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Reference Data

November 18, 2005 Investors Meeting

Tokyu Corporation

(9005)

http://www.tokyu.co.jp/ Contents

◆ Tokyu Area ◇ Regional Map of Tokyu Area ・・・・・・1 ◇ Summary of Tokyu Area ・・・・・・2

◆ Transportation ◇ History of Revenues from Fares and Passenger Volume ・・・・・・3 Large-scale improvement project of railway; change to the quadruplle tracking ◇ ・・4 and the raised line crossings ◇ Mutual Direct Train Service between Toyoko Line and Minatomirai Line ・・・・・ 5 ◇ Improvement construction in Toyoko Line from Shibuya to Yokohama ・・・・・ 6 ◇ New Lines Planned to Connect with Tokyu Lines ・・・・・・7

◆ Real Estate ◇ Major Leased Buildings of Tokyu Group ・・・・・・8 ◇ Major Facilities Relating to Tokyu Group at Shibuya ・・・・・・9 ◇ Grandberry Mall ・・・・・・10 ◇ Type-1 Urban Area Redevelopment Project of Futako-Tamagawa East District ・・・・・・11 ◇ Area Redevelopment Around Tama-Plaza sta. ・・・・・・12 ◇ Nagata-cho 2chome Project ・・・・・・13

◆ Retail ◇ Commercial Facilities of Tokyu Group ・・・・・・14 ◇ Major Commercial Facilities along Tokyu Railways ・・・・・・15

◆ Leisure-Service ◇ Leisure Facilities of Tokyu Group ・・・・・・16 ◇ its communications Inc. ・・・・・・17

◆ Hotels ◇ Hotels of Tokyu Group ・・・・・・18

◆ Other ◇ Outline of Employees ・・・・・・19 ◇ Competitive Comparison of Shareholder's Structure (Tokyu Corporation) ・・・20 ◇ Complimentary Ticket for Shareholders ・・・・・・21 Tokyu Area Regional map of Tokyu Area

Tokyu line 20km 10km Area along the Tokyu Lines Minatomirai Line Shimotakaido (Defined as “17 Cities & Wards JR Yamanote Line Shibuya where Tokyu Lines are operated”) Other Major Private Railways Nakameguro ・ Area ： 489 sqkm Sangen-jaya Other Major JR Lines Meguro Gotanda (approx. 1/3 the area of London) Tama River Futako-tamagawa Jiyugaoka Ookayama (approx. 8 times the area of Manhattan) 30km Mizonokuchi Oimachi ・ Population ： 4.81 million Den-en-chofu Hatanodai (approx. 2/3 of population in London) Tama-plaza Tamagawa Musashi-kosugi ・ Number of households ： 2.29 million Kodomonokuni Kamata ・ Taxable Income / person ： Hiyoshi Haneda Aobadai Airport approx. 1.5 times the national average • Consumption expenditures in the area: Nagatsuta 9,269.8 billion yen* Kawasaki Minamimachida Kikuna iTS communications (CATV) service area Chuo-rinkan • Subscriber household： approx. 1.07 million

Tama Den-en Toshi (Tama Garden City) Yokohama 40km • Area ： 50 sqkm • Population ： approx. 570 thousand people Motomachi-Chinatown

*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 Public Management, Home Affairs, Posts and Telecommunications) •The above data are based on the latest figures available in the company.

1 Tokyu Area Summary of Tokyu Area

History of Land Price Average Land Price of Residential Area in Tama Garden City by Railway Lines in Greater Tokyo (Yen/㎡) (Yen/㎡) Source: Created by Tokyu Corp. based on data of Ministry of Land Infrastructure and Transport Source: Created by Tokyu Corp. based on 2005 data of Ministry of Land Infrastructure and Transport 750,000 600,000

Posted Land Price 500,000 600,000 248,900 yen (as of Jan.2005) Tokyu Toyoko Line 400,000 Tokyu JR Tokaido Line Den-en Toshi 450,000 Line 300,000

200,000 300,000 Keio Line

100,000 Odakyu Line JR Sobu Line 150,000 Keisei Line Benchmark Land Price 0 249,000 yen (as of Jul. 2005) 10～15 15～20 20～25 25～30 （㎞） 0 7 8 4 8 0 4 85 86 8 8 89 90 91 92 93 9 95 96 97 9 99 0 01 02 03 0 05 9 9 9 9 0 0 /19 /19 1 /1 /19 /19 /19 /19 /19 /1 /19 /19 /19 1 /19 /2 /20 /20 /20 2 /20 1 1 1/ 1 1 1 1 1 1 1 1 1 1 1/ 1 1 1 1 1 1/ 1 Distance from History of Population in Tokyu Area S o ur c e : M inis try of P ublic M a nag e m e nt, Hom e A ffair s , P o s ts a nd T e lec o m m unic ation s ( A s of M a rc h 31) Po pul a tio n o f ag e Po pul a tio n (T ho us an ds o f pe o p le ) C hang e (% ) Ch ange (% ) gr o u p 0 - 4 19 60 1 970 1980 19 90 20 00 2 005 2005 /199 9 2005 /2004 200 5 2 0 05/1 999 20 05/20 04 Nati o n al 9 5 ,094 103 ,522 116 ,1 95 1 22, 74 5 1 2 6 ,071 126 ,8 69 0 .8 0 .0 5, 671 -4 .8 -1 .4 T o k yu A rea C entral Tok yo 2, 364 2 ,404 2 ,2 6 0 2 ,2 0 2 2, 162 2 ,2 3 4 3 .9 0 .7 8 1 5 .4 0. 7 M achida-shi 71 184 2 8 7 3 4 4 370 4 0 2 1 0 .2 1 .0 18 2 1 .6 1. 1 Y o k o ham a-shi 548 782 9 5 1 1 ,0 9 9 1, 255 1 ,3 6 0 1 0 .2 1 .3 68 6. 0 -0. 4 K awasak i-shi 201 393 4 5 9 5 1 5 566 6 0 0 6 .7 1 .0 3 2 0 .3 -0 .3 Y am ato -shi 41 97 1 6 5 1 9 0 210 2 1 7 4 .2 0 .4 1 0 -4. 0 -1. 8 To tal : To k yu A rea 3, 224 3 ,859 4 ,1 2 2 4 ,3 5 0 4, 563 4 ,8 1 4 6 .5 0 .9 210 5. 5 0 .2 ・ M unicip al d is trict p o pu lation in 1960 is b a s e d on the n ation al ce ns us data. ・ P o pu lation o f N a kahara-k u, and T akats u-ku in K aw as aki -s hi in 1960 a nd 1970 a re b a s e d on that of c o rres po nding m unic ipal d is tricts in th e s ta tis ti c s ( Thi rd and f o ur te e n th re p o rt) c o nduc te d by K a w a s a k i-s hi due to no su ch w ard s e xisted. ・ To ky u A re a : it is d e fined a s "17 m u nicip a l d is tric ts w her e T o ky u L ine s a re o per ated .” ( S hinag awa -ku , M e g uro-ku , Oot a-ku , S e tag ay a-k u, S hibu y a-ku , M ach id a-s hi, K anag aw a-ku, Nis hi-ku , Na ka -ku, K o ho ku -k u, M ido ri-ku , Ao ba -k u, T s uz uk i-k u , N a k a har a -k u, Tak a ts u- k u , M iy a m a e -k u , an d Yam a to -s hi ) 2 Transportation History of Revenues from Fares and Passenger Volume (Millions of yen) 130,000 Revenues from Fares A revision of fares (Sep. 1, 1995) A revision of fares 100,000 (Nov. 20, 1991) A revision of fares (Apr. 1, 1997) A revision of fares (Dec. 28, 1997) (Mar.20, 2005) 70,000 FY3/2006 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 forecast

