Presentation Handout
The First Half of FY2008 ended September 30, 2007

-Our Challenge to Keihan as First Choice-November 22, 2007
Keihan Electric Railway Co., Ltd.
(Tokyo Stock Exchange 1st/Osaka Securities Exchange 1st 9045 http://www.keihan.co.jp/)[Notes on forecasts]
Descriptions of business forecasts and future prospects are based on current information and certain assumptions about
factors that may affect future business. The actual results of operating performance may differ from these forecasts.

Consolidated Financial Results for 1H FY2008(Billions of yen)

1H FY2008 1H FY2007
ActualActualChange(%)

Initial forecast
in MayChange(%)

Operatingrevenue

127.9

127.7

0.1

123.0

4.0

Operatingincome9.3

9.6(2.9)

8.1

15.5

Ordinary
income7.4

7.9(5.1)

5.8

29.3

Net income

4.1

3.9

6.3

3.3

26.7

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Consolidated Financial Forecasts for FY2008(Billions of yen)

FY2008Forcast

FY2007
ActualOperatingrevenue

257.0

267.2

Operatingincome15.5

Ordinary
incomeNet income

Initial forecast
in MayChange(%)

(3.8)

254.0

1.2

21.2

(27.0)

15.5

0.0

11.5

17.3

(33.8)

10.8

6.5

7.8

7.8(0.5)

7.62.62Change(%)

Birds-Eye View Management
Birds-eye view of Keihan in the Heisei era (Osaka, Kyoto, and Shiga)
Management Strategy by “Ant’s Eye” and “Bird’s Eye” views-Our Challenge to Keihan as First Choice-3

Nakanoshima Strategy (1)Aiming to open the line in Autumn 2008, the construction issteadily progressing.
Progress of construction of Nakanoshima Line
Shield construction was completed with the entire line fully passed throughShield construction was completed with the entire line fully passed through at the end ofOctober, 2007
( Construction completion: approx. 68% as of November 19, 2007)
Station design concept
Construction of gate station for Aquapolis Osaka – Gateway to the Waterfront −Make a design suitable to Nakanoshima features (Rich natural environment, and culturaland historical stocks) and the direction of development of western Nakanoshima area
(Internationality, human exchange, information, and culture zone).
“Wood (Natural lumber)” and “Water” are used as the design motif.
The walk-through passage is provided in the station, which allows people to accessthe RIHGA ROYAL HOTEL OSAKA, Osaka International Convention Center,and Nakanoshima underground mall.
4Nakanoshima Strategy (2)Business Development in Nakanoshima Area
Redevelopment of Nakanoshima 4-chome district
Development of condominiums (34 floors above ground, total number of units: 343) anddevelopment of complex facilities are being planned.
Creation of Water-Enjoying Space
Together with the Acquapolis-regenerating project “Hachiken’yahama Development,” wewill improve Temmabashi station, serving as the terminal station of the Nakanoshima line,
to develop an amphibious traffic terminal.
In addition, we will expand the in-station commercial facilities and promote the area toincrease traffic.
In-station commercial facilities ：Expansion of restaurants, outlet stores, and take-out businesses(PANANTE)
To be opened in mid-March, 2008
The sales target for the first year: Approx. 1.8 billion yen(Actual result for FY 2006: Approx. 1.2 billion yen)5

Kyoto Strategy:“Kyoto is Keihan, Keihan is Kyoto.” (1)Promotion of sightseeing in Kyoto
We will create a name linking the nationally famous sightseeing spots, to be established
as a major sightseeing route in Kyoto.

