Reference Data. 5 December 2001 Explanatory Meeting for Investors. Tokyu Corporation (9005)

Transcription

1 FOR YOUR CONVENIENCE TRANSLATION ONLY Reference Data 5 December 21 Explanatory Meeting for Investors Tokyu Corporation (95)

2 Tokyu Area Location of Tokyu Area 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) Contents Railway 1 Transition of Passenger Revenues () Transition of Passenger Volume () Transition of Passenger Kilometers Index () Comparison of Passenger Volume Variation Ratio against previous year Average land price of residential area by railway line 6 within the sphere of Tokyo Effect of Operational Change 24 in Meguro Line and Toyoko Line Comparison of 3 Sub-Centers in Tokyo 7 (Shibuya, Shinjuku, Ikebukuro) New Lines Planned to Connect with Tokyu Lines 25 Facility Leased Buildings of Tokyu Group 8 Commercial Facilities of Tokyu Group 9 its communications (former Tokyu Cable Television) Tokyu Group Hotels 1 Re-organization of Tokyu Group Domestic Hotels 11 Tokyu Group Hotels in Shibuya 12 Leisure Facilities of Tokyu Group 13 Facilities Related to Tokyu Group in Shibuya Shibuya Mark City Grandberry Mall Cerulean Tower Construction in progress (Meguro & Nihonbashi) Redevelopment Project for the area along the Tokyu lines (Futako-tamagawa) Financial Highlight 27 Transition of Operating Revenues 28 Number of Subscribers Others Outlines of Employees Comparison of Shareholder s Distributions 32 Transition of Stock Price Transition of Total Market Capitalization

3 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 1

4 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 : 4.61million(approx. 2/3 of London) (approx. the same as Norway) Household : 2.13million 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 ) its communications ( former Tokyu Cable Television) service area Coverage : approx. 955, households 4km Yokohama Sakuragicho Tama Den-en Toshi (Tama Garden City) Area : 5km2 Population : approx. 53, 2

5 Tokyu Area Population of Tokyu Area (Entire population & ~4 years of age) (Data as of 31 March each year) Entire Population Fluctuation rate -4 years of age Fluctuation rate City / Ward Name / / / /2 Persons Persons Persons % % Persons Persons Persons % % Whole Country 124,914, ,71,35 126,284, ,952,872 5,93,183 5,898, Tokyo Metropolis 11,542,468 11,743,189 11,818, , , , Kanagawa Prefecture 8,172,1 8,37,292 8,425, ,458 4,975 44, Chiba Prefecture 5,778,793 5,893,166 5,92, , ,79 274, Saitama Prefecture 6,718,268 6,87,3 6,898, , , , Sub Total 32,211,53 32,876,65 33,63, ,464,223 1,485,553 1,494, Tokyo (23 Wards) 7,817,332 7,919,771 7,969, ,561 35,496 39, Yokohama City 3,281,27 3,375,772 3,43, , , , Kawasaki City 1,178,564 1,218,233 1,23, ,947 61,669 62, Shinagawa Ward 315,75 317, , ,299 1,367 1, Meguro Ward 235, , , ,76 7,888 8, Ohta Ward 633,12 638, , ,429 25,38 25, Setagaya Ward 76,98 778, , ,186 28,345 28, Shibuya Ward 182,63 187,79 19, ,276 5,71 5, Machida City 356,88 37, , ,575 15,476 16, Kanagawa Ward 22,192 25,449 27, ,467 8,666 8, Nishi Ward 74,486 76,471 77, ,88 2,773 2, Naka Ward 11, , , ,158 4,362 4, Kohoku Ward 275, ,91 29, ,391 14,1 14, Midori Ward 147, , , ,828 8,59 8, Aoba Ward 246,12 264,452 27, ,382 15,96 16, Tsuzuki Ward 119,722 15, , ,198 1,93 11, Nakahara Ward 186, , , ,358 9,953 1, Takatsu Ward 169,64 176, , ,39 9,612 9, Miyamae Ward 185, , , ,81 12,13 12, Yamato City 22,84 29,611 21, ,424 1,98 1, Total : Tokyu Area 4,45,17 4,562,979 4,613, ,334 2,349 23, Tokyu Area in Tokyo 2,483,972 2,532,353 2,552, ,471 93,94 94, Tokyu Area in Kanagawa 1,921,198 2,3,626 2,61, ,863 17,255 18, Total : Tokyu Area 4,45,17 4,562,979 4,613,644 *1 4.7 * ,334 2,349 23,935 *2 8.3 *2 1.8 *1 Tokyu area has a tendency to increase in population *2 Tokyu area has no tendency to decline in the number of births 3

