TRANSLATION FOR YOUR CONVENIENCE ONLY. Reference Data. November 21, 2007 Investors Meeting. Tokyu Corporation (9005)

Transcription

1 TRANSLATION FOR YOUR CONVENIENCE ONLY Reference Data November 21, 2007 Investors Meeting Tokyu Corporation (9005)

2 Contents Tokyu Area Regional Map of Tokyu Area 1 Summary of Tokyu Area 2 Transportation Transportation Network of Tokyu Lines 3 History of Revenues from Fares and Passenger Volume 4 Large-scale improvement projects of railway; change to the quadruple tracking and the raised line crossings5 Mutual Direct Train Service between Toyoko Line and Minatomirai Line 6 Improvement construction in Toyoko Line from Shibuya to Yokohama 7 Mutual Direct Train Service between Tokyu Line and Sotetsu Line 8 New Lines Planned to Connect with Tokyu Lines 9 Real Estate Major Leased Buildings of Tokyu Group 10 Major Facilities Relating to Tokyu Group at Shibuya 11 Grandberry Mall 12 Type-1 Urban Area Redevelopment Project of Futako-tamagawa East District 13 Area Redevelopment around Tama-Plaza sta. 14 Nagata-cho 2chome project 15 Redevelopment of Shibuya Station (Status of station property ownership) 16 Retail Commercial Facilities of Tokyu Group 17 Major Commercial Facilities along Tokyu Railways 18 Leisure and Services Leisure Facilities of Tokyu Group 19 its communications Inc. 20 Hotels Hotels of Tokyu Group 21 Others Outline of Employees 22 Comparison to peer group of Shareholder s Structure (Tokyu Corporation) 23 Complimentary Ticket for Shareholders 24

3 1 Tokyu Area Regional map of Tokyu Area Tokyu line Minatomirai Line JR Yamanote Line Other Major Private Railways Other Major JR Lines Tama River 30km Chuo-rinkan Kodomonokuni Aobadai Nagatsuta Minami-machida 20km Shimotakaido Kikuna Hiyoshi 10km Shibuya Nakameguro Sangen-jaya Meguro Gotanda Futako-tamagawa Jiyugaoka Ookayama Mizonokuchi Oimachi Den-en-chofu Hatanodai Tama-plaza Tamagawa Musashi-kosugi Kawasaki Kamata Tokyo Haneda Airport Area along the Tokyu Lines (Defined as 17 Cities & Wards where Tokyu Lines are operated ) Area 489 sqkm (approx. 1/3 the area of London) (approx. 8 times the area of Manhattan) Population 4.91 million (approx. 2/3 of population in London) Number of households 2.37 million Taxable Income / person approx. 1.5 times the national average Consumption expenditures in the area: 9,178.2 billion yen* its communications (CATV) service area Subscriber householdapprox million 40km Yokohama Motomachi-Chinatown Tama Den-en Toshi (Tama Garden City) Area 50 sqkm Population approx. 580 thousand people *Calculated by multiplying average consumption expenditures of all households in 5 wards of Tokyo, Yokohama City and Kawasaki City and number of households in the 17 cities and wards along Tokyu Lines respectively. (Source: Ministry of Internal Affairs and Communications) The above data are based on the latest figures available in the company.

4 Tokyu Area Summary of Tokyu Area (Yen/) History of Land Price in Tama Garden City Source: Created by Tokyu Corp. based on data of Ministry of Land Infrastructure and Transport 750,000 History of Land Price in Tama Garden City Source: Created by Tokyu Corp. based on data of Ministry of Land Infrastructure and Transport (Yen/) 600,000 Posted Land Price 271,700 yen (as of Jan.2007) 450, , , /1985 1/1986 1/1987 1/1988 1/1989 1/1990 1/1991 1/1992 1/1993 1/1994 1/1995 1/1996 1/1997 History of Population in Tokyu Area Benchmark Land Price 288,900 yen (as of Jul. 2007) 1/1998 1/1999 1/2000 1/2001 1/2002 1/2003 1/2004 1/2005 1/2006 1/2007 Population (Thousands of people) Change (%) Reference:Ministry of Internal Affairs and Communication As of March Population of age group 0-4 Change (%) / / / /2006 National 95, , , , , , , Tokyu Area Central Tokyo 2,364 2,404 2,260 2,202 2,162 2, Machida-shi Yokohama-shi ,099 1,255 1, Kawasaki-shi Yamato-shi : Tokyu Area 3,224 3,859 4,122 4,350 4,563 4,

5 Transportation Transportation Network of Tokyu Lines Chuo-rinkan Odakyu Line Nagatsuta Mutual Direct Train Service Plan between Tokyu Line and Sotetsu Line Sotetsu Line Keikyu Line Toyoko Line Meguro Line Den-en-toshi Line Oimachi Line Nishiya Shinyokohama Motomachi- Chinatown TOKYU Lines Yokohama Azamino Ikegami Line Tamagawa Line Kodomonokuni Line Setagaya Line Kodomonokuni Line Tama-plaza Kohoku New Town Futakotamagawa Mizonokuchi Yokohama municipal subway Hiyoshi Kikuna Yokohama Minatomirai Railway Company Minatomirai Line Inaugurate in Mar, 2008 Kawasaki JR Line Other Private Railways Yokohama municipal subway Den-en-chofu Tama River Kamata Setagaya Line Musashikosugi Jiyugaoka Naka-meguro Tamagawa Hatanodai Shibuya Sangen-jaya Ookayama Oimachi Tobu Line Seibu Line Shinjuku Ikebukuro Meguro Tokyo Metro Fukutoshin Line (IkebukuroShinjukuShibuya) Mutual Direct Train Service with Toyoko Line in FY2012(plan) Tokyo Metro Hanzomon Line Tokyo Metro Hibiya Line Rinkai Line Tokyo Metro Namboku Line Toei subway Mita Line Gotanda Meguro Line is changed into underground line between Meguro and Senzoku in Jul 2006 Meguro Line will be extended from Musashi-kosugi to Hiyoshi in June,2008 (Plan) Hatanodai Station will be improved in FY03/2008 Oimachi Line will be extended from Futako-tamagawa to Mizonokuchi in FY03/2009 Shinagawa Otemachi Hibiya Oimachi Line(Oimachi to Futako-tamagawa) Express train sarvice will be started in March, 2008(plan) Tokyo JR Yamanote Line 3

