ward 243, , , Tsuzuki Ward 112, ,866 15, Nakahara Ward 185, , , Takatsu Ward 167, , , Miyamae Ward 182, , , Yamato City 2,21 27,859 29, Total : Tokyu Area 4,385,213 4,521,43 4,562, ,99,695 5,955,1 5,93, ,74 477, , ,878 41,637 4, , , , , , , ,468,984 1,491,665 1,485, ,59 35,58 35, , , , ,758 61,799 61, ,429 1,437 1, ,676 7,763 7, ,556 25,339 25, ,82 27,951 28, ,317 5,759 5, ,733 15,143 15, ,643 8,651 8, ,836 2,75 2, ,143 4,335 4, ,29 14,145 14, ,92 7,962 8, ,282 15,536 15, ,697 1,482 1, ,22 9,989 9, ,787 9,611 9, ,369 12,74 12, ,79 1,853 1, ,59 198,78 2, Tokyu Area in Tokyo 2,483,859 2,516,145 2,532, ,793 92,392 93, Tokyu Area in Kanagawa 1,91,354 2,5,258 2,3, ,266 16,388 17, Total : Tokyu Area 4,385,213 4,521,43 4,562, ,59 198,78 2, Tokyu area has a tendency to increase in population 2 Tokyu area has no tendency to decline in the number of births

6 Tokyu Area (Data as of 31 March each year) Area Population of Tokyu Area (Transition) Entire Population Fluctuation rate / / /198 2/199 % % % % Whole Country 95,94,272 13,521, ,194, ,744, ,71, Tokyo Metropolis 9,232,627 11,94,578 11,357,337 11,639,293 11,743, Kanagawa Prefecture 3,333,242 5,295,473 6,829,812 7,847,465 8,37, Chiba Prefecture 2,371,135 3,284,527 4,672,147 5,488,123 5,893, Saitama Prefecture 2,439,742 3,739,898 5,328,412 6,294,96 6,87, Sub Total 17,376,746 23,414,476 28,187,78 31,269,841 32,876, Tokyo (23 wards) 8,31,27 8,628,72 8,179,291 8,46,16 7,919, Yokohama City 1,375,71 2,173,469 2,755,186 3,175,989 3,375, Kawasaki City 632, ,872 1,15,962 1,139,622 1,218, Shinagawa Ward 427, , , ,58 317, Meguro Ward 293, , , , , Ohta Ward 76, , ,14 648, , Setagaya Ward 653,21 744, , , , Shibuya Ward 282, , ,545 23, , Machida City 71, , ,81 343,52 37, Kanagawa Ward 172,68 24,537 2,59 2,369 25, Nishi Ward 14,173 97,877 79,92 75,516 76, Naka Ward 123, , ,46 112,89 115, Kohoku Ward 147, ,13 266, , , Midori Ward 132, , ,5 154, Aoba Ward 264, Tsuzuki Ward 15, Nakahara Ward 134,217 26, , , , Takatsu Ward 66, , , ,6 176, Miyamae Ward 173, , Yamato City 4,975 96, ,78 19,188 29, Total : Tokyu Area 3,224,475 3,858,856 4,121,785 4,349,839 4,562, Kohoku Ward Set up of Ward in Takatsu Ward Kohoku & Midori divided into Kawasaki City divided into Wards divided into Kohoku Ward & Birth of Nakahara Takatsu Ward & Kohoku, Midori, Midori Ward Ward and Takatsu Miyamae Ward Aoba and Tsuzuki Ward Wards Tokyu Area in Tokyo 2,435,7 2,587,64 2,546,926 2,545,435 2,532, Tokyu Area in Kanagawa 789,468 1,271,252 1,574,859 1,84,44 2,3, Total : Tokyu Area 3,224,475 3,858,856 4,121,785 4,349,839 4,562, Population of Tokyu Area in Kanagawa increased 2.5 times (196~2) after developing Tama Garden City 4

7 Tokyu Area Transition of Land Prices in Tama Garden City (Tama Den-en Toshi) 5 (yen/ m2 ) 8, 7, 6, Posted and Benchmark Land Prices of Tama Garden City Posted Land Price Benchmark Land Price 5, 4, 3, 2, 1, 1/1985 1/1986 1/1987 *Fluctuation rates of posted land prices of residential areas in Tokyo by railway line (Variance vs. previous year %) Railway Line 1/1996 1/1997 1/1998 1/1999 1/2 1/21 lnner City Along and inside the Yamanote Loop Line Southern Area Western Area Northern Area Eastern Area 1/1988 Vicinity of Keihin Express & Yokosuka Line Vicinity of Tokaido Line Vicinity of Toyoko Line Vicinity of Den-en Toshi Line Vicinity of Odakyu Line Vicinity of Keio Line Vicinity of Chuo Ome Line Vicinity of Seibu Shinjuku Line Vicinity of Seibu Ikebukuro Line Vicinity of Tobu Tojo Line Vicinity of Tohoku Line & Takasaki Line Vicinity of Tobu Isezaki Line Vicinity of Joban Line Vicinity of Sobu Line & Keisei Line /1989 1/199 1/1991 1/1992 1/1993 * The rate of decrease of land prices along Tokyu Lines is decreasing 1/1994 1/1995 1/1996 1/ , yen(as of Jan.21) 1/1998 1/1999 1/2 1/21

8 Tokyu Area Average land price of residential area by railway line within the sphere of Tokyo 6 (Yen/ m2 ) 6, 5, Although suburban land prices are declining because of down-town regression, area along-side Tokyu lines has not been affected because of its status as the selected railway line 4, JR Tokaido Line Tokyu Toyoko Line 3, Tokyu Den-en Toshi Line Keio Line 2, Odakyu Line 1, 1~15 15~2 2~25 25~3 (km) JR Sobu Line Distance from Tokyo Station

