Securities Code: 9009

Keisei Electric Railway Co., Ltd.
June 7, 2021
NOTICE OF THE 178th ORDINARY GENERAL MEETING OF SHAREHOLDERS
Dear Shareholder:
You are cordially notified of the 178th Ordinary General Meeting of Shareholders of Keisei Electric
Railway Co., Ltd. (the “Company”), which will be held on Tuesday, June 29, 2021, at 10:00 a.m. (reception
will open at 9:00 a.m.) in the Rose Room on the sixth floor of KEISEI HOTEL MIRAMARE, 15-1
Honchiba-cho, Chuo-ku, Chiba-city, Chiba. The agenda is as shown below.
If you do not attend the meeting in person, you may exercise your voting rights in writing or by the Internet.
Please review the attached Reference Materials for General Meeting of Shareholders, then refer toInstructions on the Exercise of Your Voting Rights on pages 3 to 4, and exercise your voting rights by 6:00
p.m. on the day before the meeting (June 28, 2021).
Faithfully yours,
Toshiya Kobayashi, President and Representative Director
Keisei Electric Railway Co., Ltd.
3-3-1 Yawata, Ichikawa-city,
Chiba, JapanMEETING AGENDA
Items to be Reported:
1:

2:
Items to be Resolved:
Item 1:
Item 2:Item 3:

The Business Report, Consolidated Financial Statements for the 178th term,
extending from April 1, 2020 to March 31, 2021, the Report of Accounting
Auditors, and the Report of the Audit & Supervisory Board concerning the resultsof the audit of the Consolidated Financial Statements will be reported at themeeting.
The Non-consolidated Financial Statements for the 178th term, extending from
April 1, 2020 to March 31, 2021, will be reported at the meeting.
Approval of the appropriation of surplus for the 178th term (from April 1, 2020
to March 31, 2021)
Election of twelve (12) Directors
Election of three (3) Audit & Supervisory Board Members

1

Decisions for the Convocation:
1:
Treatment of voting rights which are exercised more than once
Please be informed that if voting rights are exercised both in writing and by theInternet, the contents of the votes exercised by the Internet shall be deemedvalid.
If voting rights are exercised more than once by the Internet, the contents of thelast vote shall be deemed valid.
2:
Exercise of your voting rights by proxyIf you do not attend the meeting, you can still exercise your voting rights by aproxy who is also a shareholder of the Company having voting rights; provided,
however, that the proxy submits a document proof of proxy authority.


Among the documents which should be provided with this convocation notice for the 178thOrdinary General Meeting of Shareholders, the items listed below are posted on the Company website in accordance with the provisions of laws and regulations and Article 15 of the Articles ofIncorporation of the Company, and thus, they are not described in the attached materials of thisconvocation notice for the 178th Ordinary General Meeting of Shareholders.
(1) “System to Ensure Appropriateness of Operations and Operational Status of the System” and“Basic Policy on Control of the Company” in the Business Report(2) “Consolidated Statements of Changes in Net Assets” and “Notes to Consolidated Financial
Statements”(3) “Non-consolidated Statements of Changes in Net Assets” and “Notes to Non-consolidated
Financial Statements”
The Business Report, Consolidated Financial Statements and Non-consolidated Financial
Statements, which have been audited by Audit & Supervisory Board Members and Accounting
Auditors, are described in the attached materials of this convocation notice for the 178th Ordinary
General Meeting of Shareholders, and also presented on the Company web site.
Please be informed that in the event any reference materials for general meeting of shareholders oritem included in attached materials is amended, the Company web site furnishes such information.
Company web site: https://www.keisei.co.jp/*

If attending the meeting in person, please present the enclosed Voting Rights Exercise Form to thereceptionist at the meeting. Please bring this “Notice” to conserve resources.

Note: This Document has been translated from the Japanese original for reference purposes only.
In the event of any discrepancy between this translated document and the Japanese original, theoriginal shall prevail.

2Instructions on the Exercise of Your Voting Rights
Please review the attached Reference Materials for General Meeting of Shareholders and exercise yourvoting rights.
The following are three methods of exercising your voting rights.
Exercising your voting rights by attending the Ordinary General Meeting of Shareholders
Please present the enclosed Voting Rights Exercise Form to the receptionist at the meeting.
Scheduled date of the General Meeting of Shareholders:
10:00 a.m., Tuesday, June 29, 2021 (Reception will open at 9:00 a.m.)
Exercising your voting rights in writing
Please indicate “for” or “against” for each agenda item listed on the enclosed Voting Rights Exercise Form,and post it back.
Deadline for exercising your voting rights:
Must be received by 6:00 p.m., Monday, June 28, 2021
Exercising your voting rights by the Internet
Please follow the “Guide for exercising your voting rights by the Internet” on the next page, and enter“for” or “against” for each agenda item.
Deadline for exercising your voting rights:
6:00 p.m., Monday, June 28, 2021

3

Guide for exercising your voting rights by the Internet
Site for exercising your voting rights:

https://evote.tr.mufg.jp/
Items to be noted Please note that the site is not in service from 2:00 a.m. to 5:00 a.m. every day.
 You are responsible for paying the expenses incurred for accessing the site to exercise your voting
rights (Internet access fees, communication fees, etc.).
 Using the site for exercising your voting rights may not be possible depending on your Internet usage
environment. For details, please contact the help desk below.

