Results in the First Half of FY2017 Presentation for Investments

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1 in the First Half of FY2017 Presentation for Investments November 13, 2017 (9005)

2 Contents Ⅰ.Overview of Financial for the 2 First Half of FY2017 Financial Forecasts for FY2017 Ⅱ.Conditions in Each Business 6 Ⅲ.Progress in Management Plan and 12 Recent Initiatives Ⅳ.Details of Financial for the 25 First Half of FY2017 Ⅴ.Details of Financial Forecasts for 37 FY2017 Forward-looking statements All statements contained in this document other than historical facts are forward-looking statements that reflect the judgments of the management of based on information currently available. Actual results may differ materially from the statements. 1

3 Ⅰ. Overview of Financial for the First Half of FY2017 Financial Forecasts for FY2017 2

4 Main Points in the for 1H of FY2017 [Year-on-year comparison] Revenue increased in all segments, including the Company s Real Estate Sales Business, where funds turnover-type properties were sold. Profit attributable to owners of parent increased, mainly due to a rise in operating profit. 1H YoY Comparison Operating Revenue (+ 3.1%) Operating Profit (+ 15.8%) Recurring Profit (+ 17.7%) Billion yen Profit attributable to owners of parent Operating Profit by Segment (Year-on-year Comparison) (+ 7.8%) Net income attributable to parent company shareholders Billion yen 34.2 (Year-on-year Comparison) FY2016 2Q Real Estate Transportation Life Service Resort Hotel and FY2017 2Q 30.0 Operating Income and and Expenditure Expenditure operating Income and Expenditure Non-operating Extraordinary Extraordinary Gains and Loss, etc. 3 FY2016 2Q FY2017 2Q

5 Main Points in Forecasts for FY2017 [Year-on-year comparison] Both revenue and profit increased in all segments, including the Real Estate Business and the Transportation Business. Profit attributable to owners of parent increased, mainly reflecting gain on the sale of fixed assets. Full Year Forecast YoY Comparison Operating Revenue 1, (+ 2.5%) Operating Profit (+ 6.4%) Recurring Profit (+ 8.2%) Profit attributable to owners of parent (+ 4.0%) 85.0 Billion yen Operating Profit by Segment (Year-on-year Comparison) FY2016 Real Estate Transportation 4 Life Service Resort Hotel and FY2017

6 Memo 5

7 Ⅱ.Conditions in Each Business 6

8 7 Railway Operations Business Passengers Carried and Passenger Revenue ( and Forecast) (Thousand people, Million yen) Number of Passengers Carried Passenger Revenue FY2017_2Q FY2016_2Q FY2017 FY2016 Change Change Forecast Total 596, , % 1,172,628 1,163, % Non-commuter 234, , % 465, , % Commuter 361, , % 707, , % Total 70,705 69, % 139, , % Non-commuter 38,370 37, % 76,006 75, % Commuter 32,335 31, % 63,629 62, % Passengers Carried and Passenger Revenue (Year-on-year Comparison) 15 Number of Passengers Carried Passenger Revenue (Unit: %)

9 8 Retail Business Tokyu Department Store: Sales (Year-on-year Comparison) Tokyu Department Store All Department Stores in Tokyo (Unit: %) Sales by category Rate of YoY change 2018/1 1H Share Menswear/furnishings % Womenswear/furnishings % Other clothing items % Personal items % Miscellaneous goods % Household articles % Food % Others % Total % 15 Tokyu Store Chain: Sales (Year-on-year Comparison) Tokyu Store Chain Japan Chain Stores Association (Unit: %) Sales by category 2018/2 1H 10 Rate of YoY change Share Food % Clothing % Livingware % Others % Total % - 10

10 9 Hotel Business Tokyu Hotels: Total Hotel Income and Occupancy Rates () Total Hotel Income Occupancy Rate (Unit: billion yen, %) Tokyu Hotels: Total Hotel Income and Occupancy Rates (Year-on-year Comparison) Total Hotel Income Occupancy Rate (Unit: %, P)

11 Inbound business updates <Trends in foreign visitors arrivals and our inbound effots> (2012/1H=100) Foreign visitors arrivals number of Hotels for overseas guest the Duty Free Sales Counter in the Tokyu Toyoko Store, West Bldg., 5F <Change in tax-free sales and purchases with Unionpay cards at Tokyu Department Store> 3,000 Tax-free sales Tourist information center at Shibuya Station on the Tokyu and Tokyo Metro lines Purchases with UnionPay cards (Million yen) 2, /1H 2013/1H 2014/1H 2015/1H 2016/1H 2017/1H * Tokyu Hotels here indicates the total of the all hotels in Japan. <Change in the lodging rate of Hotels for overseas guests> Tokyu Hotels in downtown Tokyo 100% Average rates of Tokyo Metropolitan area 2,000 1, ,260 * Total sales of the Tokyu Toyoko Store, Head Store, and ShinQs. 1, /1H 2013/1H 2014/1H 2015/1H 2016/1H 2017/1H 50% 0% 35.4% 19.0% 46.0% 21.1% 49.4% 25.6% 55.5% 54.8% 32.8% 33.0% 61.5% 36.7% 2012/1H 2013/1H 2014/1H 2015/1H 2016/1H 2017/1H * Lodging rate for overseas guests for 1H (Apr Sep) * The average rates of the Tokyo Metropolitan area for 2017/1H is for the Apr-Jun period. * Tokyu Hotels here indicates the total of the three hotels in Shibuya and the Capitol Hotel Tokyu. * The average rates of the Tokyo Metropolitan area are based on the statistical survey on travel with accommodation conducted by Japan Tourism Agency. 10

