Notice: This is a translation of the Notice of Resolution of the 184th Ordinary General Meeting of Shareholders of Hankyu Hanshin Holdings, Inc.
and is made solely for the convenience of foreign shareholders. In the case of any discrepancy between the translation and the Japanese original,
the latter shall prevail.

[Translation]
Securities Code: 9042
June 15, 2022
To our shareholders

Kazuo Sumi, Chairman and Representative Director
Hankyu Hanshin Holdings, Inc.
1-1, Sakaemachi, Ikeda-shi, Osaka(Head Office: 1-16-1, Shibata, Kita-ku, Osaka-shi)

Notice of Resolution of the 184th Ordinary General Meeting of Shareholders
We are pleased to notify you that the matters described below were reported and resolved at the 184thOrdinary General Meeting of Shareholders of the Company held today.

Particulars
Matters Reported:
1.

Report on the business report, consolidated financial statements and financial statements for the184th fiscal year (April 1, 2021 to March 31, 2022)

The contents of the above-mentioned documents were reported.
2.

Report on the audit results of the consolidated financial statements for the 184th fiscal year by theAccounting Auditors and the Audit & Supervisory Committee

The contents of the above-mentioned audit results were reported.
Matters Resolved:
First Item of Business:

Appropriation of Retained Earnings
This item was approved and resolved as originally proposed, and thefinal dividends were decided to be 25 yen per share of common stock.
* As interim dividends of 25 yen per share of common stock weredistributed, annual dividends for the current fiscal year amount to 50
yen per share.

Second Item of Business: Partial Amendment to the Articles of Incorporation
This item was approved and resolved as originally proposed.
The outline of the amendments to the Article of Incorporation is asfollows: Pursuant to the Act Partially Amending the Companies Act(Act No. 70 of 2019) to come into force on September 1, 2022,
measures for provision of reference materials, etc., for general meetings

of shareholders in electronic format will become permitted, andcompanies which issue book-entry transfer shares (listed companies)
will be required to provide in their articles of incorporation that they
will implement measures for the provision of information constituting
the content of the reference materials, etc., for general meetings ofshareholders in electronic format, and the Company is accordingly
making the necessary amendments.
Third Item of Business:

Election of Nine (9) Directors (Excluding Directors Who Are Audit &Supervisory Committee Members)This item was approved and resolved as originally proposed.
Reelected:

Kazuo Sumi, Takehiro Sugiyama, Masao Shin,
Noriko Endo, Yuki Tsuru, Yoshishige Shimatani andNaoya Araki,

Newly elected:

Yasuo Shimada and Mitsuyoshi Kobayashi

Noriko Endo, Yuki Tsuru and Mitsuyoshi Kobayashi are ExternalDirectors.
* Noriyuki Inoue was retired from Director.
Fourth Item of Business: Election of Three (3) Directors Who Are Audit & Supervisory
Committee Members
This item was approved and resolved as originally proposed.
Reelected:

Masayoshi Ishibashi and Michiari Komiyama

Newly elected:

Yuko Takahashi

Michiari Komiyama and Yuko Takahashi are External Directors Who
Are Audit & Supervisory Committee Members.
* Junzo Ishii was retired from Director.
Fifth Item of Business:

Election of One (1) Substitute Director Who Is an Audit & Supervisory
Committee Member
This item was approved and resolved as originally proposed.
Reelected:

Yuki Tsuru

Yuki Tsuru is a Substitute External Director Who Is an Audit &Supervisory Committee Member
Sixth Item of Business:

Revision of the Amount of Compensation for Directors Who Are Audit& Supervisory Committee Members
This item was approved and resolved as originally proposed, and it wasdecided to set the amount of compensation for Directors Who Are Audit& Supervisory Committee Members at 4 million yen or less per month.

Seventh Item of Business: Revision of the Stock Compensation Plan for Directors (Excluding
Directors Who Are Audit & Supervisory Committee Members)2This item was approved and resolved as originally proposed, and it wasdecided with regard to the performance-based stock compensation plan,
to change the scope of the eligible directors (the “Eligible Directors”)
to the Company’s Representative Directors, and to revise the details of
the Existing Plan by changing the maximum amount of money to becontributed by the Company and the maximum number of Company
Shares, etc. to be delivered to the Eligible Directors.
End of Document3