(Help Desk) Contact for inquiries about exercising your voting rights by the Internet
Stock Transfer Agency Division, Mitsubishi UFJ Trust and Banking Corporation
Tel: 0120-173-027(Service: from 9:00 a.m. to 9:00 p.m.; toll free)
Institutional investors can utilize the “Electronic voting platform” operated by ICJ, Inc.

4

REFERENCE MATERIALS FOR GENERAL MEETING OF SHAREHOLDERS
Agenda items and reference materials
Item 1: Approval of the appropriation of surplus for the 178th term (from April 1, 2020 to March 31, 2021)
The Company’s basic policy is to give its shareholders a stable, consistent return of profits, while
ensuring the internal reserves to develop its operations as well as continuing to reinforce and stabilize theCompany’s fundamentals, while taking into account the Company’s business performance.
Based on the above policy, we hereby propose the year-end dividend for the term as follows:
1.

Type of dividend property
Cash

2.

Items on allocation of dividend property to shareholders and its total amount8.50 yen per share, with total amount of 1,451,847,711 yen
As we paid 8.50 yen as the interim dividend, the total annual dividend for the term will be 17
yen per share.

3.

Effective dateJune 30, 2021

5

Item 2: Election of twelve (12) Directors
The terms of office of all the current twelve (12) Directors expire at the conclusion of this year’s
Ordinary General Meeting of Shareholders. Accordingly, we hereby propose the election of twelve (12)Directors.
Details of the candidates are as follows:

No. ofCandidateCurrent positions and responsibilities
in the Company

Name

Attendanceat theBoard ofDirectors
meetings

1

Reappointment

Toshiya Kobayashi

Male

President

10/10

2

Reappointment

Takao Amano

Male

Managing Director, in charge of internal audit
and general affairs/personnel

10/10

3

Reappointment

Makoto Kawasumi

MaleManaging Director, in charge of accounting

10/10

4

Reappointment

Susumu Toshima

Male

Managing Director, in charge of real estate

10/10

5

Reappointment

Tsuguo Tanaka

Male

Director, Deputy General Manager, Railway
Headquarters, and General Manager, Safety
Promotion Dept., Railway Headquarters

10/10

6

Reappointment

Shokichi Kaneko

MaleDirector, in charge of management supervisionand group strategy

10/10

Director

9/10

Director

10/10

Director

10/10

Director

7/8

Male

7

Reappointment

Yasunobu Furukawa

External
Independent
OfficerMale

8

Reappointment

Shotaro Tochigi

External
Independent
OfficerMale

9

Reappointment

Yukihiro ItoExternal
Independent
Officer
Female10

Reappointment

Misao Kikuchi

External
Independent
Officer

11

New
Appointment

Koji Yamada

Male

—

—

12

New
Appointment

Hideki Mochinaga

Male

—

—

Note: Attendance at the Board of Directors meetings by Misao Kikuchi, who is a candidate for Director, counts only
the Board of Directors meetings held after her assuming the office of Director on June 26, 2020.

6No. ofcandidate

Name(Date of birth)

Career summary(positions and responsibilities in the Company, andsignificant concurrent positions)Apr. 1982 Joined the Company
Jun. 2010 Director
Jun. 2013 Managing Director
Jun. 2015 Senior Managing Director
Reappointment
Jun. 2017 President (to the present)
44,900Male
Significant concurrent positions
External Director of Shin-Keisei Electric Railway
Co., Ltd.
Chairman of Kanto District Private Railway
Association
Reason for selecting him as a candidate for Director
He has been engaged in various business departments of the Company, and as President of theCompany, is currently showing strong leadership to supervise the overall management of the Group.
Since we think that he will contribute to development of business and enhancement of medium- tolong-term corporate value of the Group going forward, based on his abundant experience and trackrecords, we continue to select him as a candidate for Director.
Apr. 1988 Joined the Company
Jun. 2015 Director
Jun. 2018 Managing Director
Takao Amano
Jun. 2020 Managing Director, in charge of internal(Sep. 21, 1965)
14,700audit and general affairs/personnel (to the
Reappointment
present)
Significant concurrent positions
Male
External Audit & Supervisory Board Member ofShin-Keisei Electric Railway Co., Ltd.
Reason for selecting him as a candidate for Director
He has been engaged in railway for many years since he joined the Company, and is currently incharge of internal audit and general affairs/personnel as Managing Director. Since we think that he willcontribute to development of business and enhancement of medium- to long-term corporate value of
the Company going forward, based on his abundant experience and track records, we continue to selecthim as a candidate for Director.
Apr. 1989 Joined the Company
Makoto Kawasumi Jun. 2016 Director
Jun. 2019 Managing Director, in charge of(Mar. 8, 1967)
13,500accounting (to the present)
Reappointment
Significant concurrent positions
Male
President of Yourelm Keisei Co., Ltd.
Reason for selecting him as a candidate for Director
He has been engaged in accounting for many years since he joined the Company, and is currently incharge of accounting as Managing Director. Since we think that he will contribute to development ofbusiness and enhancement of medium- to long-term corporate value of the Company going forward,
based on his abundant experience and track records, we continue to select him as a candidate for
Director.
Toshiya Kobayashi(Jul. 30, 1959)