12 Memo 11

13 Ⅲ.Progress in Management Plan and Recent Initiatives 12

14 Offer Greater Security and Enhanced Satisfaction 13 Enhancing transportation capacity Encouraging choosing different commuting times and means of transportation Extra train service on the Den-en-toshi Line before the peak hour in the morning Operate Jisa-Biz Liner trains in limited periods Operate an extra train arriving at Shibuya between 5:00 and 6:00 and another between 6:00 and 7:00 Enhancement of transportation capacity on the Oimachi Line Change the six-car express train to a seven-car train State of progress of installation of fixed platform fences with platform door sensors Installation in 64 stations by FY stations in FY stations in FY stations in FY2017 (scheduled) Investment in safety FY2016 Actions Image of Jisa-Biz Liner wrapping Already installed 55.6% With the installation of doors, the replacement of six-door cars on the Den-en-toshi Line with four-door cars was completed in the first half of FY2017. taken 44.4% FY2019 Already installed 100% Den-en-toshi Line early riser campaign Passengers who touch the ticket gate by 7:00 are given Tokyu Points. Continued bus campaign Passengers who have a commuter pass covering the section between Ikejiri Ohashi and Shibuya can board Tokyu buses for Shibuya running on Route 246 free of charge in the morning. Cooperation with companies in areas served by the Tokyu line Encourage off-peak commuting in cooperation with the Shibuya Branch Office of Dai-ichi Life Insurance Company Offering alternative places to work Encouraging the use of NewWork, satellite shared offices, in the morning Undertake a campaign to offer contracting businesses the use of directly managed offices (certain offices excluded) free of charge in the morning

15 Development of the TOKYU Area and Further Promotion of the Real Estate Business Wellness, Walkable & Working Intelligence & ICT Saginuma Station Area Redevelopment Project WISE CITY Dresser Saginuma-no-mori Arena Forest Saltus Nagatsuta (June 2017) etomo Chuo-rinkan Dresser WISE Tama-plaza (September 2018) etomo Nagatsuta (April 2017) Chuo-rinkan Nagatsuta Smart, Sustainable &Safety Tama-plaza Ecology, Energy & Economy Next-generation suburban development Promoting community living development program in cooperation with the City of Yokohama. This involves the development of a former corporate housing site located in the model area. Expanding community living into other areas served by the line Dresser Utsukushigaoka-Hills STYLIO Kajigaya Nanohana Building Futako Tamagawa Rise PhaseⅡ Saginuma Kajigaya Futako-tamagawa Yoga Dresser Yoga (March 2018) SHIBUYA CAST. (April 2017) Dresser Meguro Ohashi Plevi Ikejiri-ohashi Shibuya SHIBUYA STREAM (autumn 2018) Shibuya Scramble Square East Building (FY2019) Dresser Chuo-rinkan (2019, 2020) Minamimachida Aobadai Ichigao etomo Ichigao Dresser Ichigao The Front Nakameguro Turn Table (FY2017) 100BANCH (July, November 2017) Shibuya Station Area Kyodo Building operators Tokyu-welina care Jiyugaoka (December 2017) Oyamadai (July 2017) Jiyugaoka Etomo Musashikoyama (September 2017) SHIBUYA Cherry Garden (November 2017) Urban Development Project for Creating Minami-Machida Hub Creating a new lifestyle center in cooperation with Machida city (Commercial Complex FY2019) Rental Redevelopment etc Houses built for sale Consulting on asset utilization Dresser Yokohama Tokaichiba (September 2019) Motomacchichukagai Yokohama *Properties described with red letters are planned to be opened in or after FY2018. Dresser Reno Aobadai (March 2018) STYLIO MotosumiyoshiⅡ Class I Urban Redevelopment Project in the Yokohama Station North Nishiguchi Tsuruya District Shimomaruko Shimomaruko marche Underneath Musashikosugi Station Dresser Minamiyukigaya Ikegami Kamata Ikegami Station development plan (September 2020) Musashikoyama Oimachi Meguro Gotanda Oimachi- Shimoshinmei plan to develop area under railway arches etomo Oimachi Shibuya Daikanyama R Project (August 2018) LOG ROAD DAIKANYAMA Underneath Naka-meguro Station (Tentative name) Yutenji Station Building Development Plan (Autumn 2018) Dresser Himonya ToritsuNade (Underneath Toritsu-Digaku Station) 14

