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1 135.0 Effects of Development of Railway Networks Chuo-rinkan Sotetsu Line Motomachichukagai Toyoko Line Meguro Line Den-en-toshi Line Oimachi Line Nishiya Yokohama Kodomonokuni Line Nagatsuta Shin-yokohama Ikegami Line Tamagawa Line Kodomonokuni Line Setagaya Line Azamino Sotetsu-Tokyu direct train service (FY2022 Second half, Planned) Kikuna Minatomirai Line opened (Feb.2004) Tama Plaza Mizonokuchi New Airport Line Plan Oimachi Line Express service began (Mar. 2008) Extension to Mizonoguchi (July 2009) Futako-tamagawa Haneda Airport Setagaya Line Sangen-jaya Tobu Line Seibu Line Shinjuku Shibuya Meguro Line Naka-meguro Extension to Hiyoshi (June 2008) Jiyugaoka Tamagawa Ookayama Meguro Den-en-chofu Musashi-kosugi Hiyoshi Kamata Hatanodai Changes in the number of passengers carried and passenger revenue Oimachi Number of passengers carried Passenger revenue Ikebukuro Tokyo Metro Fukutoshin Line Tokyo Metro Hanzomon Line Toyoko Line Mutual direct train service(mar.2013) Tokyo Metro Namboku Line Gotanda Toei Mita Line Otemachi Tokyo JR Yamanote Line Meguro Line Mutual direct train service(sep.2000) (with the figures in 2000/3 as 100) Sep. Mutual direct transportation between Meguro Line and Namboku Line / Mita Line. Sep. Meguro Line express service began Mar. Fare revision Feb. Minatomirai Line opened 2000/3 2001/3 2002/3 2003/3 2004/3 2005/3 2006/3 2007/3 2008/3 2009/3 2010/3 2011/3 2012/3 2013/3 2014/3 2015/3 2016/3 2017/3 2018/3 Mar. Oimachi Line express service began July Oimachi Line extended to Mizonokuchi June Meguro Line extended to Hiyoshi Mar. Mutual direct transportation between Toyoko Line and Fukutoshin Line 11

2 Further Development of Railway Networks Sotetsu-Tokyu direct train Outline Effects Burden Opening for Sotetsu Line A link line between Sotetsu line and Tokyu Hiyoshi Station via Shin-Yokohama Better access to Shin-Yokohama (Shinkansen) from TOKYU Area A new network created by mutual direct train service operation with Sotetsu Line (Based on Law for promoting Convenience Urban Railways) - National Government - Local Government - JRTT FY2022 Second half (planned) Shin-yokohama Each entity will pay one-third of the cost Toyoko Line Shibuya Redevelopment Tamagawa Jiyugaoka Kita-sando Shibuya Meguro Line for Shinjuku, Ikebukuro Meguro Olympics Stadium for Tameike-sanno, Otemachi Shinkansen Yokohama for Minatomirai, Motomachi chukagai Shin-yokohama Hiyoshi Save approx. 11 min. Toyoko Line 41min. 30min. Musashi-kosugi Shibuya for Haneda Airport Tokyu Tamagawa Line Kamata New Airport Line Outline In January 2000, the 18th report by the Council for Transport Policy recommended the construction of a new line that shortens the Keikyu Airport Line and the Tokyu Tamagawa Line. In the 198th report of the Council of Transport Policy in April 2016, this was positioned as a project that would contribute to improving airport access. MM21 District Haneda Airport Effects Improve access from Tokyu Area to the internationalized Haneda Airport 12

3 Further Improvement of Safety Measures by Installing Platform Doors (As of March 31,2018) Route Number of stations Total number of stations with home doors installed ~ Installed Station name Installed Station name Installed Station name Forecasts Station name Shibuya Daikan-yama Toyoko Line Naka-meguro Gakugeidaigaku Musahi-kosugi Yokohama Shin-maruko Motosumiyoshi Kikuna(Down line) 6 Toritsu-daigaku Den-en-chofu Hiyoshi Okurayama Kikuna (Up line) Tammachi 4 Yutenji Jiyugaoka 0 Tsunashima Myorenji During installation Den-en-toshi Line Oimachi Line Miyamaedaira Oimachi Mizonokuchi 3 Oyamadai Midorigaoka Nakanobu Sangen-jaya Komazawadaigaku Yoga Futakotamagawa Mizonokuchi Eda Ichigao 9 Shibuya Ikejiri-ohashi, Sakura-shimmachi Takatsu Kajigaya Tama-plaza Azamino,Nagatsuta Tsukimino 2 Ebara-machi Kaminoge 3 Jiyugaoka Kuhombutsu Futako-tamagawa Installed Total Meguro Line Ikegami Line Tokyu Tamagawa Line Total Total Fixed platform fence with sensor 13

