Hankyu Hanshin Holdings Group
Results Briefing Materials for
Financial Results for Fiscal 2024
(Ended March 2024)
Reference Data

(1) Progress in Long-Term Vision, Each Strategy･･･ 2(2) Progress in Each Project･･･ 14(3) Sustainable Management･･･ 32(4) Steps Toward Further Improvements in Governance･･･ 40(5) Other･･･ 48See our integrated report for more on our sustainability initiatives:
https://www.hankyu-hanshin.co.jp/en/ir/library/integratedreports/1(1) Progress in Long-Term Vision, Each Strategy(2) Progress in Each Project(3) Sustainable Management(4) Steps Toward Further Improvements in Governance(5) Other2

Long-Term Vision: General Image
Value Creation Process
Value
accumulates

Leverage external partners
Strategies to achieve vision

Services (value) we provide

Strategy 3

Expand the coverage of our line-sidebusiness model
Strategy 2

Inspiringexperiences

Make our content as compelling as possibleUse(including
digitalassets)Strategy 4

High-quality
business support

Increase market share by providing highvalue-added services

Hankyu Hanshin DX Project
Initiatives linked with SDGs, 2050 carbon neutral target
Better collaboration with external partners

Financial Policy
Maintain financial health

Keep capital costs in mind
Stable returns

We sustainably enhance corporate value

Tangible, intangible corporate resources

Safe, comfortableurban life

Better customer satisfaction

Strategy 1

Make our line-side communities theabsolute best among the Kansai networks.

contribution to asustainable
society
Value forstakeholders
Community
growthContribution toSDGs, 2050
carbonneutrality goal

Guided by the Long-Term Vision, we unite and transform
Financial/non-financial KPIS for FY2031 *Targets set in 2022 plan
Non-Financial KPIs

Financial KPIs
Profitability

Operating income¥130.0 billion(plus something extra)

FinancialhealthCapitalefficiency

Interest-bearing
debt/EBITDA ratio

Between 5–6 times

ROE

7% range over med–long term

Rate of CO2 emissions cuts
46％ down from FY2014 level
Zero culpable incidents in ourrailway businessContinued improvement in employee
satisfaction
Percentage of management positions held by
women Around 10％
Percentage of new hires who are women
Always more than 30%

3

Growth Opportunity Coming to Kansai
Seeds of growth are being sown in Kansai, creating a huge growth opportunity
Redevelopment of Shin-Osaka Station vicinity

National Strategic Special Zone:
A zone for piloting super-city initiatives

Initiatives are underway to pilot innovative services in
Umekita Phase II and Yumeshima.

Designated a hub for emergency urban regeneration, the area is set to be
redeveloped as a node linking Japan’s main transport artery with thenorth-south route to Kansai International Airport.

New rail links
Osaka as a global financial city

Plan is to make Osaka a global financial hub that
attracts funds from Asia and beyond.

Site for Expo 2025
and integrated resort

When built, Naniwasuji Line,
Naniwasuji Connection Line, andShin-Osaka Connection Line will
dramatically improve air and land
access to Osaka, creating greater
potential for Osaka to
become a global hub.

Kobe Airport

Airport will start receiving international charter flights in 2025 (expoyear) and scheduled international flights in around 2030.

Kansai International Airport

Airport to get annual traffic to 300 k in early 2030s.

Digitally powered MaaS in Kansai

In an effective digital reach strategy, high-quality content(tourism, entertainment) in Kansai will be communicatedto inbound tourists, encouraging them to stay longer in
Kansai and thus attract overseas economic power into theregion.