6 Transportation (Millions of yen) 130, ,000 70,000 Revenues from Fares A revision of fares (Nov. 20, 1991) History of Revenues from Fares and Passenger Volume A revision of fares (Sep. 1, 1995) A revision of fares (Apr. 1, 1997) (Dec. 28, 1997) A revision of fares (Mar.20, 2005) FY3/1990 FY3/1991 FY3/1992 FY3/1993 FY3/1994 FY3/1995 FY3/1996 FY3/1997 FY3/1998 FY3/1999 FY3/2000 FY3/2001 FY3/2002 FY3/2003 FY3/2004 FY3/2005 FY3/2006 FY3/2007 FY3/2008 Revenue from fare 78,436 80,542 84,927 93,382 93,074 92, , , , , , , , , , , , , ,294 (Forecast) ( Thousands of passenger ) 1,100,000 Passenger volume 1,054,443 1,050,000 1,000, , , , , , , , , , , ,808935,990935, , , , , ,719 1,018, , ,0000 FY3/1990 FY3/1991 FY3/1992 FY3/1993 FY3/1994 FY3/1995 FY3/1996 FY3/1997 FY3/1998 FY3/1999 FY3/2000 FY3/2001 FY3/2002 FY3/2003 FY3/2004 FY3/2005 FY3/2006 FY3/2007 FY3/2008 (Forecast) Student pass 150, , , , , , , , , , , , , , , , , , ,883 Business pass 449, , , , , , , , , , , , , , , , , , ,743 Coupon ticket 29,742 32,699 34,893 37,620 41,135 43,819 46,307 52,295 53,120 56,430 58,620 54,520 45,539 42,199 40,902 42,277 43,120 43,823 37,141 Ordinary ticket 305, , , , , , , , , , , , , , , , , , ,676

7 ransportation Large-scale improvement projects of railway; change to quadruple tracking and the raised line crossings Meguro Construction July 2006: Construction of overhead crossings completed between Meguro and Senzoku. line Project September 2006: Express operations started between Meguro and Musashi kosugi. <Musashi koyama sta.> (Present) (After Completion) DOWN UP Construct 2 platforms with 4 tracks. conversion to underground operation Toyoko line <Motosumiyoshi sta.> Construction Project (Toyoko line) (Meguro line) (Toyoko line) Detail of construction between Musashi kosugi and Hiyoshi September 2006: Construction of overhead crossing was completed. June, 2008 Plan: Construction of quadruple tracking will be completed. June.2008 Plan: Meguro Line operations to be extended to Hiyoshi (using Toyoko Line tracks). The Yokohama municipal subway No.4(Green Line) is planned to be started in FY2007 and connected to Tokyu line in Hiyoshi station. 5

8 Transportation Mutual Direct Train Service between Toyoko Line and Minatomirai Line Shin Yokohama JR Shinkansen Nakameguro Jiyugaoka Denenchofu Musashi Kosugi JR Yamanote Line To Shinjuku Tokyu Toyoko Line Tamagawa Kikuna JR Line Higashi Hakuraku Tokyo Metro Fukutoshin Line Shibuya Tokyo Metro Hibiya Line Tokyu Oimachi Line Tokyu Meguro Line Tokyu Tamagawa JR Line Line Significance of Mutual Direct Train Service Increased importance of Toyoko Line. Vitalize downtown Yokohama by increasing accessibility to central Tokyo. Create a major route among Ikebukuro, Shinjuku, Shibuya, and Yokohama upon completion of the service between Toyoko Line and Tokyo Metro Fukutoshin Line. Collaboration within Tokyu Group facilities. Increase value of commercial complex and office building in Queens Square above the Minatomirai Station. Construction for Mutual Direct Train Service Section: Section: Higashihakuraku Higashihakuraku Sta. Sta. Yokohama Yokohama Sta., Sta., 2.0km 2.0km (Tokyu s own section Description: Transfer of railroad track to the underground rails Period: Started in Jul Complete in FY2007. Cost: 23.0 billion yen (invested by Tokyu Corp.) JR Line Keikyu Line Sotetsu-line Sakuragi-cho JR Line Yokohama Minatomirai Yokohama Municipal Subway Minatomirai Line (Yokohama Minatomirai railway company) Motomachi - China Town Inauguration Date: February 1st 2004 Use of area along the discontinued railroad on Toyoko Line (plan) Redevelop 500 m long track area from Yokohama Sta. toward Higashi Hakuraku the rest of the area will be redeveloped by Yokohama City 6

9 Transportation Improvement construction in Toyoko Line from Shibuya to Yokohama Wako-shi Seibu Ikebukuro Line Tobu Tojo Line Nerima Shinjuku Tokyo Metro Yurakucho Line Ikebukuro Tokyo Metro Fukutoshin Line Shibuya Change in the Railway Business Environment Customer acquisition over a wide area and Access to Growth Areas will become more important. Mature society caused by increased proportion of aging population and slow growth of population Metropolitan structure change due to growth of Shinjuku subcenter and Yokohama Increased competition with JR Shonan Shinjuku Line and quadrupled Odakyu Line Point of Mutual direct train service with Tokyo Metro Fukutoshin Line The increased importance of Toyoko Line. Forming a part of the Axes connecting Yokohama and subcenter in Tokyo, the Toyoko line enhances its presence in the wide area railroad network in Tokyo Practical use of the track space on the ground after the completion of underground Toyoko Line Redevelopment of Shibuya Sta. will increase attractiveness of Shibuya Area. Toyoko Line Yokohama Minatomirai Line Motomachi - China Town Construction for Mutual direct train service operation and Improvement Section: from Shibuya station to Yokohama station Description: - Transfer railroad track to the underground rails from Shibuya sta. to Daikanyama sta. - Limited express and Express are to be 10-car trains and extend the tracks of every station for 10-car. - New-building and remodel of railway vehicles. Term: May 2002 to March 2015 (plan) Cost: billion yen Inauguration of Mutual direct train service with Tokyo Metro Fukutoshin Line FY2012 (plan) 7

10 8 Transportation Mutual Direct Train Service between Tokyu Line and Sotetsu Line Significance of Mutual Direct Train Service <Improving accessibility> Western Yokohama City and Central Kanagawa Pref. Central Tokyo Western Yokohama City and Central Kanagawa Pref. Shin Yokohama sta. of Shinkansen Toyoko Line and Meguro Line of Tokyu. Area Sotetsu LineNishiyaYokohama HazawaShin YokohamaHiyoshi Toyoko Line JR Line Ratio of initial burden cost, based on Law for promoting Convenience Urban Railways, etc. National Government Local Government Each entity will pay Japan Railway Construction, Transport and Technology Agency one-third of the cost Inauguration: April 2019 Connecting line from Yokohama Hazawa of JR Line to Hiyoshiof TokyuToyoko Line Connecting line from Nishiya of Sotetsu Line to Yokohama Hazawa of JR Line NISHIYA SHIN YOKOHAMA TSUNASHIMA ODAKYU ODAWARA LINE SHINJUKU SHIBUYA TOKYU TOYOKO LINE DEN-EN CHOFU HIYOSHI JR YAMANOTE LINE TOKYU MEGURO LINE YOKOHAMA HAZAWA MEGURO OSAKI JR YOKOSUKA LINE JR TOKAIDO LINE JR TOKAIDO KAMOTSU LINE TOKYO SHIMBASHI SHINAGAWA SOTETSU HONSEN FUTAMATAGAWA YOKOHAMA EBINA SHONAN DAI SOTETSU IZUMINO LINE Outline of Mutual Direct Train Service

