Reference Data

July 2000 Explanatory Meeting for Investors

Tokyu Corporation Contents

Outline of Areas along the Tokyu Railroad １

Transition of Land Prices in Tama Garden City ( Tama Den-en Toshi ) ２

Leased Premises of Tokyu Group ３

Commercial Facilities of Tokyu Group ４

Tokyu Group Hotels ５

Leisure Facilities of Tokyu Group ６

Transition of Passenger Revenues ７

Transition of Passenger Volume ８

Comparisons of 3 Sub-Centers in Tokyo ９

Outline of Employees １０

Comparisons of Shareholders’ Distributions １１

Business Performance of Tokyu Cable Television Co.,Ltd. １２ Outline of Areas along the Tokyu Railroad 【 Population 】

Name of Area Entire Population Entire Population Entire Population Entire Population 0-4 years of age Distribution 0-4 years of age Distribution 0-4 years of age 0-4 years of age 99 (persons) 95 (persons) 99-95 99: 95 99 (persons) Ratio 95(persons) Ratio 99-95 99:95 (％) (％) As of March 31/99 As of March 31/95 (persons) As of March 31/99 (％) As of March 31/95 (％) (persons) Whole Country 125,860,006 124,655,498 1,204,508 101.0 5,955,010 4.7 5,990,695 4.8 （35,685） 99.4

Tokyo 11,680,490 11,549,145 131,345 101.1 477,285 4.1 469,740 4.1 7,545 101.6 Kanagawa 8,324,355 8,143,569 180,786 102.2 401,637 4.8 389,878 4.8 11,759 103.0 Chiba 5,863,182 5,751,764 111,418 101.9 274,549 4.7 272,214 4.7 2,335 100.9 Saitama 6,838,164 6,673,760 164,404 102.5 338,194 4.9 337,152 5.1 1,042 100.3 Total 32,706,191 32,118,238 587,953 101.8 1,491,665 4.6 1,468,984 4.6 22,681 101.5

Along the Tokyu Railroad Tokyo 2,516,145 2,483,859 32,286 101.3 92,392 3.7 89,793 3.6 2,599 102.9 Kanagawa 2,005,258 1,901,354 103,904 105.5 106,388 5.3 97,266 5.1 9,122 109.4 Total 4,521,403 4,385,213 136,190 *1 103.1 198,780 4.4 187,059 4.3 11,721 *2 106.3

＊１ The population in areas along the Tokyu Railroad is on the rise. ＊２ The areas along the Tokyu Railroad show no apparent declining birthrate.

【 Consumption Expenditures 】

Name of Area Population Number of Households Area Consumption Expenditure (workers’ households) Number of High Income Taxpayer (persons) Household Average Total Index Number of Persons Per 10,000 Persons Index (households) (square kilometers) (yen/year) Number (persons) Number As of March 31/99 As of March 31/99 As of Oct. 1/96 1998 (¥million/year) ‘97 (persons)

Whole Country 125,860,006 46,811,712 377,776 3,938,235 100 93,858 7.5 100

Tokyo 11,680,490 5,331,097 2,187 23,611 20.2 270 Kanagawa 8,324,355 3,315,579 2,414 8,332 10.0 133 Chiba 5,863,182 2,164,530 5,156 3,888 6.6 88 Saitama 6,838,164 2,452,520 3,797 4,515 6.6 88 Total 32,706,191 13,263,726 13,554 40,346 12.3 164

Along the Tokyu Railroad Tokyo 2,516,145 1,204,113 242 5,470,859 8,082 32.1 428 Kanagawa 2,005,258 853,193 247 4,131,810 2,877 14.3 191 Total 4,521,403 2,057,306 489 4,667,594 *1 9,602,669 *2 119 *3 10,959 24.2 323

＊１ Tokyu Group accounts for 7－8% of personal consumer expenditures. ＊２ Consumer expenditures per household along the Tokyu Railroad is 1.2 times the national average. ＊３ One out of nine high income taxpayers lives in the areas along the Tokyu Railroad. １ Transition of Land Prices in Tama Garden City ( Tama Den-en Toshi ) （yen/㎡） 800,000