4 Advantages of Railway Comparison of Railway business revenue Tokyo 東京メトロ Metro Tobu 東武 Tokyu 東急 Odakyu 小田急 Seibu 西武 Keikyu 京急 Keio 京王 Keisei 京成 Sotetsu 相鉄 Comparison of Fare revenues for a passenger train per kilometer operated Tokyo 東京メトロ Metro Tokyu 東急 Keikyu 京急 Sotetsu 相鉄 Keio 京王 Odakyu 小田急 Keisei 京成 Seibu 西武 Tobu 東武 (unit: Million yen) 333, , , , ,711 83,571 81,217 64,401 33,045 (unit: Yen) 1, Comparison of Number of passenger carried Tokyo 東京メトロ Metro Tokyu 東急 Tobu 東武 Odakyu 小田急 Keio 京王 Seibu 西武 Keikyu 京急 Keisei 京成 Sotetsu 相鉄 Comparison of Operating efficiency Tokyo 東京メトロ Metro Tokyu 東急 Odakyu 小田急 Keio 京王 Keikyu 京急 Seibu 西武相鉄 Sotetsu 京成 Keisei 東武 Tobu (unit: Thousand people) 2,642,116 1,163, , , , , , , ,077 (unit: ) * Source: Securities reports of FY2016 and Oote Mintetsu No Sugao (actual state of major private railway companies) published by the Association of Japanese Private Railways. 14

5 Realization of business growth through strategic participation in airport management Meaning of participation Mt. Fuji Shizuoka Airport Under consideration 7 airports in Hokkaido Start of operation Sendai Airport Scheduled start of operation Construct a business base in each region toward growth including the related group business Revenue from individual airport management business + expansion from the airport business into the group business (in addition to the capital region around Tokyo, "Tohoku," "Shizuoka/Izu," "Hokkaido," etc.) + Involvement in concession business centering around the airport business (business support, etc., Global Infrastructure Management Co., Ltd.) Sendai Airport business Mt. Fuji Shizuoka Airport Japan's first project for privatization of the airport managed by the national government Outline of the airport (actual results for FY2017) Number of passengers for a year: 3.43 million persons Domestic flights: 3.15 million persons International flights: 0.28 million persons management form management period Members companies of the consortium management by a new SPC which is to be established (a consolidated subsidiary of ) 30 years (with the option to extend the period for not more than 30 years) In July 2016, airport management business started. (representative), Tokyu Land Corporation, Tokyu Agency Inc., Tokyu Community Corp., Tokyu Construction Co., Ltd., Maeda Corporation, Toyota Tsusho Corporation - The 10th largest number of passengers in Japan; the Tohoku's largest airport - 17 minutes by the train for access to the airport from the Sendai Station - Between Sendai and Tokyo: approx. 90 minutes (by bullet train Shinkansen) Second project for airport management in which participates Outline of the airport (actual results for FY2017) Number of passengers for a year: 0.67 million persons Domestic flights: 0.37 million persons International flights: 0.29 million persons management form management period Member companies of the consortium - The airport closest to Mt. Fuji, one of the best tourist sites of Japan - High rate of users of the international flights - Between Mt. Fuji Shizuoka Airport and Tokyo: approx. 3 hours By acquiring the shares of Mt. Fuji Shizuoka Airport Co.,Ltd, to make it a SPC. (an affiliate accounted for using the equity method) 20 years In April 2019, airport management business scheduled to start. Mitsubishi Estate Co., ltd. (representative), 15