6 Tokyu Area (Data as of 31 March each year) Area Population of Tokyu Area (Transition) Entire Population Fluctuation rate / / /198 2/199 21/2 Persons Persons Persons Persons Persons Persons % % % % % Whole Country 95,94,272 13,521, ,194, ,744, ,71,35 126,284, Tokyo Metropolis 9,232,627 11,94,578 11,357,337 11,639,293 11,743,189 11,818, Kanagawa Prefecture 3,333,242 5,295,473 6,829,812 7,847,465 8,37,292 8,425, Chiba Prefecture 2,371,135 3,284,527 4,672,147 5,488,123 5,893,166 5,92, Saitama Prefecture 2,439,742 3,739,898 5,328,412 6,294,96 6,87,3 6,898, Sub Total 17,376,746 23,414,476 28,187,78 31,269,841 32,876,65 33,63, Tokyo (23 Wards) 8,31,27 8,628,72 8,179,291 8,46,16 7,919,771 7,969, Yokohama City 1,375,71 2,173,469 2,755,186 3,175,989 3,375,772 3,43, Kawasaki City 632, ,872 1,15,962 1,139,622 1,218,233 1,23, Shinagawa Ward 427, , , ,58 317, , Meguro Ward 293, , , , , , Ohta Ward 76, , ,14 648, , , Setagaya Ward 653,21 744, , , , , Shibuya Ward 282, , ,545 23, ,79 19, Machida City 71, , ,81 343,52 37, , Kanagawa Ward 172,68 24,537 2,59 2,369 25,449 27, Nishi Ward 14,173 97,877 79,92 75,516 76,471 77, Naka Ward 123, , ,46 112,89 115, , Kohoku Ward 147, ,13 266, , ,91 29, Midori Ward 132, , ,5 154, , Aoba Ward 264,452 27, Tsuzuki Ward 15, , Nakahara Ward 134,217 26, , , , , Takatsu Ward 66, , , ,6 176, , Miyamae Ward 173, , , Yamato City 4,975 96, ,78 19,188 29,611 21, Total : Tokyu Area 3,224,475 3,858,856 4,121,785 4,349,839 4,562,979 4,613, 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 2,532,353 2,552, Tokyu Area in Kanagawa * 789,468 1,271,252 1,574,859 1,84,44 2,3,626 * 2,61, Total : Tokyu Area 3,224,475 3,858,856 4,121,785 4,349,839 4,562,979 4,613, * Population of Tokyu Area in Kanagawa increased 2.6 times (196~21) after developing Tama Garden City 4

7 Tokyu Area (yen/ m2 ) 8, Transition of Land Prices in Tama Garden City (Tama Den-en Toshi) 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 5

8 Tokyu Area Average land price of residential area by railway line within the sphere of Tokyo (Yen/ m2 ) 6, As of Jan. 21 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 6

9 Tokyu Area Comparison of 3 Sub-Centers in Tokyo (Shibuya,Shinjuku,Ikebukuro) *Comparison of Passengers Using Each Station (thousand persons / day) 3,5 3, 2,5 2, 1,5 1, 5 Shibuya Shinjuku Ikebukuro (thousand persons / day) Shibuya Shinjuku Ikebukuro ,34 2,954 2, ,682 3,444 3, ,68 3,483 2, ,71 3,479 2,797 *Comparison of the Number and Floor Space of Large-Scale Retail Stores (m 2 ) 5, 4, 3, 2, 1, Shibuya Shinjuku Ikebukuro Shibuya Shinjuku Ikebukuro No. of Stores Floor Space( m2 ) 234,61 479,29 348,934 (m 2 ) 2,5, 2,, 1,5, 1,, 5, Shibuya Shinjuku Ikebukuro (m 2 ) Shibuya Shinjuku Ikebukuro Shibuya Mark City 27, Cerulean Tower 16, Others 863,8 2,24, ,484 Total 97,153 2,24, ,484 8, 6, 4, 2, *Comparison of Space of Leased Offices *Comparison of the Number of Hotel Rooms Tokyu Inn Excel Hotel Tokyu Shibuya Shinjuku Ikebukuro Shibuya Shinjuku Ikebukuro Shibuya Tokyu Inn Shibuya Excel H otel T okyu Cerulean Tower Tokyu Hotel Others 78 7,146 3,226 Total 1,753 7,146 3,226 including 186 rooms of Hotel METS Shibuya opened in November, 21. Supply of office space,retail stores and hotel rooms in Shibuya are insufficient considering the number of passengers at Shibuya station (rooms) Cerulean Tower Shibuya Mark City Others Tokyu Hotel Others (rooms) 7

10 Facility Leased Buildings of Tokyu Group 3km 2km 1km Sangenjaya Meguro Shibuya Tokyo Shibuya Mark City (Opened April,2) Carrot Tower Futako-Tamagawa Setagaya Business Square Jiyugaoka Tama-Plaza Shinagawa Oimachi JR Tokyu Meguro Building (Completion Planned Spring,22) Chuo-Rinkan Nagatsuta Tama Garden City Meguro Kamata Kawasaki Cerulean Tower (Opened April,21) Queen s Square Yokohama Yokohama Nihonbashi 1-chome Project (Completion Planned Spring,24) 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 JR Tokyu Meguro 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 March, 2 July, 21 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. 98,3m 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 8