700,000 Posted and Benchmark Land Prices of Tama Garden City

600,000 Posted Land Price Benchmark Land Price 500,000

400,000 ＊Fluctuation rates of posted land prices of residential areas of Tokyo by railroad line ( ％ ) Railroad Line 1996.1 1997.1 1998.1 1999.1 2000.1 Inner City Along and inside the Yamanote Loop Line （15.4）（9.0）（3.1）（4.3）（3.3） 300,000 Vicinity of Keihin Express & Yokosuka Line （3.2）（2.5）（1.8）（4.2）（4.8） Vicinity of Tokaido Line （1.9）（1.7）（1.5）（4.6）（5.2） Southern Vicinity of Toyoko Line （4.6）（3.5）（2.2）（4.6）（4.2） Area Vicinity of Den-en Toshi line （5.4）（2.6）（2.0）（5.1）（4.9） Vicinity of Odakyu Line （3.2）（2.3）（1.7）（4.8）（5.9） 200,000 Vicinity of Keio Line （4.2）（2.6）（2.4）（6.0）（6.2） Vicinity of Chuo･Ome Line （3.4）（2.0）（1.9）（7.1）（7.0） 310,400 yen (as of Jan. 2000) Western Area Vicinity of Seibu Shinjuku Line （3.8）（2.3）（2.4）（7.4）（7.6） Vicinity of Seibu Ikebukuro Line （5.0）（3.6）（2.8）（7.4）（7.6） 100,000 Vicinity of Tobu Tojo Line （6.5）（3.2）（3.6）（6.4）（7.0） Northern Vicinity of Tohoku Line & Takasaki Line （5.0）（3.8）（3.7）（5.9）（6.4） Area Vicinity of Tobu Isezaki Line （4.6）（4.0）（4.0）（7.9）（7.7） Eastern Vicinity of Joban Line （6.5）（5.2）（4.0）（7.5）（7.9） Area Vicinity of Sobu Line & Keisei Line （7.7）（5.6）（5.4）（9.5）（10.6） 0

1985.1 1986.1 1987.1 1988.1 1989.1 1990.1 1991.1 1992.1 1993.1 1994.1 1995.1 1996.1 1997.1 1998.1 1999.1 2000.1

＊The rate of decrease of land prices along the Tokyu Railroad is decreasing.

２ Leased Premises of Tokyu Group

30km 20km 10km Tokyo Shibuya Sangenjaya Meguro Carrot Tower Futako-Tamagawa Shinagawa Setagaya Business Square Shibuya Mark City Oimachi ( Opened April, 2000 ) Tama-Plaza Jiyugaoka Meguro Station Building ( Completion Planned Spring, 2002 )

Kamata Tama Garden City

Nagatsuta Kawasaki

Chuo-Rinkan

Queen's Square Yokohama Yokohama Cerulean Tower Nihonbashi 1-Chome Project ( Completion Planned April, 2001 ) ( Completion Planned Spring, 2004 )

New Project Business Owner Site Location Opening Date Total Floor Space Structure Scale

Tower A: 5 basement floors and 36 floors; Tower B: 5 basement floors and 28 floors; Yokohama City Management (Composed of Tokyu YMM Tower C: 5 basement floors and 21 floors; Commercial Section: 3 basement floors and 4 floors; Queen's Square Yokohama (Joint Project) Properties and 8 other parties) Nishi-ku,Yokohama July, 1997 500,000m2 Hotel Section: 3 basement floors and 21 floors

Setagaya Business Square (Joint Project) Tokyu Corp., Tokyu Land Corp. Setagaya-ku, Tokyo Nov., 1993 96,000m2 2 basement floors and 29 floors, etc. Carrot Tower (Redevelopment Project) Tokyu Corp. and others Setagaya-ku, Tokyo Nov., 1996 77,000m2 5 basement floors and 27 floors Shibuya Mark City (Joint Project) TEITO Rapid Transit Authority, Tokyu Corp, Keio Shibuya-ku , Tokyo April, 2000 140,000m2 East: 2 basement floors and 25 floors; West: 1 basement floor and 23 floors Cerulean Tower Tokyu Corp. Shibuya-ku , Tokyo April, 2001(plan) 106,000m2 6 basement floors and 41 floors Meguro Station Building (Joint Project) Tokyu Corp., East JR Co. Shinagawa-ku, Tokyo Spring, 2002 (plan) 55,000m2 4 basement floors and 17 floors Nihonbashi 1-Chome Project (Joint Project) Tokyu Corp., Tokyu Land Corp., Mitsui Fudosan Co., Ltd. Chuo-ku, Tokyo Spring, 2004 (plan) 97,000m2 3 basement floors and 26 floors (plan)

３ Commercial Facilities of Tokyu Group

【Scale of Tokyu Group Commercial Facilities 】【Ranking of Retail Sales】 annual sales（hundred millions yen）

