Notice: This is a translation of the Notice of Resolution of the 178th 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 14, 2016
To our shareholders

Kazuo Sumi, President 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 178th Ordinary General Meeting of Shareholders
We are pleased to notify you that the matters described below were reported and resolved at the 178thOrdinary 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 the178th fiscal year (April 1, 2015 to March 31, 2016)

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

Report on the audit results of the consolidated financial statements for the 178th fiscal year by theAccounting Auditors and the Audit & Supervisory Board

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 3.50 yen per share of commonstock* As interim dividends of 3.50 yen per share of common stock weredistributed, annual dividends for the current fiscal year amount to 7
yen per share, which is 1 yen per share increase compared with theprevious fiscal year.

Second Item of Business: Shares Consolidation
This item was approved and resolved as originally proposed, andevery five (5) shares of common stock of the Company was decided tobe consolidated into one (1) share as of August 1, 2016

Third Item of Business:

Partial Amendment to the Articles of Incorporation
This item was approved and resolved as originally proposed.
A summary of the amendments is as follows:(1) Due to Shares Consolidation, The total number of shares authorized
to be issued by the Company shall be changed to six hundred and forty
million (640,000,000) from three billion two hundred million(3,200,000,000) as of August 1, 2016.
(2) The number of shares of a share unit of the Company shall be one
hundred (100) from one thousand (1,000) as of August 1, 2016.
(3) The scope of Directors and Audit & Supervisory Board Members
who can enter into a contract with the Company to limit their liability
was changed.

Fourth Item of Business: Election of fourteen (14) Directors
This item was approved and resolved as originally proposed.
Reelected: Kazuo Sumi, Shinya Sakai, Noriyuki Inoue, Shosuke Mori,Shunichi Sugioka, Yoshishige Shimatani, TakaokiFujiwara, Yoshihiro Nakagawa, Ichiro Namai, Seisaku
Okafuji, Mitsuo Nozaki, Masao Shin and Naohisa Nogami
Newly elected: Takehiro Sugiyama
Noriyuki Inoue and Shosuke Mori are Outside Directors.
Fifth Item of Business:

Election of one (1) Audit & Supervisory Board Member
This item was approved and resolved as originally proposed.
Newly elected: Koichi Kobayashi
Tsunenori Kawashima was retired from Audit & Supervisory BoardMember.
End of Document2