11 ransportation Nishi - takashimadaira Wako-shi Tokyu Lines Other Lines connected to Tokyu Lines directly New Lines Planned to Connect with Tokyu Lines Akabane Kotakemukaihara Nerima Ikebukuro Akabane-iwabuchi Kita - Senju Master plan regarding the development of transportation network of the rapid transit railway in the Greater Tokyo (Council for Transport Policy reply No. 18) Oshiage Shinjuku Tokyo Shibuya Shirokane-takanawa Meguro Osaki Futako-tamagawa Shin-yurigaoka Oimachi Den-en-chofu Miyamaedaira Tamagawa Azamino Kodomonokuni Motosumiyoshi Keikyu-kamata Hiyoshi Kamata Otorii Haneda Airport Nagatsuta Okurayama Kawasaki Shin-Yokohama Nakayama Tsurumi Chuo-rinkan Futamatagawa Yokohama Motomachi-Chinatown Higashi-totsuka Negishi Kami-ooka A1 A2 B Line Yokohama Line No.4 Yokohama Line No.3 Section Hiyoshi Takatacho Nakayama ( projected to inaugurate in FY2007 ) Tokyo Line No.13 Ikebukuro Shinjuku-sanchome Shibuya (Tokyo Metro Fukutoshin ( projected to inaugurate on Jun ) Line) Kawasaki Cross Shin-yurigaoka Miyamaedaira Country Rapid Transit Motosumiyoshi Kawasaki (Tentative Name) Kanagawa Eastern Direction Line Futamatagawa Shin-yokohama Okurayama (Tentative Name) Yokohama City Loop Line (Tentative Name) Short Line Connecting Keikyu Haneda Airport Line and TokyuTamagawa Line Ward Area Loop Line Public Transport (Tentative Name) Azamino Susukino vicinity 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 Otorii Keikyu-kamata Kamata (Tokyu) Kasai-rinkaikoen Akabane Den-en-chofu Direction of Haneda-Airport Line most likely to be inaugurated by year 2015 (A1) Line to be under construction by year 2015 (A2) Line to be studied in the future (B) By connecting a new route to Tokyu Lines, the network expands and convenience improves Map: Created by Tokyu Research Institute based on [Council for Transport Policy reply No. 18 ( Jan. 2000) <Railway Statistics 2003 ( Suji de miru Tetsudo 2003 )>edited by MLIT and published by Institution For Transport Policy Studies] and [ PAREA-Town, data 9

12 Real Estate Major Leased Buildings of Tokyu Group Sangen-jaya Shibuya Meguro Tokyo Futako-tamagawa Jiyugaoka Oimachi Shibuya Mark City (Opened in April 2000) Carrot Tower (Opened in Nov. 1996) Nagatsuta Chuo-rinkan Tama Garden City Tama-plaza Kamata Kawasaki Haneda Airport Tokyu Line Minatomirai Line Shinkansen Line JR Yamanote Line, Tokaido Line Yokohama Map: created by TOKYU RESEARCH INSTITUTE, INC. based on PAREA-Town, the database of Kokusai Kogyo Co., Ltd. Queen s Square Yokohama (Opened in July 1997) JR Tokyu Meguro Building (Opened in April 2002) Name of Building Business Owner Location Carrot Tower (Redevelopment Project) Setagaya-ku, Tokyo Queen s Square Yokohama (Joint Project) Mitsubishi Estate JGC Corp. Yokohama City T R Y 90 Business Association (7 parties included Tokyu Corp.) Nishi-ku, Yokohama Shibuya Mark City (Joint project) Tokyo Metro Tokyu Corp. Keio Corp. Shibuya-ku, Tokyo JR Tokyu Meguro Building (Joint Project) East Japan Railway Tokyu Corp. Shinagawa-ku, Tokyo Date of Starting Construction October, 1992 February, 1994 April, 1994 March, 2000 Opening Date November, 1996 July, 1997 April, 2000 April, 2002 Use Offices, Shops, Other facilities Offices, Hotel,Shops Offices, Hotel, Shops Offices, Shops, Other facilities Building Area Approx. 77,000sqm Approx. 495,000sqm Approx. 139,000sqm Approx. 52,000sqm Structure Scale Invested by Tokyu Corp. (Construction Cost) 27 floors and 5 basement floors Approx. 6.0 billion yen (Floor acquisition cost etc.) Tower A : 36 floors and 5 basement floors Tower B : 28 floors and 5 basement floors Tower C : 21 floors and 5 basement floors Commercial Section : 6 floors and 3 basement floors Hotel Section : 25 floors and 3 basement floors --- East : 25 floors and 2 basement floors West : 23 floors and 1 basement floor Approx billion yen 17 floors and 4 basement floors Approx. 9.0 billion yen 10

13 Real Estate Major Facilities Relating to Tokyu Group at Shibuya < ONE-OH-NINE > Owner: Outside the Group Type: Specialty Stores Scale: 10 floors, 2 basement floors < cocoti > Owner: Tokyu REIT,INC. PM: Tokyu Corp. Type: Specialty Stores Scale: 12 floors, 2 basement floors < Bunkamura > Owner: Tokyu Corp Type: Cultural Facility Scale: 7 floors,2 basement floors < Q_FRONT > Owner: Tokyu REIT,INC. PM: Tokyu Corp. Type: Specialty Stores Scale: 8 floors, 3 basement floors < Tokyu Department Store (Head Store) > Owner: Tokyu Dept. Store Co.,Ltd Type: Department Store Scale: 9 floors, 3 basement floors < Shibuya 109-> Owner: Tokyu Corp. Type: Specialty Stores Scale: 9 floors, 3 basement floors < SHIBUYA 109 > Owner: Tokyu Malls Development Type: Specialty Stores Scale: 8 floors,2 basement floors < Shibuya Higashiguchi Building > Owner: Partially Tokyu Corp. Type: Office Scale: 11 floors, 5 basement floors < Shibuya Mark City > Owner: Tokyu Corp.,Keio Electric Railway Co.,Ltd and Tokyo Metro Co.,Ltd Type: Office and Hotel Scale: 25 floors, 2 basement floors < Tokyu Sakuragaoka-cho Building > Owner: Tokyu REIT,INC. PM: Tokyu Corp. Type: Office Scale: 9 floors, 2 basement floors < Tokyu Nampeidai-cho Building > Owner: Tokyu REIT,INC. PM: Tokyu Corp. Type: Office Scale: 5 floors, 2 basement floors < Cerulean Tower > Owner: Outside the Group PM: Tokyu Corp. Type: Office and Hotel Scale: 41 floors, 6 basement floors Shibuya Station Metropolitan EXP. way NO.3 Route 246 < Tokyu Dept. Store (Toyoko Store) > Owner: Tokyu Corp Type: Department Store Scale: 11 floors, 2 basement floors Tokyu Toyoko Line JR Yamanote Line JR Saikyo Line 11