16 15 Overview of SHIBUYA CAST. Overview of Building Site area: 5,020m 2 Floor area: approx. 35,000m 2 Height: approx. 71m Primary uses: Offices, stores, Apartments, etc. Size: 16 stories above ground and 2 basement levels Opening: April 28, 2017 Project scheme: A fixed-time leasehold was established by the Tokyo Metropolitan Government (operation period 70 years), and Shibuya Miyashitacho Realty Co., Ltd. facilitated the construction as the main business entity. Appearance Apartments [Floor Guide] Apartments 共同住宅 F-16F 階 Shared offices Offices Floors 2F-12F 2-12 シェアオフィス Shared offices and & カフェ cafes 1-2 1F-2F 階 Garden Stores 店舗 Garden-level GF-1 階 Floor-1F Meiji Street Mitake Park Multi-purposed 多目的スペース space Garden GF level floor Plaza 広場 Garden GF level floor

17 Overview of SHIBUYA STREAM. (Shibuya Station South Block Project) Overview of Building Site area: approx. 7,100m2 Floor area: approx. 116,000m2 Height: approx. 180m Primary uses: Offices, stores, hotel, hall parking, etc. Size: 35 stories above ground and 4 basement levels Opening: Autumn, 2018 [Floor Guide] Appearance Office Lobby Office Hotel Conference room Floor for development use Commercial facilities Hall Shibuyagawa Square Shibuyagawa Square 16

18 Overview of SHIBUYA SCRAMBLE SQUARE East building (Shibuya Station Block ) Overview of Building Site area: Floor area: Height: approx. 15,300m2 (entire station area) approx. 181,000m2 approx. 230m Appearance Primary uses: Offices, stores, observation facility, parking, etc. Size: 47 stories above ground and 7 basement levels Opening: FY2019 Commercial Facility Floor Commercial Facility Restaurant Floor Offices Phase I East Building Approx. 230 m Observation Deck Facilities As the core of Entertainment City Shibuya, the observation deck and facilities further increase the appeal of the town. (Japan s largest observation deck using the entire rooftop of a super high-rise building) Office Lobby High-quality offices covering a leasable area of approx. 73,000 sq. meters, one of the largest in the area around Shibuya Station Commerce Large commercial facilities with a store area of approx. 30,000 sq. meters (approx. 70,000 sq. meters directly above the station when entirely completed) Phase II Central Building Communication Facilities Communication facilities that promote innovation in the creative media industry Phase II West Building Improvement of disaster control functions Keep spaces for accommodating stranded commuters Improve disaster stockpile storage Introduce high-efficiency, self-supporting energy systems Office Floor Ginza Line Improvement of East Exit multilevel traffic plaza Fukutoshin Line Toyoko Line East Exit Station Square Saikyo Line Den-en-toshi Line Line Yamanote Hanzomon Line Hachiko Square Improved access to the town and convenience and comfort in transferring trains Multilayered spaces linked by Urban Core Logos and Images: Copyright Shibuya Station Area Kyodo Building operators 17

19 Promote Lifestyle and Work Style Innovations Promote the IoT related to lifestyles Forming an Connected Home Alliance Launched an alliance for considering a smart home business with Toyota Motor, TOTO, Mitsubishi Estate Group, Panasonic Group, and Bic Camera (77 businesses are participating in the alliance as of September 30). Commencement of the provision of Tokyu Smart Security Tokyu Security Home security provided by a safe and secure security system itscom The IoT platform of Intelligent Home (Features) Smartphone-based remote control and monitoring Community-based security infrastructure provided by Tokyu Security Extensive lineup of IoT devices (Activities) Technology research and service development through governmentindustry-academia partnership Sharing information on Connected Home technology and trends Increasing the visibility of Connected Home and promoting it Regular study meetings Publishing reports regularly Disseminating information through the website Demonstrations for service development Organizing tours to study cutting-edge technologies Holding Connected Home events 18

20 Promote Lifestyle and Work Style Innovations Reaching out to the way of working (Internal) Creation of the environment where employees can enjoy working (Reaching out to systems, culture and mind) (External) Support for growth industries/work style reforms (Reaching out through business) Promotion of innovations Systems to cultivate in-house entrepreneurs NewWork and YaQcel Development of communication facilities such as SHIBUYA CAST. and 100BANCH following SHIBUYA Hikarie and Futako-Tamagawa Rise Realization of the way of working free of time and place (Systems) Staggered working hours (2009~) Work from home (2014~) Satellite Share Office work Early work (Culture/ mind) Management seminar for management-level employees Group Comm Plan (workplace communication support plan) Satellite Share Office business (NewWork) Promotion of off-peak commuting Den-en-toshi Line early riser support campaign Distribution of Good Choice Coupon Feee NewWork service in morning hours Promotion of diversity Declaration of diversity management Establishment of in-station nurseries Encouragement of male workers to take childcare leave - Promotion of health Establishment of Chief Health Officer (CHO) Positioning Ookayama Station as a health station, Health declaration by CHO develop the branding of the Station and the town as a Cancer prevention measures base of healthy longevity in cooperation with the management medical association and the retailers association. 19