11 Facility Commercial Facilities of Tokyu Group Speciality Stores Shopping Centers Spice Box Daikanyama Place Geandberry Mall Minamiaoyama Place Shibuya Mark City QFRONT Tokyu Square Garden-Site Hachioji Tokyu Square Queens Square Yokohama[at!] Tama Plaza Tokyu S.C. 1 Aobadai Tokyu Square The Izu Kogen Yamamo Plaza Tokyu Life Plaza[Boomin Esaka] Tokyu Plaza[O'ts] SHIBUYA ONE-OH-NINE ONE-OH-NINE 3s Kohrinbo19 Kohoku Tokyu S.C Utsunomiya Shibuya Tokyu Plaza Kamata Tokyu Plaza Jiyugaoka Tokyu Plaza Akasaka Tokyu Plaza Sapporo Tokyu Plaza Fujisawa Tokyu Plaza Tokyu Hiyoshi Station Building 3 Machida Terminal Plaza 4 Total 29 Stores Department Stores Shibuya(Head Store) Shibuya(Toyoko Store) Kichijoji Machida Tama plaza 1 Sports Plaza 19 Tama plaza Kohoku 2 Hiyoshi 3 Sapporo Queen's East ( Yokohama ) Nagano Okaya Komoro Kitami Total 14 Stores 1~ 3 are inside each shopping center DIY Tokyu Hands Shibuya Shinjuku Ikebukuro Futakotamagawa Yokohama Machida 4 Fujisawa Shinsaibashi Esaka Sannomiya Hiroshima Sapporo Nagoya (FC) Nagoya Annex (FC) out-parts natulabo Total 16 Stores Tokyu Arte Toyohira Hiraoka Ainosato Total 3 Stores Daiei JUSCO Ito Yokado MYCAL SEIYU Takashimaya Mitsukoshi Marui ISETAN Comparison of sales volume with major department stores and supermarkets Department Tokyu Group Supermarket store (billion yen) based on non-consolidated financial statements(fy2) Shops Tokyu Jumbo Shibuya Shibuya Nishiguchi Shibuya Higashiguchi yoga Futakotamagawa Kajigaya Miyazakidai Miyamaedaira Saginuma Tama plaza Azamino Eda Ichigao Aobadai Nagatsuta Chuo-rinkan Jiyugaoka Todoroki Den-en-chofu Hiyoshi Kamata Shashin-yume-kobo Yokohama Photo Plaza DP Express Aoyama Media Kobo Total 24 Stores TSUTAYA Hatanodai Ookayama Futakotamagawaen-ekimae Miyazakidai-ekimae Total 4 Stores Family Mart Seibu-shinjuku-ekimae Nakano-chuo4chome Total 2 Stores am/pm Kasumigaseki-building Setagaya Business Square Tokyu-mizonokuchi-ekimae Tokyu-minami-machida-ekimae Shibuya-yahatabashi Total 5 Stores Community HUB SBS Queens Square Total 2 Stores TOKS Den-en-chofu Okusawa Tamagawa Suzukakedai Tsukimino Daikanyama Shimouma Meguro Meguro-chuo Tsurumaki Oyamadai Eda Kitasenzoku Ookayama Shibuya Onda Futakotamagawa Total 17 Stores Supermarkets Tokyu Store(GMS) Karagita Miyazakidai Heiwa Akiruno Koenji Musashi-kosugi Prom Yamahana Gotanda Shibuya Moridai Hiraoka Omori Shimizudai Yokohama Shin-ei Jiyugaoka Senzoku Yokohama chikagai Fujino Nakano Zoshiki Yokodai Nishisen 6 jo Chofu Tadao Tachibanadai Miyanomori Kanamachi Tsukushino Eda Kita-hiroshima Sangenjaya Toritsudaigaku Tana Fukui Takashimadaira Nagahara Fujigaoka Ainosato Syonan Naka-meguro Koganehara Asabu Chuo-rinkan Higashi-nagasaki Toke-ekimae Maruyama Nakayama Bunka-tokusengai Fusa Makomanai Saginuma Futakotamagawa Higashiguchi Masuo Total 2 Stores Isehara Magome Ageo Dinner Bell Susukino Minamino Kita-koshigaya Kinohana Sugita Mitaka Komamusashidai Susukinominami 7 jo Kamakura Mitaka Center Soka-matsubara Kaminopporo Toke-asumigaoka Musashi-koyama Kasuyadai Shindo-nishi Wako Meguro Nishiguchi Chita Hokudaimae Toride Yukigaya Total 65 Stores Mikaho Shimoda Yutenji Precce Kanjohigashi-ekimae Tukushino Azamino Den-en-chofu Total 7 Stores Total 22 Stores Tokyuseisenplaza Okurayama Futakotamagawa Kitami Tokyu Store Tokyu Store Kanazawa sea side Minami-machida Koei Aoyama Kashiwadai Utsukushigaoka Piasondori Ayase Kajigaya Total 4 Stores Wakaba Asagaya Kikuna Sapporo Tokyu Store Kiyomi Ichinoe Shirane Gyokeidori Tokyu SSC Musashi-koganei Shin-maruko Toyohira Total 5 Stores Ebara-nakanobu Tsunashima Hokuei Sun Plaza Izu Ookayama Tsukimino Hiragishi-terminal Izukogen Kamata Negishi Nango 13 chome Kawana Gakugeidaigaku Higashi-rinkan Nango 7 chome Total 2 Stores ranking ranqueen Kamiikedai Mizonokuchi Jieitai-ekimae 9 4 is inside shopping center Total 1 Store

12 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 Matsumoto 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 13 Ikaho Tokyu Villa 32 Tateshina Tokyu Resort 78 Kakeyu Spa Hotel Tokyu 44 Imaihama Tokyu Resort 139 Miyakojima Tokyu Resort locations 822 Total 45 locations 9,888 Seibu Group (Prince Hotels etc.) Washington Group hotels Tokyu Inn Chain / Tokyu Hotel Chain SUNROUTE Hotel Chain DAIWA ROYAL HOTELS TOYOKO INN Business Hotel Chain Chisan Hotel Chain Hotel New Otani Group Bass Hotels & Resorts Tokyu Hotel Chain JR Hotel Group Hotel α-1 Chain Tokyu Group Hotels JAL Hotels ANA Hotels 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 115 Hakuba Tokyu Hotel 12 Kanazawa Tokyu Hotel 236 Nagoya Tokyu Hotel 562 Kyoto Tokyu Hotel 432 Osaka Tokyu Hotel 336 Hakata Tokyu Hotel 266 Kagoshima Tokyu Hotel locations 5,567 Tokyu Inn Chain 9,888 Ranking of Hotel Capacity (Domestic) 7,741 6,76 5,83 5,545 5,53 Tokyu Hotel Chain 5,567 1,183 8,673 8,621 8,563 8,41 15,455 19,147 22,871 5, 1, 15, 2, 25, Pan Pacific Hotels and Resorts Location No. of Rooms The Pan Pacific Singapore 784 Singapore The Sari Pan Pacific, Jakarta 4 Indonesia The Pan Pacific Hotel Kuala Lumpur 55 Malaysia The Pan Pacific Hotel Kuala Lumpur International Airport 441 Malaysia Tha Pan Pacific Glenmarie Kuala Lumpur 291 Malaysia The Puteri Pan Pacific Johor Bahru 5 Malaysia The Pan Pacific Resort Pangkor 24 Malaysia The Pan Pacific Bangkok 235 Thailand The Pan Pacific Sonargaon Dhaka 35 Bangladesh The Pan Pacific Hotel Yokohama 485 Japan The Pan Pacific Manila 24 Philippines Palau Pacific Resort, Micronesia 16 Palau The Pan Pacific San Francisco 329 U. S. A. The Mauna Lani Bay Hotel and Bungalows, Hawaii 35 U. S. A. The Pan Pacific Hotel Vancouver 56 Canada The Pan Pacific Lodge Whistler 121 Canada 16 locations 5,937 1 Countries Affiliate hotels Royal Garden Hotel 422 Hong-Kong Hotel Narita Tokyu 712 Japan (Number of Rooms) Scale of Tokyu Group Hotels (as of November 21) 24,629 Rooms Big Week (Time-share resort hotels) ) No. of Rooms Big Week Kyoto 21 Big Week Karuizawa 3 Big Week Tateshina 31 Big Week Izukogen 26 4 locations 18 Tokyu Stay (Business hotels for long stay) No. of Rooms Tokyu Stay Yotsuya 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 Other Accommodations 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 11 Ueda Stay locations 874 Tokyu Harvest (Resort hotels with membership system) 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 1