14 Real Estate Type-1 Urban Area Redevelopment Project of Futako-tamagawa East District Summary of project plan Operating body Area No. I-a -b -b Lot area Buildings Approx. 2,950 Approx. 17,000 Shops Approx. Approx. Shops, Offices, Parking 13, ,900and Bicycle parking Approx. 3,470 Gross floor space Approx. Shops, Residences 9,100and Parking Approx. Approx. Shops, Residences 25, ,300and Parking Main purposes Height Memo Approx. 46m Commercial Approx. 46m Office Approx. 82m Approx.14m Law-rise Approx.11m Approx.25m High-rise Approx.102m Approx.150m Approx. 1,000 houses Urban Area Redevelopment Union of Futako-tamagawa East District Schedule FY2007: Construction will start. FY2010: Construction will be completed. FY2011: Association dissolution plan. Gross floor space by purpose Area I Futako-tamagawa sta. Area II-b Area II Second period Redevelopment area -Residences: approx.114,300 -Offices: approx. 30,000 -Shops: approx. 79,700 - Parking, etc.: approx. 42,300 approx. 266,300 Area III Area I-a (Shops) Area I-b (Shops and Offices) Area III (Residences) 12

15 Real estate Area Redevelopment around Tama-Plaza sta. We redevelop the area around the station through building commercial facilities, we expect the whole area will be activated. Concept Planned Area Planned area Area of district plan Gate Plaza North Plaza Tokyu Den-en toshi Line Tama Plaza Tokyu S.C. Tama Plaza sta. Life Style Community Center - Neighborhood can actualize their life style here - South Plaza To Shibuya Aspect of commercial facilities To Chuo-rinkan Schedule November 2005: Construction was started. January 2007: October 2007: South plaza was opened. Gate plaza will be opened. 2009: Gate plaza will be opened. 2010: Grand Open (Gate plaza, North plaza a Renewal) <Summary> Area: approx. 51,000sqm floor area: approx. 179,000sqm Law-rise shopping complex Restaurants and Retail stores which support consumers to actualize their life style. Number of stores: approx. 120 Area: approx.60,000sqm Construct City functions around the station Station square and Parking, etc. Support to actualize customers lifestyle and develop local communities Sports gym, Culture school, Squares and Display spaces, etc. 13

16 Real Estate Nagata-cho 2chome project Plan to build a complex building consisted of hotel and offices at the area of former Capitol Tokyu Hotel Summary of project Area: Approx. 7,900sqm Hotel Hotel Structure scale: 29 floors and 4 basement floors building area: Approx. 87,000sqm Residence Residence Area by use: HIE-Shrine Office Hotel and related facilities Office Hotel and related facilities: Offices: Residence: Parking etc.: Approx. 38,000sqm Approx. 31,000sqm Approx. 3,000sqm Approx. 15,000sqm Hotel and related facilities Subway Hotel Hotel and related facilities Parking lots and machinery Schedule November 2006: Capitol Tokyu Hotel was closed. 2010: Planned to be open 14

17 16 Real Estate Redevelopment of Shibuya Station (Status of station property ownership) Cerulean Tower Q_FRONT Den-en-toshi Line Shibuya Station JR Tokyu 5,725 3,273 Shibuya Mark City Tokyu 4,394 Tokyo Metro Tokyu Plaza Station property ownership Tokyu 7,667 (52%) JR East 6,665 (45%) Tokyo Metro 445 ( 3%) 14,777 New Shibuya Station On Toyoko Line JR Tokyu 6,056 Around the Site of Tokyu Bunka Kaikan 9,640 Passage Garden Shibuya Higashiguchi Building FY 2012 Mutual direct train service between Toyoko Line and Tokyo Metro Fukutoshin Line to be inaugurated

18 Retail Grandberry Mall <Outline of Grandberry Mall> Location Tsuruma, Machida-shi, Tokyo (Minami-machida station on Den-en toshi Line) Area Floor space Zone Parking Number of shops Opening Date (Billions of yen) First FY 14.4 FY3/ FY3/ FY3/ FY3/2005 Approx. 87,000 Approx. 52,000 Freshberry Market, Homelife Garden, Outlet Shops and Oasis square Approx. 1,400 spaces 96 shops April 21, 2000 Project Cost Approx. 7.2 billion yen <Main measures> Issuance of Grandberry Mall card >>To attract customers mainly in Tokyu Area Replacement of tenant >> To improve customer satisfaction <New zone; Cinema Complex etc.> Outline Floor space Approx. 20,400 4 stories and steal framed building [Ground floor] Shops (approx. 3,000) [2nd and 3rd floor] Cinema Complex [4th floor and roof] Parking (257spaces) Opening Date March 2006 <Number of passengers at Minami-machida station> <History of Sales> 16.7 FY3/ FY3/2007 <Age structure of customers> (Investigated at Sep.2006) % 13% 32% 16% 31% (person) 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 (Average a day) FY3/2000 FY3/2001 FY3/2002 FY3/2003 FY3/2004 FY3/2005 FY3/2006 FY3/2007 commuter 9,097 10,726 12,186 13,183 14,311 15,398 16,374 17,074 non-commuter 4,264 8,765 9,576 9,880 10,811 11,404 11,596 13,446 16