6 Changes to Operating Structure due to Privatization of Sendai Airport Realize integrated and agile management by consolidating operators Operators Third sector (Miyagi Prefecture + Private company) Miyagi Prefecture Ministry of Land, Infrastructure, Transport and Tourism Before privatization Cargo building Operation of commercial facilities Passenger building Management of buildings Advertising at the airport Attraction of airline companies Promotion of airport utilization Parking Ground section (airstrip, etc.) Management Maintenance Setup and receipt of landing fees Management of airstrips and taxiways Midair section Management Control After privatization New operator *Continue to cooperate with Miyagi Prefecture in activities to attract airline companies. Sendai International Airport Co., Ltd., Maeda Corporation, Toyota Tsusho, Tokyu Land Corporation, Tokyu Agency, Tokyu Construction and Tokyu Community take a stake.) Ministry of Land, Infrastructure, Transport and Tourism 16

7 Expansion and improvement of the network and facilities through the privatization of Sendai Airport Expansion of the network Airways Secondary transport (regular highway express bus on a scheduled route) Before (as of December 2015) Domestic flights: 9 cities, 49 round trips a day International flights: 5 cities, 10 round trips a week No service Improvement of the facilities Renovation of the passenger terminal building After contracting out to the private sector Image of the future airport (as of April 2018) Domestic flights: 9 cities, 52 round trips a day International flights: 4 cities, 21 round trips a week 19 round trips a day Renovation of the passenger terminal building New construction of airline ices New construction of multilevel car parking tower Increase in the number of airplanes by installing the multispot device Opening of the renovated ground floor New construction of pier building (LCC and other facilities for passengers' boarding) 17

8 Latest Information on Sendai International Airport Target values:passengers, Cargo FY2014 (Results) Passengers 3.24 Domestic 3.07 International 0.17 Cargo 6,000 FY2015 (Results) ,000 FY2016 (Results) ,000 Record the largest number FY2017 (Results) ,000 FY2018 (Forecast) ,000 FY2020 (Plan) ,000 FY2045 (Plan) ,000 Landing fee discount system: Introduced to promote launches of new services by airlines as well as an increase in the number of flights. International Domestic International New services *Applicable to new services unique to the airport st year 2 nd year 3 rd year st year 2 nd year 20 3 rd year Increase the capacity *Applicable to international flights only Landing fees that have increased from the previous year due to increased volume (increase in the number of flights and size of fleets) are discounted. 1st flight Previous year 75 2 nd flight 1st flight Current year 18

9 Mt. Fuji Shizuoka Airport management business Integrated management through acquisition of shares Target number of passengers Before After privatization Main body engaging in management description New main body engaging in management Marketing aimed at airlines Invitation of airlines Promotion of use of the airport Passenge r building Management of commercial facilities Building management Shizuoka Prefecture Designated manager (Mt. Fuji Shizuoka Airport Co.,Ltd) Cargo building Handling of international air freight Mitsubishi Estate Co., Ltd., Facilities for refuelling airplanes Car parking spaces Setting and Management collection/recei and pt of usage administration fees of car parking Maintenance spaces and management Mt. Fuji Shizuoka Airport Co.,Ltd (SPC) Manageme nt and maintenan ce of parts above ground (such as runways) Setting and collection / receipt of landing fees Management of runways and taxiways Existing shareholders Ministry of Land, Infrastructur e, Transport and Tourism Managem ent and control of the sky Ministry of Land, Infrastruc ture, Transport and Tourism FY2017 Results Double 1, FY2023 5th year 1, FY th year (Thousand people) Domestic International Image of the future airport 19

10 Overview of Global Infrastructure Management Co., Ltd. [Background] The market for operating rights to public facilities (concession) is expanding with the revision of the PFI law, among other factors, in The inbound market is expanding and long-term growth is expected for aviation demand. Given the experience from managing projects for Sendai International Airport and other facilities, we realized again the importance of developing specialists and accumulating expertise We will develop specialists and accumulate expertise in the management business for infrastructure including airports, and seek to acquire business opportunities in collaboration with companies that form the best consortiums for each business area, enabling us to respond to concession and other needs. Sendai International Airport Companies forming consortiums Provision of information New company Provision of human resources and expertise [Overview of the company] Name: Global Infrastructure Management Co., Ltd.(For our company affiliated company) Establishment date: April 3, 2017 Shareholder:, Maeda Corporation, five other companies 20

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