Number of Gross Facilities Floor Space Daiei

Shopping Centers 28 centers Approx. 230,000㎡ Yokado

JUSCO Department Stores 13 stores Approx. 280,000㎡ MYCAL

Takashimaya Supermarkets 118 stores Approx. 310,000㎡

SEIYU

Approx. 3,000㎡ Convenience Stores 16 stores Tokyu Group

UNY ＤＩＹ（Tokyu Hands）１４ stores Approx. 70,000㎡ Mitsukoshi

Total Approx. 893,000㎡ 0 5,000 10,000 15,000 20,000 25,000

４ Tokyu Group Hotels

【Scale of Tokyu Group Hotels】【Ranking of Hotel Capacity（Domestic）】 (as of June 2000） No. of Rooms （room）

No. of No. of Facilities Rooms

Inn 34 locations ７,８８９ Prince Hotels

Excel 4 locations １,３１４ Washington Hotels Tokyu Inn Chain Resort 6 locations ６９２ SUNROUTE Hotel Chain

Total 44 locations ９,８９５ Tokyu Inn Chain

JAL Hotels Tokyu Hotel Chain 20 locations ６,２６０ ANA Hotels

Hotel α-１ Chain Pan Pacific Hotels and Resorts 17 locations ６,２８５

DAIWA ROYAL HOTELS Tokyu Harvest 16 locations １,５６３（Members’ Resort Hotel） DAI-ICHI HOTEL Chain

Tokyu Hotel Chain Tokyu Stay 7 locations ６２３ (Business hotel for long-term stay） Chisan Hotel Chain

Big Week Station Bass Hotels & Resorts 2 locations ５１（Time Share Resort Hotel）

Total 106 locations ２４,６７７ 0 5,000 10,000 15,000 20,000 25,000

５ Leisure Facilities of Tokyu Group

【Golf Courses 】【 Movie Theaters 】

Management Body No. of Facilities Management Body No. of Facilities

Tokyu Land Corp. １４ Tokyu Recreation Co., Ltd. １４

Tokyu Corp. ８ Tokyu Department Store Co., Ltd. ※１

Tokyu Construction Co., Ltd. ２ Tokyu Bunkamura １

Others: 7 Companies ７

Total ３１ Total １５

※ Joint management with Tokyu Recreation

【 Sports Facilities 】【 Ski Sites 】

Management Body No. of Facilities Management Body No. of Facilities

Tokyu Land Corp. １７ Tokyu Land Corp. ５

Tokyu Corp. １２ Tokyu Corp. １

Tokyu Recreation Co., Ltd. ８

Others: 3 Companies ５ Others: 2 Companies ４

Total ４２ Total １０

６ Transition of Passenger Revenues

（¥ million） 140,000

120,000 109,730 109,235 110,489 111,101 100,569 93,381 100,000 93,073 92,779 84,927 80,542 80,000

60,000

40,000

20,000

0 FY1991.3 FY1992.3 FY1993.3 FY1994.3 FY1995.3 FY1996.3 FY1997.3 FY1998.3 FY1999.3 FY2000.3 Commuter 35,868 37,935 43,044 42,351 42,033 45,646 50,289 50,318 50,956 50,494 Non-commuter 44,674 46,993 50,337 50,722 50,746 54,922 59,441 58,917 59,534 60,606 Total 80,542 84,927 93,381 93,073 92,779 100,569 109,730 109,235 110,489 111,101 ＊Tokyu Corp.

７ Transition of Passenger Volume

(thousand persons） 1,200,000

958,063 974,069 967,526 961,095 956,429 1,000,000 955,162 950,779 946,808 935,990 935,069

800,000

600,000

400,000

200,000

0 FY1991.3 FY1992.3 FY1993.3 FY1994.3 FY1995.3 FY1996.3 FY1997.3 FY1998.3 FY1999.3 FY2000.3 Commuter 611,622 622,347 616,345 606,231 600,765 605,595 596,075 594,427 580,425 573,091 Non-commuter 346,441 351,722 351,181 354,864 354,397 350,834 354,704 352,381 355,565 361,978 Total 958,063 974,069 967,526 961,095 955,162 956,429 950,779 946,808 935,990 935,069 ＊Tokyu Corp.