4

Business Portfolio and Future Direction of the Group
Business portfolio of the Group (separated by “services provided” and “business area”)
Line-side business model Kansai（Umeda, other line-side areas）(e.g. contribute toprosperous communities)

Beyond our line-side areas (Tokyo, overseas)

Services connected topeople’s lives (B2C)

B2C

Real Estate Sales

Real Estate Leasing

Broadcasting andCommunications

HotelsHorizontal
expansion

HotelsEnhance value of rail networks,
revitalize communities

Contents(B2C)

Healthcare

SportsDigital infrastructure
for enhancing urban
amenities

B2B

Underpin safe, comfortable urbanlife and Group portfolio

Future direction

Horizontal
expansion

Stage
TravelReal Estate Sales Real Estate Leasing

Bring abundant lifestyles of ourline-side areas to other areas (inand outside Japan)
Stage

Expand regional coverage (beyond our railline-side areas) of competitive businesses
that have potential to expand
Other newinitiatives

Vertical
expansion

Continue enhancing value of line-side areas to makeour line-side communities the absolute best among
the Kansai networks

B2B information and transportation services(pan-area)
Information
Services

TravelInternational
Transportation

Enhance value we provide
to increase market share

Group, line-side areas with added power

Urban Transportation

Services connected
to people’s lives(B2C)

Collaborations
with external
partners

We will enhance our businesses and community-development efforts in line-side areas, and start applying ourbusiness and community-development knowhow beyond these areas (both in and outside Japan) to bring us more
quickly on track toward achieving sustainable growth. To that end, we must ascertain changes in the business climate
swiftly and work as a group to adapt to the changes.
5Progress in Strategy 1
Strategy 1(core strategy)

Make our line-side communities the absolute best among the Kansai networks(further entrench position in Umeda, Osaka and surrounding areas)

Providing safe, reliable, and comfortable rail services• Sequential roll-out of surveillance cameras to bolster in-train
security on Hankyu Corporation and Hanshin Electric Railway lines.

• Hankyu Corporation will introduce its
reserved seat service “PRiVACE” in July 2024.

Planned rail links• Completed renovation work on Hanshin
Osaka-Umeda Sta.
• Platforms were widened, and sliding
platform doors were added to eachplatform. Elevators and escalators werealso installed on the West ticket gate side.

• In March 2024, the KitaOsaka Kyuko Railway line
extension opened.
• This accelerated thedevelopment of areas
surrounding the newstations developed forthis project, MinohKayano Sta. and MinohSemba Handaimae Sta.

• Plans are underway to build the new rail
links (Naniwasuji Connection Line/ShinOsaka Connection Line). These links will
open economic flows from across Japanand also attract global capital.
Further development to proceed in line with
progress made in developing the area aroundShin-Osaka Sta. (schedule for opening to be
determined)• In March 2024, a sole operator system
was introduced on the Hankyu Itami Lineafter ensuring safety by installing sensorequipped fixed-fence railways and othermeasures.
6

Progress in Strategy 1
Strategy 1(core strategy)

Make our line-side communities the absolute best among the Kansai networks(further entrench position in Umeda, Osaka and surrounding areas)

Actions for Umeda Vision
Umekita Phase II Development Project (GRAND GREEN OSAKA)• Preparations to open each facility are proceeding
steadily ahead of the partial opening in September 2024, GRAND GREEN OSAKA
THE NORTH RESIDENCE
and the full opening in FY2028(Plan to complete
construction in late
December 2025)

UMEKITA PARK
(Opening September 2024

(excluding parts of the North Park.))

GRAND GREEN OSAKA
core facility JAM BASE
(Opening September 2024)

Hotel Hankyu GRAN RESPIRE OSAKA(Opening 2H FY2025)

To Shin Umeda City

UMEKITA PARKGRAND FRONT OSAKA
Offices

UMEKITAPlaza
To JR Osaka Sta.

• Acquired OS Co., Ltd., which
operates real estate andentertainment services
businesses, as a consolidated
subsidiary to increase the valueof the Osaka-Umeda area.
• The Group will look to integrate real estatebusiness strategies with the view to working
together to develop the area as a whole.

Building line-side communities

North
Block

South
Block

Subsidiary acquisition of
OS Co., Ltd.

Partial opening in
September 2024
To JR Osaka Sta.