13 Facility Re-organization of Tokyu Group Domestic Hotels < Re-organization of Classes & Grades> Grade Before Re-organization Class Luxury & Deluxe Superior Rooms Oriented Excel Hotel Tokyu Tokyu Inn Full Service Tokyu Hotel After Re-organization Grade Class Luxury & Deluxe Superior Rooms Oriented Excel Hotel Tokyu Tokyu Inn Full Service Tokyu Hotel Standard Standard < Closing of hotels> Nagasaki Tokyu Hotel November rooms Saga Tokyu Inn March rooms Naha Tokyu Hotel November 2 28 rooms Saromako Tokyu Resort March 22 (plan) 72 rooms Ginza Tokyu Hotel Okayama Tokyu Hotel January 21 January rooms 239 rooms By closing 6 hotels 1,39 rooms, the scale will become 61 hotels 15,383 rooms. 11

14 Facility Tokyu Group Hotels in Shibuya Cerulean Tower Tokyu Hotel (Grand Opening 24 May, 21) Number of Rooms : 414 Function Rooms : 1 ballroom & 9 small-to-medium-sized halls Restaurants and Lounges : Shibuya Excel Hotel Tokyu Number of Rooms : 48 Function Rooms : 3 rooms Japanese,Western,Chinese,Lounge,Jazz club Restaurants and Lounges : Japanese,Western,Lounge Total Revenues ( million) 3,5 3, 2,5 2, 1,5 1, 5 FY3/2 FY3/21 Cerulean Tower Tokyu Hotel Shibuya Excel Hotel Tokyu Shibuya Tokyu Inn FY3/22 Shibuya Tokyu Inn Shibuya Excel Hotel Tokyu 1,88 2,11 Cerulean Tower Tokyu Hotel 3,117 Occupancy (%) Shibuya Tokyu Inn Number of Rooms : 223 Function Rooms : 4 rooms Restaurants and Lounges : Western,Lounge,Sushi Total Revenues as a whole increased after opening of Shibuya Excel Hotel Tokyu and Cerulean Tower Tokyu Hotel. Shibuya has potential demand for hotels FY3/2 FY3/21 Shibuya Tokyu Inn FY3/22 Shibuya Tokyu Inn Shibuya Excel Hotel Tokyu Cerulean Tower Tokyu Hotel 55.7 Shibuya Excel Hotel Tokyu Cerulean Tower Tokyu Hotel 12