21 Embark on New Challenges by Leveraging Group Management Resources Tokyu Malls Development Tokyu Store Chain Minato Mirai Tokyu Square Shizuoka Tokyu Square Initiatives in the retail business October 27, 2017 Renewed and opened QE and at! are integrated and rebranded. This is a typical Tokyu Square shopping center. Tokyu Bell November 9, 2017 Renewed and opened Shizuoka 109 is remodeled and rebranded. This will be a shopping center that will attract a range of age groups. April 28, 2017 Shibuya Cast store opened. Tokyu Department Store Kichijoji August 4, 2017 Center Kita Ekimae store opened. Sapporo Form a comprehensive business alliance with honestbee to establish a community-based sharing economy While addressing social issues, including logistics issues and labor shortages, the two companies will combine their services, expertise, and data for the sustainable revitalization of the areas serviced by Tokyu lines. October 26, 2017 The second renewal A Nitori store opened. Remodeling of the entire department store is underway. The remodeling is planned to be completed in the spring of April 1, 2017 Child-care facilities opened in the department store. In the spring of 2018, a Tokyu Hands store is planned to open. 20

22 Embark on New Challenges by Leveraging Group Management Resources Efforts to activate the Izu area Izu sightseeing train THE ROYAL EXPRESS Renovation and reopening of Shimoda Tokyu Hotel Began operations on July 21 to activate the Izu area. Providing moments of luxury that give passengers the impression that their journey has begun from the time they board the train, and Makes them to feel passionate about the train. Don Design Associates Operating section JR Yokohama Station Izukyu Shimoda Station Plan example Cruise Plan (two days and It was renovated and reopened on April 21 as a special purpose- and residential-type hotel that one night) (135,000 yen pursues customer convenience and comfort, per person - ) making maximum use of its scenic landscape. Room inside 21

23 Expanding into New Businesses Expand into new fields where the Group s strengths can be leveraged to achieve significant growth Enhance collaboration with businesses outside the Group to respond to diversifying lifestyles and work styles and to get ahead of the times in urban development The Company s business, subsidiary (The Company) (Subsidiary) NewWork Sendai International Airport YaQcel BECAMEX TOKYU Saha Tokyu Tokyu Power Supply Connected Design Affiliate Global Infra. Management HTK Investment (residential properties for sale in Ho Chi Minh) Siri TK One (residential properties for sale in Bangkok) LinkRay Marketing External collaboration Renoveru Connected Home Alliance Urban Development around LIVE JAPAN Ikegami Station Pokekaru (Ota-ku, residents, etc.) Huber. IROYA MAMORIO honestbee Aquabit Spirals RCI 22

24 23 Road to Achieving the Long-term Vision FY Tokyu Capitol Tower opened - Tama-plaza Terrace wholly opened - Futako tamagawa Rise phase I opened FY Shibuya Hikarie opened - Mutual direct train service between Toyoko Line and Tokyo Metro Fukutoshin Line started HOP! Medium-term Management Plan FY Futako-tamagawa Rise phase Ⅱ opened FY SHIBUYA CAST. (Shibuya miyashitacho plan) opened STEP! STEPS TO THE NEXT STAGE Medium-term Management Plan FY SHIBUYA STREAM. (Shibuya Station South Block) to be opened FY SHIBUYA SCRAMBLE SQUARE(Shibuya Station Block)East building to be opened - Complete installation of platform doors (Toyoko, Den-en Toshi, and Oimachi Lines) - Minami-Machida Project to be opened FY Tokyo Olympic, Paralympic Games FY th anniversary of the founding of TOKYU CORPORATION - Sotetsu-Tokyu direct train to be opened FY SHIBUYA SCRAMBLE SQUARE to be opened wholly JUMP! Medium-term Management Plan Tokyu Group has numerous contact points with its customers. By using and combining various networks, Tokyu continues to create new added value