revenue from fare 78,436 80,542 84,927 93,382 93,074 92,779 100,568 109,730 109,235 110,489 111,101 113,612 117,182 118,504 120,807 119,961 122,116 ( Thousands of passenger ) 1,000,000 Passenger volume 984,750 984,719 995,402 974,069 967,526 968,745 963,447 958,063 961,095 955,162 956,429 950,780 946,808 946,854 950,000 934,650 935,990 935,069

900,000

850,0000 FY3/2006 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 forecast

Student pass 150,370 151,522 150,516 149,795 147,984 146,118 145,281 141,176 136,828 131,066 129,528 127,247 126,069 125,026 126,477 127,016 126,393 Business pass 449,082 460,100 471,831 466,550 458,247 454,647 460,314 454,899 457,599 449,359 443,563 444,468 444,225 444,063 446,903 455,545 462,387 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 42,277 Ordinary ticket 305,456 313,742 316,829 313,561 313,729 310,578 304,527 302,410 299,261 299,135 303,358 320,619 347,614 357,457 370,468 359,881 364,345 3 Transportation Large-scale improvement projects of railway; change to the quadruple tracking and the raised line crossings.

Meguro Construction FY2006(plan): Complete works on raised line crossings between Meguro and Senzoku. line Project FY2006(plan): Begin to operate rapid trains between Meguro and Musashi kosugi.

(Present) (Complete)

DOWN UP Change 2 platforms to 4

conversion to underground operation

FY2007(plan): Complete works on elevating line and quadruple tracking Construction Toyoko between Musashi kosugi and Hiyoshi . line FY2007(plan): Expand the operating area of Meguro line to Hiyoshi. Project FY2007(plan): Start to operate the municipal subway No.4 of Yokohama city and connect with it in Hiyoshi.

(Toyoko line)(Meguro line)(Toyoko line)

4 Transportation Mutual Direct Train Service between Toyoko Line and Minatomirai Line

Subway ■ Significance of Mutual Direct Train Service JR Yamanote Line No.13 To Shinjuku ◇ Increased importance of Toyoko Line. ・ Vitalize downtown Yokohama by increasing accessibility to central Tokyo. Tokyu Toyoko Line Shibuya ・ Create a major route among Ikebukuro, Shinjuku, Shibuya, and Yokohama upon completion of the service between Nakameguro Toyoko Line and Subway No.13. Tokyo ◇ Collaboration within Tokyu Group facilities. Jiyugaoka Metro Line Tokyu Oimachi ・ Increase value of commercial complex and office building Line in Queens Square above the Minatomirai Station. Den-en-chofu Tokyu Meguro Line ■ Construction for Mutual Direct Train Service Tamagawa Tokyu ◇ Section: Higashihakuraku Sta. – Yokohama Sta., 2.0km Musashi Kosugi Tamagawa ◇ Section: Higashihakuraku Sta. – Yokohama Sta., 2.0km JR Line Line (Tokyu’s own section） ◇ Description: Transfer of railroad track to the underground Shin Kikuna rails Yokohama JR Line ◇ Period: Started in Jul. 1995 – Complete in FY2007. JR Shinkansen Higashi Hakuraku ◇ Cost: 23.0 billion yen (invested by Tokyu Corp.)

JR Line Keikyu Line Yokohama Minatomirai Line ■ Inauguration Date: February 1st 2004 Sotetsu-line (Yokohama Minatomirai railway company) ■ Use of area along the discontinued railroad Minatomirai on Toyoko Line (plan) Sakuragi-cho ◇ Redevelop 500 m long track area from Yokohama Sta. toward Higashi Hakuraku JR Line Motomachi - China Town ◇ Sell the rest of the area to Yokohama City Yokohama Subway 5 Transportation Improvement construction in Toyoko Line from Shibuya to Yokohama

■ Change in the Railway Business Environment ◇ “Customer acquisition over a wide area” and “Access to Growth Areas” Tobu Tojo Line will become more important. Wako-shi ・ Mature society caused by increased proportion of aging population and slow growth of Yurakucho Line population ・ Metropolitan structure change due to growth of Shinjuku subcenter and Yokohama ・ Seibu Nerima Ikebukuro Increased competition with JR Shonan Shinjuku Line and quadrupled Odakyu Line Ikebukuro Line Subway No.13 ■ Point of Mutual direct train service with Subway NO.13 Shinjuku ◇ 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 Shibuya ◇ 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.

■ Construction for Mutual direct train service operation and Toyoko Line 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: 159.3 billion yen Minatomirai Line Yokohama ■ Inauguration of Mutual direct train service with Subway No.13 Motomachi - China Town ◇ FY2012 (plan) 6 Transportation New Lines Planned to Connect with Tokyu Lines

Nishi - takashimadaira Tokyu Lines Akabane-iwabuchi Master plan regarding the development of transportation Wako-shi Akabane Other Lines connected to Tokyu Lines directly network of the rapid transit railway in the Greater Tokyo Kotakemukaihara Kita - Senju (Council for Transport Policy reply No. 18) Ikebukuro Nerima