9 Tokyu Area New Lines Planned to Connect with Tokyu Lines-1 Nishi - Takashimadaira Akabane-iwabuchi Akabane Wakoshi Kita - Senju Kotakemukaihara Nerima Ikebukuro Oshiage Shinjuku Tokyo Suitengumae Shibuya Shirokane-takanawa Meguro Rinkai Line Yokohama Line No.4 Minatomirai 21 Line Tokyo Line No.13 Kawasaki Cross Country Rapid Transit (Tentative Name) Kanagawa Eastern Direction Line (Tentative Name) Yokohama Line No.3 Yokohama City Loop Line (Tentative Name) Short Line to Connect Keikyu Haneda Airport Line and Tokyu Mekama Line Ward Area Loop Line Public Transport (Tentative Name) Shin-yurigaoka Futakotamagawa Den-enchofu Miyamaedaira Tamagawa Osaki Oimachi Tokyo-teleport Tokyu Lines Chuo-rinkan Azamino Moto-sumiyoshi Kodomonokuni Hiyoshi Okurayama Nagatsuta Nakayama Shin-Yokohama Keikyu-kamata Kamata Otorii Kawasaki Tsurumi legend Line most likely to open by year 215 (A1 next page) Line most likely to start construction by year 215 (A2 next page) Futamatagawa Higashi-totsuka Yokohama Sakuragicho Motomachi Line to be studied in the future (B next page) Kami-ooka Negishi * These new Lines will make Tokyu Area even more convenient. 7

10 Tokyu Area New Lines Planned to Connect with Tokyu Lines-2 Rinkai Line Line Yokohama Line No.4 Minatomirai 21 Line Tokyo Line No.13 Kawasaki Cross Country Rapid Transit (Tentative Name) Kanagawa Eastern Direction Line (Tentative Name) Tokyo-teleport ~ Oimachi ~ Osaki Section Outline Business Proprietor:Tokyo Waterfront Area Rapid Transit Completion Date:Dec. 22 Total project cost :49.2 billion yen Hiyoshi ~ Takatacho ~ Nakayama Business Proprietor:Yokohama City Completion Date:Sep. 23 Total project cost :3.2 billion yen Yokohama ~ Minatomirai Chuo ~ Motomachi Business Proprietor:Yokohama-kosoku Railway Completion Date:Apr. 24 Total project cost :254.9 billion yen Ikebukuro ~ Shinjuku-sanchome ~ Shibuya Business Proprietor:Teito Rapid Transit Authority Completion Date:Apr. 27 Total project cost :24.7 billion yen Shin-yurigaoka ~ Miyamaedaira ~ Moto-sumiyoshi ~ Kawasaki Business Proprietor:Kawasaki City Transportation Authority Completion Date:211 Total project cost :66 billion yen Futamatagawa ~ Shin-yokohama ~ Okurayama Yokohama Line No.3 Yokohama City Loop Line Short Line to Connect Keikyu Haneda Airport Line and Tokyu Mekama Line Ward Area Loop Line Public Transport (Tentative Name) Azamino ~ around Susukino ~ Shin-yurigaoka Note: Line from Susukino Vicinity to Shin-yurigaoka is A2 Motomachi ~ Negishi ~ Kami-ooka ~ Higashi-totsuka ~ Futamatagawa ~ Nakayama ~ Hiyoshi ~ Tsurumi Note: Line from Nakayama to Hiyoshi is A1(2) Otorii ~ Keikyu-kamata ~ Kamata(Tokyu) Kasai-rinkaikoen ~ Akabane ~ Den-en chofu ~ Direction of Haneda-Airport 8

11 Tokyu Area (thousand persons) 3,5 3, 2,5 2, 1,5 1, 5 Comparison of 3 Sub-Centers in Tokyo (Shibuya,Shinjuku,Ikebukuro) *Comparison of Passengers Using Each Station Shibuya Shinjuku Ikebukuro (thousand persons) Shibuya Shinjuku Ikebukuro ,34 2,954 2, ,682 3,444 3, ,68 3,483 2,948 (m 2 ) 2,5, 2,, 1,5, 1,, 5, *Comparison of Space of Leased Offices Cerulean Tower Shibuya Mark City Others Shibuya Shinjuku Ikebukuro Shibuya Shinjuku Ikebukuro Shibuya Mark City 27, Cerulean Tower 16, Others 853,77 2,27, ,27 Total 897,78 2,27, ,27 (m 2 ) *Comparison of the Number and Floor Space of Large-Scale Retail Stores (m 2 ) 5, (rooms) 8, *Comparison of the Number of Hotel Rooms 4, 3, 2, 1, 2nd Tier 1st Tier 6, 4, 2, Tokyu Inn Excel Hotel Tokyu Tokyu Hotel Others Shibuya Shinjuku Ikebukuro Shibuya Shinjuku Ikebukuro No.of Stores Floor Space (m 2 ) No.of Stores Floor Space (m 2 ) No.of Stores Floor Space (m 2 ) 1st Tier 9 17, , ,31 2nd Tier 38 74, , ,64 Total , , ,95 1st Tier Large Scale Retail Store - Floor space is over 6,m 2 (in central Tokyo) 2nd Tier Large Scale Retail Store - Floor space is over 5m 2 and under 6,m 2 (in central Tokyo) Shibuya Shinjuku Ikebukuro (rooms) Shibuya Shinjuku Ikebukuro Shibuya Tokyu Inn Shibuya Excel Hotel Tokyu Cerulean Tower Tokyu Hotel Others 522 7,146 3,226 Total 1,567 7,146 3,226 Hotel METS Shibuya is expected to open in Dec. 21 Supply of office space,retail stores and hotel rooms in Shibuya are insufficient considering the number of passengers at Shibuya station 9