25 Memo 24

26 Ⅳ. Details of Financial for the First Half of FY

27 26 FY2017 1H Summary of Consolidated Financial Statements FY2017_2Q FY2016_2Q Operating Revenue Operating Profit Non-operating Revenue Non-operating Expenses Recurring Profit Extraordinary Gains Extraordinary Losses Income before Income Taxes and Minority Interests Corporate Income Taxes Net Income Profit attributable to non-controlling inteerests Profit attributable to owners of parent Other Comprehensive Income Total Comprehensive Income Change (+ 3.1%) (+ 15.8%) (+ 9.1%) (- 1.9%) (+ 17.7%) (+ 39.0%) (+ 66.2%) (+ 17.8%) (+ 52.6%) (+ 7.7%) (+ 1.1%) (+ 7.8%) (-) (+ 55.2%) Real Estate: +8.9; Life Service: +6.5; Transportation: +2.4; Hotel and Resort: +1.1 Real Estate: +4.6; Transportation: +1.4; Life Service: +1.3; Hotel and Resort: -0.5 Interest Paid 4.7 (-0.2) Remarks Investment Gains from Equity Method 3.9 (+0.6); Interest and Dividend Income 0.7 (+0.0) Income Taxes: 14.6 (+2.3); Tax Adjustment: 0.7 (+2.9) (Billion yen) TOKYU EBITDA (+ 6.8%) Real Estate +3.6;Life Service +1.3;Headquarters +0.7; Transportation +0.5;Hotel and Resort -0.4 *TOKYU EBITDA = Operating profit + Depreciation + Amortization of goodwill + Disposal cost of fixed assets + Interest and dividend income + Investment gains (loss) from equity method

28 27 FY2017 1H Consolidated Operating Revenue and Profit (Billion yen) FY2017_2Q FY2016_2Q Total Operating Revenue Total Operating Profit Transportation Real Estate Life Service Hotel and Resort Elimination etc. Operating Revenue Operating Profit Operating Revenue Operating Profit Operating Revenue Total Life Service Retail Total Life Service Operating Profit Retail ICT and Media Operating Revenue Operating Profit ICT and Media Operating Revenue (+ 3.1%) (+ 15.8%) (+ 2.4%) (+ 8.0%) (+ 10.8%) (+ 29.7%) (+ 1.9%) (- 0.3%) (+ 7.3%) (+ 19.0%) (+ 11.5%) (+ 22.9%) (+ 2.1%) (- 12.7%) Operating Profit Change Tokyu Corp. Railway Operations: +1.2 Tokyu Corp. Railway Operations: +1.5 Tokyu Hotels, etc: +0.2 Tokyu Hotels, etc: -0.9 Remarks Tokyu Corp. Sales: +7.3; Tokyu Corp. Leasing: -2.3 Tokyu Corp. Sales: +4.7; Tokyu Corp. Leasing: -0.2 Tokyu Department Store: -3.3; Tokyu Store Chain: -1.0 Tokyu Recreation: +0.7; its communications: +0.1; Tokyu Agency: +1.6 Tokyu Department Store: +0.3; Tokyu Store Chain: -0.0 Tokyu Recreation: +0.4; its communications: -0.4; Tokyu Agency: +0.1

29 28 FY2017 1H Non-Operating and Extraordinary Gain/Loss Operating Profit FY2017_2Q 51.4 FY2016_2Q 44.4 Non-operating Revenue (+ 15.8%) (+ 9.1%) Interest and Dividend Income Investment Gain from Equity Method Tokyu Fudosan Holdings : 2.8(+1.1);Tokyu Construction: 0.8(-0.2) Others Non-operating Expenses Change (- 1.9%) Interest Others Recurring Profit Extraordinary Gains (+ 17.7%) (+ 39.0%) Gain on Subsidies Received for Construction Gain on Reversal of Urban Railways Improvement Reserve Others Extraordinary Losses (+ 66.2%) Loss on Reduction of Subsidies Received for Construction Others Income before Income Taxes and Minority Interests (+ 17.8%) Remarks (Billion yen)

30 29 FY2017 1H Consolidated TOKYU EBITDA FY2017_2Q FY2016_2Q Transportation (+ 1.5%) Railway Operations of the Company Tokyu Bus Others Real Estate Change (+ 14.7%) Real Estate Sales of the Company Real Estate Leasing of the Company Others Life Service (+ 9.4%) Retail Tokyu Department Store Tokyu Store Chain Others ICT and Media Tokyu Recreation its communications Tokyu Agency Others Hotel and Resort (- 6.8%) Tokyu Hotels, etc Others Headquarters (+ 16.5%) Interest and dividend income Investment (gain) loss from the equity method Elimination, etc Total (+ 6.8%) Remarks (Billion yen) *TOKYU EBITDA = Operating profit + Depreciation + Amortization of goodwill + Disposal cost of fixed assets + Interest and dividend income + Investment gains (loss) from equity method

31 30 FY2017 1H Segment Information (1) Transportation Operating Revenue FY2017_2Q FY2016_2Q Change (+ 2.4%) Passenger Revenue: +1.6% (Non-commuter: +1.4%; Commuter: +1.8%) Railway Operations of the Company Passenger Revenue: 70.7 (+1.1) (+ 1.7%) Tokyu Bus (- 0.1%) Passenger Revenue: -0.2% Others Operating Profit Railway Operations of the Company Tokyu Bus Others (+ 10.5%) (+ 8.0%) (+ 9.8%) (- 4.3%) (- 17.4%) Remarks Passengers Carried: +1.6% (Non-commuter: +1.3%; Commuter: +1.8%) (Billion yen) [Operating Expense] Depreciation and amortization: 16.1 (-0.6) ; Power Costs: 3.1 (+0.1)