Oshiage ⑧ ② Line Section Shinjuku Hiyoshi ～ Takatacho ～ Nakayama Tokyo ① Yokohama Line No.4 ( projected to inaugurate in2007 ) Shibuya Shirokane-takanawa Ikebukuro ～ Shinjuku-sanchome ～ Shibuya ② Tokyo Line No.13 ( projected to inaugurate in FY 2007 ) Meguro Osaki Futako-tamagawa Kawasaki Cross Shin-yurigaoka Shin-yurigaoka ～ Miyamaedaira Oimachi ③ Country Rapid Transit A1 ～ Motosumiyoshi ～ Kawasaki ③ Den-en-chofu (Tentative Name) Miyamaedaira Tamagawa Kanagawa Eastern ⑤ Azamino ④ Direction Line Futamatagawa ～ Shin-yokohama ～ Okurayama Kodomonokuni Keikyu-kamata Hiyoshi Motosumiyoshi (Tentative Name) Kamata ⑦ Haneda Airport Otorii Azamino ～ Susukino vicinity ～ Shin-yurigaoka ① ⑤ Yokohama Line No.3 Okurayama Note : Line from Susukino Vicinity to Shin-yurigaoka is A2 Nagatsuta Kawasaki Shin-Yokohama Yokohama City Loop Motomachi ～ Negishi ～ Kami-ooka ～ Higashi-Totsuka Nakayama Tsurumi Chuo-rinkan ⑥ Line ～ Futamatagawa ～ Nakayama ～ Hiyoshi ～ Tsurumi (Tentative Name) Note: Line from Nakayama to Hiyoshi is A1 （①） ⑥ ④ A2 Short Line Connecting Futamatagawa Keikyu Haneda Airport Yokohama ⑦ Otorii ～ Keikyu-kamata ～ Kamata (Tokyu) Line and Motomachi-Chinatown TokyuTamagawa Line Ward Area Loop Line Higashi-totsuka Kasai-rinkaikoen ～ Akabane ～ Den-en-chofu Negishi B ⑧ Public Transport ～ Direction of Haneda-Airport Kami-ooka (Tentative Name)

Line most likely to be inaugurated by year 2015 (A1) Line to be under construction by year 2015 (A2) By connecting a new route to Tokyu Lines, the Line to be studied in the future (B) network expands and convenience improves

Map: Created by Tokyu Research Institute based on Council for Transport Policy reply No. 18 7 Real Estate Major Leased Buildings of Tokyu Group

30㎞ 20㎞ 10㎞ Shibuya Tokyo Sangen-jaya Meguro

Futako-tamagawa Shibuya Mark City Jiyugaoka Oimachi (Opened in April 2000)

Carrot Tower Tama-plaza Kamata (Opened in Nov. 1996) Tama Garden City Haneda Kawasaki Airport Nagatsuta Chuo-rinkan

Tokyu Line JR Tokyu Meguro Minatomirai Line Yokohama Building Shinkansen Line (Opened in April 2002) JR Yamanote Line, Tokaido Line Queen’s Square Yokohama Map: created by TOKYU RESEARCH INSTITUTE, INC. (Opened in July 1997)

Queen’s Square Yokohama Shibuya Mark City JR Tokyu Meguro Building Name of Building Carrot Tower (Joint Project) (Joint project) (Joint Project) Tokyo Metro ・JGC Corp. ・Yokohama City East Railway Business Owner (Redevelopment Project) T・R・Y 90 Business Association Tokyu Corp. Tokyu Corp. (7 parties included Tokyu Corp.) Keio Corp. Location Setagaya-ku, Tokyo Nishi-ku, Yokohama Shibuya-ku, Tokyo 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

Total Building Area Approx. 77,000sqm Approx. 495,000sqm Approx. 139,000sqm Approx. 52,000sqm Structure Scale 27 floors and 5 basement floors Tower A : 36 floors and 5 basement floors East : 25 floors and 2 basement floors 17 floors and 4 basement floors Tower B : 28 floors and 5 basement floors West : 23 floors and 1 basement floor Tower C : 21 floors and 5 basement floors Commercial Section : 6 floors and 3 basement floors Hotel Section : 25 floors and 3 basement floors Approx. 6.0 billion yen Invested by Tokyu Corp. --- Approx. 16.0 billion yen Approx. 9.0 billion yen (Construction Cost) (Floor acquisition cost etc.) 8 Real Estate Major Facilities Relating to Tokyu Group at Shibuya

< ONE-OH-NINE > < PICASSO347 > Owner: Outside the Group Owner: Tokyu REIT,INC. Type: Specialty Stores PM: Tokyu Corp. Scale: 10 floors, 2 basement floors Type: Specialty Stores Scale: 12 floors, 2 basement floors

< Tokyu Bunkamura > < Q_FRONT > Owner: Shibuya Kaihatsu,INC. Owner: Tokyu REIT,INC. Type: Cultural Facility PM: Tokyu Corp. Scale: 7 floors,2 basement floors Type: Specialty Stores Scale: 8 floors, 3 basement floors

< Tokyu Department Store (Head Store) > Owner: Tokyu Dept. Store Co.,Ltd < Shibuya 109-② > Type: Department Store Owner: Tokyu Corp. Scale: 9 floors, 3 basement floors Type: Specialty Stores Scale: 9 floors, 3 basement floors

< SHIBUYA 109 > < Shibuya Higashiguchi Building > Owner: Partially Tokyu Dept. Store Co.,Ltd Owner: Partially Tokyu Corp. Type: Specialty Stores Type: Office Scale: 8 floors,2 basement floors Scale: 11 floors, 5 basement floors

< Shibuya Mark City > < Tokyu Dept. Store (Toyoko Store) > Owner: Tokyu Corp. ,Keio Electric Railway Co.,Ltd Owner: Tokyu Corp., Shibuya Kaihatsu,INC and Tokyo Metro Co.,Ltd Type: Department Store Type: Office and Hotel Scale: 11 floors, 2 basement floors Scale: 25 floors, 2 basement floors Shibuya Station < Tokyu Sakuragaoka-cho Building > Owner: Tokyu REIT,INC. PM: Tokyu Corp. Tokyu Toyoko Line Type: Office Scale: 9 floors, 2 basement floors Metropolitan EXP. way NO.3 Route 246 < Tokyu Nampeidai-cho Building > Owner: Tokyu REIT,INC. PM: Tokyu Corp. JR Yamanote Line Type: Office < Cerulean Tower > JR Saikyo Line Scale: 5 floors, 2 basement floors Owner: Outside the Group PM: Tokyu Corp. Type: Office and Hotel Scale: 41 floors , 6 basement floors Map drew up Tokyu Research Institute,INC. 9 Real Estate Grandberry Mall

■ Location 3-4-1 Tsuruma, Machida-shi, Tokyo (Minami-machida station on Den-en toshi Line) ■ Area Approx. 87,000sqm ■ Total Floor space Approx. 32,000sqm ■ Zone Freshberry Market, Homelife Garden and Outlet Shops ■ Parking Approx. 1,000 spaces ■ Number of shops 82 shops ■ Opening Date April 21, 2000 ■ Project Cost Approx. 4.9 billion yen

■ Issuance of Grandberry Mall card >>To attract customers mainly in Tokyu Area ■ Replacement of tenant >> To improve customer satisfaction ■ Outline ◇ Floor space 20,400sqm ◇ 4 stories, Steal framed building; Ground floor: Shops, approx. 3,000sqm, 2nd and 3 rd floor: Cinema Complex, 4th floor and roof: Parking (258spaces) ◇ Opening Date (plan) March 2006 (person) (Average a day) (Billions of yen) (Investigated at Sep.2005) 16, 000 20 14, 000 55- 15～24 12, 000 16 17.0 45-54 16.1 16.1 6% 10, 000 14.4 15.0 12% 12 12% 8, 000 6, 000 8 4, 000 31% 39% 25-34 2, 000 4 35-44 0 FY3 /2000 FY3 / 2 001 FY3/ 2 0 02 FY3/ 20 03 FY3/ 20 04 FY3/ 200 5 0 co m m u ter 9,097 1 0 ,7 2 6 12 ,186 13,183 14 ,3 11 15,398 no n-c o m m ut er 4,264 8,765 9,576 9, 8 80 10 ,8 11 11,404 First FY FY3/2002 FY3/2003 FY3/2004 FY3/2005 10 Real Estate Type-1 Urban Area Redevelopment Project of Futako-Tamagawa East District Summary of project plan Schedule

