May 22, 2019
Hankyu Hanshin Holdings, Inc.

The Main Questions and Answers during the Briefing on Earning Results for Fiscal 2019(Year Ending 31st March 2019)*Please be aware that this document is not a verbatim account of everything that was said during at the question and answer
session held during the briefing. The Company has made additions and modifications, and summarised the content as it
judged appropriate.

[Questions about the Company in general]<Medium-Term Management Plan>
Q Your current plan outlines a strategic investment framework of ¥50 billion. In the previous plan, it was ¥100billion. Could you tell me why there is the reduction?
A Of the original ¥100 billion figure, ¥50 billion had been set aside for capital expenditure on specific projects. We recategorised this ¥50 billion portion as ‘growth investments’. Much of the ¥50 billion will be spent on Umekita PhaseII Development Project. We are part of the consortium that won the tender for this project in July 2018. The project isa long-term endeavour; part of the area will be opened in summer 2024, and the rest will be opened in 2027. As such,the amount we plan to invest in this project up to fiscal 2022 (the duration of the current plan) represents an investment
in future growth, and that’s why we classified it as growth investment. The ¥50 billion figure also covers some otherinvestment projects. Over the space of a year, we earmarked funds for these other investment projects from the strategic
investment framework, believing that these projects will contribute to the group’s corporate value.
Q Aside from the ¥50 billion of growth investment taken from the strategic investment framework, the current
plan outlines ¥10 billion extra in growth investments compared to the previous plan. Why have you upped
growth investments?
A We adjusted the level of investment in view of the headway we have made real estate development projects. Anotherreason was to fund M&As aimed at expanding our Information and Communication Technology business.
【Questions about individual business segments】〈Real Estate Business〉
Q I have a question about redevelopment in the Umeda area. In today’s briefing, you didn’t announce any
additional redevelopment projects after the previous briefing. Could you update us on your progress inrebuilding your aged holdings in Umeda?
AIncreasing the appeal of the Umeda area is a top priority for the group. We are working wholeheartedly on
redevelopment plans and ideas for the area, and that includes rebuilding aged properties. However, these plans andideas are still at a formative stage, and it will be a while before we can make a public announcement on the matter.
Please bear with us in the meantime.

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〈International Transportation Business〉
Q To what extent do the fiscal 2020 forecasts for International Transportation business reflect the US-China tradetensions?
A The US-China trade tensions are indeed affecting International Transportation Business. For example, they have led
to a reduction in handling volume of the shipments from/to China, particularly among Shanghai-based companies.
The fiscal 2020 forecasts do reflect this impact to some extent. That said, it is currently hard to judge the scale of theimpact or how long the tensions will last. We’ll keep a close watch on developments and take steps to minimize theimpact on our businesses.

Q Demand for air transport is set to increase in the medium to long term. Do you have any plans to capture thisgrowing demand?
AAir transport currently makes up a very large portion of the International Transportation Business. We are trying tobuild a more balanced business portfolio by strengthening the ocean transportation business and expanding thelogistics business. In terms of area too, there is currently a heavy focus on the shipments from/to Japan, and we aretrying to shift the focus to other parts of Asia by increasing the handling volume from/to those area. As amount ofhandling cargo is a direct outcome of competitiveness in our business field, we will pursue these policies with view
to increasing handling volume, including air transport volume, and thus lead the segment toward further growth.

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