12 Facility Leased Buildings of Tokyu Group 3km 2km 1km Setagaya Business Square Nagatsuta Chuo-Rinkan Tama-Plaza Carrot Tower Tama Garden City Sangenjaya Futako-Tamagawa Jiyugaoka Shibuya Tokyo Meguro Shinagawa Oimachi Kamata Kawasaki Yokohama Queen s Square Yokohama Name of Building Setagaya Business Square (Joint Project) Queen's Square Yokohama (Joint Project) Tokyu Corp. Mitsubishi Estate JGC Corp. Yokohama City Business Owner (Redevelopment Project) TRY 9 Business Association Tokyu Land Corp. (Composed of Tokyu YMM Properties + 8 other parties) Site Location Setagaya-ku, Tokyo Setagaya-ku, Tokyo Nishi-ku, Yokohama Date of Starting Construction Oct., 199 Oct., 1992 Feb., 1994 Opening Date Nov., 1993 Nov., 1996 July, 1997 Use Offices, Shops Offices, Shops, Other facilities Offices, Hotel,Shops Total Floor Space Approx. 96,m 2 Approx. 77,m 2 Approx. 495,m 2 2 basement floors and 29 floors 1 tower 5 basement floors and 27 floors Tower A : 5 basement floors and 36 floors 2 basement floors and 5 floors 3 towers Tower B : 5 basement floors and 28 floors Structure Scale 1 basement floor and 6 floors 1 tower Tower C : 5 basement floors and 21 floors Contribution by Tokyu Corp. (Construction Cost) 2 basement floors and 2 floors 3 towers Commercial Section : 3 basement floors and 6 floors Approx. 28 billion yen Carrot Tower Approx. 6 billion yen (Floor acquisition cost etc.) Hotel Section : 3 basement floors and 25 floors - Shibuya Mark City Cerulean Tower Meguro Station Building Nihonbashi 1-Chome Project (Joint project) (Joint Project) (Joint Project) Teito Rapid Transit Authority Tokyu Corp. Tokyu Corp. Tokyu Corp. Tokyu Corp. Mitsui Fudosan Keio Electric Railway East Japan Railway Tokyu Land Corp. Shibuya-ku, Tokyo Shibuya-ku, Tokyo Shinagawa-ku, Tokyo Chuo-ku, Tokyo April, 1994 Nov., 1997 July, 1994 July, 21 (plan) April, 2 April, 21 Spring, 22 (plan) Spring, 24 (plan) Offices, Hotel, Shops Offices, Hotel, Other facilities Offices, Shops, Other facilities Offices, Shops, Other facilities Approx. 139,m 2 Approx. 16,m 2 Approx. 52,m 2 Approx. 98,m 2 East : 2 basement floors and 25 floors 6 basement floors and 41 floors 4 basement floors and 17 floors A Section : 4 basement floors and 2 floors West : 1 basement floor and 23 floors Approx. 16 billion yen B Section : 2 basement floors and 2 floors Approx. 43 billion yen Approx. 9 billion yen Approx. 9 billion yen 1

13 Facility Shopping Center Shibuya Mark City QFRONT SHIBUYA Tokyu Plaza Shibuya Kamata Akasaka Fujisawa Jiyugaoka Sapporo Tokyu Square Garden-Site Queens Square Yokohama[at!] Place Daikanyama Minamiaoyama Grandberry Mall Kohoku Tokyu S.C. 2 Tama Plaza Tokyu S.C. 1 Spice Box Aobadai Tokyu Square Hachioji Tokyu Square Tokyu Hiyoshi Station Building 3 Machida Terminal Plaza 4 Kohrinbo19 Tokyu Life Plaza[Boomin Esaka] Tokyu Plaza[O'ts] Department Store Shibuya(Head Store) Shibuya(Toyoko Store) Kichijoji Machida Sapporo Tama plaza 1 Kohoku 2 Hiyoshi 3 Queen's East Nagano Okaya Komoro Kitami Total 13 Stores 1~ 3 are inside each shopping center Commercial Facilities of Tokyu Group Daiei JUSCO Ito Yokado MYCAL SEIYU Takashimaya Mitsukoshi Marui ISETAN Comparison of sales volume with major department stores and supermarkets Tokyu Group Department based on non-consolidated financial statements Supermarket store (FY2) (million yen) 5, 1,, 1,5, 2,, 2,5, Supermarket Tokyu Store(GMS) Gakugeidaigaku Tsunashima Akiruno Kamiikedai Tukimino Gotanda Karagita Negishi Omori Koenji Higashi-rinkan Jiyugaoka Shibuya Mizonokuchi Nakano Shimizudai Miyazakidai Choufu Senzoku Musashi-kosugi Kanamachi Zoshiki Moridai Sangenjaya Tadao Yokohama Takashimadaira Tukushino Yokohama chikagai Syonan Toritsudaigaku Yokodai Chuo-rinkan Nagahara Tachibanadai Nakayama Naka-meguro Eda Saginuma Higashi-nagasaki Tana Isehara Bunka-tokusengai Fujigaoka Susukino Futakotamagawa Koganehara Sugita Futakotamagawa Higashiguchi Toke Kamakura Magome Fusa Toke-asumigaoka Minamino Masuo Wako Mitaka Ageo Toride Mitaka Center Komamusashidai Shimoda Musashi-koyama Soka-matsubara Tukushino Meguro Nishiguchi Kita-koshigaya Total 22 Stores Yukigaya Uenodai Tokyu Store Yutenji Kasuyadai Aoyama Azamino Chita Ayase Tokyuseisenplaza Okurayama Total 67 Stores Asagaya Kanazawa sea side Precce Itinoe Kashiwadai Utsukushigaoka SSC Musashi-koganei Kajigaya Den-en-chofu Ebara-nakanobu Kikuna Minami-machida Ookayama Shirane Total 3 Stores Kamata Shin-maruko Sapporo Tokyu Store Gyokeidori Toyohira Hokuei Hiragishi-terminal Nango 13 chome Nango 7 chome Jieitai-ekimae Heiwa Kanjouhigashi-ekimae Prom Yamahana Hiraoka Shin-ei Fujino Nishisen 6 jo Miyanomori Kita-hiroshima Fukui Ainosato Asabu Maruyama Makomanai Dinner Bell Kinohana Susukinominami 7 jo Kaminopporo Shindo-nishi Hokudaimae Mikaho Kitami Tokyu Store Koei Piasondori Wakaba Kiyomi Tokyu Total 21 Stores Total 6 Stores Total 5 Stores Convenience Store TOKS Den-en-chofu Okusawa Tamagawa Tsukushino Suzukakedai Tsukimino Daikan-yama Shimouma Meguro Meguro-chuo Tsurumaki Oyamadai Eda Kita-senzoku Ookayama Shibuya Onda Futakotamagawa Total 18 Stores DIY Tokyu Hands Shibuya Shinjuku Ikebukuro Futakotamagawa Yokohama Machida 4 Fujisawa Shinsaibashi Esaka Sannomiya Hiroshima Sapporo Out-Parts Natulabo Nagoya (FC) Nagoya Annex (FC) Total 16 Stores 4 is inside shopping center 11