８ Comparisons of 3 Sub-Centers in Tokyo

（ｔhousand ㎡） Comparison of Space of Leased Offices （thousand persons）＊Comparison of Passengers at Stations ＊ 3,500 1985 2,500 1995 3,000 1996 2,000 2,500 1,500 2,000 1,500 1,000 1,000 500 500 0 0 Shibuya Shinjuku Ikebukuro Shibuya Shinjuku Ikebukuro （㎡）（thousand persons) Shibuya Shinjuku Ikebukuro Shibuya Shinjuku Ikebukuro Existing Space 854,415 2,207,952 935,553 1985 2,340 2,954 2,645 Shibuya Mark City 27,313 －－ 1995 2,682 3,444 3,047 Cerulean Tower 16,600 －－ 1996 2,691 3,498 3,013 Total 898,328 2,207,952 935,553

（㎡）＊Floor Space of Large-Scale Retail Stores （rooms）＊Comparison of the Number of Hotel Rooms 8000 500,000 7000 400,000 6000 5000 300,000 Mark City 4000 Future 200,000 3000 1791 100,000 2000 1000 1132 0 724 Shibuya Shinjuku Ikebukuro 0 Shibuya Shinjuku Ikebukuro （rooms）（㎡） Shibuya Shinjuku Ikebukuro Shibuya Shinjuku Ikebukuro Existing Rooms 724 7,161 2,447 Existing Stores 228,698 483,006 337,604 Shibuya Mark City 408 －－ Shibuya Mark City 8,000 ーー Cerulean Tower 659 －－ Total 236,698 483,006 337,604 Total 1,791 7,161 2,447 ９ Outlines of Employees

＊Number of Employees ＊Age Distribution of （persons） Employees （persons） Employees Temporary Transferees 9,000 7,787 ～19 43 7,773 7,687 7,621 7,520 8,000 20～24 299 7,272 7,055 6,782 6,569 25～29 1,011 7,000 6,132 30～34 862 6,000 35～39 856 40～44 596 5,000 45～49 635 4,000 50～54 724 55～ 1,106 3,000

2,000 ＊New Recruits （people） 350 311 1,000 289 300 273

250 0 FY1991.3 FY1992.3 FY1993.3 FY1994.3 FY1995.3 FY1996.3 FY1997.3 FY1998.3 FY1999.3 FY2000.3 208

Temporary 200 Transferees 656 2,741 2,617 2,528 2,433 2,336 2,241 2,098 1,989 1,687 168 Railways 150 3,288 3,333 3,316 3,312 3,305 3,181 3,127 3,051 2,988 2,971 126 Other 89 100 Businesses 2,805 659 699 719 732 723 773 739 713 644 74 56 61 Others 1,038 1,040 1,055 1,062 1,050 1,032 914 894 879 830 50 Total 6,132 7,787 7,773 7,687 7,621 7,520 7,272 7,055 6,782 6,569 0 FY1991.3 FY1992.3 FY1993.3 FY1994.3 FY1995.3 FY1996.3 FY1997.3 FY1998.3 FY1999.3 FY2000.3

１０ Comparisons of shareholders’ Distributions

（％） 70.00 Large Private Railways / Tokyu / Financial Firms Financial Firms 60.00

50.00

40.00

Large Private Railways / Tokyu / Individuals 30.00 Individuals

20.00 Large Private Railways / Tokyu / Foreigners Foreigners 10.00

0.00 FY1986.3 FY1987.3 FY1988.3 FY1989.3 FY1990.3 FY1991.3 FY1992.3 FY1993.3 FY1994.3 FY1995.3 FY1996.3 FY1997.3 FY1998.3 FY1999.3 FY2000.3

Tokyu Corp./ Financial Firms 54.27 54.58 57.13 58.08 59.39 56.64 57.09 56.30 55.78 56.36 56.55 56.60 56.61 53.99 51.74 Tokyu Corp./ Foreigners 11.22 13.04 6.49 10.01 3.64 2.81 3.35 2.65 3.42 4.16 7.19 7.42 7.65 5.96 6.57 Tokyu Corp./ Individuals 23.16 19.99 21.21 19.56 18.52 19.15 20.45 21.41 21.54 21.26 20.28 19.97 20.26 25.23 28.89 Large Private Railways/Financial Firms 39.11 37.42 42.20 43.94 44.50 43.73 43.82 43.95 44.10 44.28 42.82 42.41 41.91 40.18 35.66 Large Private Railways/Foreigners 3.60 4.45 1.21 3.17 3.05 2.14 2.88 2.02 2.01 2.08 3.29 3.61 3.41 3.13 2.18 Large Private Railways/Individuals 42.76 40.27 41.68 38.04 38.31 39.94 39.65 40.68 40.68 40.82 41.07 41.59 42.70 44.81 48.65

＊There are 14 “Large Private Railways” in addition to Tokyu.