Commercial facilities
HotelsCore facilities
Housings• HANKYU NISHINOMIYAGARDENS PLUS building
opened in September
2023, completing aseries of large-scale
development projects inthe vicinity of
Nishinomiya-Kitaguchi
Sta.
7

Progress in Strategy 2Strategy 2Make our content as compelling as possible (Developing new content)
Entertainment• Last season, the Hanshin Tigers became Japan champions for the
first time in 38 years.
• We will use this opportunity to further grow our baseball businessby working to capture and retain new fans, while taking steps tonurture a stronger team with festivities to mark the Hanshin
Koshien Stadium’s centenary, and the opening of a new farm
facility scheduled for March 2025.

• With the backing of Kobe City, “ROKKO MEETS ART Art Walk”
attracted a record 33,000 visitors in FY2024.
• This event will be renamed KOBE ROKKO MEETS ART in FY2025,with the aim of growing the event to become the preeminent
art event in Kansai, attracting visitors from across Japan andabroad through measures to improve quality and by working
more closely with travel-related businesses.

Travel• The sumo show hall “THE SUMO
HALL HIRAKUZA OSAKA” opened in
May 2024 for overseas tourists. This
event includes sumo exhibitions byformer sumo wrestlers, and hands-on
entertainment centered around
Japanese cuisine• In addition to bolstering our themed product offerings(cruises, extended stays, lone travel, etc.), we will implement
measures to upgrade and diversify our Japanese inn andhotel lineup.
In overseas travel, we willdevelop our tourism
resources and offer
products involving new
countries and regions.
8

Progress in Strategy 3
Strategy 3

Expand the coverage of our line-side business model
Expansion in the overseas real estate business• We are expanding the scope of the business throughinvolvement in the real estate leasing business, and the logistics
center development business, in addition to the housingbusiness, with a focus on South East Asia.
• Following our entry into the U.S. in FY2023, we added two
properties to our rental housing business portfolio in FY2024,
and acquired a commercial andoffice complex in Australia as partof broader efforts in the real estateleasing business.

Expansion in the real estate business in the Tokyo
Metropolitan area
• Launched SUITE, a mid-scale office brand that offers highgrade comfort and functionality that encompasses sharedspaces, such as the entrance and rooftop space.
• Progress is ongoing on SUITE Shin-Okachimachi and SUITE
Shin-Yokohama, and other projects aiming for completion in
2025.

Neo Soho Mall (Commercial facility)(West Jakarta, Indonesia)

SUITE Shin-Okachimachi
60 Margaret (Commercial, Office)(Sydney, Australia)

SUITE Shin-Yokohama

Logistics center
development business(Tuas, Singapore)9

Progress in Strategy 4
Strategy 4

Increase market share by providing high value-added services
Enhance value-added services we provide
Information and Communication Technology

Real Estate• We have increased the number ofschools offering “ProgLab”, a robot
programming course for children,
nationwide.

• As moves to restructure and integrate logistics centers accelerate,
we are promoting logistics center development to meet thedemand for advanced logistics centers.

• Students participating in ProgLab have represented Japan atinternational competitions, and were awarded the METI
Minister’s Award along with “Mimamorume (a service forwatching over children)” at the 6th Japan Open Innovation Prize.
Logista Osaka Matsubara

Logista Toyonaka

International Transportation• We opened the Zama International Logistics Center, one of thelargest logistics centers in Japan.
• This facility contains a hazardous
materials storage. We will
promote the development of
next-gen mobility logistics
services through thetransportation of batteries, a key(Image provided by Mitsubishi Estate)component in EVs.
10

Hankyu Hanshin DX ProjectDX

Provide our DX platform for use inside and outside our organization
DX infrastructure

・ We are rolling out our DX

infrastructure across our businesses
and encouraging its use.
・ We are using the DX platform todevelop digital services in stage andhotel businesses.

Digital services

Marketing analytics

・ We currently provide 15 services with ・ We are analyzing data on 8.4 million customers across 10
business units.
HH cross ID.
・Data analysis of commercial facility customers produced
・ We are preparing to launch multiple
results. Following this, the analysis environment andprojects.
knowledge was transferred to aid the development ofmarketing processes at operating companies.