19 17 Retail Commercial Facilities of Tokyu Group < Speciality Stores Shopping Centers > Rentable area <Department Store> < Supermarkets > (As of September 30, 2007) Tokyu Dept. Store Department area Tokyu Store Store area Store area Sapporo Tokyu Store Store area < DIY > < Shops > Shibuya Mark City 7,632*1 Head Store 35,637 Aoyama 1,215 Tana 1,325 Gyokeidori 2,224 Tokyu Hands Tokyu Jumbo Queens Square Yokohama [ at!] 11,580 Toyoko 35,675 Ayase 1,982 Tsurumi sakaemachi 976 Toyohira 3,200 Shibuya Shibuya Nishiguchi Tama Plaza Tokyu S.C. 5,684*2 Kichijoji 31,731 Asagaya 994 Fujigaoka 1,897 Hokuei 1,692 Shinjuku Shibuya Higashiguchi Aobadai Tokyu Square 25,975 Machida Tokyu Twins *4 33,136 Ichinoe 1,664 Koganehara 1,697 Hiragishi terminal 2,226 Ikebukuro Miyazakidai Hachioji Tokyu Square 10,198 Sapporo 30,084 SSC Musashi koganei 1,462 Toke ekimae 1,495 Nango 13chome 976 Kitasenju Miyamaedaira Tokyu Square Garden-Site 4,313 Tama-Plaza 23,480 Ebara nakanobu 711 Fusa 1,618 Nango 7chome 541 Yokohama Saginuma Grandberry Mall 31,885 Kohoku 19,235 Ookayama 996 Honda 1,173 Jieitai ekimae 2,833 Kawasaki Eda AZAMINO MIKITEI 3,029 Hiyoshi 13,967 Kamata 4,059 Ageo 1,944 Heiwa 800 Machida Chuorinkan Tama Plaza Terrace 5,555 Food Patio Re Ci Pe Aobadai 3,163 Gakugeidaigaku 1,473 Kitakoshigaya 1,911 Prom Yamahana 2,480 Shinsaibashi Den-en-chofu SHIBUYA 109 7,183 Queen's East 17,976 Kamiikedai 1,085 Komamusashidai 699 Hiraoka 4,021 Esaka Kamata 109-3,455 NaganoTokyu 22,707 Karakida 1,144 Izukogen 383 Shin-ei 2,314 Sannomiya Syashin-yume-kobo Yokohama ONE-OH-NINE 6,238 Kitami Tokyu *5 15,721 Koenji 696 Kawana 469 Fujino 2,132 Nagoya ( FC ) Aoyama Media Kobo Kohoku Tokyu S.C. 29,322*3 12 stores 282,512 Shimizudai 867 Kinshicho 3,979 Nishisen 6jo 1,467 Nagoya Annex ( FC ) 11 Stores KOHRINBO 109 6,370 Shirokanedai 735 Ichigao 1,377 Miyanomori 841 Hiroshima 109 MACHIDA 4,641 *4 Open on October5, 2007 Senzoku 891 Lalaport Kashiwanoha 2,086 Kitahiroshima 3,851 Sapporo ranking ranqueen SHIBUYA 109 DREAMS in Shizuoka 913 *5Close on October31,2007 Tadao 1, stores 99,819 Fukui 885 Lalaport Toyosu Shibuya Q-FRONT Tachikawa-eki minamiguchi 1,277 Ainosato 4,761 Lalaport Yokohama Shinjyuku La Place de Minami-Aoyama Toritsudaigaku 1,563 Tokyu Store ( GMS ) Store area Aso 4,984 Omiya Jiyugaoka Akasaka Tokyu Plaza Tsukushino 2,811 Akiruno 15,753 Maruyama 2,982 Kashiwa Tokyu Den-en-toshi line Azamino GLASSAREA AOYAMA Nagahara 1,727 Gotanda 3,188 Makomanai 1,078 Ginza Ootemachi Colmn Minamiaoyama (Shimane Inn Aoyama) Nakameguro 1,980 Omori 2,721 Oyachi 3,422 Homeyroomy Funabashi Fukuoka-Tenjin Shibuya Tokyu Plaza Nishitachikawa 685 Jiyugaoka 5,268 Shiroishi Terminal 877 Out-parts Funabashi Kitasenju BEAM Nerima nakamurabashi 863 Nakano 1,399 Sapporo Factory 1,292 Natulabo Ikebukuro Shinjuku Mylord-Mosaic dori Daikanyama Place Higashi nagasaki 1,438 Chofu 5, Stores 51,879 Natulabo Sengawa Jiyugaoka Minamiguchi Sun Rose Daikanyama Palm Musashi koyama 991 Kanamachi 4,960 Natulabo out-partsmarunouchi Hamamatsu Up-On Jiyugaoka Tokyu Plaza Fudomae 598 Sangenjaya 4,496 Dinner Bell HANDS SELECT BATH&KITCHEN AOBADAI 10 Stores Setagaya Business Square Magome 789 Takashimadaira 3,374 Kaminopporo Stores Kamata Tokyu Plaza Q s MARKET Machida 1,650 Syonan 13,116 Susukinominami 7jo 489 Family Mart Kamata Tokyu Plaza Annex Mitaka 532 Chuorinkan 11,492 Shindo nishi 449 Seibushinjuku ekimae Fujisawa Tokyu Plaza Mitaka Center 1,451 Nakayama 10,636 Hokudaimae 433 Shibuya sakuragaoka Gento Yokohama Musashi koyama 929 Saginuma 10,045 Mikaho 780 Nakano chuo 4chome Asumigaoka Birds Mall Meguro 1,120 Isehara 6,892 Kanjohigashi ekimae 808 Nishi azabu 1chome Minoo Market Park Visola Yukigaya 1,572 Susukino 5,789 6 Stores 3,452 Akabane eki higashiguchi Esaka Tokyu Building Yaguchi 537 Sugita 2,659 Ebaranakanobu ekimae Tokyu Live Plaza [Boomin] Yutenji 1,250 Kamakura 5,612 Super Market 129 stores 315,870 Nakanobu 2chome Yutani Tokyu Building Azamino 2,230 Toke-asumigaoka 12,355 Kinuta shiroyamadori Tokyu Plaza [O'ts] Tokyu seisenplaza Okurayama 430 Toride 12,318 Tamachi eki nishiguchi Esaka Tokyu Building II-bankan Kanazawa seaside 2,493 Shimoda 4,552 Mita station building ax building Kajigaya 1,339 Kabe 9,685 Den-en-chofu 2chome Unagidani Square Kikuna 2, Stores 151,724 Higashitotsuka eki nishiguchi Seoki Tokyu Building Shirane 1,354 Kaminagaya L-Wing Minax Tokyu Plaza Shinmaruko 1,406 Precce Kabukicho koubanmae Stones Tsunashima 998 Den-en-chofu Stores Elbosk1 Tsunashima-ekimae 471 Futakotamagawa(Temporary) 804 Elbosk2 Negishi 1,830 Minamimachida 2,080 am/pm Grand Gate Takarazuka Hashimoto 4,229 Nakameguro 1,251 Tokyu minamimachida ekimae Iwaki Tokyu Building (Kitano Center Point) Higashitotsuka-eki nishiguchi 630 Meguro 1,202 Shibuya yahatabashi Tokyu Plaza [Boomin Kitano] Higashirinkan 2,535 Nihonbashi 622 Tamagawa eki Toaroad Square Mizonokuchi 1,050 Utsukushigaoka 1,023 Suzukakedai eki METS OZONE Miyamaedaira 1,629 Premium-TokyoMidtown 1,065 Eda eki LA VAMO SASASHIMA Miyazakidai Stores 8,996 Shinagawa Futaba 2chome PLAZA109 (Sappro Tokyu Plaza) Musashi kosugi 809 Kasumigaseki government Office Complex Vispo Yokosuka Yokohama chikagai 1,561 Kasumigaseki building 53 Stores Yokodai 1,721 Setagaya Business Square Tachibanadai 981 9Stores Eda 905 The properties accounted in the segments of *1 floor space of commercial area consolidation LAWSON + toks (Ratio of Tokyu owned: 35.82%) Nagatsuta Retail Business *2 Only SC excluding Dept, Store Ookayama *3 area of SC only Real Estate Business 2Stores TSUTAYA Hatanodai Futakotamagawa ekimae Miyazakidai ekimae 3Stores