14 Facility Tokyu Inn Chain No. of Rooms Kushiro Tokyu Inn 15 Sapporo Tokyu Inn 566 Obihiro Tokyu Inn 171 Kitami Tokyu Inn 127 City Hirosaki Hotel 141 Sakata Tokyu Inn 94 Fukushima Tokyu Inn 118 Iwaki Tokyu Inn 133 Maebashi Tokyu Inn 183 Hotel Narita Tokyu 712 Shinbashi Atagoyama Tokyu Inn 429 Shibuya Tokyu Inn 223 Kichijoji Tokyu Inn 234 Omori Tokyu Inn 194 Niigata Tokyu Inn 39 Ueda Tokyu Inn 133 Matumoto Tokyu Inn 16 Nagoya Marunouchi Tokyu Inn 187 Nagoya Sakae Tokyu Inn 297 Kyoto Tokyu Inn 4 Osaka Tokyu Inn 42 Shin -Osaka Esaka Tokyu Inn 363 Kobe Tokyu Inn 236 Wakayama Tokyu Inn 165 Hiroshima Tokyu Inn 224 Matsue Tokyu Inn 181 Tokushima Tokyu Inn 138 Takamastu Tokyu Inn 191 Matsuyama Tokyu Inn 245 Shimonoseki Tokyu Inn 128 Kokura Tokyu Inn 19 Kumamoto Tokyu Inn 138 Kagoshima Tokyu Inn locations 7,752 Sapporo Excel Hotel Tokyu 388 Toyama Excel Hotel Tokyu 21 Hakata Excel Hotel Tokyu 38 Shibuya Excel Hotel Tokyu 48 4 locations 1,314 Saromako Tokyu Resort 72 Hotel Gran Deco 16 Kusatsu Spa Hotel Tokyu 18 Ikaho Tokyu Villa 32 Tateshina Tokyu Resort 78 Kakeyu Spa Hotel Tokyu 44 Imaihama Tokyu Resort 139 Miyakojima Tokyu Resort locations 827 Total 45 locations 9,893 Seibu Group (Prince Hotels etc.) Washington Group hotels Tokyu Inn Chain / Tokyu Hotel Chain SUNROUTE Hotel Chain Tokyu Hotel Chain Tokyu Group Hotels JAL Hotels JR Hotel Group ANA Hotels Hotel α-1 Chain DAIWA ROYAL HOTELS TOYOKO INN Business Hotel Chain Chisan Hotel Chain Hotel New Otani Group Bass Hotels & Resorts No. of Rooms SapporoTokyu Hotel 263 Sendai Tokyu Hotel 32 Capitol Tokyu Hotel 459 Akasaka Tokyu Hotel 535 Haneda Tokyu Hotel 36 Tokyo Bay Hotel Tokyu 71 Cerulean Tower Tokyu Hotel 414 Yokohama Tokyu Hotel 212 Numazu Tokyu Hotel 12 Shimoda Tokyu Hotel 117 Hakuba Tokyu Hotel 12 Kanazawa Tokyu Hotel 236 Nagoya Tokyu Hotel 565 Kyoto Tokyu Hotel 432 Osaka Tokyu Hotel 336 Hakata Tokyu Hotel 266 Kagoshima Tokyu Hotel locations 5,572 Ranking of Hotel Capacity (Domestic) Tokyu Inn Chain 9,893 6,76 5,83 5,545 5,53 7,741 8,673 8,621 8,563 8,41 Tokyu Hotel Chain 5,572 15,465 1,183 19,147 Pan Pacific Hotels and Resorts No. of Rooms Location The Pan Pacific Bangkok 235 Thailand The Pan Pacific Sonargaon Dhaka 35 Bangladesh Tha Pan Pacific Glenmarie Kuala Lumpur 291 Malaysia The Sari Pan Pacific, Jakarta 4 Indonesia The Puteri Pan Pacific Johor Bahru 5 Malaysia The Pan Pacific Hotel Kuala Lumpur 55 Malaysia The Pan Pacific Hotel Kuala Lumpur International Airport 441 Malaysia Palau Pacific Resort, Micronesia 16 Palau The Pan Pacific Resort Pangkor 24 Malaysia The Pan Pacific Singapore 784 Singapore The Mauna Lani Bay Hotel and Bungalows, Hawaii 35 U.S.A The Pan Pacific San Francisco 329 U.S.A The Pan Pacific Hotel Vancouver 56 Canada The Pan Pacific Hotel Yokohama 485 Japan The Pan Pacific Lodge Whistler 121 Canada The Pan Pacific Manila 24 Philippines 16 locations 5,937 1 Countries Affiliate hotels Royal Garden Hotel 422 Hong-Kong Hotel Narita Tokyu 712 Japan 22,871 (Number of Rooms) 5, 1, 15, 2, 25, Scale of Tokyu Group Hotels (as of May 21) 24,498 Rooms Big Week (Time-share resort hotels) Other Accommodations Tokyu Harvest (Resort hotels with membership system) No. of Rooms Big Week Kyoto 21 Big Week Karuizawa 3 2 locations 51 Tokyu Stay (Business hotel for long stay) No. of Rooms Tokyu Stay Yotuya 148 Tokyu Stay Nihombashi 123 Tokyu Stay Shibuya 125 Tokyu Stay Shimbashi 63 Tokyu Stay Meguro Yutenji 69 Tokyu Stay Monzen-Nakacho Annex 116 Tokyu Stay Kamata 48 Tokyu Stay Yoga 79 8 locations 771 No. of Rooms Hotel Izukyu 117 Le Nessa Akazawa 79 Le Nessa Jougasaki 56 Le Nessa Inatorikogen 46 Amagi Kogen Lodge 17 Niseko Kogen Hotel 59 Hotel Tangram 25 Club Capricorn 65 Shimane Inn Aoyama 48 Aobadai Forum 42 Hakkeisou locations 79 No. of Rooms Tokyu Harvest Club Katsuura 98 Tokyu Harvest Club Kinugawa 14 Tokyu Harvest Club Trust Hakone Myojindai 39 Tokyu Harvest Club Ito 16 Tokyu Harvest Club Amagikogen 12 Tokyu Harvest Club Shizunami Kaigan 5 Tokyu Harvest Club Hamanako 12 Tokyu Harvest Club Trust Karuizawa Mampei 22 Tokyu Harvest Club Trust Karuizawakogen 9 Tokyu Harvest Club Madarao 9 Tokyu Harvest Club Tateshina 9 Tokyu Harvest Club Tateshina Annex 5 Tokyu Harvest Club Yamanakako Mt.Fuji 1 Tokyu Harvest Club Nankitanabe 18 Tokyu Harvest Club Trust Kyoto Urban Stage 5 Tokyu Harvest Club Skijam Katsuyama locations 1,484 12

15 Facility Re-organization of Tokyu Group Domestic Hotels 13 Before Re-organization After Re-organization Class Grade Rooms Oriented Full Service Class Grade Rooms Oriented Full Service Luxury & Deluxe Excel Hotel Tokyu Luxury & Deluxe Excel Hotel Tokyu Tokyu Hotel Tokyu Hotel Superior Superior Tokyu Inn Tokyu Inn Standard Standard

