Return to Shareholders (Dividends, etc.)

Shareholder Returns Policy

The basic policy of Tokyu Corporation with respect to the distribution of profits is to distribute stable dividends, considering a target rate of dividends to equity capital (total dividends / average consolidated equity capital during the period x 100) of 2% during the period of the current two-year medium-term management plan. The Company has also included a provision in its Articles of Incorporation, which stipulates that it may distribute an interim dividend as permitted in Article 454, Paragraph 5 of the Companies Act. Thus, the Company distributes a dividend from its surplus twice a year (an interim dividend and a year-end dividend). The decision-making bodies for these dividends are the Board of Directors for the interim dividend and a general meeting of shareholders for the year-end dividend. The Company does not plan to change the number of dividends.

Changes in Dividend per Share

(Unit: yen)

(Unit: yen)

Dividend per share		The 139th term	The 140th term	The 141st term	The 142nd term	The 143rd term
		March 2008	March 2009	March 2010	March 2011	March 2012
	Interim	3.00	3.00	3.00	3.00	3.00
	Year-end	3.00	3.00	3.00	3.50	3.50(forecast)
	Annual	6.00	6.00	6.00	6.50	6.50(forecast)

*No share split was conducted during the terms above.