1

2

3

Numbers of sharesof the Company
owned by thecandidate7

No. ofcandidate

Name(Date of birth)

Susumu Toshima(Jul. 13, 1967)
Reappointment

Career summary(positions and responsibilities in the Company, andsignificant concurrent positions)Apr. 1990
Jun. 2016
Jun. 2019

Joined the Company
Director
Managing Director in charge of real estate(to the present)

5

6

11,000Significant concurrent positions
President of Keisei Real Estate Co., Ltd.
Reason for selecting him as a candidate for Director
He has been engaged in railway and general affairs/personnel since he joined the Company, and iscurrently in charge of real estate as Managing Director. Since we think that he will contribute todevelopment of business and enhancement of medium- to long-term corporate value of the Company
going forward, based on his abundant experience and track records, we continue to select him as a
candidate for Director.
Apr. 1989 Joined the Company
Jun. 2018 Director
Jun. 2019 Director, Deputy General Manager,
Tsuguo Tanaka
Railway Headquarters, and General(Aug. 29, 1965)
10,000Manager, Safety Promotion Dept., Railway
Headquarters (to the present)
Reappointment
Significant concurrent positions
Male
Senior Managing Director of Nippori Station
Reorganization Co., Ltd.
Reason for selecting him as a candidate for Director
He has been engaged in railway for many years since he joined the Company, and is currently incharge of railway as Director. Since we think that he will contribute to development of business andenhancement of medium- to long-term corporate value of the Company going forward, based on his
abundant experience and track records, we continue to select him as a candidate for Director.
Apr. 1990 Joined the Company
Jun. 2018 Director
Jun. 2020 Director, in charge of management
Shokichi Kaneko
supervision and group strategy (to the(Feb. 17, 1967)
8,800
present)
Reappointment
Significant concurrent positions
Male
External Audit & Supervisory Board Member ofShin-Keisei Electric Railway Co., Ltd.
Reason for selecting him as a candidate for Director
He has been engaged in accounting and railway since he joined the Company, and is currently incharge of management supervision and group strategy as Director. Since we think that he willcontribute to development of business and enhancement of medium- to long-term corporate value of
the Company going forward, based on his abundant experience and track records, we continue to selecthim as a candidate for Director.
Male

4

Numbers of sharesof the Company
owned by thecandidate8No. ofcandidate

Name(Date of birth)

Yasunobu Furukawa(Oct. 11, 1953)
Reappointment
External

78

9

Independent
Officer

Career summary(positions and responsibilities in the Company, andsignificant concurrent positions)Sep. 1980
Aug. 2010
Aug. 2012
Jun. 2014
Jun. 2015

Registered as a certified public accountant
Senior Managing Director of Ernst &Young ShinNihon LLC
Senior Advisor of Ernst & Young
ShinNihon LLC
Director of the Company (to the present)
Outside Director of NSK Ltd.