16 14 Facility Tokyu Group Hotels (Shibuya) Cerulean Tower Tokyu Hotel (Grand Opening 24 May, 21) Number of Rooms : 414 Function Rooms : 1 ballroom (1,43m 2 ), Restaurants and Lounges : Shibuya Excel Hotel Tokyu Number of Rooms : 48 Function Rooms : 3 rooms 9 small-to-medium-sized halls Japanese,Western,Chinese,Lounge,Jazz club Restaurants and Lounges : Japanese,Western,Lounge Shibuya Tokyu Inn Number of Rooms : 223 Function Rooms : 4 rooms Restaurants and Lounges : Western,Lounge,Sushi 1 Total Revenues ( million) 6, 5, 4, 3, 2, 1, Shibuya Tokyu Inn FY3/2 2 Occupancy (%) Shibuya Tokyu Inn FY3/2 Total Revenues as a whole increased after opening of Shibuya Excel Hotel Tokyu. Occupancy of Shibuya Excel Hotel and Shibuya Tokyu Inn are both high. Shibuya Excel Hotel Tokyu Shibuya Tokyu Inn FY3/21 Shibuya Excel Hotel Tokyu Shibuya Tokyu Inn FY3/21 Shibuya has potential demand for hotels.

17 15 Facility Leisure Facilities of Tokyu Group Golf Courses Sports Facilities Ski Sites Management Body Management Body Tokyu Seven Hundred Club Tokyu Corporation Tokyu Swimming School Tamagawa Tokyu Corporation Tokyu Swimming School Tama Plaza Tokyu Corporation Gran Deco Ski Resort Five Hundred Club Tokyu Corporation Tokyu Swimming School Futako Tokyu Corporation Tangram Ski Circus Shirahama Beach Golf Club Tokyu Corporation Tokyu Sports Club Fujigaoka Tokyu Corporation Tambara Ski Park Grand Oak Golf Club Tokyu Corporation Fitness & Aqua Atrio Azamino Tokyu Corporation Stork Hill Golf Club Tokyu Corporation Kenzan Futsal Club Tokyu Corporation Skijam Katsuyama S Ing Himonya Tokyu Corporation Yufukogen Golf Club Tokyu Corporation Niseko Hirafu Ski Area Den-en Tennis Club Tokyu Corporation Happo One Ski Area Hibiscus Golf Club Tokyu Corporation Tama Plaza Tokyu S.C.Tennis Court Tokyu Corporation Emerald Coast Golf Links Tokyu Corporation Tokyu Arima Tennis Club Tokyu Corporation Tokyu Kenzan Sports Garden Tokyu Corporation NisekoTokyu Golf Course Tokyu Land Corporation Tokyu Sports Oasis Aoyama Tokyu Land Corporation Sapporo Tokyu Golf Club Tokyu Land Corporation Tokyu Sports Oasis Abeno Tokyu Land Corporation Masarikappu Tokyu Golf Club Tokyu Land Corporation Tokyu Sports Oasis Ibaraki Tokyu Land Corporation Tangram Madarao Tokyu Golf Club Tokyu Land Corporation Tokyu Sports Oasis Umeda Tokyu Land Corporation Tokyu Sports Oasis Urawa Tokyu Land Corporation Mochizuki Tokyu Golf Club Tokyu Land Corporation Tokyu Sports Oasis Esaka Tokyu Land Corporation Tateshina Tokyu Golf Course Tokyu Land Corporation Tokyu Sports Oasis Kawaguchi Tokyu Land Corporation Tsukuba Tokyu Golf Club Tokyu Land Corporation Tokyu Sports Oasis Club West Tokyu Land Corporation Omigawa Tokyu Golf Club Tokyu Land Corporation Tokyu Sports Oasis Korien Tokyu Land Corporation Movie Theatres Tokyu Sports Oasis Sannomiya Tokyu Land Corporation Kiminomori Golf Club Tokyu Land Corporation Tokyu Sports Oasis Shinsaibashi Tokyu Land Corporation Milano Theatre Katsuura Tokyu Golf Course Tokyu Land Corporation Tokyu Sports Oasis Shinjuku Tokyu Land Corporation Shinjuku Tokyu Amagi Kogen Golf Course Tokyu Land Corporation Tokyu Sports Oasis Sumiyoshi Tokyu Land Corporation Tokyu Sports Oasis Takarazuka Tokyu Land Corporation Cinema Milano Arita Tokyu Golf Club Tokyu Land Corporation Tokyu Sports Oasis Tamagawa Tokyu Land Corporation Cinema Square Tokyu Oita Tokyu Golf Club Tokyu Land Corporation Tokyu Sports Oasis Tennoji Tokyu Land Corporation Panteon Aso Tokyu Golf Club Tokyu Land Corporation Tokyu Sports Oasis Musashikosugi Tokyu Land Corporation Shibuya Tokyu Omoigawa Tokyu Golf Club Tokyu Construction Co., Ltd Tokyu Sports Oasis Hiroshima Tokyu Land Corporation Shibuya Tokyu 2 Futako-Tamagawaen Tokyu Sports GardenTokyu Land Corporation Shibuya Tokyu 3 Yokkaichi Tokyu Golf Club Tokyu Construction Co., Ltd Asumigaoka Tokyu Bowl Tokyu Recreation Co., Ltd Bunkamura Le Cinema Inatori Golf Club Izukyu Corporation KasaiTokyu Bowl Tokyu Recreation Co., Ltd Marunouchi Louvre ThreeHundred Club Three Hundred Club Co., Ltd Kohoku Tokyu Bowl Tokyu Recreation Co., Ltd IkebukuroTokyu Shonan Tokyu Bowl Tokyu Recreation Co., Ltd Royal Forest Golf Club Seikitokyu Kogyo Co., Ltd UenoTokyu Shinjuku Milano Bowl Tokyu Recreation Co., Ltd Tokyu Herbhill Golf Club Tokyu Herbhill Golf Club UenoTokyu 2 Tokyu Fitness Club AXIA Ikebukuro Tokyu Recreation Co., Ltd Theatre Robinson JAS Asahikawa Country Club Japan Air System Co., Ltd Tokyu Fitness Club AXIA Toride Tokyu Recreation Co., Ltd Tama Kariyon Theatre The Francis H.I i Brown Golf Course Mauna Lani Resort, Inc. Elix Seiroka Garden Sports Elix Elix Musashino Sports Elix Mill Creek Country Club United Development Corp. Sports Elix Aobadai Tennis Club Sports Elix Tokyu Golf Course Tokyu Golf Course Amusement Square Tokyu Tesoro Nagano Tokyu Department Store Co., Ltd Total 32 Facilities Total 41 Facilities Sugadaira Kogen Ski Area Tateshina Tokyu Ski Area Hakuba Iwatake Ski Area Tsugaike Kogen Ski Area Total 1 Facilities Management Body Ueda Kotsu Corporation Tokyu Corporation Tokyu Land Corporation Tokyu Land Corporation Tokyu Land Corporation Tokyu Land Corporation Tokyu Land Corporation Tokyu Hakuba Corporation Tokyu Hakuba Corporation Tokyu Hakuba Corporation Management Body Tokyu Recreation Co.,Ltd. Tokyu Recreation Co.,Ltd. Tokyu Recreation Co.,Ltd. Tokyu Recreation Co.,Ltd. Tokyu Recreation Co.,Ltd. Tokyu Recreation Co.,Ltd. Tokyu Recreation Co.,Ltd. Tokyu Recreation Co.,Ltd. Tokyu Bunkamura Inc. Tokyu Recreation Co.,Ltd. Tokyu Recreation Co.,Ltd. Tokyu Recreation Co.,Ltd. Tokyu Recreation Co.,Ltd. Tokyu Recreation Co.,Ltd. Tokyu Recreation Co.,Ltd. 19 Cinemas Kohoku Tokyu Recreation Co.,Ltd. 19 Cinemas Kiba Tokyu Recreation Co.,Ltd. Atsugi Cinema MYLORD Tokyu Recreation Co.,Ltd. Total 18 Facilities