32 31 FY2017 1H Segment Information (2) Real Estate (Billion yen) Operating Revenue Real Estate Sales of the Company FY2017_2Q FY2016_2Q Real Estate Leasing of the Company Others Operating Profit Real Estate Sales of the Company Real Estate Leasing of the Company Others Change (+ 10.8%) ( %) (- 6.4%) (+ 10.4%) (+ 29.7%) ( %) (- 2.7%) (+ 8.8%) [Sales] Company-owned Land: 3.2 (-0.6); Funds Turnover-type: 8.6 (+5.8) Remarks [Sales Margin] Company-owned Land: 2.5 (-0.6); Funds Turnover-type: 4.6 (+4.1)

33 FY2017 1H Segment Information (3) Life Service Operating Revenue Total Retail Total ICT and Media FY2017_2Q FY2016_2Q its communications Tokyu Agency Others Operating Profit Total Retail Tokyu Department Store Tokyu Store Chain Others Tokyu Department Store Tokyu Store Chain Others Tokyu Recreation its communications Tokyu Recreation Total ICT and Media Tokyu Agency Others Change (+ 1.9%) (- 0.3%) (- 3.1%) (- 0.9%) (+ 16.7%) (+ 7.3%) (+ 4.7%) (+ 0.9%) (+ 3.9%) (+ 18.1%) (+ 19.0%) (+ 11.5%) (-) (- 7.1%) (+ 5.1%) (+ 22.9%) (+ 79.1%) (- 22.3%) (+ 52.3%) (+ 61.4%) Rate of Change in Sales: -2.7% Rate of Change in Sales: All Stores: -0.7%; Existing Stores: +1.3% Mass Media: +0.6 Remarks (Billion yen) 32

34 33 Operating Revenue FY2017 1H Segment Information (4) Hotel and Resort FY2017_2Q FY2016_2Q (+ 2.1%) Tokyu Hotels, etc. ( ) Others Occupancy Rates: 84.5% (year on year -0.5 points) (+ 0.5%) (+ 9.0%) Operating Profit Tokyu Hotels, etc. ( ) Others Change (- 12.7%) (- 26.3%) (+ 78.8%) Remarks (Billion yen) ( ) "Tokyu Hotels, etc." includes not only Tokyu Hotels Co., Ltd. but also Tokyu Corp., GK New Perspective One and T.H. Properties, Inc. that have held assets.

35 34 FY2017 1H Balance Sheets FY2017_2Q FY2016 Total Assets 2, ,148.6 Current Assets Fixed Assets , (+ 1.7%) (+ 1.7%) (+ 1.7%) (+ 0.3%) Current Liabilities Interest-bearing Debt: (+ 6.4%) Fixed Liabilities Interest-bearing Debt: (- 3.5%) Reserves under Special Law Total Net Assets ,858.0 Total Liabilities 1, , Equity Change (- 6.2%) (+ 4.8%) (+ 5.2%) Equity Capital: +31.5; Other Cumulative Comprehensive Income: +1.2; non-controlling shareholders Interest: -0.2 Profit attributable to owners of parent: +36.9; Dividends: -5.4 Remarks (Billion yen) Interest-bearing Debt at End of Period (+ 0.5%) Equity Ratio 30.2% 29.2% + 1.0P D/E Ratio (Times)

36 35 FY2017 1H Statements of Cash Flow (Billion yen) FY2017_2Q FY2016_2Q CF from Operating Activities CF from Investing Activities Capital Expenditure Subsidies Received for Construction Gain on Sale of Assets Change Remarks CF from Financing Activities Interest-bearing Debt Net Increase/Decrease Dividend Payment, etc Dividend Payment: -5.4 (+0.0) Free Cash Flow Interest-bearing Debt at End of Period FY (+4.5)

37 36 FY2017 1H Capital Expenditure / Depreciation FY2017_2Q FY2016_2Q Total Capital Expenditure Transportation (+ 24.6%) (- 14.7%) Real Estate Tokyu Corp. Leasing: (+ 63.7%) Total Life Service Retail ICT and Media (- 28.1%) (- 31.9%) (- 25.3%) Hotel and Resort Tokyu Hotels, etc.: +1.0 Headquarters Change (+ 38.5%) Remarks Tokyu Recreation: -3.8; its communications: +2.3 (Billion yen) Elimination Tokyu Corp. and Becamex Tokyu Expenses on Sale of Houses and Lots (+ 45.6%) Company-owned Land: +0.4; Funds Turnover-type: +1.6 Total Depreciation and Amortization (- 3.0%) Real Estate: 8.0 (-0.9); Transportation: 18.5 (-0.5); Hotel and Resort: 2.0 (+0.0); Life Service: 8.0 (+0.2) * Capital expenditures are amounts stated in segment information (capital expenditures made) and might be different from figures in the statements of cash flow, which consider accounts payable at the end of the fiscal year.