Numbers of sharesof the Company
owned by thecandidate0

Significant concurrent positions
Outside Audit & Supervisory Board Member of
Ricoh Company, Ltd.
Reason for selecting him as a candidate for external Director and summary of expected roles
He has abundant experience and extensive insight as a certified public accountant as his career record
shows, is involved in corporate management in various capacities. We anticipate that he will also becapable of exercising supervision over the business execution of the Company, and providing advice,
etc. as external Director, based on his experience and insight going forward, and therefore continue topropose him as a candidate for external Director.
Apr. 1973
Appointed as a public prosecutor
Jul. 2007
Superintending Prosecutor of the Fukuoka
High Public Prosecutors Office
Apr. 2009
President of the Japan International
Training Cooperation Organization(JITCO)
Shotaro Tochigi
Apr. 2009
Registered as an attorney-at-law (member(Nov. 11, 1946)of the Daiichi Tokyo Bar Association)
Reappointment
Established Tochigi Law Office0
Attorney-at-law at Tochigi Law Office (toExternal
the present)
Independent
Jun.
2018
Directorof the Company (to the present)
Officer
Significant concurrent positions
Male
Attorney-at-law
Member of the Board of Directors (Outside Director)(Audit & Supervisory Committee Member) of
Mizuho Bank, Ltd.
Reason for selecting him as a candidate for external Director and summary of expected roles
While he has not been directly involved in corporate management, he has abundant experience in andextensive insight into the legal profession. We anticipate that he will also be capable of exercisingsupervision over the business execution of the Company, and providing advice, etc. as external Director,
based on his experience and insight going forward, and therefore continue to propose him as a candidate
for external Director.
Jan. 2006
Executive Officer of The Bank of TokyoMitsubishi UFJ, Ltd.
Jun. 2006
Managing Director of MU Frontier
Yukihiro Ito
Servicer Co., Ltd(Feb. 3, 1954)
Jun. 2009
External Audit & Supervisory Board
Member of NIPPON STEEL NISSHIN
Reappointment
0Co., Ltd.
External
Oct. 2012
External Audit & Supervisory Board
Independent
Member of NIPPON STEEL NISSHIN
Officer
Holdings Co., Ltd.
Male
Jun. 2019
Director of the Company (to the present)
Male

Reason for selecting him as a candidate for external Director and summary of expected roles
He has experience in working for financial institutions and abundant experience and extensive insight ascorporate manager as his career record shows. We anticipate that he will also be capable of exercisingsupervision over the business execution of the Company, and providing advice, etc. as external Director,
based on his experience and insight going forward, and therefore continue to propose him as a candidate
for external Director.

9No. ofcandidate

Name(Date of birth)

Career summary(positions and responsibilities in the Company, andsignificant concurrent positions)

Numbers of sharesof the Company
owned by thecandidateJun. 2016

10

11

12

Chairman of the Board of Directors of
Powdertech Co., Ltd. (to the present)
Sep. 2016
President of Nanyu Corporation (to thepresent)
Oct. 2016
Chairperson of Keiyo Gas Co., Ltd (to the
Misao Kikuchipresent)(Apr. 9, 1950)
Mar. 2020
External Director of K&O Energy Group
Reappointment
Inc. (to the present)
0
Jun.
2020
DirectoroftheCompany(tothepresent)
External
Significant concurrent positions
Independent
Chairman of the Board of Directors of Powdertech
OfficerCo., Ltd.
FemalePresident of Nanyu Corporation
Chairperson of Keiyo Gas Co., Ltd.
External Director of K&O Energy Group Inc.
Reason for selecting her as a candidate for external Director and summary of expected roles
She has abundant experience and extensive insight as corporate manager as her career record shows, andhas been engaged in corporate management from many standpoints. We anticipate that she will also becapable of exercising supervision over the business execution of the Company, and providing advice,
etc. as external Director, based on her experience and insight going forward, and therefore continue topropose her as a candidate for external Director.
Apr. 1991
Joined the Company
Jun. 2018
Director
Koji YamadaMar. 2019
President of Keiseitaxi Holdings Co., Ltd.
(Jan. 27, 1968)(to the present)
11,500
New Appointment
Significant concurrent positions
President of Keiseitaxi Holdings Co., Ltd.
Male
President of Chiba Association of Taxi
Reason for selecting him as a candidate for Director
He has been engaged in general affairs/personnel and taxi business of the Group since he joined theCompany, and is currently in charge of management of a company of the Group. Since we think that hewill contribute to development of business and enhancement of medium- to long-term corporate valueof the Group going forward, based on his abundant experience and track records, we select him as a
candidate for Director.
Jun. 2016
Director-General of Kanto District
Transport Bureau, Ministry of Land,
Hideki Mochinaga
Infrastructure, Transport and Tourism(Mar. 6, 1962)
0Feb. 2018
Adviser of NITTSU SHOJI CO., LTD. (tothe present)
New Appointment
Aug. 2018
Adviser of Yamaman Co., Ltd. (to theMale
present)
Reason for selecting him as a candidate for Director
He has many years of experience in working for government ministries and is currently providing
management advice for private companies. Since we think that he will contribute to development ofbusiness and enhancement of medium- to long-term corporate value of the Company going forward,
based on his abundant experience and track records, we select him as a candidate for Director.