Higashiyama area in Kyoto
To be changed in Autumn 2008, along with the opening of the Nakanoshima line
Current station nameNew station name(Closest tourist spots)

Marutamachi → Jingu-Marutamachi (Heian-Jingu Shrine)
Shijo→ Gion-Shijo(Gion)
Gojo→ Kiyomizu-Gojo(Kiyomizu-dera Temple)◆Keifuku Electric Railroad, Arashiyama line
Carried out in March, 2007. The name “Randen” is finally adopted.
Former station nameUzumasa
Omuro
Ryoanjimichi

New station name→ Uzumasa-Koryuji→ Omuro-Ninnaji→ Ryoanji
7 other stations
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Kyoto Strategy:“Kyoto is Keihan, Keihan is Kyoto.” (2)Strengthening the railway network

KuramayamaUzumasa-Tenjingawa station.

JR Kyoto Station ~ via Tofukuji station ~Establishment of Gion and Kiyomizu routes
by Keihan line
In cooperation with JR West, we will promote descriptions in pamphlets
and joint creation of timetables. Special memorial tickets are also planned.

Randen-Tenjingawa
Katabirano-tsuji

Arashiyama

UzumasaTenjingawa
Randen LineJanuary 2008: Along with the extension of Kyoto municipal Tohzai subway line,
Keishin line will be directly linked to Uzumasa-Tenjingawa station.
Kitano-Hakubaicho
March 2008: Keifuku Electric Railroad Co., Ltd. will newly establish
To be opened on“Randen-Tenjingawa” station next toJan. 16, 2008
Arashi
Nijo

Tozai Subway Line
Shijo-Omiya

Sakamoto
Cable Railway

Takaragaike

Sakamoto

Demachiyanagi
Heian-Jingu Shrine
Jingu-Marutamachi

KeihanSanjo Misasagi Keishin LineLake
Biwa

Hamaotsu

Sanjo
Gion-Shijo

To be openedat end ofMarch 2008

Gion

Yasaka-jinja
ShrineKiyomizu-Gojo

Kyoto
Tower
JR
Kyoto

Eizan Cable &Ropeway
Mt.
Hiei

Ishiyama Sakamoto Line

Eizan Railway
LineDevelopment of the railways for Lake Biwa,
Higashiyama, and Arashiyama.

Yase
HieizanguchiRakuhoku

2 minsHigashiyamaIshiyama-dera

Kiyomizu-dera
TempleShichijo
TofukujiTofuku-ji Temple
JR Nara LineUji LineTo be opened inAutumn 2008
Nakanashima Line
Nakanoshima
Keihan Line
Yodoyabashi
Temmabashi

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nota eKa LinAnnual increase of 300 to 500
thousand people is expected.

KisaichiUjiKyoto Strategy:“Kyoto is Keihan, Keihan is Kyoto.” (3)Rakuhoku

KuramaOpening of accommodation facilities in Yase
accelerates the sightseeing business inRakuhoku and Hieizan areas.

YaseHieizan
guchi

Developing tourist facility

Eizan Cable &Ropeway

Mt.
Hiei

Garden Museum Hiei

Sakamoto Cable Railway
Takaragaike
Eizan Railway
Line<Year-on-year passenger volume>
Eizan Electric Railway: entire line
Keifuku Electric Railroad: Cable & Ropeway

L’hotel de Hiei

Demachiyanagi+42.7%
Station-surrounding
redevelopment(Approx. 6,700 m2)

Sanjo
KeihanSanjo

Misasagi

Ishiyama
Sakamoto Line

+ 7.0%

SakamotoLake
Biwa

Keishin LineHamaotsu

Reorganized Kyoto Tower Co. Ltd.
as a subsidiary
Ishiyamadera

Kyoto Tower

Shichijo
JRKyoto2 mins8TofukujiCreate a More Attractive Keihan Line (1)Kyoto

Develop an amphibious traffic terminal /Expand the in-station business

Sanjo“Frest Owada” store

Temmabashi

Station-surrounding redevelopment/
Expand the in-station business

Owada
Hirakata Park

Nakanoshima

UjiYodoyabashi

Kyobashi

Expand the in-station business“Keihan Kyobashi Katamachi-guchi Building” (tentative name)9“Uji Day Service Center”

Create a More Attractive Keihan Line (2)Revitalization of Kyobashi station
Construction of “Keihan Kyobashi Katamachi-guchi Building”(tentative name)
Promote Kyobashi station as a terminal of the Nakanoshima line,
to increase traffic.
Construction scale: 5 floors above groundTotal floor area: Approx. 6,600 m2
Opening date: Autumn 2008 (planned)
Operational Management: Keihan Ryutsu Systems Co., Ltd.
Core tenant: “Kyobashi Kagetsu”theater (Yoshimoto Kogyo Co., Ltd.)