Buildings Area No. Main purposes Height Memo Building area Floor space* Established the union: Mar. 2005 I-a 2,415sqm 17,330sqm shops 48m Approve for the Changing right plan:Mar. 2006 (plan)

Commercial build. 53m Start the construction: Apr. 2006 (plan) I-b 10,500sqm 87.180sqm shops, offices, parking Offices build. 77m Complete the construction: Mar. 2009 (plan) II-b 2,685sqm 7,268sqm shops, offices, parking 16m Low-rise build. 11m 23m 950 - Residences 89,000sqm - Parking etc. 5,000sqm III 18,500sqm 89,865sqm shops, residences, parking High-rise build. 102m houses - Shops 63,000sqm - Pedestrians 3,000sqm 151m - Offices 41,000sqm * Floor space which is based on calculation of cubic capacity of building. Total 201,000sqm Railway area Area II-b

Area I-a

Area I Area I-b

Area III Area II

Overall view Area Area III III Area I

Residences Shops Area II

11 Real estate Area Redevelopment Around Tama-Plaza sta.

We aim to activate the whole Tama-Plaza area through constructing mainly commercial facilities as redevelopment project in the areas around station. Concept “Life Style Community Center” It is a place where the people living in this area can enjoy and Planned Area actualize the people’s life style.

Planned area Tama Plaza Aspect of commercial facilities Tokyu S.C. Area of district plan

To Shibuya

Tama Plaza sta.

Tokyu Den-en toshi Line

To Chuo-rinkan

Area: approx. 38,000sqm Schedule Total floor area: approx. 100,000sqm 【Law-rise shopping complex】 Retail stores which propose consumers life style and restaurants November 2005: Started construction Number of stores: approx. 150 Area: approx.30,000sqm 【Construct city functions around the station】 2007: Commercial facilities will be opened partially Station square, Parking, etc. 2010: All stores will be opened 【Support actualization lifestyle and local communities】 Sports gym, Culture school, Squares, Display spaces, etc. 12 Real Estate Nagata-cho 2chome project

Plan to build a complex building consisted of hotel and offices at the area of present Capitol Tokyu Hotel

Planned area map ◇ Summary of project Area: Approx. 7,900sqm Structure scale: 29 floors and 4 basement floors The Diet Building Total building area: Approx. 90,000sqm Area by use: Hotel and related facilities: Approx. 36,000sqm HIE-shrine Planned area Offices: Approx. 32,000sqm Residence: Approx. 4,000sqm Parking etc.: Approx. 18,000sqm

◇ Schedule End of November 2006 Office of Prime Minister of Japan Close Capitol Tokyu Hotel 2010 Newly open