Notes:
1. Shotaro Tochigi is Member of the Board of Directors (Outside Director) (Audit & Supervisory Committee
Member) of Mizuho Bank, Ltd. We have loan and other transactions with the said bank, however said bankdoes not correspond to a financial institution on which we depend, with respect to funds procurement, to theextent that the financial institution is irreplaceable.
2. Misao Kikuchi is President of Nanyu Corporation and Chairperson of Keiyo Gas Co., Ltd., and the Company isengaged in transactions of the same business category as each of the companies (selling/buying and leasing ofland and buildings).
3. Misao Kikuchi is Chairperson of Keiyo Gas Co., Ltd., which is a trade partner of the Company. However, the10amount of such transactions during the fiscal year ended March 31, 2021 is minimal at less than one (1) % ofoperating revenue for both the Company and the said company.
4. Yasunobu Furukawa, Shotaro Tochigi, Yukihiro Ito and Misao Kikuchi are candidates for external Directors.
5. The term of office of Yasunobu Furukawa as an external Director of the Company will be seven (7) years at theconclusion of this Ordinary General Meeting of Shareholders.
6. The term of office of Shotaro Tochigi as an external Director of the Company will be three (3) years at theconclusion of this Ordinary General Meeting of Shareholders.
7. The term of office of Yukihiro Ito as an external Director of the Company will be two (2) years at theconclusion of this Ordinary General Meeting of Shareholders.
8. The term of office of Misao Kikuchi as an external Director of the Company will be one (1) year at theconclusion of this Ordinary General Meeting of Shareholders.
9. The Company has, pursuant to the provisions in Article 427, paragraph 1 of the Companies Act, entered into anagreement with Yasunobu Furukawa, Shotaro Tochigi, Yukihiro Ito and Misao Kikuchi to limit their liability
for damages set forth in Article 423, paragraph 1 of the Companies Act to the minimum liability amountstipulated in Article 425, paragraph 1 of the Companies Act.
10. The Company has entered into a directors and officers liability insurance policy as provided for in Article
430-3, paragraph 1 of the Companies Act with an insurance company, which includes the Directors of theCompany as the insureds. The insurance policy covers losses that may arise from the insured’s assumption of
liability incurred in the course of the performance of duties, or receipt of claims pertaining to the pursuit ofsuch liability. If the election of each candidate is approved, they will be included as an insured in the insurance
policy. In addition, the Company plans to renew the insurance policy during their term of office.
11. The Company has appointed Yasunobu Furukawa, Shotaro Tochigi, Yukihiro Ito and Misao Kikuchi as
independent officers in accordance with the rules of the Tokyo Stock Exchange and reported the appointment
to the Tokyo Stock Exchange.

11

Item 3: Election of three (3) Audit & Supervisory Board Members
The term of office of Audit & Supervisory Board Member Kenji Sato expires and Audit &Supervisory Board Members Kyoichiro Uenishi and Yasuomi Matsuyama resign at the conclusion of thisyear’s Ordinary General Meeting of Shareholders. Accordingly, we hereby propose the election of three (3)Audit & Supervisory Board Members.
With the agreement of the Audit & Supervisory Board, the following candidates are proposed.
Details of the candidates are as follows:
No. ofcandidate

Name(Date of birth)

Kenji Sato
(Jun. 8, 1959)
Reappointment

1

Career summary(positions in the Company and significant concurrent
positions)Apr. 1982
Jun. 2011
Jun. 2019

Joined the Company
Director
Full-time Audit & Supervisory Board
Member of the Company (to the present)

Numbers ofshares of theCompany ownedby the candidate

15,500Male

Reason for selecting him as a candidate for Audit & Supervisory Board Member
We believe that he can provide us with useful advice for the Board of Directors from an objective andneutral standpoint and audit the legality of our business execution based on his abundant experienceand extensive insight regarding general business of the Company, accounting and internal audit, andtherefore continue to propose him as a candidate for Audit & Supervisory Board Member.
Apr. 2015
Officer of Oriental Land Co., Ltd.
Kenji Yoshida
Apr. 2019
Executive Officer of Oriental Land Co.,
(Sep. 3, 1960)
Ltd. (to the present)
New Appointment
Significant concurrent positions
Executive Officer of Oriental Land Co., Ltd.
External023

Independent
Officer
Male

Reason for selecting him as a candidate for external Audit & Supervisory Board Member
We believe that he can provide us with useful advice for the Board of Directors from an objective andneutral standpoint and audit the legality of our business execution based on his abundant experienceand extensive insight in corporate management as his career record shows, and therefore propose him
as a candidate for external Audit & Supervisory Board Member.
Mar. 2017
Director and Senior Managing Executive
Tsuneaki Teshima
Officer of Nippon Life Insurance Company(Oct. 21, 1960)
Apr. 2018
President of NLI Research Institute (to the
New Appointment
present)
Jun.
2018
OutsideAudit & Supervisory Board
External
Member of Nitta Corporation (to the0
Independent
present)
Officer
Significant concurrent positions
Male
President of NLI Research InstituteOutside Audit & Supervisory Board Member of Nitta
Corporation
Reason for selecting him as a candidate for external Audit & Supervisory Board Member
We believe that he can provide us with useful advice for the Board of Directors from an objective andneutral standpoint and audit the legality of our business execution based on his abundant experienceand extensive insight as corporate manager as his career record shows, and therefore propose him as a
candidate for external Audit & Supervisory Board Member.