38 Ⅳ.Details of Financial Forecasts for FY2017 * With respect to the forecast for FY2017, the performance forecast in the summary of financial statements for FY2017 (announced on May 12, 2017) is reposted here because no change has been made from the forecast announced on that day. * Note to the results by segment for FY2016 The Company made a partial change to its business segments presented in its non-consolidated financial statements from FY2017. In conjunction with the change, the Company has recalculated the financial results by segment for FY2016, which will be presented on the next and subsequent pages, for the purpose of a year-on-year comparison and they have not been audited by the corporate auditors or accounting auditor. Please note that the results are subject to change going forward. 37

39 38 FY2017 Forecasts Summary of Consolidated Financial Statements FY2017 Forecast FY2016 Operating Revenue 1, ,117.3 Operating Profit (+ 2.5%) (+ 6.4%) Non-operating Revenue Investment Gains from Equity Method 8.3 (-0.0) Non-operating Expenses Recurring Profit Extraordinary Gains (- 4.7%) (Billion yen) *TOKYU EBITDA = Operating profit + Depreciation + Amortization of goodwill + Disposal cost of fixed assets + Interest and dividend income + Investment gains (loss) from equity method (- 12.1%) (+ 8.2%) (+ 78.8%) Extraordinary Losses (- 32.3%) Income before Income Taxes and Minority Interests (+ 24.8%) Corporate Income Taxes Net Income Income Taxes: 27.8 (+10.7); Tax Adjustment: -1.8 (+6.2) ( %) (+ 3.4%) Profit attributable to non-controlling inteerests (- 26.9%) Profit attributable to owners of parent Tokyu EBITDA Change (+ 4.0%) (+ 0.7%) Remarks Life Service: Real Estate: Transportation: +2.7 Hotel and Resort: +0.4 Real Estate: +2.7 Transportation: +1.7 Life Service: +0.4 Hotel and Resort: +0.2 Life Service +1.7;Real Estate +1.0; Hotel and Resort +0.3;Headquarters -0.0;Transportation -1.7

40 39 FY2017 Forecasts Consolidated Operating Revenue and Profit Hotel and Resort Elimination etc. FY2017 Forecast FY2016 Total Operating Revenue 1, ,117.3 Total Operating Profit Transportation Real Estate Life Service Operating Revenue (+ 2.5%) (+ 6.4%) (Billion yen) Tokyu Corp. Railway Operations: +1.3; Tokyu Bus: +0.0 (+ 1.3%) Operating Profit Tokyu Corp. Railway Operations: +1.8; Tokyu Bus: -0.0 (+ 6.7%) Operating Revenue Tokyu Corp. Sales: +5.4; Tokyu Corp. Leasing: -4.9 (+ 6.8%) Operating Profit Tokyu Corp. Sales: +1.3; Tokyu Corp. Leasing: +1.9 (+ 8.9%) Total Life Service Operating Revenue Operating Profit (+ 1.9%) Retail Tokyu Department Store: -2.8; Tokyu Store Chain: +0.3 (+ 1.0%) ICT and Media Total Life Service (+ 4.0%) (+ 3.1%) Retail Tokyu Department Store: -0.0; Tokyu Store Chain: +0.2 (+ 2.9%) ICT and Media Change (+ 3.2%) Operating Revenue Tokyu Hotels, etc: +2.5 (+ 0.5%) Operating Profit Tokyu Hotels, etc: -0.0 (+ 4.0%) Operating Revenue Operating Profit Remarks Tokyu Recreation: +0.3; its communications: +0.7; Tokyu Agency: -0.7 Tokyu Recreation: -0.1; its communications: -0.9; Tokyu Agency: +0.1

41 40 FY2017 Forecasts Non-Operating and Extraordinary Gain/Loss (Billion yen) FY2017 Forecast FY2016 Operating Profit Non-operating Revenue (+ 6.4%) (- 4.7%) Interest and Dividend Income Investment Gain from Equity Method Others Non-operating Expenses (- 12.1%) Interest Others Recurring Profit Extraordinary Gains Change (+ 8.2%) (+ 78.8%) Gain on Sale of Fixed Assets Gain on Subsidies Received for Construction Gain on Reversal of Urban Railways Improvement Reserve Others Extraordinary Losses (- 32.3%) Loss on Reduction of Subsidies Received for Construction Others Income before Income Taxes and Minority Interests (+ 24.8%) Remarks

42 FY2017 Forecasts Consolidated TOKYU EBITDA FY2017 Forecast FY2016 Transportation (Billion yen) *TOKYU EBITDA = Operating profit + Depreciation + Amortization of goodwill + Disposal cost of fixed assets + Interest and dividend income + Investment gains (loss) from equity method (- 2.3%) Railway Operations of the Company Tokyu Bus Others Real Estate (+ 2.1%) Real Estate Sales of the Company Real Estate Leasing of the Company Others Life Service (+ 5.7%) Retail Tokyu Department Store Tokyu Store Chain Others ICT and Media Tokyu Recreation its communications Tokyu Agency Others Hotel and Resort (+ 3.2%) Tokyu Hotels, etc Others Headquarters (- 0.0%) Interest and dividend income Investment (gain) loss from the equity method Elimination, etc Total Change (+ 0.7%) Remarks

