Supplementary Briefing during the Briefing on Earning Results
for the First Half of Fiscal 2023 (Ending March 2023)
presented by Takehiro Sugiyama, President and Representative Director＊The page numbers shown here indicate the page numbers in the results briefing materials.

<<Results for the First Half of, and Full-Year Forecasts for, Fiscal 2023 (Ending March 2023)>>
Summary of results for the first half of fiscal 2023（P4）・During the first half, we recorded year-on-year growth in operating revenue and income. Although
the COVID impact persisted, Urban Transportation and most other segments experienced recovery tosome extent. Additionally, in the Travel segment, the overseas travel team gained numerous orders
related to COVID patients. Some of these orders were delivered through the management/operationof accommodation facilities and some involved Hankyu Travel International’s call center providing
care for patients recuperating at home.

Changes to full-year performance forecasts（P5）・We have upgraded the full-year forecasts for operating revenue and income from the levels forecasted
in May. The new forecast for operating income is ¥70 billion. We upgraded the forecasts because,
although the Urban Transportation segment and stage business performed less well than initiallyexpected amid the resurgence in COVID infections from July, this was more than offset by theaforementioned upturn in the Travel segment, coupled with better-than-expected performance in theInternational Transportation segment.

・As part of the FY2023 performance targets set out in our medium-term plan, we aim to bring
operating income to two-thirds of ¥100 billion, the pre-pandemic income level. We are currently oncourse to achieving this target.

<<Current Topics: Key Actions to Achieve Long-Term Vision and Medium-Term Management Plan>>Acquisition of real-estate for lease in Indonesia (Central Park Mall)（P7）
・Last May, we unveiled our Long-Term Vision. As we explained at the time, this vision includes largescale projects such as the Shibata 1 Project, through which we will achieve sustainable corporate
growth by 2040. These projects will take time to deliver returns; we project that they will only start
contributing to earnings in the late 2030s. We must therefore consider growth in the years up until
then. Critical to such growth is the third strategy outlined in our Long-Term Vision: expand thecoverage of our line-side business model. As part of this strategy, we must expand our overseas realestate business.

・Specifically, we have decided to accelerate efforts in residential real-estate, short-term-returns (fixand-flip) development, and leasing, focusing primarily on ASEAN markets, which have brightprospects for economic growth. As part of this, in September we acquired Central Park Mall, a largecommercial complex in West Jakarta.

・Central Park Mall targets middle and upper-class earners, and it should receive increasing numbersof shoppers given that this demographic is expected to swell rapidly over the medium and long termas Indonesia’s economy grows. We therefore concluded that acquiring this property would contributeto our business growth overseas.
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・We will continue to expand the scale of our leasing business by fully leveraging the real-estate
information network we have built through our residential real-estate and short-term-returns (fixand-flip) business.

Strengthen earnings structure in Urban Transportation（P8）・Our Railway segment is steadily recovering (despite the lingering COVID impact). Recent data (albeitpreliminary data) shows that, in October, both Hankyu Railway and Hanshin Electric Railway had
recovered to 90% of pre-pandemic levels.

・However, we also expect that segment revenue will never fully return to pre-pandemic levels, evenafter COVID has subsided. Accordingly, to maintain or grow earning levels in the Urban
Transportation segment, we need to strengthen the segment’s earnings structure, a task designatedas a strategic priority in our medium-term Management plan. We developed a number of actions
related to this task during the first half.

・For example, in April next year, Hankyu Railway and Hanshin Electric Railway will introduce a farecomponent to fund accessibility improvements in their stations. This move will accelerate our efforts
to make our stations accessible for all.

・In another example, in December, both railway companies will change their timetables to adapt theirtransport resources to current travel demand.

・Actions are also being developed in the automobile business, including fare changes and corporate
mergers. In this way, we will continue working to strengthen the earnings structure of the Urban
Transportation segment to improve the segment’s performance as soon as possible.

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