12

Notes:
1. Audit & Supervisory Board Member candidates Kenji Yoshida and Tsuneaki Teshima are to be elected as
substitutes for Audit & Supervisory Board Members Kyoichiro Uenishi and Yasuomi Matsuyama, respectively,
and their terms of office are to expire, as prescribed in the Articles of Incorporation of the Company, upon
expiry of the terms of office of said retiring Audit & Supervisory Board Members.
2. Kenji Yoshida and Tsuneaki Teshima are candidates for external Audit & Supervisory Board Members.
3. Kenji Yoshida is currently and has been an Executive Officer of Oriental Land Co., Ltd., a specified associatedservice provider (entity accounted for using equity method) of the Company, for the last ten (10) years, hasbeen receiving remuneration from the said company for the last two (2) years, and will continue to do so going
forward. In addition, he will assume the position of President and COO as of June 29, 2021. While theCompany is engaged in transactions of the same business category as Oriental Land Co., Ltd. (selling/buying
and leasing of land and buildings), the Company and the said company do not have a competing businessbecause the main business of the said company is management and operation of theme parks. Moreover, thetransactions between the said company and the Company during the fiscal year ended March 31, 2021, arelimited to those of general consumers, such as the purchase of theme park tickets, and the amount of suchtransactions is minimal at less than 1% of operating revenue for both the Company and the said company.
4. Kenji Yoshida served as a non-executive officer (Audit & Supervisory Board Member) of a subsidiary of theCompany in the past.
5. If the election of Kenji Yoshida and Tsuneaki Teshima is approved, the Company will, pursuant to theprovisions in Article 427, paragraph 1 of the Companies Act, enter into an agreement with them to limit their
liability for damages set forth in Article 423, paragraph 1 of the Companies Act to the minimum liability
amount stipulated in Article 425, paragraph 1 of the Companies Act.
6. The Company has entered into a directors and officers liability insurance policy as provided for in Article 4303, paragraph 1 of the Companies Act with an insurance company, which includes the Audit & Supervisory
Board Members of the Company as the insureds. The insurance policy covers losses that may arise from theinsured’s assumption of liability incurred in the course of the performance of duties, or receipt of claims
pertaining to the pursuit of such liability. If the election of each candidate is approved, they will be included as
an insured in the insurance policy. In addition, the Company plans to renew the insurance policy during theirterm of office.
7. The Company intends to appoint Kenji Yoshida and Tsuneaki Teshima as independent officers in accordancewith the rules of the Tokyo Stock Exchange and report the appointment to the Tokyo Stock Exchange.

13

English Translation of Financial Statements Originally Issued in the Japanese Language
CONSOLIDATED BALANCE SHEET
Keisei Electric Railway Co., Ltd.
As of March 31, 2021
Million yen
ASSETS
Current assets:
Cash and deposits
Notes receivable and accounts receivable
Land and structures for subdivision
MerchandiseWork in process
Raw materials and supplies
Other current assets
Allowance for doubtful accounts
Total current assets

29,13321,515
6,938
2,080
1,063
3,491
15,347(25)
79,545

Fixed assets:
Tangible fixed assets:
Buildings and structures
Machinery and equipment
Land
Lease assets
Construction in progress
Other tangible fixed assets
Total tangible fixed assets
Intangible fixed assets:
Lease assets
OthersTotal intangible fixed assets
Investments and long-term receivables:
Investment securities
Long-term loans receivable
Deferred tax assets
Other investments
Allowance for doubtful accounts
Total investments and long-term receivables
Total fixed assets
Deferred assets:

289,092
26,783
183,630
36,58739,591
3,127
578,812
1,117
12,316
13,433
207,321304
16,8764,132(167)
228,467
820,713438

Total assets
Note: The figures presented are rounded down to the nearest million yen.

14

900,698

English Translation of Financial Statements Originally Issued in the Japanese Language
CONSOLIDATED BALANCE SHEET
Keisei Electric Railway Co., Ltd.
As of March 31, 2021
Million yen
LIABILITIES AND NET ASSETSLIABILITIES:Current liabilities:
Notes payable and trade accounts payable
Short-term borrowings
Commercial paper
Lease obligations
Income taxes payable
Advance received
Allowance for employees’ bonuses
Reserve for directors’ bonuses
Other current liabilities
Total current liabilities

18,05952,472
4,000
6,609
1,616
26,543
3,382
48
34,499147,232

Fixed liabilities:
Bonds and debentures
Long-term borrowings
Long-term accounts payable of Japan Railway Construction,
Transport and Technology Agency
Lease obligations
Deferred tax liabilities
Allowance for retirement benefits for directors
Net defined benefit liability
Other fixed liabilities
Total fixed liabilities
Total liabilities
NET ASSETS:
Owners’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Remeasurements of defined benefit plans
Non-controlling interests
Total net assets
Total liabilities and net assets
Note: The figures presented are rounded down to the nearest million yen.