43 42 FY2017 Forecasts Segment Information (1) Transportation FY2017 Forecast FY2016 Operating Revenue (Billion yen) (+ 1.3%) Passenger Revenue: +0.7% (Non-commuter: +0.2%; Commuter: +1.3%) Railway Operations of the Company Tokyu Bus Others Operating Profit Passenger Revenue: (+1.0) (+ 0.9%) (+ 0.3%) (+ 4.8%) (+ 6.7%) Railway Operations of the Company Tokyu Bus Others Change (+ 8.3%) (- 3.0%) (- 1.0%) Remarks Passengers Carried: +0.8% (Non-commuter: +0.2%; Commuter: +1.2%) [Operating Expense] Depreciation and amortization: 33.7 (-0.5); Expensess: 25.4 (-0.7)

44 43 FY2017 Forecasts Segment Information (2) Real Estate (Billion yen) FY2017 Forecast FY2016 Operating Revenue Real Estate Sales of the Company Real Estate Leasing of the Company Others Operating Profit Real Estate Sales of the Company Real Estate Leasing of the Company Others Change (+ 6.8%) (+ 39.4%) (- 6.5%) (+ 13.8%) (+ 8.9%) (+ 31.9%) (+ 9.6%) (- 10.3%) Remarks [Sales] Company-owned Land: 3.2 (-5.2); Funds Turnover-type: 16.0 (+10.7) [Sales Margin] Company-owned Land: 2.4 (-3.2); Funds Turnover-type: 6.1 (+4.9)

45 FY2017 Forecasts (+ 39.8%) Segment Information (3) Life Service FY2017 Forecast FY2016 Operating Revenue Total Retail (+ 1.9%) (+ 1.0%) Tokyu Department Store Rate of Change in Sales: -1.2% (Existing Stores) (- 1.3%) Tokyu Store Chain Others Total ICT and Media Rate of Change in Sales (+ 0.2%) (+ 16.2%) (+ 4.0%) All Stores: +0.2%; Existing Stores: +1.8% Tokyu Recreation its communications Tokyu Agency Others Operating Profit Total Retail Tokyu Department Store Tokyu Store Chain Others Total ICT and Media Tokyu Recreation its communications Tokyu Agency Others Change (+ 1.1%) (+ 2.9%) (- 0.8%) (+ 14.4%) (+ 3.1%) (+ 2.9%) (- 18.7%) (+ 7.4%) (- 0.2%) (+ 3.2%) (- 10.4%) (- 27.3%) (+ 27.2%) Remarks (Billion yen) 44

46 45 FY2017 Forecasts Segment Information (4) Hotel and Resort (Billion yen) FY2017 Forecast FY2016 Operating Revenue Tokyu Hotels, etc. ( ) Others Operating Profit Tokyu Hotels, etc. ( ) Others Change (+ 0.5%) (+ 3.0%) (- 10.3%) (+ 4.0%) (- 1.5%) (+ 49.0%) Remarks Occupancy Rates: 85.0% (year on year +0.6 points) ( ) "Tokyu Hotels, etc." includes not only Tokyu Hotels Co., Ltd. but also Tokyu Corp., GK New Perspective One and T.H. Properties, Inc. that have held assets.

47 46 FY2017 Forecasts Statements of Cash Flow (Billion yen) FY2017 Forecast FY2016 Change Remarks CF from Operating Activities CF from Investing Activities Capital Expenditure Subsidies Received for Construction CF from Financing Activities Interest-bearing Debt Net Increase/Decrease Dividend Payment, etc Free Cash Flow Interest-bearing Debt at End of Period Interest-bearing Debt / TOKYU EBITDA Multiple: 5.6times (+0.1)

48 47 FY2017 Forecasts Capital Expenditure / Depreciation FY2017 Forecast FY2016 Total Capital Expenditure (+ 30.1%) Transportation Railway Operations of the Company: +4.8 (+ 9.7%) Real Estate Tokyu Corp. Leasing: (+ 54.1%) Total Life Service Retail (+ 12.2%) (+ 3.4%) ICT and Media its communications: +4.5; Tokyu Recreation: -2.0 Hotel and Resort Change (+ 18.3%) Tokyu Hotels, etc: +1.9 (+ 40.5%) Headquarters Remarks (Billion yen) Elimination Tokyu Corp. and Becamex Tokyu Expenses on Sale of Houses and Lots Company-owned Land:-0.7; Funds Turnover-type: +3.1 (+ 28.7%) Total Depreciation and Amortization (+ 0.0%) Life Service: 17.6 (+1.6) Hotel and Resort: 4.2 (+0.1) Transportation: 38.9 (-0.2) Real Estate: 16.3 (-1.6) * Capital expenditures are amounts stated in segment information (capital expenditures made) and might be different from figures in the statements of cash flow, which consider accounts payable at the end of the fiscal year.

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