13 Retail Commercial Facilities of Tokyu Group

< Speciality Stores ・ Shopping Centers > < Supermarkets > ( As of September 30, 2005 ) Rentable area Tokyu Dept. Store Store area Tokyu Store Store area Store area Store area ＜Ｄ Ｉ Ｙ＞ < Shops> Shibuya Mark City 7,632㎡ *1 Head Store 35,637㎡ Aoyama 1,215㎡ Tana 1,325㎡ Jieitai ekimae 2,833㎡ Tokyu Hands Tokyu Jumbo Queens Square Yokohama [ at !] 11,957㎡ Toyoko 35,675㎡ Ayase 1,982㎡ Tsurumi sakaemachi 976㎡ Heiwa 800㎡ Shibuya Shibuya Nishiguchi Tama Plaza Tokyu S.C. 52,777㎡ *2 Kichijoji 31,731㎡ Asagaya 994㎡ Fujigaoka 1,897㎡ Prom Yamahana 2,480㎡ Shinjuku Shibuya Higashiguchi Spice Box 1,689㎡ Machida 21,380㎡ Ichinoe 1,679㎡ Futamatagawa 220㎡ Hiraoka 4,021㎡ Ikebukuro Futakotamagawa Aobadai Tokyu Square 26,065㎡ Sapporo 30,365㎡ SSC Musashi koganei 1,462㎡ Koganehara 1,697㎡ Shin-ei 2,314㎡ Kitasenju Miyazakidai HachiojiTo kyu Square 10,721㎡ Tama-Plaza 22,350㎡ Ebara nakanobu 711㎡ Toke ekimae 1,495㎡ Fujino 2,132㎡ Futakotamagawa Miyamaedaira Tokyu Square Garden-Site 4,429㎡ Kohoku 19,235㎡ Oookayama 996㎡ Fusa 1,618㎡ Nishisen 6jo 1,467㎡ Yokohama Saginuma Grandberry Mall 22,686㎡ Hiyoshi 14,692㎡ Kamata 4,059㎡ Honda 1,173㎡ Miyanomori 841㎡ Kawasaki Tama plaza YU-SUI-CHI MIKITEI 3,119㎡ Queen's East 17,976㎡ Gakugeidaigaku 1,473㎡ Ageo 1,976㎡ Kitahiroshima 4,026㎡ Machida Eda SHIBUYA 109 7,336㎡ Nagano Tokyu 20,348㎡ Kamiikedai 1,085㎡ Kitakoshigaya 1,868㎡ Fukui 885㎡ Fujisawa Ichigao 109 - ② 3,464㎡ Kitami Tokyu 15,721㎡ Karakida 1,144㎡ Komamusashidai 699㎡ Ainosato 4,761㎡ Shinsaibashi Aobadai ONE-OH-NINE 5,890㎡ Total 11 stores 265,110㎡ Koenji 696㎡ Soka matsubara 2,329㎡ Aso 4,984㎡ Esaka Nagatsuta Kohoku Tokyu S.C. 29,322㎡ *3 Shimizudai 867㎡ Izukogen 383㎡ Maruyama 2,982㎡ Sannomiya Chuorinkan KOHRINBO 109 6,450㎡ Shirokanedai 735㎡ Kawana 469㎡ Makomanai 1,078㎡ Nagoya ( FC ) Den-en-chofu 109 MACHIDA 4,641㎡ Senzoku 891㎡ Total 71s tores 95,791㎡ Oyachi 3,422㎡ Nagoya Annex ( FC ) Kamata Q-FRONT Tadao 1,490㎡ Total 21 Stores 50,840㎡ Hiroshima Syashin-yume-kobo Yokohama La Place de iMnami-Aoyama Tachikawa-ekimi namiguchi 1,277㎡ *4 Tokyu Store ( GMS) Store area *4 Sapporo Aoyama Media Kobo Akasaka Tokyu Plaza Tsukushino 2,811㎡ Akiruno 17,803㎡ Dinner Bell Homeyroom Funabashi Total 16S tores GLASSAREA AOYAMA Toritsudaigaku 1,787㎡ Gotanda 7,443㎡ Kinohana 489㎡ Out-parts Funabashi ranKing ranQueen Colmn Minamiaoyama (Shimane Inn Aoyama) Nagahara 1,727㎡ Omori 5,036㎡ Kaminopporo 493㎡ Natulabo Ikebukuro Shibuya Shibuya Tokyu Plaza Nakameguro 1,980㎡ Jiyugaoka 5,279㎡ Susukinominami 7jo 489㎡ Natulabo Sengawa Shinjyuku BEAM Nishitachikawa 685㎡ Nakano 1,399㎡ Shindo nishi 449㎡ Natulabo out-parts Jiyugaoka Daikanyama Place Nerima nakamurabashi 863㎡ Chofu 5,547㎡ Hokudaimae 433㎡ HANDS SELECT BATH&KITCHEN AOBADAI Tokyu Den-en-toshi ilne Azaminost a. Sun Rose Daikanyama Higashi nagasaki 1,438㎡ Kanamachi 4,960㎡ Mikaho 780㎡ Total 22 Stores Ootemachi JiyugaokaToky u Plaza Palm Musashi koyama 991㎡ Sangenjaya 4,496㎡ Kanjohigashi ekimae 808㎡ Kamiooka Setagaya Business Square Futakotamagawa 673㎡ Takashimadaira 3,374㎡ Atsubetsu higashi 562㎡ Fukuoka-Tenjin Kamata Tokyu Plaza Fudomae 598㎡ Syonan 13,116㎡ Total 8 Stores 4,503㎡ Kitasenju Kamata Tokyu Plaza Annex Magome 789㎡ Chuorinkan 11,492㎡ Total 8 Stores Fujisawa Tokyu Plaza Q’s MARKET Machida 1,650㎡ Nakayama 10,695㎡ Super Market Total 128s tores 333,494㎡ Family Mart Gento Yokohama Mitaka 532㎡ Saginuma 10,045㎡ Seibushinjuku ekimae Asumigaoka Birds Mall Mitaka Center 1,377㎡ Isehara 8,917㎡ Shibuya sakuragaoka Asumigaoka Brand NewMall Musashi koyama 929㎡ Susukino 5,789㎡ Nakano chuo 4chome Minoo Market Park Visola Meguro 1,120㎡ Sugita 5,511㎡ Nishi azabu 1chome Esaka Tokyu Building Yukigaya 1,572㎡ Kamakura 5,612㎡ Akabane-eki higashiguchi Tokyu Live Plaza [Boomin] Yaguchi 537㎡ Toke-asumigaoka 12,355㎡ Ebaranakanobu ekimae Yutani Tokyu Building Yutenji 1,250㎡ Toride 12,663㎡ Nakanobu 2chome Tokyu Plaza [O'ts] Azamino 2,230㎡ Shimoda 4,552㎡ Kinuta shiroyamadori Esaka Tokyu Building II-bankan Tokyu seisenplaza Okurayama 430㎡ Tsukushino 17,937㎡ Tamachi eki nishiguchi ax building Kanazawa seaside 2,493㎡ Total 21 Stores 174,021㎡ Mita station building Unagidani Square Kajigaya 1,339㎡ Den-en-chofu 2chome Seoki Tokyu Building Kikuna 2,048㎡ Precce Total 11S tores Minax Tokyu Plaza Shirane 1,354㎡ Den-en-chofu 949㎡ am/pm Stones Shinmaruko 1,406㎡ Futakotamagawa 808㎡ Tokyu mizonokuchi ekimae Elbosk1 Tsunashima 998㎡ Minamimachida 2,484㎡ Tokyu minamimachidaek imae Elbosk2 Tsunashima-ekimae 471㎡ Nakameguro 1,251㎡ Shibuya yahatabashi Grand Gate Takarazuka Negishi 1,830㎡ Meguro 1,202㎡ Tamagawa eki Iwaki Tokyu Building (Kitano Center Point) Hashimoto 4,228㎡ Nihonbashi 622㎡ Suzukakedai eki Tokyu Plaza [Boomin Kitano] Higashitotsuka-eki nishiguchi 630㎡ Utsukushigaoka 1,023㎡ Eda eki Toaroad Square Higashirinkan 2,535㎡ Total 7 Stores 8,339㎡ Oookayamaeki METS OZONE Mizonokuchi 1,050㎡ Futakotamagawa eki LA・VAMO SASASHIMA Miyamaedaira 1,629㎡ Sapporo Tokyu Store Shinagawa Futaba 2chome PLAZA109（Sappro Tokyu Plaza） Miyazakidai 914㎡ Gyokeidori 2,224㎡ joint government building Total 52 Stores Musashik osugi 809㎡ Toyohira 3,200㎡ Yokohama chikagai 1,600㎡ Hokuei 2,647㎡ Setagaya Business Square *1 Total floor space of commerciala rea Yokodai 1,721㎡ Hiragishi terminal 2,226㎡ Total 12S tores (Ratio of Tokyu owned: 35.82%) Tachibanadai 981㎡ Nango 13chome 976㎡ The properties accounted int he segments of TSUTAYA *2 Included 47,139㎡ as Tokyu Dept. Store Eda 905㎡ Nango 7chome 541㎡ consolidation Hatanodai *3 area of SC only Ookayama ekimae Retail Business Futakotamagawa ekimae Miyazakidai keimae Real Estate Business Total 4 Stores 14 Retail Major Commercial Facilities along Tokyu Railways

30㎞ 20㎞ 10㎞ Tokyo Tokyu Dept. Shibuya Head Store Shibuya Tokyu Dept. Shibuya Toyoko Store Tokyu Store SHIBUYA109 109- ② ONE OH NINE Q_FRONT at Shibuya Tama Plaza Tokyu S.C. Tokyu Dept. Tama-Plaza Store at Tama-Plaza Oimachi

Aobadai Tokyu Square at Aobadai Tokyu Square Garden-Site Tokyu Dept. Machida Store Yu-Sui-Chi MIKITEI at Den-en-chofu 109MACHIDA at Azamino at Machida Tama Garden City Kamata Haneda Airport

Tokyu Dept.Hiyoshi Store at Hiyoshi Kohoku Tokyu Dept. S.C. Tokyu Dept. Kohoku Store at Center-Minami Chuo-rinkan

Grandberry Mall at Minamimachida Tokyu Line Queen’s Square YOKOHAMA Minatomirai Line Yokohama at! Yokohama Municipal Subway QUEEN‘S EAST Tokaido Shinkansen at Minatomirai JR Line Minatomirai Line Map drew up by Tokyu Research Institute,inc. 15 Leisure-Service Leisure Facilities of Tokyu Group