HH cross ID

Purchase history

Existing
services
Customer

Digital coupons, communications services (Wi-Fi)

New services

E-book reading services

Provide services for different life stages
Apps

Reach out tomore customers

Group-wide
customerdatabase

Use insights (e.g. purchasehistory) to guide marketing
Analytics lab

Offer DX-based business model to othercompanies

DX2.0• As we want share the DX platform more broadly, we are inviting other companies to use it, beginning with Hankyu
Hanshin Toho Group, rail operators, companies in general, and companies operating in our line-side areas.
• We already have three companies on board as of FY2024. We are currently looking at ways to roll out the same
initiative to other companies.

By sharing costs with partners, we can operate slimmer and cover a wider array of data.

11

Hankyu Hanshin DX ProjectDX

Status of the HH cross ID initiative
Members Approx. 600, 000(As of end FY2024)

Target for FY2031:

3 million

15 services currently provided on HH cross（Wi-Fi連携）・We will continue to offer new services, such as video streaming and payment services, to customers with an HH cross ID.
・Analyzing the customer movement and purchase history data obtained through this service will help us provide more effective oneto-one marketing, which will be fed back in to further enhance services.

Collaboration with the Mobility Innovation Collaborative Research Organization, The University of TokyoOn April 1, 2024, in conjunction with The University of Tokyo, we established “Data-informed Transit and Urban Management”, a social
collaboration program in The University of Tokyo. Using the data on transit and urban centers held by the Group, we will work to build aknowledge-based system on data utilization, in addition to engaging in joint research with the Data Analytics Lab and various researchers
from The University of Tokyo. A kick-off symposium was held on April 23.

Hankyu Hanshin Holdings Inc.

Data Analytics Lab
The University of Tokyo
Mobility Innovation Collaborative Research Organization
Data-informed Transit and Urban management[Expected outcomes]• Further understanding of the relationship between the transit activity and urban
activity of railway line users• Establishment of methods to derive findings by combining big data on urban andtransit activity with other information sources• Application of developed knowledge systems in actual urban planning anddevelopment
Workshops and seminars will be held on research results as a form of social
contribution.

12

KANSAI MaaS App
We aim to work with the Expo to introduce an official Kansai MaaS by stimulating demand fortravel in the Kansai area
• In collaboration with World Expo 2025 Osaka, Kansai, we released KANSAI MaaS, a service aimed at supporting tourism
across the Kansai region and providing added convenience for daily living in Kansai, in addition to promoting Kansai toJapan and the world.
• A total of 80 companies (as of the end of March 2024) have signed on as members,
including seven full-member Kansai railway companies (five private railways, JR West, andOsaka Metro), and all transportation businesses of the Group, public transportation
services, and SMEs both inside and outside the Group as associate members.
• Following the use of this service at the Expo, we will look to establish this service as theofficial MaaS of the Kansai area.

FY2024FY2025

Sep. Start launch service 1.0

Start launch service 2.0

・Route searching・Tourism information
・Ticket reservations/payments
・Recommendations
Start launch service 1.5

・Digital train passes
・English support
・Expo links

・Link to seating reservation sites（Links to PRiVACE under consideration)（Reservations/payments for
shuttle buses going to and fromtrain stations)

Roll out sequential functional improvements

FY2026・Further collaborations with
the Expo, consider ways torespond to needs for abroader tourism service
across Kansai

Expo held

Post Expo13

(1) Progress in Long-Term Vision, Each Strategy(2) Progress in Each Project(3) Sustainable Management(4) Steps Toward Further Improvements in Governance(5) Other14

List of Key Projects in Japan
Key projects in Japan (P16-27)
Schedule list
（FY）

Umeda

P16

Osaka Umeda Twin Towers South

P17

Umekita Phase Ⅱ Development Project（GRAND GREEN OSAKA）

P19
P20
P21

Line-side Area

P22

P23

Schedule tobe determined

2022

2023

2024

・・・

2025

●Advance openings (Sep 2024)●Full openings (FY2028)●Close Hotel new Hankyu Osaka (Jan 2025)

