Tokyu Corporation (hereinafter the “Company”) hereby announces the development of a Three-Year Medium-Term Management Plan (for fiscal 2024 to fiscal 2026; hereinafter the “Plan”) that begins in fiscal 2024.

The Company and its consolidated subsidiaries (the “Group”) launched its previous three-year medium-term management plan in May 2021 and steadily executed and completed key measures and investment plans including the openings of Tokyu Shin-Yokohama Line and Tokyu Kabukicho Tower while working to transform each business with a focuse on the recovery from Covid-19 pandemic. In FY2023, the final year of the previous three-year plan, operating profit is expected to reach a record high due to a recovery in earnings reflecting the normalization of social and economic activities, as well as profits from an increase in the number of condominium units sold in Real Estate Sales business.

On the other hand, increased construction costs and rising interest rates as a result of monetary policy normalization are likely to significantly impact our operations, and we are in a phase that requires a flexible approach, including a revising the course of business strategies.

In order to proactively respond to possible future changes in the business environment, the Company strives to achieve both improved capital efficiency and maintaining financial health while building a stable and growing business portfolio under the Plan. The Company promotes management conscious of the cost of shareholders’ equity and seeks to create a conglomerate premium as well, through sustainable enhancement of corporate value and greater collaboration among businesses.

The Company also sets its vision statement “Creative Act. - With creativity and flexibility Toward ‘globally admired communities’”, which is not limited to the term of the Plan. Becoming a company where every employee can shine, the Company aims to provide outstanding services to customers and create a bright future.

The overview of the Plan is as presented in the Attachment.

Three years from fiscal 2024 (fiscal 2024 to fiscal 2026)

Long-term cyclical business achieving sustainable growth through synergies among businesses and reinvestments centered around the Transportation and Real Estate businesses.

Shift to management with an emphasis on capital efficiency, etc. while strengthening our management foundations through business and corporate strategies and lead to a sustainable enhancement in corporate value.