１１ Tokyu Cable Television Co.,Ltd. Financial Highlights

（ ¥ thousand ）

FYs 1991.3 1992.3 1993.3 1994.3 1995.3 1996.3 1997.3 1998.3 1999.3 2000.3

Operating Revenues 1,452,471 2,127,227 2,533,614 2,695,175 3,600,438 3,853,649 3,890,511 5,938,003 6,112,269 7,853,756

Internet Business Revenues －－－－－－－－ 118,752 442,375

Cable TV Business Revenues 1,452,471 2,127,227 2,533,614 2,695,175 3,600,438 3,853,649 3,890,511 5,938,003 5,993,517 7,411,381

Multi-channel Fee and Others 1,446,768 2,059,527 2,305,372 2,339,820 2,731,676 2,876,438 3,247,073 3,531,215 4,123,799 4,896,983

Service for Radio Disturbance 5,703 67,700 228,242 355,355 868,762 977,211 643,439 2,406,788 1,869,717 2,514,398

Operating Income （ 11,108） 23,593 41,704 85,034 （ 534,033） 169,272 167,942 （ 7,000） 64,068 817,838

Recurring Income （ 29,208） 70,609 24,410 71,531 （ 339,269） 209,854 185,634 （ 44,199） 17,732 776,075

Net Income （ 29,958） 69,858 23,660 70,781 （ 340,089） 209,034 137,020 （ 47,390） 83,136 392,128

Depreciation and Amortization 160 165 609 609 97,728 99,445 113,455 1,251,192 1,490,616 1,669,214

１２ Tokyu Cable Television Co.,Ltd. Operating Revenues

（¥million） 10,000

Operating Revenues

Internet 7,854

7,500 Service for Radio Disturbance

Multi-channel and others 6,112 5,938

5,000

3,854 3,891 3,600

2,695 2,534 2,500 2,127

1,452

0 1991.3 1992.3 1993.3 1994.3 1995.3 1996.3 1997.3 1998.3 1999.3 2000.3

１３ Tokyu Cable Television Co.,Ltd. Number of Subscribers

（ Households ）

FYs 1991.3 1992.3 1993.3 1994.3 1995.3 1996.3 1997.3 1998.3 1999.3 2000.3

Broadcasting (Cable TV) Service (a)+(b)

Increased Subscribers vs L.Y. 7,414 17,373 28,405 15,106 20,043 23,121 11,781 39,398 42,515 35,230

Accumulated Subscribers 14,240 31,613 60,018 75,124 95,167 118,288 130,069 169,467 211,982 247,212

Multi-channel (a)

Increased Subscribers vs L.Y. 4,763 6,353 5,990 3,921 5,050 5,822 5,731 6,699 8,321 7,896

Accumulated Subscribers 11,589 17,942 23,932 27,853 32,903 38,725 44,456 51,155 59,476 67,372

Retransmitting (b)

Increased Subscribers vs L.Y. 2,651 11,020 22,415 11,185 14,993 17,299 6,050 32,699 34,194 27,334

Accumulated Subscribers 2,651 13,671 36,086 47,271 62,264 79,563 85,613 118,312 152,506 179,840

Internet Service (c)+(d)

Increased Subscribers vs L.Y. －－－－－－－－ 5,359 11,585

Accumulated Subscribers －－－－－－－－ 5,359 16,944

Broadcasting and Internet (c)

Increased Subscribers vs L.Y. －－－－－－－－ 4,754 9,537

Accumulated Subscribers －－－－－－－－ 4,754 14,291

Internet only (d)

Increased Subscribers vs L.Y. －－－－－－－－ 605 2,048

Accumulated Subscribers －－－－－－－－ 605 2,653

Total Number of Subscribers (a)+(b)+(d) 14,240 31,613 60,018 75,124 95,167 118,288 130,069 169,467 212,587 249,865

１４ Tokyu Cable Television Co.,Ltd. Number of Subscribers

（ Households） 300,000

Number of Subscribers 249,865 250,000 Internet only

Broadcasting and Internet 212,587

200,000 Broadcasting only

169,467

150,000 130,069 118,288

95,167 100,000

75,124

60,018

50,000 31,613

14,240

0 1991.3 1992.3 1993.3 1994.3 1995.3 1996.3 1997.3 1998.3 1999.3 2000.3

１５