Shibata 1 Project●Intended start of service(Mar 2024)●Opened (Sep 2023)

HANKYU NISHINOMIYA GARDENS PLUS
Logista Osaka Matsubara●Completion of construction (Jan 2024)

Logista Toyonaka●Completion of construction (Feb 2024)●Completion of construction of northern wing (FY2025)

Geo Tower Takarazuka Grand Regis(Project to Redevelop Site of Takarazuka Hotel )●Completion of construction of southern wing (FY2026)

Geo Tower Osaka Juso
(Project to Redevelop Site of Yodogawa Ward Office)●Completion of construction (FY2026)

Project to Redevelop Building 2 of Kobe City Hall
P24
P25

Tokyo Metropolitan
Area

P27

be determined
Schedule tobe determined●Intended start of service(2029)●Close Senri Hankyu Hotel (Around the end of FY2026)

Senri-Chuo Redevelopment
Naniwasuji Connection Line/
Shin-Osaka Connection Line

●Completion of construction (Spring 2025)

SUITE Shin-Okachimachi●Completion of construction (Autumn 2025)

SUITE Shin-Yokohama
Yaesu 2 Naka Redevelopment

P26

Schedule tobe determined

・・・●Completion of construction (Feb 2022)

Kita-Osaka Kyuko Railway Line Extension Project

Schedule to2031

Project to Redevelop Site ofHotel Grand Palace●Entered into a basic agreement between all concerned parties
on the effective use of the site (September 2021)●Completion of construction (FY2029)●Completion date
to be determined

Real estate sales business in Japan (P28)
Progress in the overseas real estate business (P29-31)

15Osaka Umeda Twin Towers South (Umeda 1-1 Project)• Begun in October 2014, this large project symbolizes the merger between Hankyu and Hanshin in 2006.
• The construction was completed in February 2022. The office area entered service in March. The Hanshin Umeda
Main Store fully opened in April.
• With Umeda Hankyu Building being renamed Osaka Umeda Twin Towers North on April 1, the two buildings werereborn as Osaka Umeda Twin Towers. The buildings will serve as a symbol of Umeda.

Project summary
Location

1-1 Umeda, Kita-ku, Osaka

Site area

Approx. 12,200 ㎡*

Total floor space

Approx. 260,000 ㎡

Scale

38 floors above ground, 3 undergroundfloorsPurpose

Department store, offices, halls, etc.

* Including the road between Dai Hanshin Building and Shin Hankyu Building

Building exterior

DBJ Green Building
Certification 5 stars(highest rating)

Schedule
October 2014
July 2015

June 2019

Phase I start demolition work
Phase I construction begins
Completion of phase I construction (Shin Hankyu Building and Dai
Hanshin Building East Wing)
Partial opening of new department store
Phase Ⅱ (west wing of Dai Hanshin Building):
Start demolition work
Phase Ⅱ construction begins

September 2021

Completion of phase Ⅱ construction, the department store part

April 2018
June 2018

October 2021
February 2022
March 2022
April 2022

Opening of the new department store in the phase Ⅱ
department store part
Completion of all construction
Opening of office Floors
Full opening of the department store

16

Umekita Phase II Development Project（GRAND GREEN OSAKA）• Extending from GRAND FRONT OSAKA (Umekita Phase I),
Umekita Phase II is an urban development project that
embodies the idea of integrating greenery with innovation andwill lead the way in community development for Kansai and
Asia.

Schedule
March 2023
September
2024
Spring 2025

UMEKITA PARKSouth Block

Opening of Umekita area in JR Osaka Station

North Block

Partial opening

Hotel, core facilities and commercial facility in the North blockand UMEKITA PARK (all of the South Park and part of the North
Park)
North Park

Full opening of rental section

Offices, hotels, core facilities and commercial facility in theSouth block

Spring 2027

Entire park opening

FY2028Full opening

South Park

OfficesCommercial
facilities

Housings

GRAND FRONTOSAKAHotelsCore
facilities

Details
South Block

UMEKITA PARK

North Block

Site area

Approx. 30,430 ㎡

Approx. 45,000 ㎡

Approx. 15,720 ㎡

Total floor area

Approx. 407,250 ㎡

Approx. 11,000 ㎡

Approx. 136,500 ㎡

Key amenities

Offices, hotels, commercial facility,
MICE facilities, housing, etc.