( As of September 30, 2005 ) Golf Courses Sports Facilities Movie Theatres Name Management Company Name Management Company Name Management Company Tokyu Seven Hundred Club Tokyu Seven Hundred Club Fitness & Aqua Atrio Azamino (wholly owned subsidiary Milano Theatre Tokyu Sports System Five Hundred Club Five Hundred Club Fitness & Aqua Atrio II Himonya of Tokyu Corporation) Shinjuku Tokyu Shirahama Beach Golf Club Shirahama Beach Golf Club Tokyu Sports Oasis Shinjuku Cinema Milano Grand Oak Golf Club Grand Oak Golf Club Tokyu Sports Oasis Aoyama Cinema Square Tokyu Yufukogen Golf Club Yufukogen (Wholly owned Tokyu Sports Oasis Akasaka Shibuya Tokyu Emerald Coast Golf Links Miyakokankokaihatsu subsidiaries of Tokyu Sports Oasis Tamagawa Shibuya TOEI-2 Tokyu Kenzan Sports Garden *1 Tokyu Corporation) Tokyu Sports Oasis Musashikosugi IkebukuroTokyu Tokyu Sports System Tokyu Golf Park Tamagawa *1 Tokyu Sports Oasis Kawaguchi UenoTokyu Omoigawa Tokyu Golf Club Tokyu Sports Oasis Urawa UenoTokyu 2 TC Properties Yokkaichi Tokyu Golf Club Tokyu Sports Oasis Hon-atsugi 109 Cinemas Kohoku Tokyu Recreation Co.,Ltd. The Francis H.I'i Brown Golf Course Mauna Lani Resort, Inc. Tokyu Sports Oasis Seiroka-Garden 109 Cinemas Kiba Inatori Golf Club Izukyu Sports Center Tokyu Sports Oasis Musashi Koganei 109 Cinemas Takasaki Three Hundred Club Three Hundred Club Co., Ltd. Tokyu Sports Oasis Esaka 109 Cinemas Meiwa Tokyu Land Corporation Niseko Tokyu Golf Course Tokyu Sports Oasis Ibaraki 109 Cinemas Tomiya Madarao Tokyu Golf Club Tokyu Sports Oasis Umeda 109 Cinemas Minoh Mochizuki Tokyu Golf Club Tokyu Sports Oasis Korien 109 Cinemas Yokkaichi Tateshina Tokyu Golf Course Tokyu Sports Oasis Shinsaibashi 109 Cinemas MM-Yokohama Tsukuba Tokyu Golf Club Tokyu Sports Oasis Takarazuka 109 Cinemas Nagoya Omigawa Tokyu Golf Club Tokyu Sports Oasis Club West 109 Cinemas Sano Kiminomori Golf Club Tokyu Sports Oasis Sumiyoshi 109 Cinemas HAT Kobe*3 Tokyu Land Corporation Katsuura Tokyu Golf Course Tokyu Sports Oasis Abeno Bunkamura LeCinema 1.2 Tokyu Bunkamura Inc. Amagi Kogen Golf Course Tokyu Sports Oasis Sannomiya Total 21 Facilities Arita Tokyu Golf Club Tokyu Sports Oasis Tennoji *3 Opened at Oct.26, 2005 Oita Tokyu Golf Club Tokyu Sports Oasis Hiroshima Aso Tokyu Golf Club Tokyu Fitness Club AXIA Toride Tokyu Recreation Co., Ltd Bowling Alleys Nasu Kokusai Country Club Amusement Square Tokyu Tesoro Nagano Tokyu Department Store Co., Ltd. Name Management Company Ohtakijo Golf Club Total 26 Facilities Shinjuku Tokyu Milano Bowl Royal Forest Golf Club Seikitokyu Kogyo Co., Ltd. Shonan Tokyu Bowl Total28 Facilities Kohoku Tokyu Bowl Tokyu Recreation Co., Ltd. *1 Short Course Tennis Courts (Excluding accommodations with tennis courts) Kasai Tokyu Bowl Name Management Company Asumigaoka Tokyu Bowl Ski Sites Den-en Tennis Club Total 5 Facilities (wholly owned subsidiary Name Management Company Tokyu Arima Tennis Club Tokyu Sports System of Tokyu Corporation) Happo One Ski Sites Tokyu Kenzan Sports Garden Other Sports Facilities Hakuba Iwatake Ski Sites Tokyu Hakuba Corporation Futako-Tamagawaen Tokyu Sports Garden Name Management Company Tsugaike Kogen Ski Sites Tokyu Sports Oasis Sumiyoshi Atrio Azamino Swimming Club Hare Ski & Snowboard Resort Ueda Kotsu Corporation Katsuura Tokyu Sunny Park Tokyu Swimming School Tamagawa Gran Deco Snow Resort Hakone Myojindai Sunny Park Tokyu Swimming School Tama Plaza (wholly owned Tokyu Land Corporation Tangram Ski Circus Hamanako Tokyu Sunny Park Adidas Football Park Shibuya Tokyu Sports System subsidiary of Tambara Ski Park Amagi Kogen Family Park Adidas Football Park Yokohama Kanazawa Tokyu Corporation) Tateshina Tokyu Ski Area Tambara Lavender Park Adidas Football Park Kenzan Tokyu Land Corporation Skijam Katsuyama Tateshina Tokyu Tennis Club S･Ing Himonya Niseko Grand Hirafu Total 11 Facilities Football Community Koshigaya Hunter Mt.Shiobara*2 Football Community Mihama Mt.JEANS Ski Resort Nasu*2 Football Community Sakura Tokyu Recreation Co., Ltd. Total 12 Facilities Football Community Nagoya *2 Aquired at Nov.15,2005 Football Community Noda Total 12 Facilities The properties accounted in the segments of consolidation

Leisure-Service Business Transportation Business

16 Leisure-Service iTS communications Inc.

Provide One-stop service - CATV, Internet Service and IP phone.