15 Facility Leisure Facilities of Tokyu Group Golf Courses Tokyu Seven Hundred Club Five Hundred Club Shirahama Beach Golf Club Grand Oak Golf Club Stork Hill Golf Club Yufukogen Golf Club Hibiscus Golf Club Emerald Coast Golf Links Tokyu Kenzan Sports Garden Niseko Tokyu Golf Course Sapporo Tokyu Golf Club Masarikappu Tokyu Golf Club Tangram Madarao Tokyu Golf Club Mochizuki Tokyu Golf Club Tateshina Tokyu Golf Course Tsukuba Tokyu Golf Club Omigawa Tokyu Golf Club Kiminomori Golf Club Katsuura Tokyu Golf Course Amagi Kogen Golf Course Arita Tokyu Golf Club Oita Tokyu Golf Club Aso Tokyu Golf Club Omoigawa Tokyu Golf Club Yokkaichi Tokyu Golf Club Inatori Golf Club Three Hundred Club Royal Forest Golf Club Tokyu Herbhill Golf Club JAS Asahikawa Country Club The Francis H.I'i Brown Golf Course Tokyu Golf Course Total 32 Facilities Ski Sites Gran Deco Ski Resort Tangram Ski Circus Tambara Ski Park Tateshina Tokyu Ski Area Skijam Katsuyama Niseko Hirafu Ski Area Hare Ski & Snowboard Resort Happo One Ski Area Hakuba Iwatake Ski Area Tsugaike Kogen Ski Area Total 1 Facilities Management Body Tokyu Corporation Tokyu Land Corporation Tokyu Construction Co., Ltd. Izukyu Corporation Three Hundred Club Co., Ltd. Seikitokyu Kogyo Co., Ltd. Tokyu Herbhill Golf Club Japan Air System Co., Ltd. Mauna Lani Resort, Inc. Tokyu Golf Course Short Course Management Body Tokyu Corporation Tokyu Land Corporation Ueda Kotsu Corporation Tokyu Hakuba Corporation Sports Facilities Fitness & Aqua Atrio Azamino Tokyu Sports Club Fujigaoka Cerulean Tower Fitness Club Tokyu Sports Oasis Shinjuku Tokyu Sports Oasis Aoyama Tokyu Sports Oasis Tamagawa Tokyu Sports Oasis Musashikosugi Tokyu Sports Oasis Kawaguchi Tokyu Sports Oasis Urawa Tokyu Sports Oasis Honatsugi Tokyu Sports Oasis Esaka Tokyu Sports Oasis Ibaraki Tokyu Sports Oasis Umeda Tokyu Sports Oasis Korien Tokyu Sports Oasis Shinsaibashi Tokyu Sports Oasis Takarazuka Tokyu Sports Oasis Club West Tokyu Sports Oasis Sumiyoshi Tokyu Sports Oasis Abeno Tokyu Sports Oasis Sannomiya Tokyu Sports Oasis Tennoji Tokyu Sports Oasis Hiroshima Tokyu Fitness Club AXIA Ikebukuro Tokyu Fitness Club AXIA Toride Elix Seiroka Garden Elix Musashino Amusement Square Tokyu Tesoro Total 27 Facilities Tennis Courts Management Body Tokyu Corporation Tokyu Land Corporation Tokyu Recreation Co., Ltd Sports Elix Nagano Tokyu Department Store Co., Ltd. Management Body Den-en Tennis Club Tokyu Corporation Tokyu Arima Tennis Club Tokyu Kenzan Sports Garden Tama Plaza Tokyu S.C.Tennis Court Futako-Tamagawaen Tokyu Sports Garden Tokyu Land Corporation Tokyu Sports Oasis Tamagawa Tokyu Sports Oasis Sumiyoshi Katsuura Tokyu Sunny Park Hakone Myojindai Sunny Park Hamanako Tokyu Sunny Park Amagi Kogen Family Park Tambara Lavender Park Tateshina Tokyu Tennis Club Sports Elix Aobadai Tennis Club Sports Elix Tokyu Tennis Garden Forest Tokyu Hotel Chain Co., Ltd. Total 15 Facilities Movie Theatres Milano Theatre Shinjuku Tokyu Cinema Milano Cinema Square Tokyu Panteon Shibuya Tokyu Shibuya Tokyu 2 3 Marunouchi Louvre IkebukuroTokyu UenoTokyu UenoTokyu 2 Theatre Robinson Tama Kariyon Theatre Cinemas Kohoku 19 Cinemas Kiba 19 Cinemas Takasaki 19 Cinemas Meiwa Atsugi Cinema MYLORD Bunkamura Le Cinema1 2 Total 26 Facilities Bowling Alleys Shinjuku Milano Bowl Shonan Tokyu Bowl Kohoku Tokyu Bowl Kasai Tokyu Bowl Asumigaoka Tokyu Bowl Total 5 Facilities Other Sports Facilities Management Body Tokyu Recreation Co.,Ltd. Tokyu Bunkamura Inc. Management Body Tokyu Recreation Co., Ltd. Management Body Tokyu Swimming School Tamagawa Tokyu Corporation Tokyu Swimming School Tama Plaza Tokyu Swimming School Futako Adidas Football Park Shibuya Adidas Football Park Yokohama Kanazawa Adidas Football Park Kenzan S Ing Himonya Total 7 Facilities 13

16 Facility Facilities Related to Tokyu Group in Shibuya 1 Bunkamura Owner : Shibuya Development,Inc. Type : Entertainment Scale : 7 floors,2 basement floors 2 Tokyu Department Store (Head Store) Owner : Tokyu Dept. Store, Shibuya Dev. Type: Commercial Scale : 9 floors,3 basement floors 3 TOD Building Owner : Tokyu Land Corporation Type: Office Scale : 1 floors,1 basement floor 4 Nampeidai Tokyu Building Owner : Tokyu Land Corporation Type: Office Scale : 1 floors,1 basement floor 5 Shin Nampeidai Tokyu Building Owner : Outside the Group Type: Office Scale : 9 floors,3 basement floors 6 SHIBUYA MARK CITY Owner : Tokyu,Keio,Eidan Type: Office and Hotel Scale : 25 floors,2 basement floors 7 Tokyu Nampeidai-cho Building Owner : Tokyu Corporation Type: Office Scale : 5 floors,2 basement floors 8 Tokyu Sakuragaoka-cho Building Owner : Tokyu Corporation Type: Office Scale : 9 floors,2 basement floors 9 Cerulean Tower Owner : Tokyu Corporation Type: Office and Hotel Scale : 41 floors,6 basement floors 1 Goto Ikueikai Building Owner : Goto Ikueikai Education Foundation Type: Office Scale : 8 floors,3 basement floors 11 Shibuya Tokyu Plaza Owner : Tokyu Land Corporation Type: Commercial Scale : 1 floors,3 basement floors Maruyama-cho 3 Nampeidai-cho Shoto 1chome 1 1 Dogenzaka 2chome 6 Dogenzaka 1chome 9 Sakuragaoka-cho Metropolitan Expressway #3 Route Udagawa-cho Tokyu Toyoko Line Shibuya Station 12 Nishi-Shibuya Tokyu building Owner : Tokyu Hands Inc. Type: Commercial Scale : 8 floors,3 basement floors 13 Shibuya BEAM Owner : Tokyu Land Corporation Type: Multi-use Scale : 7 floors,4 basement floors 14 ONE-OH-NINE 3s Owner : Outside the Group Type: Commercial Scale : 7 floors,1 basement floor 15 ONE OH-NINE Owner : Outside the Group Type: Commercial Scale : 1 floors,2 basement floors 16 Shibuya 19 Owner : Partially Tokyu Dept. Store Type: Commercial Scale : 8 floors,2 basement floors 17 Q_FRONT Owner : Sapporo Plaza Co.,Ltd. Type: Commercial Scale : 8 floors,3 basement floors 18 Shibuya 19-2 Owner : Partially Tokyu Corporation Type: Commercial Scale : 9 floors,3 basement floors 19 Tokyu Department Store (Toyoko Store) Owner : Tokyu, Tokyu Dept. Store etc. Type: Commercial Scale : 11 floors,2 basement floors 2 Shibuya Zensenza Building Owner : Outside the Group Type: Hotel (Shibuya Tokyu Inn) etc. Scale : 13 floors,2 basement floors 21 Tokyu Bunka Kaikan Owner : Tokyu Corporation Type : Amusement Scale : 8 floors,1 basement floor 22 Shibuya Higashiguchi Building Owner : Partially Tokyu Corporation Type: Office Scale : 11 floors,5 basement floors 23 Shin Minamiguchi Building Owner :Tokyu Land, Tokyu Freight Service, Tokyo Tsuun etc. Type: Office Scale : 8 floors,1 basement floor 14