18 Facility Shibuya Mark City EAST (Hotel Tower) WEST (Office Tower) Shibuya Excel Hotel Tokyu <48 rooms> 5F ~ 25F Office 11F ~ 23F Rental space 27,313m 2 Mark City Avenue Parking <454> Shibuya Station Mark City Mall <54 shops (Sales 29, Restaurant 2, Others 5)> B1F ~ 4F ( Shibuya Excel Hotel Tokyu ) Total income as a whole increased after opening of Shibuya Excel Hotel. Occupancy of Shibuya Excel Hotel and Shibuya Tokyu Inn are both high. Shibuya has potential demand for hotels. 1 Total income ( million) 6, 5, 4, 3, 2, 1, Shibuya Tokyu Inn FY3/2 Shibuya Excel Hotel Tokyu Shibuya Tokyu Inn FY3/21 2 Occupancy (%) Shibuya Tokyu Inn FY3/2 Shibuya Tokyu Inn Shibuya Excel Hotel Tokyu FY3/21 16

19 Facility Grandberry Mall Outline of Grandberry mall Location 4-1 Tsuruma 3-chome,Machida-shi,Tokyo (Den-en-toshi Line Minami-machida Station) Area Approx. 87,m 2 Facility Total Floor Space Approx. 25,m 2 Concept Zone Parking Number of shops Steel structure single story building (partially 2 stories) 9 buildings To create a shopping space to support pleasant daily life of suburban residents Freshberry Market, Homelife Garden, Outlet Shops Approx. 1, (Outdoor parking) 79 shops Opening date 21 April 2 Actual (21 April 2~2 April 21) Projection 1 month later 3 months later 6 months later 12 months later Ratio No. of guests 6 million 1.6 million 3.15 million 4.7 million 7.6 million 127 % Operating revenues 17 billion yen 3 billion yen 5.8 billion yen 9.7 billion yen 17 billion yen 1 % Composition of sex distinction of guests (Weekday) Women 8% Average guests per day 15 thousand Men 2% Composition of sex distinction of guests (Holiday) Women 67% Average guests per day 25 thousand Men 33% Age structure of guests Others 16% 35~44 years old 21% 15~24 years old 25% 25~34 years old 38% (passenger) 25, 2, 15, 1, 5, FY3/2 Number of passengers utilizing Minami-machida station (Average passengers per day) 9,97 1,726 FY3/21 4,264 8,765 13,361 Commuter Non-Commuter Total 19,491 On 16 Jan. 21, Carrefour Minami-machida opened on neighboring land (Periodic leasehold method), thus synergy effect is expected. 17

20 Facility bit Cube ( Outline of bit Cube ) Location 16-2,Kamiyama-cho,Shibuya-ku, Tokyo Facility Steel Structure 3 floors Area m 2 Floor Space 1,336.16m 2 Opening Date 1 February 21 < Business that was suggested by our in-house business venture system> ( Purpose ) Coming in contact with venture companies concerning IT, through their support and nourishment. By learning the latest IT real-time and producing opportunity for new business, we will promote our media business. ( Outline of Business ) bit Cube is an incubator building, leasing small unit offices for IT venture companies. Investing maximum 1million yen upon request in the companies moving into bit Cube, and aim to obtaining capital gain in the future. 18

21 Facility Cerulean Tower Hotel (414 rooms) Office (Approx.27,m 2 ) Outline of Cerulean Tower Location Area 26-1,Sakuragaoka-cho,Shibuya-ku,Tokyo 9,49m 2 Building Area 5,1m 2 Structure Scale 6 basement floors and 41 floors Total Floor Space Approx.16,m 2 (Details) Hotel Approx. 59,m 2 Office Approx. 27,m 2 Others Approx. 2,m 2 Commercial Entertainment Cerulean Tower is the first multi-career (possible to select communication service companies) leased building in Japan, which has optical fiber drawn into the structure by 7 communication service companies. It provides variety of choices for tenants, by drawing circuits from multipul communication service companies. It provides the most inexpensive and highest speed broadband data communication environment in Japan. Office Rental Space Approx. 16,8m 2 (Standard Floor Rental Area: Approx.1,29m 2 ) Opening Date (Office) 1 April 21 Commence Office Rental (Hotel) 2 April 21 Partial Opening 24 May 21 Grand Opening Construction Cost Approx.43 billion yen 19

22 2 Railway Transition of Passenger Revenues ( 百万円 \million) 14, 12, 19,73 19,235 11, ,11 113,612 1, 84,927 93,381 93,73 92,779 1,569 8, 6, 4, 2, FY3/1992 FY3/1993 FY3/1994 FY3/1995 FY3/1996 FY3/1997 FY3/1998 FY3/1999 FY3/2 FY3/21 定期 Commuter 37,935 43,44 42,351 42,33 45,646 5,289 5,318 5,956 5,494 5,76 定期外 Non-commuter 46,993 5,337 5,722 5,746 54,922 59,441 58,917 59,534 6,66 62,95 合計 Total 84,927 93,381 93,73 92,779 1,569 19,73 19,235 11, ,11 113,612 * 東京急行電鉄 Tokyu Corp.