◇ Shareholders < Tokyu 81.85% / TEPCO 10.00%/ SONY 5.00% / Tokyu Hotel Chain 0.79% / Tokyu Store 0.79% / Tokyu Recreation 0.79% / Tokyu Agency 0.79% > ◇ Financial Summary (Thousand of yen) FY3/2006 FY3/1997 FY3/1998 FY3/1999 FY3/2000 FY3/2001 FY3/2002 FY3/2003 FY3/2004 FY3/2005 Interim Operating Revenue 3,890,511 5,938,003 6,112,269 7,853,756 8,886,126 9,427,963 11,222,012 12,178,572 12,952,452 6,707,991 Operating Profit 167,942 -7,000 64,068 817,838 153,432 -867,643 568,354 359,556 598,370 602,385 Recurring profit 185,634 -44,199 17,732 776,075 88,819 -900,286 521,778 293,087 534,208 578,487 Net Income 137,020 -47,390 83,136 392,128 46,249 -543,054 -243,532 71,556 338,326 342,759

Depreciation and amortization cost 113,455 1,251,192 1,490,616 1,669,214 1,885,705 1,936,105 2,103,865 2,197,008 2,007,338 865,432

◇ Basic data (Number of households) FY3/2006 FY3/1997 FY3/1998 FY3/1999 FY3/2000 FY3/2001 FY3/2002 * FY3/2003 FY3/2004 FY3/2005 Interim

Number of households in area 578,000 880,000 880,000 880,000 955,000 955,000 955,000 1,043,000 1,079,000 1,079,000

iTSCOM TV (broadcast business) Net increase 11,781 39,398 42,515 35,230 38,213 43,666 39,373 － 52,135 15,382 Total Number of Household Accumulated Connected 130,069 169,467 211,982 247,212 285,425 329,091 368,464 414,405 466,540 481,922

Multi-channel Net increase 5,731 6,699 8,321 7,896 12,402 10,898 7,136 － 13,633 5,276

Number of Household Connected Accumulated 44,456 51,155 59,476 67,372 79,774 90,672 97,808 105,536 119,169 124,445

Retransmitting Net increase 6,050 32,699 34,194 27,334 25,811 32,768 32,237 － 38,502 10,106

Number of Household Connected Accumulated 85,613 118,312 152,506 179,840 205,651 238,419 270,656 308,869 347,371 357,477

iTSCOM.net (communication business) Net increase － － 5,359 11,585 21,648 22,222 36,293 － 4,173 3,413

Number of Household Connected Accumulated － － 5,359 16,944 38,592 60,814 97,107 101,775 105,948 109,361

iTSCOM.phone (IP phone business) Net increase － － － － － － － 321 1,016 567

Number of Household Connected Accumulated － － － － － － － 321 1,337 1,904 * The number of connected households had been counted based on the application forms before FY2003. 17 Hotels Hotels of Tokyu Group

( As of September 30, 2005 ) TOKYU HOTELS Pan Pacific Hotels and Resorts Big Week TOKYU HOTEL TOKYU INN Name No. of Rooms Location (Time-share resort hotels) Name No. of Rooms No. of Rooms Pan Pacific Singapore 775 Singapore Name No. of Rooms Capitol Tokyu Hotel * 455 Kitami Tokyu Inn 127 Sari Pan Pacific Jakarta 400 Indonesia Big Week Kyoto 21 Tokyu Hotel * 414 Kushiro Tokyu Inn 150 Pan Pacific Kuala Lumpur 554 Big Week Karuizawa 30 Tokyo Bay Hotel Tokyu 701 Obihiro Tokyu Inn 171 Pan Pacific Kuala Lumpur Internatinal Airport 441 Big Week Tateshina 31 Malaysia Numazu Tokyu Hotel 136 Sapporo Tokyu Inn 575 Pan Pacific Glenmarie Kuala Lumpur 264 Big Week Izukogen 16 Nagoya Tokyu Hotel * 562 City Hirosaki Hotel 141 Puteri Pan Pacific Johor Bahru 476 Big Week Hakonegora 30 Kyoto Tokyu Hotel * 432 Sakata Tokyu Inn 94 Pan Pacific Bangkok 235 Thailand Bib Week Izu Imaihama 5 Osaka Tokyu Hotel * 334 Fukushima Tokyu Inn 118 Pan Pacific Sonargaon Dhaka 304 Bangladesh 6 properties 133 Kagoshima Tokyu Hotel 206 Iwaki Tokyu Inn 133 Pan Pacific Yokohama 480 Japan 8 properties 3,240 Niigata Tokyu Inn 309 Pan Pacific Manila 236 Philippines Tokyu Stay EXCEL HOTEL TOKYU Ueda Tokyu Inn 133 Palau Pacific Resort, Micronesia 159 Palau (Business hotels for long stay) Sapporo Excel Hotel Tokyu 388 Matsumoto Tokyu Inn 160 Pan Pacific San Francisco 338 U.S.A Name No. of Rooms Sendai Excel Hotel Tokyu 302 Maebashi Tokyu Inn 183 Mauna Lani Bay Hotel and Bungalows, Hawai 347 Hawaii Tokyu Stay Shibuya Shin-Minamiguchi 150 Shibuya Excel Hotel Tokyu 408 Shibuya Tokyu Inn 225 Pan Pacific Vancouver 504 Tokyu Stay Yotsuya 148 Akasaka Excel Hotel Tokyu 535 Shimbashi Atagoyama Tokyu Inn 431 Pan Pacific Whistler Mountain Side 121 Canada Tokyu Stay Nihombashi 123 Yokohama Excel Hotel Tokyu 212 Omori Tokyu Inn 197 Pan Pacific Whistler Village Center 82 Tokyu Stay Shimbashi 63 Narita Excel Hotel Tokyu * 712 Kichijoji Tokyu Inn 234 16 properties 5,716 10 Countries Tokyu Stay Shibuya 126 Toyama Excel Hotel Tokyu 210 Nagoya Sakae Tokyu Inn 297 Tokyu Stay Monzen-Nakacho 112 Kanazawa Excel Hotel Tokyu 236 Nagoya Marunouchi Tokyu Inn 187 Tokyu Harvest (Resort hotels with membership system) Tokyu Stay Meguro ・Yutenji 69 Hakata Excel Hotel Tokyu 308 Wakayama Tokyu Inn 165 Name No. of Rooms Name No. of Rooms Tokyu Stay Yoga 79 Haneda Excel Hotek Tokyu 387 Osaka Tokyu Inn 402 Kinugawa 150 Tateshina Annex 55 Tokyu Stay Gotanda 168 10 properties 3,698 Shin -Osaka Esaka Tokyu Inn 363 Katsuura 98 Tateshina Resort 20 Tokyu Stay Higashi-Ginza 125 TOKYU RESORT Kobe Tokyu Inn 235 Yamanakako Mt.Fuji 100 Madarao 94 10 properties 1,163 Hotel Gran Deco 106 Matsue Tokyu Inn 181 Trust Hakone Myojindai 39 Shizunami Kaigan 51 Tateshina Tokyu Resort 78 Hiroshima Tokyu Inn 225 Amagikogen 120 Hamanako 120 Other Accommodations Hakuba Tokyu Hotel 102 Shimonoseki Tokyu Inn 128 Ito 170 Skijam Katsuyama 100 Name No. of Rooms Imaihama Tokyu Resort 134 Tokushima Tokyu Inn 138 Kyu-Karuizawa 156 Nankitanabe 187 Hotel Izukyu 117 Shimoda Tokyu Hotel 115 Takamastu Tokyu Inn 191 Trust Karuizawa Mampei 22 Trust Kyoto Urban Stage 81 Le・Nessa Akazawa 78 Kakeyu Onsen Hotel Tokyu 44 Matsuyama Tokyu Inn 245 Trust Karuizawakogen 100 Hakone-koshien 151 Le・Nessa Jougasaki 46 Ikaho Tokyu Villa 32 Kokura Tokyu Inn 190 Tateshina 90 Urabandai Gran Deco 30 Le ・Nessa Inatorikogen 46 Miyakojima Tokyu Resort 248 Hakata Tokyu Inn 266 20 properties 1,934 Amagi Kogen Lodge 17 8 properties 859 Kumamoto Tokyu Inn 138 Niseko Kogen Hotel 59 Total 58 properties 14,719 Kagoshima Tokyu Inn 190 The properties accounted in the segments of Niseko Alpen Hotel 130 32 properties 6,922 consolidation Hotel Tangram 250 Affiliate Hotels of Pan Pacific Hotels and Resorts are marked with “ * “ Club Capricorn 65 Hotel Business Shimane Inn Aoyama 48 Aobadai Forum 44 Real Estate Business Ueda Stay 84 12 properties 984