17 Facility Shibuya Mark City < Shibuya Excel Hotel Tokyu > 48 rooms 5F ~ 25F EAST (Hotel Tower) WEST (Office Tower) <Office> 11F ~ 23F Rental space 27,313m 2 Mark City Avenue <Parking> 454 ( Tokyu Department Store - Toyoko Store - ) Shibuya Station (Tokyu Food Show ) <Mark City Mall> 64 shops (Sales 3, Restaurant 22, Others 12)> B1F ~ 4F < Tokyu Group Hotels in Shibuya > Total Revenues ( million ) Occupancy (%) 3,5 1 3, Cerulean Tower 2,5 Tokyu Hotel 8 2, Shibuya Excel 6 1,5 Hotel Tokyu 4 1, 5 Shibuya Tokyu Inn 2 FY3/2 FY3/21 FY3/22 FY3/2 FY3/21 Shibuya Tokyu Inn FY3/22 Shibuya Tokyu Inn Shibuya Tokyu Inn Shibuya Excel Hotel Tokyu 1,88 2,11 Shibuya Excel Hotel Tokyu Cerulean Tower Tokyu Hotel 3,117 Cerulean Tower Tokyu Hotel 55.7 Total income as a whole increased after opening of Shibuya Excel Hotel Tokyu and Cerulean Tower Tokyu Hotel. Shibuya has potential demand for hotels. Shibuya Excel Hotel Tokyu Cerulean Tower Tokyu Hotel 15

18 Facility < Outline of Grandberry Mall > Grandberry Mall Location 4-1 Tsuruma 3-chome,Machida-shi,Tokyo (Minami-machida Station of Den-en-toshi Line) Area Approx. 87,m 2 Facility Steel structure single story building (partially 2 stories) 9 buildings Total Floor Space Approx. 25,m 2 Zone Freshberry Market, Homelife Garden, Outlet Shops Parking Approx. 1, (Outdoor parking) Number of shops 79 shops Opening date 21 April 2 < Main measures > Issue of Grandberry Mall Card To secure customers mainly in the area along the Tokyu lines Installation of an information center To improve customer convenience Invited Carrefour Minami-machida store which utilizes the periodic leasehold method to our neighboring land. The synergy effect to bring in customers < Sales situation > < Age structure of guests > < Number of passengers utilizing Minami-machida station > FY3/22 ( Oct. 21 ) (Average passengers per day) Forecast Result Achievement ratio 7.3 billion 7.6 billion 13% The first year (21 April 2 ~2 April 21) Forecast Result Achievement ratio 17 billion 17 billion 1% 55 years old and above 45~54 years old 23% 12% 35~44 years old 7% 15% 15~24 years old 43% 25~34 years old ( passenger ) 12, 1, 8, 6, 4, 2, FY3/2 FY3/21 FY3/22 Commuter 9,2 1,169 12,62 Non-commuter 4,53 11,164 9,78 16

19 Facility Cerulean Tower Location / 26-1,Sakuragaoka-cho,Shibuya-ku,Tokyo Area / 9,49m 2 Building Area / 5,1m 2 Total Floor Space / Approx.16,m 2 Building height / 184m Structure / 6 basement floors and 41 floors Use / Hotel : Approx. 59,m 2 Office : Approx. 27,m 2 ( rentable area Approx. 16,8m 2 ) Others: Approx. 2,m 2 Parking lot / 375 cars Opening Date / (Office) 1 April 21 Commence Office Rental (Hotel) 2 April 21Partial Opening 24 May 21 Grand Opening Total Project Cost / Approx.57 billion yen < Cerulean Tower > 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 By installing the next-generation energy system, energy is used efficiently. Cogeneration system Ice thermal storage system < Cerulean Tower Tokyu Hotel> The new flag ship hotel of Tokyu group, equipped with facilities and equipments suitable for a city hotel of the international society. Hotel Guest room floor ( 414 rooms ) 19F~37F < Restaurants > Tower s Restaurant Tower s Bar Coffee Shop Garden Lounge Japanese Cuisine Chinese Restaurant Italian Restaurant Jazz Club Coucagno Bellovist Caramelo Zabou Cerulean Tower Kane-Tanaka Kane-Tanaka Sou Szechwan Restaurant Chen Oli JZ Brat SOUND OF TOKYO Office floor 4F~16F (Approx.27,m 2 Rentable area Approx.16,8m 2 ) < Major Office Tenants > MasterCard International Japan Inc. The Executive Centre Japan K. K. ABB K. K. Global Media Online INC. Merrill Lynch Japan Securities Co.,Ltd. Mass Mutual Life Insurance Company Netyear Group Corporation NTT Communications Corporation 17