20 Retail Major Commercial Facilities along Tokyu Railways Tokyu Dept. Shibuya Head Store Shibuya Tokyo Tokyu Dept. Shibuya Toyoko Store SHIBUYA ONE OH NINE Q_FRONT cocoti at Shibuya Tama Plaza Tokyu S.C. Tokyu Dept. Tama-Plaza Store Tama-Plaza TERRACE at Tama-Plaza Oimachi Machida Tokyu Twins 109MACHIDA at Machida Aobadai Tokyu Square at Aobadai Tama Garden City Trainchi at Jiyugaoka AZAMINO MIKITEI at Azamino Tokyu Square Garden-Site at Den-en-chofu Kamata Haneda Airport Tokyu Dept.Hiyoshi Store at Hiyoshi Chuo-Rinkan Kohoku Tokyu Dept. S.C. at Center-Minami Tokyu Line Minatomirai Line Yokohama Municipal Subway Tokaido Shinkansen JR Line Grandberry Mall at Minamimachida Yokohama Minatomirai Line Queen s Square YOKOHAMA at! QUEEN S EAST at Minatomirai Map drew up by Tokyu Research Institute,inc based on PAREA-Town, the database of Kokusai Kogyo Co., Ltd. 18

21 Leisure and Services Leisure Facilities of Tokyu Group ( As of September 30, 200 ) Golf Courses Sports Facilities Movie Theatres Name Management Company Name Management Company Name Management Company Tokyu Seven Hundred Club Tokyu Seven Hundred Club Atrio Azamino Shinjuku Mirano 1 Five Hundred Club Five Hundred Club Atrio Due Himonya Shinjuku Mirano 2 (wholly owned subsidiary Shirahama Beach Golf Club *1 Shirahama Beach Golf Club Atrio Due Tama Plaza Tokyu Sports System Shinjuku Mirano 3 of Tokyu Corporation) Grand Oak Golf Club Grand Oak Golf Club Fitness & Aquwa Atrio Due Aobadai *3 Cinema Square Tokyu (Wholly owned Yufukogen Golf Club Yufukogen Fit Club Japan Shibuya Tokyu subsidiaries of Emerald Coast Golf Links Miyakokankokaihatsu Tokyu Sports Oasis Shinjuku Shibuya TOEI-2 Tokyu Corporation) Tokyu Kenzan Sports Garden *2 Tokyu Sports Oasis Aoyama IkebukuroTokyu Tokyu Sports System Tokyu Golf Park Tamagawa*2 Tokyu Sports Oasis Akasaka UenoTokyu Yokkaichi Tokyu Golf Club TC Properties Tokyu Sports Oasis Tamagawa UenoTokyu 2 The Francis H.I'i Brown Golf Course Mauna Lani Resort, Inc. Tokyu Sports Oasis Musashikosugi 109 Cinemas Kohoku Three Hundred Club Three Hundred Club Co., Ltd. Tokyu Sports Oasis Kawaguchi 109 Cinemas Kiba Niseko Tokyu Golf Course Tokyu Sports Oasis Urawa 109 Cinemas Takasaki Tokyu Recreation Co.,Ltd. Madarao Tokyu Golf Club Tokyu Sports Oasis Hon-atsugi 109 Cinemas Meiwa Mochizuki Tokyu Golf Club Tokyu Sports Oasis Seiroka-Garden 109 Cinemas Tomiya Tateshina Tokyu Golf Course Tokyu Sports Oasis Musashi Koganei 109 Cinemas Minoh Tsukuba Tokyu Golf Club Tokyu Sports Oasis Esaka 109 Cinemas Yokkaichi Omigawa Tokyu Golf Club Tokyu Sports Oasis Ibaraki 109 Cinemas MM-Yokohama Kiminomori Golf Club Tokyu Sports Oasis Umeda 109 Cinemas Nagoya Katsuura Tokyu Golf Course Tokyu Sports Oasis Shinsaibashi 109 Cinemas Sano Tokyu Land Corporation Amagi Kogen Golf Course Tokyu Sports Oasis Takarazuka 109 Cinemas HAT Kobe Arita Tokyu Golf Club Tokyu Sports Oasis Club West 109 Cinemas Grandberry Mall Oita Tokyu Golf Club Tokyu Land Corporation Tokyu Sports Oasis Sumiyoshi Movil Aso Tokyu Golf Club Tokyu Sports Oasis Abeno 109 Cinemas Kwasai Nasu Kokusai Country Club Tokyu Sports Oasis Sannomiya 109 Cinemas Saga Ohtakijo Golf Club Tokyu Sports Oasis Tennoji Bunkamura LeCinema 1.2 Tokyu Bunkamura Inc. Tsurumai Country Club Tokyu Sports Oasis Hiroshima 25 Facilities Sashima Country Club Tokyu Sports Oasis Kanamachi Yokawa Country Club Tokyu Sports Oasis Alfe Bowling Alleys Kaho Country Club Tokyu Sports Oasis Jujo Name Management Company Shibayama Golf Club Tokyu Sports Oasis Minami-Osawa Shinjuku Milano Bowl Kansai Country Club Tokyu Sports Oasis Yokosuka Shonan Tokyu Bowl Mikiyokawa Country Club Tokyu Sports Oasis Kohoku Kohoku Tokyu Bowl Tokyu Recreation Co., Ltd. 32 Facilities Tokyu Sports Oasis Tsurugaoka *4 Kasai Tokyu Bowl Tokyu Fitness Club AXIA Toride Tokyu Recreation Co., Ltd Asumigaoka Tokyu Bowl *1 business transfer November 30, 2007 Amusement Square Tokyu Tesoro Nagano Tokyu Department Store Co., Ltd. 5 Facilities *2 Short Course 35 Facilities *3 Open on April,2008 Other Sports Facilities Ski Sites Open on November 1,2007 Name Management Company Name Management Company Atrio Azamino Swimming Club Happo One Ski Sites Tennis Courts (Excluding accommodations with tennis courts) Tokyu Swimming School Tamagawa Hakuba Iwatake Ski Sites Tokyu Hakuba Corporation Name Management Company Swim&Aqua Atorio Due Tama Plaza (wholly owned Tsugaike Kogen Ski Sites Den-en Tennis Club Adidas Futsal Park Shibuya Tokyu Sports System subsidiary of (wholly owned subsidiary Hare Ski Resort Ueda Kotsu Corporation Tokyu Kenzan Sports Garden Tokyu Sports System Adidas Futsal Park Yokohama Kanazawa Tokyu Corporation) of Tokyu Corporation) Gran Deco Snow Resort JUNO Tennis Dome KENZAN Adidas Futsal Park Kenzan Tangram Ski Circus Futako-Tamagawaen Tokyu Sports Garden S Ing Himonya Tambara Ski Park Tokyu Sports Oasis Sumiyoshi Football Community Koshigaya Tateshina Tokyu Ski Area Katsuura Tokyu Sunny Park Football Community Mihama Tokyu Land Corporation Ski jam Katsuyama Hakone Myojindai Sunny Park Football Community Sakura Tokyu Land Corporation Niseko Grand Hirafu Hamanako Tokyu Sunny Park Football Community Nagoya Hunter Mt.Shiobara Amagi Kogen Family Park Football Community Noda Tokyu Recreation Co., Ltd. Mt.JEANS Ski Resort Nasu Tambara Lavender Park Football Community Makuhari 12 Facilities Tateshina Tokyu Tennis Club Football Community Matsudo Yabashira 11 Facilities The properties accounted in the segments of consolidation Sports Community Hamano Sports Community Hamano 15 Facilities Leisure-Service Business Transportation Business 19