It now takes about 30 minutes from Kyobashi to Nakanoshima (Osaka International Convention Center).

This will be improved to about 10 minutes after opening the Nakanoshima line.

Development of Care Services
Newly opened day care center
November 2007: Opened “Uji Day Service Center” as our third facility
10Create a More Attractive Keihan Line (3)Reinforcement of Commercial Facilities
“Frest Owada” store opened (September 26, 2007)
Higher-quality fresh food and prepared meals are provided.
(The yearly average sales target : Approx. 0.65 billion yen)Promotion of in-station business
1. Sanjo: Opened on November 23, 2007. An3 (An-three; convenience store), Bakery
2. Temmabashi: To be re-opened in March 2008.
Expansion of shops and take-out businesses into conventional restaurants
3. Yodoyabashi: The railway ticket vending machine was moved and An3 was opened next to thecentral ticket wicket in November 2007.
We have plans to continue the rearrangement of existing in- station shops and expand the retail shops.

CS Improving Measures
Customer center opened (November 26, 2007)
This opening is the first in Kansai for the railway business field.
We will improve responses to customer enquires and requests, and reflect their voices on our management.

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Expand the Keihan Brand (1)Expansion of Keihan Area
Opening of Suminodo Store (tentative name) as a Keihan Department Store(in Autumn, 2010)
This store will be opened in the shopping center located in front of Suminodo station along the JR
Gakken-Toshi Line as the first store outside the Keihan line.
The shopping center business ideas developed in Kuzuha mall will be applied to this store.
Concept: “Department Store abundant in family love”
New families are targeted.
Operating area：10,000m2
Sales target：Approx. 7.0 billion yen (for the opening year)
Total investment：Approx. 2.4 billion yen
Opening date：Autumn 2010 (planned)

Opening of “Frest Komagawa” store (to be opened on December 6, 2007)
Fifth Frest store will be opened in front of Komagawa-Nakano station (Higashi-Sumiyoshi-ku, Osaka city) along
the Tanimachi subway line.
We have plans to open other stores, including some outside the line.
(The yearly average sales target: Approx. 0.7 billion yen)
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Expand the Keihan Brand (2)Expanding Our Business Throughout Japan
Promoting operation of superior business hotels
First hotel outside the Kinki area, “Hotel Keihan Sapporo”(tentative name) is to be opened in front of the Sapporo
station in Spring 2009.
Such hotels are to be opened in metropolitan areas andgovernment-designated cities.

Condominium BusinessWe will expand this business, including our first original condominium in a metropolitanarea, “Fine Residence Narimasu.”<Condominiums to be sold from FY 2008 to FY 2010 (Metropolitan area)>Fine Residence Narimasu: 70 units
Planning of Higashi-Monzen in Kawasaki city: 777 units (joint project)
Planning of Kojima in Taito-ku: One building will go on saleAlso, an original condominium project is planned for Yokohama city.
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Development by Business Tie-Ups
Promotion of Mutual Passenger Transportation
Collaboration with Nishitetsu Group-From Kyushu to Kyoto, From Kyoto to Kyushu
Joint Project of NISHITETSU TRAVEL CO., LTD. and Keihan Travel Service Co., Ltd.
We will work to plan and sell new travel products and stimulate travel demand in
Kyoto and Kyushu, to promote passenger transportation.

We will aggressively work to promote business that is expected to generate synergistic
effects through the cooperation of both groups.
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