20 Facility Construction in progress (Meguro & Nihonbashi) < JR Tokyu Meguro Building > Scheduled opening Spring, 22 Business Owner : Tokyu Corp., East Japan Railway Company Location : 3-1-1, Kami-osaki, Shinagawa-ku, Tokyo Area : Approx.11,23 m2 Total floor space : Approx.52,232 m2 (Main building Approx.43,534 m2, Annex Approx.8,697 m2 ) Main use : Main building Office, Store, Station Facility Annex Parking Structure Scale : Main building 4 basement floors and 17 floors Annex 3 floors Number of parking : 162 cars Design : The Meguro station partnership building design joint project Construction : The Meguro station partnership building construction joint project Construction Period: Groundbreaking March, 2 /Completion March, 22 (schedule) Total project cost: Approx. 19 billion yen (the amount of burden of our company approx. 9.4 billion yen) < Nihonbashi 1-chome Project > Scheduled opening Spring, 24 Business Owner : Mitsui Fudosan Co., Ltd., Tokyu Corp.,Tokyu Land Corp. Location : 1-4 & 1-6-1, Nihonbashi, Chuo-ku, Tokyo Area : Approx.8,185m2 (A block Approx.5,611m2, B block Approx.2,574m2 ) Total floor space : Approx.98,3m2 (Office Approx.62,8m2, Store and Service Approx. 24,6m2 etc.) Main use : Office, Store, Parking Structure Scale : A block 4 basement floors and 2 floors, roof tower 1 floors B block 2 basement floors and 2 floors Building height : Approx. 12m Number of parking : Approx. 25 cars Design : Kohn Pedersen Fox Associates PC, Nihonsekkei, INC., Tokyu Architects & Engineers Incorporated Construction : Shimizu Corp., Mitsui construction, Tokyu construction joint venture Construction Period : Groundbreaking July, 21 / Completion January, 24 (schedule) Total project cost :Approx. 9 billion yen (the amount of burden of our company Approx. 27 billion yen ) 18

21 Facility Redevelopment Project for the area along the Tokyu lines (Futako-tamagawa) <Futako-tamagawa East District Type-1 Urban Area Redevelopment Project> Prehistory Mar Nov July 1987 June 1989 Nov. 199 Jan Prepared from the brochure of Futako-tamagawa East District Redevelopment Preparatory Union Our company participates as a member of preparatory union Creation of basic redevelop plan for Futako-tamagawa, Setagaya-ku Designated as a Redevelopment Promotion Area under Tokyo Metropolitan Urban Redevelopment Policy Establishment of Futako-tamagawa East District Redevelopment Preparatory Union Change in the city planning of Futako-tamagawa Park and Tamagawa green belt Designated as a District Center of the Third Long-term Project of Tokyo Original Facility Plan completed by the Preparatory Union Project Outline 1st urban area: Entrance to Futako-tamagawa Welcome Complex integration of attractive commercial functions, wellequipped business functions, and convenient culture and leisure functions Comfortable atrium space linking Futako-tamagawa Station and Traffic Circle 2nd urban area: Core of Wide Area Living Center Pleasure Interaction Open space with water and greenery built on artificial ground and segmented unique commercial facilities Commercial and amusement facilities suited for the wide area living center, and hotel facilities acting as community functions June 1996 Apr June 2 Future Schedule Authorization of City Planning City Planning details authorized including redevelopment area, improvement of public facilities and buildings (June 2) Revised Facility Plan completed by the Preparatory Union Designated as a Business and Commercial Core District of Tokyo Metropolitan Business and Commercial Facilities Master Plan City Planning authorized Approval of Union Establishment Create a fund plan and a basic design, in order to obtain approval on the business plan and start a redevelopment union as a corporate entity Approval of Right Transfer Plan Obtain approval on the Right Transfer Plan that stipulates old assets of each rightful claimant and their right on redevelopment buildings 3rd urban area: Residential area rich in greenery Relax Reside Produce a new community as a place to live in the environment rich in greenery created on artificial ground next to Futako-tamagawa Park Date of Right Transfer Shift old assets to redevelopment buildings and transfer them to temporary stores and residences Construction of Facility Buildings Remove old buildings and start constructing redevelopment buildings 19

22 Railway Transition of Passenger Revenues () ( 百万円 \million) 7, 6, 55,186 54,995 55,878 55,866 56,822 58,734 5, 47,468 47,89 46,931 47,65 4, 3, 2, 1, FY3/1993 FY3/1994 FY3/1995 FY3/1996 FY3/1997 FY3/1998 FY3/1999 FY3/2 FY3/21 FY3/22 定期 Commuter 22,11 21,634 21,43 21,773 25,427 25,593 25,966 25,673 25,81 25,83 定期外 Non-commuter 25,456 25,454 25,51 25,832 29,758 29,42 29,911 3,193 31,11 32,931 合計 Total 47,468 47,89 46,931 47,65 55,186 54,995 55,878 55,866 56,822 58,734 * 東京急行電鉄 Tokyu Corp. 2

23 Railway Transition of Passenger Volume () ( 千人 thousand passengers) 6, 5, 494, , , ,994 48,168 48,48 485,72 477, ,38 473,187 4, 3, 2, 1, FY3/1993 FY3/1994 FY3/1995 FY3/1996 FY3/1997 FY3/1998 FY3/1999 FY3/2 FY3/21 FY3/22 定期 Commuter 316,761 31,781 37,682 31,698 32,838 34, ,92 292, ,22 29,471 定期外 Non-commuter 177, , , , , , ,478 18, ,39 195,248 合計 Total 494, , , ,994 48,168 48,48 475,38 473, , ,72 * 東京急行電鉄 Tokyu Corp. 21

24 Railway Transition of Passenger Kilometers Index() ( 百万人キロ million passenger kilometers) 5, 4,5 4,575 4,54 4,468 4,467 4,393 4,389 4,373 4,381 4,45 4,637 4, 3,5 3, 2,5 2, 1,5 1, 5 FY3/1993 FY3/1994 FY3/1995 FY3/1996 FY3/1997 FY3/1998 FY3/1999 FY3/2 FY3/21 FY3/22 定期 Commuter 3,15 3,37 3,4 3,29 2,949 2,959 2,922 2,91 2,932 2,946 定期外 Non-commuter 1,469 1,467 1,463 1,437 1,443 1,429 1,451 1,47 1,517 1,69 合計 Total 4,575 4,54 4,468 4,467 4,393 4,389 4,373 4,381 4,45 4,637 * 東京急行電鉄 Tokyu Corp. 22