22 Leisure and Services its communications Inc. Provide One-stop service - CATV, Internet Service and Primary phone. Shareholders < Tokyu 82.64% / TEPCO 10.00%/ SONY 5.00% / Tokyu Store 0.79% Financial Summary Operating Revenue Operating Profit Recurring profit Net Income / Tokyu Recreation 0.79% / Tokyu Agency 0.79% > (Thousand of yen) FY3/2008 FY3/1999 FY3/2000 FY3/2001 FY3/2002 FY3/2003 FY3/2004 FY3/2005 FY3/2006 FY3/2007 Interim 6,112,269 7,853,756 8,886,126 9,427,963 11,222,012 12,178,572 12,952,452 64, , , , ,354 17, ,075 88, , ,778 83, ,128 46, , , , ,087 71, , , ,326 13,712, , , ,923 14,014,829 1,148,773 1,136, ,319 7,148, , , ,684 Depreciation and amortization cost 1,490,616 1,669,214 1,885,705 1,936,105 2,103,865 2,197,008 2,007,338 1,781,111 1,836, ,700 Basic data FY3/1999 FY3/2000 FY3/2001 FY3/2002 *FY3/2003 FY3/2004 FY3/2005 FY3/2006 (Number of households) FY3/2007 FY3/2008 Interim Number of households in area 880, , , , ,000 1,043,000 1,079,000 1,079,000 1,126,000 1,126,000 itscom TV (broadcast business) Net increase 42,515 35,230 38,213 43,666 39,373 52,135 37,898 34,651 11,620 Number of Household Connected Accumulated 211, , , , , , , , , ,709 Multi-channel Net increase 8,321 7,896 12,402 10,898 7,136 13,633 11,203 9,600 3,462 Number of Household Connected Accumulated 59,476 67,372 79,774 90,672 97, , , , , ,434 Retransmitting Net increase 34,194 27,334 25,811 32,768 32,237 38,502 26,695 25,051 8,158 Number of Household Connected Accumulated 152, , , , , , , , , ,275 itscom.net (communication business) Net increase 5,359 11,585 21,648 22,222 36,293 4,173 7,477 3,590 3,190 Number of Household Connected Accumulated 5,359 16,944 38,592 60,814 97, , , , , ,205 itscom.phone (IP phone business) Net increase 321 1,016 1,521 1,007 4,653 Number of Household Connected Accumulated 321 1,337 2,858 3,865 8,518 * The number of connected households had been counted based on the application forms before FY3/

23 Hotels Hotels of Tokyu Group ( As of September30, 2007 ) TOKYU HOTELS Tokyu Harvest Big Week TOKYU HOTEL TOKYU INN (Resort hotels with membership system) (Time-share resort hotels) Name No. of Rooms No. of Rooms Name No. of Rooms Name No. of Rooms Cerulean Tower Tokyu Hotel 411 Kitami Tokyu Inn 127 Kinugawa 150 Big Week Kyoto 21 Pan Pacific Yokohama Bay Hotel Tokyu 480 Kushiro Tokyu Inn 150 Katsuura 98 Big Week Karuizawa 30 Tokyo Bay Hotel Tokyu 703 Obihiro Tokyu Inn 171 Yamanakako Mt.Fuji 100 Big Week Tateshina 31 Numazu Tokyu Hotel 136 Sapporo Tokyu Inn 575 Trust Hakone Myojindai 39 Big Week Izukogen 26 Nagoya Tokyu Hotel 562 Sakata Tokyu Inn 94 Amagikogen 120 Big Week Hakonegora 30 Kyoto Tokyu Hotel 432 Fukushima Tokyu Inn 118 Ito 170 Bib Week Izu Imaihama 5 Kagoshima Tokyu Hotel 206 Iwaki Tokyu Inn 133 Kyu-Karuizawa 156 Big Week Kanazawa 6 7 properties 2,930 Niigata Tokyu Inn 309 Trust Karuizawa Mampei 22 Bib Week Nasu 8 EXCEL HOTEL TOKYU Ueda Tokyu Inn 133 Trust Karuizawakogen 100 properties 157 Sapporo Excel Hotel Tokyu 388 Matsumoto Tokyu Inn 160 Tateshina 90 Sendai Excel Hotel Tokyu 302 Shibuya Tokyu Inn 225 Tateshina Annex 55 Tokyu Stay Shibuya Excel Hotel Tokyu 408 Shimbashi Atagoyama Tokyu Inn 431 Tateshina Resort 20 (Business hotels for Iong stay) Akasaka Excel Hotel Tokyu 535 Omori Tokyu Inn 197 Madarao 94 Name No. of Rooms Yokohama Excel Hotel Tokyu 212 Kichijoji Tokyu Inn 234 Shizunami Kaigan 51 Tokyu Stay Shibuya Shin-Minamiguchi 150 Narita Excel Hotel Tokyu 708 Nagoya Sakae Tokyu Inn 297 Hamanako 120 Tokyu Stay Yotsuya 148 Toyama Excel Hotel Tokyu 210 Nagoya Marunouchi Tokyu Inn 187 Skijam Katsuyama 100 Tokyu Stay Nihombashi 123 Kanazawa Excel Hotel Tokyu 236 Wakayama Tokyu Inn 165 Nankitanabe 187 Tokyu Stay Shimbashi 63 Hakata Excel Hotel Tokyu 308 Osaka Tokyu Inn 402 Trust Kyoto Urban Stage 81 Tokyu Stay Shibuya 126 Haneda Excel Hotek Tokyu 387 Shin -Osaka Esaka Tokyu Inn 363 Hakone-koshien 151 Tokyu Stay Monzen-Nakacho properties 3,694 Kobe Tokyu Inn 235 Urabandai Gran Deco 30 Tokyu Stay Meguro Yutenji 69 TOKYU RESORT Matsue Tokyu Inn 181 Nasu 144 Tokyu Stay Yoga 79 Hotel Gran Deco 106 Hiroshima Tokyu Inn 225 Kyu-Karuizawa Annex 26 Tokyu Stay Gotanda 168 Tateshina Tokyu Resort 78 Shimonoseki Tokyu Inn properties 2,104 Tokyu Stay Higashi-Ginza 125 Hakuba Tokyu Hotel 102 Tokushima Tokyu Inn 138 Tokyu Stay Suidobashi 156 Imaihama Tokyu Resort 134 Takamastu Tokyu Inn properties 1,319 Shimoda Tokyu Hotel 115 Matsuyama Tokyu Inn 245 Miyakojima Tokyu Resort 248 Kokura Tokyu Inn 190 Other Accommodations 6 properties 783 Kumamoto Tokyu Inn 138 Name No. of Rooms Kagoshima Tokyu Inn 190 Hotel Izukyu properties 6,332 Le Nessa Akazawa properties 13,739 The properties accounted in the segments of Le Nessa Jougasaki 46 consolidation Amagi Kogen Lodge 17 Hotel Business Niseko Kogen Hotel 59 Niseko Alpen Hotel 130 Hotel Tangram 250 Real Estate Business Mauna Lani Bay Hotel & Bungalows 347 Club Capricorn 65 Shimane Inn Aoyama 48 Aobadai Forum 44 Ueda Stay properties 1,319 21