23 21 Railway Transition of Passenger Volume ( 千人 thousand passengers) 1,2, 1,, 974,69 967, ,95 955, ,429 95, ,88 935,99 935,69 946,853 8, 6, 4, 2, FY3/1992 FY3/1993 FY3/1994 FY3/1995 FY3/1996 FY3/1997 FY3/1998 FY3/1999 FY3/2 FY3/21 定期 Commuter 622, ,345 66,231 6,765 65, ,75 594,427 58, ,91 571,715 定期外 Non-commuter 351, , , ,397 35, ,74 352, , , ,138 合計 Total 974,69 967, ,95 955, ,429 95, ,88 935,99 935,69 946,853 * Passenger volume increased after an interval of 5 years. * 東京急行電鉄 Tokyu Corp.

24 22 Railway Transition of Passenger Kilometers Index ( 百万人キロ million passenger kilometers) 12, 1, 9,1 8,934 8,835 8,759 8,731 8,68 8,635 8,614 8,653 8,867 8, 6, 4, 2, FY3/1992 FY3/1993 FY3/1994 FY3/1995 FY3/1996 FY3/1997 FY3/1998 FY3/1999 FY3/2 FY3/21 定期 Commuter 6,95 6,31 5,911 5,855 5,888 5,798 5,773 5,726 5,71 5,745 定期外 Non-commuter 2,915 2,93 2,923 2,94 2,842 2,882 2,862 2,888 2,943 3,122 合計 Total 9,1 8,934 8,835 8,759 8,731 8,68 8,635 8,614 8,653 8,867 * 東京急行電鉄 Tokyu Corp.

25 23 Railway Comparison of Passenger Volume Variation Ratio against previous year (%) JR 東日本 JR East 東急 Tokyu 関東大手民鉄 7 社平均 Average of 7 Major Private Railway Companies in Kanto Area (Excluding Tokyu) 関西大手民鉄 5 社平均 Average of 5 Major Private Railway Companies in Kansai Area -5. FY3/1993 FY3/1994 FY3/1995 FY3/1996 FY3/1997 FY3/1998 FY3/1999 FY3/2 FY3/21

26 Railway Effect of Operational Change in Meguro Line and Toyoko Line 26 Sep. 2 Started through service between Meguro Line, Eidan Subway Nanboku Line and Metropolitan Subway Mita Line. 5, 4, Toyoko Line (Between Yutenji and Naka-Meguro) (passenger / hour) 6, 187% 55,773 Autumn/1999 Congestion Ratio ( ) 178% 52,929 Passenger Volume ( ) Autumn/2 2% 19% 18% 17% 16% 15% 14% 2, 1, Meguro Line (Between Fudo-Mae and Meguro) 19% 1,245 Autumn/1999 Congestion Ratio ( ) 139% 17,691 Passenger Volume ( ) Autumn/2 (passenger / hour) 16% 8, 7, 66,18 15% 6, 14% 5, 13% 12% 11% 1% 4, 3, 2, 1, ( )Data of Congestion ratio and passenger volume are taken between 7:5~8:5, when congestion is the highest. Total Passenger volume of Toyoko Line and Meguro Line Autumn/1999 7,62 Meguro Line Toyoko Line Autumn/2 Congestion ratio of Toyoko Line has improved since commencement of through service. Total Passenger volume of Toyoko Line and Meguro Line has increased. 28 Mar. 21 Limited Express start operation at Toyoko Line. (Limited Express stops at Shibuya, Jiyugaoka, Musashi-kosugi, Kikuna, Yokohama and Sakuragi-cho) Comparison of required time from Shibuya to Yokohama before and after revising train schedule. Fare comparison between Tokyu Line and JR Line (Shibuya~Yokohama) (yen) Shortest Required Time Difference Tokyu Line JR Line Before Revising After Revising Ticket (one way) month 9,57 11,34 Commutation ticket 3 months 27,28 32,32 6 months 51,68 54,44 Shibuya Morning Exp. 34m Exp. 34m - Daytime Exp. 31m1s Ltd. Exp. 27m 4m1s Yokohama Evening Exp. 36m Ltd. Exp. 32m 4m Yokohama Morning Exp. 41m Exp. 37m3s 3m3s Daytime Exp. 32m3s Ltd. Exp. 28m 4m3s Shibuya Evening Exp. 33m3s Ltd. Exp. 29m3s 4m JR Line (Taking Yamanote Line and Tokaido Line via Shinagawa) takes approx. 3minutes. (not including transfer time) Speed-up by revising the time table with the operational change, made Toyoko Line even more convenient 24

27 Tokyu Cable Television Co.,Ltd. Financial Highlight 25 ( 千円 \ thousand ) FY3/1992 FY3/1993 FY3/1994 FY3/1995 FY3/1996 FY3/1997 FY3/1998 FY3/1999 FY3/2 FY3/21 営業収益 Operating Revenues 電気通信事業収益 Internet Business Revenues ケーフ ルテレヒ 事業収益 Cable TV Business Revenues 2,127,227 2,533,614 2,695,175 3,6,438 3,853,649 3,89,511 5,938,3 6,112,269 7,853,756 8,886, , ,375 1,246,75 2,127,227 2,533,614 2,695,175 3,6,438 3,853,649 3,89,511 5,938,3 5,993,517 7,411,381 7,639,376 利用料収入等 Multi-channel Fee and Others 2,59,527 2,35,372 2,339,82 2,731,676 2,876,438 3,247,73 3,531,215 4,123,799 4,896,983 6,3,234 電波障害対策収入 Service for Radio Disturbance 67,7 228, , , , ,439 2,46,788 1,869,717 2,514,398 1,69,141 営業利益 Operating Income 経常利益 Recurring Income 当期利益 Net Income 23,593 41,74 85,34-534,33 169, ,942-7, 64,68 817, ,432 7,69 24,41 71, ,269 29, ,634-44,199 17, ,75 88,819 69,858 23,66 7,781-34,89 29,34 137,2-47,39 83, ,128 46,249 減価償却費 Depreciation and Amortization ,728 99, ,455 1,251,192 1,49,616 1,669,214 1,885,75