18 Other Outline of Employees

History of the Number of Employees Age Structure of Employees (Non-consolidated) (Non-consolidated)

Others Other businesses Railway business Temporary transferees (years old) Employees Temporary transferees As of March 31, 2005 Total Total(Excluding temporary transferees) ～19 47 (persons) 8,000 20～24 292 7,520 7,272 7,055 25～29 477 6,000 6,782 6,569 6,132 924 5,856 30～34 5,525 5,305 5,087 4,936 5,159 5,037 35～39 826 4,814 4,684 4,000 4,580 4,445 4,241 40～44 792 3,871 3,744 3,477 3,495 45～49 513 2,000 50～54 560

55～ 606 0 FY03/95 FY03/96 FY03/97 FY03/98 FY03/99 FY03/00 FY03/01 FY03/02 FY03/03 FY03/04 FY03/05 0 200 400 600 800 1000 (persons) History of New Recruits History of Number of Employee (Non-consolidated) (persons) (Consolidated) (persons) 180 35,000 160 168 30,000 140 31,320 25,000 28,732 27,672 120 27,171 27,439 126 25,082 20,000 100 108 97 100 15,000 80 89 60 74 72 76 10,000 61 40 56 5,000

20 0 0 Number of FY03/2000 FY03/2001 FY03/2002 FY03/2003 FY03/2004 FY03/2005 Consolidated FY03/95 FY03/97 FY03/99 FY03/01 FY03/03 FY03/05 Subsidiaries 233 224 244 248 217 207 Including Tokyu 19 Others Competitive Comparison of Shareholder’s Structure (Tokyu Corporation)

（％） 60.00

50.00

Financial Institutions/Tokyu

40.00 Financial institutions/ Major Private Railways (excluded Tokyu) Individuals/ Major Private Railways (Excluded Tokyu) 30.00 Individuals/ Tokyu

20.00 Internationals/ Tokyu

10.00 Internationals/ Major Private Railways (Excluded Tokyu)

0.00 3/1995 3/1996 3/1997 3/1998 3/1999 3/2000 3/2001 3/2002 3/2003 3/2004 3/2005 9/2005

Tokyu/Financial Institutions 56.36 56.55 56.60 56.61 53.99 52.13 53.47 57.30 55.10 50.83 47.50 45.92 Tokyu/Internationals 4.16 7.19 7.42 7.65 5.96 6.62 10.73 9.85 10.52 18.25 20.67 20.29 Tokyu/Individuals 21.26 20.28 19.97 20.26 25.23 28.33 24.59 26.75 28.60 27.03 27.75 29.63 Major Private Railways/Financial Inst. 44.28 42.82 42.41 41.91 40.18 36.33 36.02 35.66 34.92 33.87 32.53 Major Private Railways/Internationals 2.08 3.29 3.61 3.41 3.13 2.30 2.79 2.55 1.92 3.31 4.55 Major Private Railways 40.82 41.07 41.59 42.70 44.81 49.34 49.90 50.59 52.15 52.06 51.12 /Individuals * Above one unit of shares * Major Private Railways are 14 companies excluding Tokyu. 20 Other Complimentary Ticket for Shareholders

◇ Detail of Complimentary ticket for shareholders

Number of As of September 30, 2003 As of March 31, 2004 As of September 30, 2004 As of March 31, 2005 As of September 30, 2005 Number of sheets Type of complimentary tickets Number of Number of Number of Number of Number of per shares owned target Actual use *4 target Actual use *4 target Actual use *4 target Actual use *4 target Actual use *4 shareholder shareholders shareholders shareholders shareholders shareholders

Discount ticket of Tokyu Dept. Store (10% off) 5

Discount ticket of Tokyu Hotels 8 (30% off regular room rate) More than 1,000 Discount ticket of Pan Pacific Hotels and Resorts 4 51,159 46,810 49,785 49,534 56,355 shares (uniformly) (30% off regular room rate)

Actual 14,286 Actual 6,339 Actual 6,534 Actual Not counted Actual Not counted Invitation ticket of Bunkamura the museum *1 2 Total issued 102,318 Total issued 93,620 Total issued 99,570 Total issued 99,068 Total issued 112,710 (plan)

Actual 1,322 Actual 2,980 Actual 3,546 Actual Not counted Actual Not counted Invitation ticket of Goto Museum *2 2 Total issued 102,318 Total issued 93,620 Total issued 99,570 Total issued 99,068 Total issued 112,710 (plan) *1 Comptemporary ticket are distributed to shareholders who are recognized by "shareholders' list" and "actual shareholders' list" as of September 30, 2005. ( 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 Actual 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.

Number of As of September 30, 2003 As of March 31, 2004 As of September 30, 2004 As of March 31, 2005 As of September 30, 2005 Number of sheets Type of complimentary tickets shares owned per shareholder Number of target shareholders Number of target shareholders Number of target shareholders Number of target shareholders Number of target shareholders

More than 3,000 Complimentary tickets available for all Tokyu railway line. 10 8,183 7,382 7,937 7,790 9,259 less than 5,000 (One entrainment per ticket) More than 5,000 Same as the above 20 7,205 6,499 7,063 6,995 7,891 less than 10,000 More than 10,000 Same as the above 40 5,064 4,573 4,924 4,728 5,149 less than 19,000 More than 19,000 Same as the above 80 1,232 1,114 1,149 1,119 1,209 less than 28,000 A complimentary commuter pass available for all Tokyu 1 More than 28,000 railway line 3,267 3,005 3,159 3,138 3,364 less than 57,000 Complimentary tickets available for all Tokyu railway line. 30 (One entrainment per ticket) A complimentary commuter pass available for all Tokyu 1 railway line and bus route. More than 57,000 850 808 832 838 877 Complimentary tickets available for all Tokyu railway line. 30 (One entrainment per ticket)

Total number of shareholders 77,172 75,270 77,449 78,436 98,369

21 *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 wishes to caution readers that actual results may differ materially from expectations.