15

90,450149,10943,541
24,9461,812
332
35,88911,339357,421504,653
376,930
36,80328,411
317,899(6,184)
1,708
3,075
30
(1,397)
17,406
396,044
900,698

English Translation of Financial Statements Originally Issued in the Japanese Language
CONSOLIDATED STATEMENT OF INCOME
Keisei Electric Railway Co., Ltd.
For the fiscal year ended March 31, 2021
Million yen
Operating revenues
Operating costs and expenses:
Transport operating expenses and cost of sales
Selling, general and administrative expenses
Operating loss
Non-operating revenues:
Subsidies for employment adjustment
Interests and dividend income
Other non-operating revenues
Non-operating expenses:
Investment loss of affiliates
Interests expenses
Other non-operating expenses
Recurring loss

207,761
189,096
36,721

3,191
535
2,390
16,993
2,453
777

Non-recurring income:Construction costs allotted to and received from others
Gain on sale of fixed assets
Insurance claim income
Non-recurring losses:
Advanced depreciation loss on fixed assets
Loss on asset impairment
Loss on disposal of fixed assets
Loss on temporary suspension of operation
Loss on valuation of investment securities
Loss before income taxes
Income taxes:
Current
Deferred
Corporate and other taxes
Loss
Loss attributable to non-controlling interests
Loss attributable to owners of parent
Note: The figures presented are rounded down to the nearest million yen.

16

965
864
33
838
491
373
281
49

225,818
18,056

6,116

20,22432,165

1,863

2,033
32,335

1,348(3,383)(2,034)30,3001030,289English Translation of Financial Statements Originally Issued in the Japanese Language
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
Keisei Electric Railway Co., Ltd.
For the fiscal year ended March 31, 2021
(Million yen)
Capitalstock
Balance at the beginning of the current
periodChanges of items during the period
Dividends from surplus
Loss attributable to owners of parent
Change of scope of consolidation
Change due to purchase of shares of
consolidated subsidiaries
Change in ownership interest of parent
due to transactions with non-controllinginterests
Change resulting from merger between
consolidated subsidiaries andunconsolidated subsidiaries
Purchase of treasury stock
Change due to purchase of treasury
stock from consolidated subsidiaries
Change in treasury stock arising fromchange in equity in entities accounted
for using equity method
Net changes of items other thanowners’ equity
Total changes of items during the period
Balance at the end of the current period

Owners’ equity
Retainedearnings

Capitalsurplus36,80328,365

Treasurystock

350,556

Total owners’
equity(5,532)(2,903)(30,289)513(2,903)(30,289)
513

29

29

25

25
23

(8)

36,80346
28,411(32,656)
317,899

(0)

23
(0)

(647)

(655)

(4)

(4)

(651)
(6,184)(33,262)
376,930

Total net
assets

Accumulated other comprehensive income

Valuationdifference on
available-forsale securities

Deferredgains
or losses onhedgesBalance at the beginning of thecurrent period
2,390
16
Changes of items during the period
Dividends from surplus
Loss attributable to owners of parent
Change of scope of consolidation
Change due to purchase of shares of
consolidated subsidiaries
Change in ownership interest ofparent due to transactions with noncontrolling interests
Change resulting from merger
between consolidated subsidiaries
and unconsolidated subsidiaries
Purchase of treasury stock
Change due to purchase of treasury
stock from consolidated subsidiaries
Change in treasury stock arisingfrom change in equity in entities
accounted for using equity method
Net changes of items other thanowners’ equity
684
14
Total changes of items during theperiod684
14
Balance at the end of the current
period3,075
30
Note: The figures presented are rounded down to the nearest million yen.

17

410,192

Remeasurementsof defined benefit
plans

Total accumulated
othercomprehensive
incomeNon-controllinginterests(1,570)837

17,634

428,664(2,903)(30,289)
513
29
25
23
(0)
(655)
(4)

172

871

(227)

643

172

871

(227)

(32,619)(1,397)

1,708

17,406

396,044

English Translation of Financial Statements Originally Issued in the Japanese Language
NON-CONSOLIDATED BALANCE SHEET
Keisei Electric Railway Co., Ltd.
As of March 31, 2021
Million yen
ASSETS
Current assets:
Cash and deposits
Fares receivable
Accounts receivable
Consumption taxes receivable
Income taxes receivable
Lease investment assets
Short-term loans receivable
Land and structures for subdivision
Supplies
Prepaid expenses
Other current assets
Allowance for doubtful accounts
Total current assets

4,616
3,152
1,101
640
859
2,051
2,651
6,914
2,370
1,177
4,073
(1,278)28,330

Fixed assets:
Tangible fixed assets:
Fixed assets, railway operations
Fixed assets, real estate operations
Fixed assets related to each operation
Construction in progress
Investment and other assets
Stocks of associated companies
Investment securities
Long-term loans receivable
Deferred tax assets
Other investments
Allowance for doubtful accounts
Total fixed assets

242,656
148,057
3,998
38,765
110,742
68,946
11,655
19,334
10,1351,188(518)
544,220420
420

Deferred assets:
Corporate debenture issue cost
Total assets
Note: The figures presented are rounded down to the nearest million yen.