28 Tokyu Cable Television Co.,Ltd. Transition of Operating Revenues 26 ( 百万円 \million) 1, 9, 8, 7, 営業収益 Operating Revenues インターネット Internet 電波障害 Service for Radio Disturbance 多チャンネル等 Multi-channel and others 7,854 8,886 6, 5,938 6,112 5, 4, 3,6 3,854 3,891 3, 2, 2,127 2,534 2,695 1, FY3/1992 FY3/1993 FY3/1994 FY3/1995 FY3/1996 FY3/1997 FY3/1998 FY3/1999 FY3/2 FY3/21

29 Tokyu Cable Television Co.,Ltd. Number of Subscribers 27 ( 世帯 household) 3/1992 3/1993 3/1994 3/1995 3/1996 3/1997 3/1998 3/1999 3/2 3/21 放送 ( ケーブルテレビ ) サービス Broadcasting (Cable TV) Service (a)+(b) 純増加入世帯数 Increased Subscribers against Previous Year (Net) 17,373 28,45 15,16 2,43 23,121 11,781 39,398 42,515 35,23 38,213 累計加入世帯数 Accumulated Subscribers 31,613 6,18 75,124 95, ,288 13,69 169, , , ,425 多チャンネル Multi-channel (a) 純増加入世帯数 Increased Subscribers against Previous Year (Net) 6,353 5,99 3,921 5,5 5,822 5,731 6,699 8,321 7,896 12,42 累計加入世帯数 Accumulated Subscribers 17,942 23,932 27,853 32,93 38,725 44,456 51,155 59,476 67,372 79,774 再送信 Retransmitting (b) 純増加入世帯数 Increased Subscribers against Previous Year (Net) 11,2 22,415 11,185 14,993 17,299 6,5 32,699 34,194 27,334 25,811 累計加入世帯数 Accumulated Subscribers 13,671 36,86 47,271 62,264 79,563 85, , ,56 179,84 25,651 通信 ( インターネット ) サービス Internet Service (c)+(d) 純増加入世帯数 Increased Subscribers against Previous Year (Net) ,359 11,585 21,648 累計加入世帯数 Accumulated Subscribers ,359 16,944 38,592 放送および通信 Broadcasting and Internet (c) 純増加入世帯数 Increased Subscribers against Previous Year (Net) ,754 9,537 19,176 累計加入世帯数 Accumulated Subscribers ,754 14,291 33,467 通信のみ Internet only (d) 純増加入世帯数 Increased Subscribers against Previous Year (Net) ,48 2,472 累計加入世帯数 Accumulated Subscribers ,653 5,125 加入世帯数合計 Total Number of Subscribers (a)+(b)+(d) 純増加入世帯数 Increased Subscribers against Previous Year (Net) 17,373 28,45 15,16 2,43 23,121 11,781 39,398 43,12 37,278 4,685 累計加入世帯数 Accumulated Subscribers 31,613 6,18 75,124 95, ,288 13,69 169, , ,865 29,55

30 Tokyu Cable Television Co.,Ltd. Number of Subscribers 28 ( 世帯 household) 35, 3, 放送のみ Broadcasting only 放送及び通信 Broadcasting and Internet 29,55 25, 通信のみ Internet only 249, ,587 2, 169,467 15, 118,288 13,69 1, 5, 31,613 6,18 75,124 95,167 3/1992 3/1993 3/1994 3/1995 3/1996 3/1997 3/1998 3/1999 3/2 3/21

31 Tokyu Corporation Outlines of Employees (persons) 9, *Number of Employees *Age Distribution of Employees as of 31 March 21 (persons) Employees Temporary Transferees ~ , 7, 6, 7,773 7,687 7,621 7,52 7,272 7,55 6,782 6,569 6,132 5,856 2~24 25~29 3~ , 5,32 5,7 5,93 5,87 4,936 4,814 4,684 4,58 4,445 4,241 35~39 4~ , 45~ , 5~ , 55~ 1,12 Temporary Transferees 1, 2,741 2,617 2,528 2,433 2,336 2,241 2,98 1,989 1,687 1,615 Railways 3,333 3,316 3,312 3,35 3,181 3,127 3,51 2,988 2,971 2,863 Other Businesses Others 1,4 1,55 1,62 1,5 1, Total (Except Temporary Transferees) 3/1992 3/1993 3/1994 3/1995 3/1996 3/1997 3/1998 3/1999 3/2 3/21 5,32 5,7 5,93 5,87 4,936 4,814 4,684 4,58 4,445 4,241 Total 7,773 7,687 7,621 7,52 7,272 7,55 6,782 6,569 6,132 5,856 (persons) *New Recruits FY3/1992 FY3/1993 FY3/1994 FY3/1995 FY3/1996 FY3/1997 FY3/1998 FY3/1999 FY3/2 FY3/21 29

32 Tokyu Corporation Comparison of Shareholder s Distributions 3 (%) Tokyu / Financial Firms 5. Major Private Railways / Financial Firms Major Private Railways / Individuals Tokyu / Individuals Major Private Railways / Foreigners Tokyu / Foreigners. 3/1986 3/1987 3/1988 3/1989 3/199 3/1991 3/1992 3/1993 3/1994 3/1995 3/1996 3/1997 3/1998 3/1999 3/2 3/21 Tokyu/Financial Firms Tokyu/Foreigners Tokyu/Individuals Major Private Railways/Financial Firms Major Private Railways/Foreigners Major Private Railways/Individuals * Major Private Railway Companies above are 14 Companies excluding Tokyu.

33 Tokyu Corporation Transition of Stock Price 3,5 ( 円 Yen) 35. 3, 3. 2, , 2. 1,5 1, 5 3/1989 7/ /1989 3/199 7/199 11/199 3/1991 7/ /1991 3/1992 7/ /1992 3/1993 7/ /1993 3/1994 7/ /1994 3/1995 7/ /1995 3/1996 7/ /1996 3/1997 7/ /1997 3/1998 7/ /1998 3/1999 7/ /1999 3/2 7/2 東京急行電鉄株価 Stock Price of Tokyu Corp. TOPIX /2 3/21 *Month End Stock Price 31

34 Tokyu Group Publicly Traded Companies Transition of Total Present Value 32 ( 百万円 \million) 5,, 4,5, 4,, 3,5, 4,115,393 東京急行電鉄 Tokyu Corp. 3,5,465 3,, 2,5, 2,, 1,866,16 2,134,298 2,3,349 2,6,68 1,5, 1,562,532 1,458,585 1,, 1,725,2 1,617,21 1,138, ,14 864, ,487 5, 957, , , ,52 616, , ,18 498,65 599, ,39 3/199 3/1991 3/1992 3/1993 3/1994 3/1995 3/1996 3/1997 3/1998 3/1999 3/2 3/21