Rental museum space, experiential
learning center, rooftop facility,
eateries, etc.

Innovation center, hotel,
commercial facility, housing, etc.

17Plan for New Hotel in Umekita Phase II (Hotel Hankyu GRAN RESPIRE OSAKA)• We will open Hotel Hankyu GRAN RESPIRE OSAKA, an upscale hotel (superior to a standard businesshotel), in floors 5 to 28 of the eastern tower block in the rental section (South Block) of GRAND GREENOSAKA.
• A stone’s throw away from the JR Osaka station (Umekita Underground Gate), which will offer directaccess to KIX Airport, the hotel will primarily target adult inbound tourists who are used to recreational
travel.
• The hotels top floors (floors 26 and 27) will be club floors withrelatively spacious guestrooms. Floor 27 will house a club lounge
exclusive to club guests.

Details
Total floor area

Approx. 21,742 m2

Guestrooms

482

Main amenities

Restaurant, bar, lounge, fitness facility, etc.

Opening date

H2 FY2025 (Scheduled)

Entrance

Club lounge (floor 27)

Exclusive lounge (floor 6)

Guestroom18

Shibata 1 Project• Forming part of Umeda Vision, Shibata 1 Project is the second major project for the Osaka Umeda area(following Umekita Phase II Development Project). It involves replacing Hotel new Hankyu Osaka andHankyu Terminal Building and redeveloping the whole of Hankyu Sanbangai. The project will raise thevalue of the area.
Osaka Umeda Twin Towers
North, GRAND FRONT OSAKA(-2021)

Osaka Umeda Twin Towers
South (2022–)

Umekita Phase II openings(FY2028)

Shibata 1 Project• The project looks ahead to the next generation and will leverage the distinctive characteristics of theterminal station to create a multifunctional hub befitting its role as the entrance to Umeda.
We have decided to close the Hotel new Hankyu Osaka in January 2025 because it is seriously dilapidated andbecause Hotel Hankyu RESPIRE OSAKA, which is of a similar scale, opened in an adjacent zone.
Targeted area for Shibata 1 Project

JR Osaka Sta.
Hankyu Terminal Bldg.
Hankyu Sanban Gai

Hotel new Hankyu
Osaka

Hankyu Osaka-Umeda Sta.

19

Kita-Osaka Kyuko Railway Line Extension Project• The Kita-Osaka Kyuko Railway line extension opened on March 23, 2024
• This will accelerate the development of areas surrounding the new stations developed for this project, Minoh-Kayano Sta.
and Minoh-Semba Handaimae Sta., and contribute to line-side area development resulting in more vibrant communities
that are easier to live in.
Development plan summary
Extension distanceNew stations
Estimated project cost
DemandMinohKayano Sta.

Approx.
1.3km

Act on Rail Tracks

National Route171

MinohSemba
Handaimae
Sta.

Business scheme
Developer
Operator
Funding program
Portion to be borne by KitaOsaka Kyuko Railway Co., Ltd

Kita-Osaka Kyuko Railway Co., Ltd. and Minoh City
(development of infrastructural components between MinohSemba Handaimae Sta. and Minoh-Kayano Sta.)
Kita-Osaka Kyuko Railway Co., Ltd.
Social capital development grant¥11.0 billion yen; Amount commensurate with profits

Schedule
Railway Business Act

National Route 423（Shin-midosuji）

Approx.
1.2km

Railway
Business
Act

SenriChuo
Sta.

from Senri-Chuo Sta. to Minoh-Kayano Sta. 2.5km
Minoh-Semba Handaimae Sta., Minoh-Kayano Sta.
¥87.4 billion yen
45,000 people per day

Minoh-Kayano Sta. and bus rotary

December, 2016

Obtained a license for railway
business and a charter for railway
track operations
Commencement of construction

March 23, 2024

Opening

December, 2015

SenriChuo
Sta.