18

572,970

English Translation of Financial Statements Originally Issued in the Japanese Language
NON-CONSOLIDATED BALANCE SHEET
Keisei Electric Railway Co., Ltd.
As of March 31, 2021
Million yen
LIABILITIES AND NET ASSETSLIABILITIES:Current liabilities:
Short-term borrowings
Commercial paper
Lease obligations
Other accounts payable
Accrued expenses
Income taxes payable
Connecting fares received
Deposits received
Prepaid fares received
Advance received
Allowance for employees’ bonuses
Other current liabilities
Total current liabilities

41,4464,000
3,880
17,244861
227
542
29,5482,082
25,0041,016
28
125,882

Fixed liabilities:
Bonds and debentures
Long-term borrowings
Lease obligations
Allowance for employees’ severance and retirement benefits
Allowance for loss on business of associated companies
Asset retirement obligations
Other fixed liabilities
Total fixed liabilities
Total liabilities

90,000126,366
16,59818,889
639
1,447
6,153
260,094
385,976

NET ASSETS:
Owners’ equity
Capital stock
Capital surplus
Capital reserve
Other capital surplus
Retained earnings
Legal reserve
Other retained earnings
General reserve
Unappropriated retained earnings at the end of the term
Treasury stock
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Total net assets
Total liabilities and net assets
Note: The figures presented are rounded down to the nearest million yen.

19

185,640
36,80327,904
27,84558
125,056
3,038
122,018
8,095
113,923(4,124)
1,353
1,353
186,993572,970

English Translation of Financial Statements Originally Issued in the Japanese Language
NON-CONSOLIDATED STATEMENT OF INCOME
Keisei Electric Railway Co., Ltd.
For the fiscal year ended March 31, 2021
Million yen
Railway:
Operating revenues
Operating expenses
Operating loss
Real Estate:
Operating revenues
Operating expenses
Operating income

38,05551,807
13,751
17,71910,142
7,576

Operating loss from all operations

6,175

Non-operating revenues:
Interests and dividend income
Other revenues
Non-operating expenses:
Interests expenses
Provision of allowance for doubtful accounts
Other expenses

5,285
967

6,252

1,771
1,306
1,006

4,085

Recurring loss

4,007

Non-recurring income:Gain on sale of fixed assets
Construction costs allotted to and received from others
Insurance claim income
Non-recurring losses:
Loss on valuation of stocks of associated companies
Advanced depreciation loss on fixed assets
Other non-recurring losses
Loss before income taxes
Income taxes:
Current
Deferred
Corporate and other taxes
Loss
Note: The figures presented are rounded down to the nearest million yen.

20

840
539
29
564
472
211

1,409

1,248
3,846

1
(1,886)(1,884)
1,962

English Translation of Financial Statements Originally Issued in the Japanese Language
NON-CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
Keisei Electric Railway Co., Ltd.
For the fiscal year ended March 31, 2021
Capital surplus

Balance at the beginningof the current period
Changes of items during
the period
Dividends from surplus
Loss
Purchase of treasurystock
Net changes of items
other than owners’
equityTotal changes of items
during the period
Balance at the end of thecurrent period

Capitalstock

Capitalreserve

Other
capitalsurplusTotal
capitalsurplus36,803

27,84558

27,904(Million yen)
Owners’ equity
Retained earnings
Other retained
earnings
UnapproTotal
priatedTreasury
Total
owners’Legalretainedstock
retained
Generalequityreserve
reserve earnings earnings
at the endof the
term
3,038

8,095

118,791

129,925(2,906)(1,962)(2,906)(1,962)(3,254)

191,379(2,906)(1,962)

(870)

(870)

-

-

-

-

-

-

(4,868)(4,868)(870)(5,738)36,803

27,84558

27,904

3,038

8,095

113,923

125,056(4,124)

185,640

Valuation and translation
adjustments
Valuation
Total valuationdifference onand translation
available-foradjustments
sale securities

Total net
assetsBalance at the beginningof the current period
1,030
1,030
192,410
Changes of items during
the period
Dividends from surplus(2,906)Loss(1,962)
Purchase of treasury
stock
(870)
Net changes of items
other than owners’
equity322
322
322
Total changes of items
during the period
322
322(5,416)
Balance at the end of thecurrent period
1,353
1,353
186,993
Note: The figures presented are rounded down to the nearest million yen.

21