25 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 ( 東急除く ) 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 FY3/22 23

26 Railway Effect of Operational Change in Meguro Line and Toyoko Line 26 Sep. 2 Started through service between Meguro Line, Eidan Subway Namboku 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 Reference : The shortest time required between Shibuya and Yokohama by Shonan Shinjuku Line (JR East) is 24 minutes. Speed-up by revising the time table with the operational change, made Toyoko Line even more convenient 24

27 Railway New Lines Planned to Connect with Tokyu Lines-1 7 Nishi - Takashimadaira Akabane-iwabuchi Akabane Wakoshi Kotakemukaihara Nerima Ikebukuro 9 Kita - Senju Oshiage 4 Shinjuku Tokyo Suitengumae Shibuya Shirokane-takanawa Meguro Osaki Tokyo-teleport Futakotamagawa 1 Oimachi Shin-yurigaoka i k 5 Den-en chofu Miyamaedaira Tamagawa Azamino Kodomonokuni Moto-sumiyoshi Kamata Hiyoshi Okurayama Nagatsuta Nakayama Shin-Yokohama Chuo-rinkan Kawasaki Tsurumi Keikyu-kamata Otorii 1 Rinkai Line 2 Yokohama Line No.4 3 Minatomirai 21 Line 4 Tokyo Line No.13 5 Kawasaki Cross Country Rapid Transit (Tentative Name) 6 Kanagawa Eastern Direction Line (Tentative Name) 7 Yokohama Line No.3 8 Yokohama City Loop Line (Tentative Name) 9 Short Line to Connect Keikyu Haneda Airport Line and Tokyu Mekama Line 1 Ward Area Loop Line Public Transport (Tentative Name) legend Tokyu Lines 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 3 Motomachi Line to be studied in the future (B next page) Kami-ooka Negishi * These new Lines will make Tokyu Area even more convenient. 25

28 Railway New Lines Planned to Connect with Tokyu Lines-2 A1 1 Rinkai Line 5 Line 2 Yokohama Line No.4 3 Minatomirai 21 Line 4 Tokyo Line No.13 Kawasaki Cross Country Rapid Transit (Tentative Name) Section Outline Tokyo-teleport ~ Oimachi ~ Osaki ( Tokyo-teleport ~ Tennozu Isle : Started on 31 Mar. 21) 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 6 Kanagawa Eastern Direction Line (Tentative Name) Futamatagawa ~ Shin-yokohama ~ Okurayama A2 B 7 Yokohama Line No.3 8 Yokohama City Loop Line 9 1 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 26

29 its communications Inc. Financial Highlight FY3/1992 FY3/1993 FY3/1994 FY3/1995 FY3/1996 FY3/1997 FY3/1998 FY3/1999 FY3/2 FY3/21 ( 千円 \ thousand ) FY3/22 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 8,886,126 4,547, , ,375 1,246,75 1,23,765 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 3,523,974 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 3,122,557 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 41,417 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, , ,82 7,69 24,41 71, ,269 29, ,634-44,199 17, ,75 88, ,831 69,858 23,66 7,781-34,89 29,34 137,2-47,39 83, ,128 46,249-31,2 減価償却費 Depreciation and Amortization ,728 99, ,455 1,251,192 1,49,616 1,669,214 1,885,75 888,573 27

30 its communications Inc. Transition of Operating Revenues ( 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 28

31 its communications Inc. Number of Subscribers ( 世帯 household) 3/1992 3/1993 3/1994 3/1995 3/1996 3/1997 3/1998 3/1999 3/2 3/21 9/21 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 16,912 累計加入世帯数 Accumulated Subscribers 31,613 6,18 75,124 95, ,288 13,69 169, , , ,425 32,337 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 6,548 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 86,322 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 1,364 累計加入世帯数 Accumulated Subscribers 13,671 36,86 47,271 62,264 79,563 85, , ,56 179,84 25, ,15 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 1,43 累計加入世帯数 Accumulated Subscribers ,359 16,944 38,592 48,995 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 9,6 累計加入世帯数 Accumulated Subscribers ,754 14,291 33,467 43,67 通信のみ Internet only (d) 純増加入世帯数 Increased Subscribers against Previous Year (Net) ,48 2, 累計加入世帯数 Accumulated Subscribers ,653 5,125 5,928 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 17,715 累計加入世帯数 Accumulated Subscribers 31,613 6,18 75,124 95, ,288 13,69 169, , ,865 29,55 38,265 29

32 its communications Inc. Number of Subscribers ( 世帯 household) 35, 3, 放送のみ Broadcasting only 放送及び通信 Broadcasting and Internet 29,55 38,265 25, 通信のみ Internet only 249, ,587 2, 169,467 15, 118,288 13,69 1, 95,167 75,124 6,18 5, 31,613 3/1992 3/1993 3/1994 3/1995 3/1996 3/1997 3/1998 3/1999 3/2 3/21 9/21 3

33 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 Total Total (Except Temporary Transferees) Temporary Transferees 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, 3/1992 3/1993 3/1994 3/1995 3/1996 3/1997 3/1998 3/1999 3/2 3/21 7,773 7,687 7,621 7,52 7,272 7,55 6,782 6,569 6,132 5,856 5,32 5,7 5,93 5,87 4,936 4,814 4,684 4,58 4,445 4, ,4 1,55 1,62 1,5 1, (persons) *New Recruits FY3/1992 FY3/1993 FY3/1994 FY3/1995 FY3/1996 FY3/1997 FY3/1998 FY3/1999 FY3/2 FY3/21 31