24 Others Outline of Employees History of the Number of Employees (Non-consolidated) Age Structure of Employees (Non-consolidated) (persons) 8,000 6,000 4,000 2,000 Others Railway business 7,520 7,272 7,055 6,782 6,569 6,132 5,856 5,525 5,087 4,936 4,814 4,684 4,580 4,445 4,241 3,871 Other businesses Temporary transferees (Excluding temporary transferees) 5,305 5,159 5,037 4,973 4,994 3,744 3,477 3,495 3,508 3,383 (years old) Employees Temporary transferees As of March 31, (persons) FY03/95 FY03/96 FY03/97 FY03/98 FY03/99 FY03/00 FY03/01 FY03/02 FY03/03 FY03/04 FY03/05 FY03/06 FY03/07 History of New Recruits (Non-consolidated) 55 (persons) 35, History of Number of Employee (Consolidated) (persons) ,000 25,000 20,000 15,000 10,000 5,000 28,732 27,171 27,672 31,320 25,082 27,439 24,962 24, Number of Consolidated Subsidiaries Including Tokyu FY03/2000 FY03/2001 FY03/2002 FY03/2003 FY03/2004 FY03/2005 FY03/2006 FY03/ FY03/96 FY03/97 FY03/98 FY03/99 FY03/00 FY03/01 FY03/02 FY03/03 FY03/04 FY03/05 FY03/06 FY03/07 22

25 Others Competitive Comparison of Shareholder s Structure (Tokyu Corporation) Individuals/ Major Private Railways (Excluded Tokyu) Individuals/ Tokyu Financial Institutions/Tokyu Financial institutions/ Major Private Railways (excluded Tokyu) Internationals/ Tokyu Internationals/ Major Private Railways (Excluded Tokyu) /1995 3/1996 3/1997 3/1998 3/1999 3/2000 3/2001 3/2002 3/2003 3/2004 3/2005 3/2006 3/2007 9/2007 Tokyu: Financial Institutions Tokyu: Internationals Tokyu: Individuals Major Private Railways: Financial Inst Major Private Railways: Internationals Major Private Railways: Individuals * Above one unit of shares * Major Private Railways are 13 companies excluding Tokyu Corp. since FY3/

26 Others Complimentary Ticket for Shareholders Detail of Complimentary ticket for shareholders Number of shares owned Type of complimentary tickets No. of sheets per shareholder As of Mar. 31, 2004 No. of share use *4 -holders As of Sep. 30, 2004 No. of share use *4 -holders As of Mar. 31, 2005 No. of share use *4 -holders As of Sep. 30, 2005 No. of share use *4 -holders As of Mar. 31, 2006 No. of share use *4 -holders As of Sep. 30, 2006 No. of share use *4 -holders As of Mar. 31, 2007 No. of share use *4 -holders As of Sep. 30, 2007 No. of share use *4 -holders Discount ticket of Tokyu Dept. Store (10% off) *1 10*5 Discount ticket of Tokyu Hotels More than (30% off regular room rate) 1,000 shares (uniformly) Invitation ticket of Bunkamura the museum * ,810 6,339 93,620 49,785 6,534 99,570 49,534 9,683 99,068 56,355 14, ,710 54,211 13, ,422 53,099 12, ,198 45,951 Counting 99,182 54,849 Counting 109,698 (plan) Invitation ticket of Goto Museum *3 2 2,980 93,620 3,546 99,570 3,480 99,068 6, ,710 3, ,422 3, ,198 Counting 99,182 Counting 109,698(plan) *1 Comptemporary ticket are distributed to shareholders who are recognized by "shareholders' list" and "actual shareholders' list" as of September 30, ( Distribute at every June and December) *2 The settlement of accounts for complimentary tickets calculate based on the price of advanced ticket of each event. (From 900 Yen to 1,400 Yen per ticket) *3 The amount of settlement accounts for actual use is uniformly 500 Yen per ticket. *4 use at the end of September count in next year June. And actual use at the end of March count in the same year December. *5 Complimentary ticket was partially changed at September 30, (Discount ticket of Tokyu Dept. : 5 10 tickets, Discount Ticket of Pan Pacific Hotels and Resorts wsa abolished) Number of shares owned Type of complimentary tickets No. of sheets per shareholder As of Mar. 31, 2004 No. of shareholders As of Sep. 30, 2004 No. of shareholders As of Mar. 31, 2005 No. of shareholders As of Sep. 30, 2005 No. of shareholders As of Mar. 31, 2006 No. of shareholders As of Sep. 30, 2006 No. of shareholders As of Mar. 31, 2007 No. of shareholders As of Sep. 30, 2007 No. of shareholders Complimentary tickets available for all 3,000 Tokyu railway line. (One entrainment 5,000 per ticket) 10 7,382 7,937 7,790 9,259 8,700 8,508 8,020 8,914 5,000 10,000 Same as the above 20 6,499 7,063 6,995 7,891 7,325 7,131 6,652 7,405 10,000 Same as the above 40 19,000 4,573 4,924 4,728 5,149 4,649 4,579 4,221 4,615 19,000 Same as the above 80 28,000 1,114 1,149 1,119 1,209 1,096 1, ,085 28,000 57,000 A complimentary commuter pass available for all Tokyu railway line Complimentary tickets available for all Tokyu railway line. (One entrainment per ticket) A complimentary commuter pass available for all Tokyu railway line and bus route. 57,000 Complimentary tickets available for all Tokyu railway line. (One entrainment per ticket) , , , , , , , , number of shareholders 75,270 77,449 78,436 98,369 94,075 91,747 86,773 90,461 24

27 *Forward-looking Statements All statements contained in this document other than historical facts are forward-looking statements representing the beliefs and assumptions of Tokyu Corporation based on information currently available. Tokyu Corporation wishes to caution readers that actual results may differ materially from expectations.