Approx. 1.2km

Underground section

MinohSemba
HandaiMae
Sta.

National Route 423(Shin-midosuji）

Approx. 1.3km

Elevated section

MinohKayano Sta.

National
Route 17120

Project Progress Along Other Line-side Areas (1)In order of
openingdate

Location

HANKYU NISHINOMIYA GARDENS PLUS

544 Takamatsu-cho, Nishinomiya, Hyogo（Direct access to Hankyu Nishinomiya-kitaguchi Station）

Site area
Approx. 3,000 m2
Total floor
Approx. 18,300 m2
space
Number of 14 floors above groundfloors

Logista Osaka Matsubara

1-176-1 Oka, Matsubara, Osaka
Approx. 10,800 m2
Approx. 14,000 m2
3 floors above groundPurposeCommercial facilities, offices, rental housing

Multi-tenant logistics center

Scheduled
opening

September 21, 2023

Completion of construction: January 31, 2024
Commenced operations: February 2024
21

Project Progress Along Other Line-side Areas (2)In order of
opening
date

Logista Toyonaka

Geo Tower Takarazuka Grand Regis(Redevelopment of Site of
Takarazuka Hotel)

Location

3-61-2 Katsube, Toyonaka, Osaka

65-1 Umenocho, Takarazuka, Hyogo(South bldg is 1 min walk, and North bldg is 2 min walk, from
Hankyu Takarazuka Minamiguchi Station)

Site area

Approx. 5,000 m2

Approx. 9,800 m2

Total floor
space

Approx. 8,300 m2

North building: Approx. 41,000 m2
South building: Approx. 37,800 m2

Number offloors3 floors above ground

North building: 32 floors above ground (316 units)South building: 32 floors above ground (322 units)

PurposeMulti-tenant logistics center

Residences, supermarket, clinic, childcare facility, etc.

Scheduled
opening

Completion of construction: February 29, 2024
Commenced operations: Jun 2024

North building: Sales to begin in FY2025
South building: Sales to begin in FY2026
22

Project Progress Along Other Line-side Areas (3)In order of
openingdate

Location

Geo Tower Osaka Juso
(Development of Site of
Yodogawa-ku Ward Office)1-21-3, Juso-higashi, Yodogawa-ku, Osaka(3 min walk from Hankyu Juso Station)

Project to Redevelop Building 2of Kobe City Hall

6-5-1 Kano-cho, Chuo-ku, Kobe

Site area

Approx. 7,300 m2

Approx. 4,900 m2*

Total floor
space

Approx. 84,400 m2

Approx. 74,000 m2*

Number offloors39 floors above ground(Total condominium units: 712 units)

28 floors above ground, 2 underground floors

PurposeResidences, supermarket, childcare facility, public library,etc.

Public-sector amenities: Municipal office, public space
Private-sector amenities: Hotel, office space, commercial facility

Scheduled
opening

Sales to begin in FY2027

2029* Gross floor space (includes shared sections)23Plan for Senri-Chuo Redevelopment
Overview of the Senri-Chuo area
Map based on GSI geospatial data

（https://maps.gsi.go.jp/#17/34.809594/135.495665/&base=pale&base_grayscale=1&ls=pale&disp=1&vs=c
0j0h0k0l0u0t0z0r0s0m0f1&d=m）

Senri-Chuo multi-story
multi-story

car park
park 22
car

Senri-Chuo multi-story

Senri-Chuo multi-story
car park 1

Senri Asahi Hankyu Bldg.

Kita-Osaka Kyuko Line Senri-Chuo station

・Since Senri-Chuo is a key strategic area for us, wehave been monitoring a local redevelopment plan
being advanced by a council formed of Toyonaka City,
local landowners, and other stakeholders.
・In 2019, the council unveiled an official plan torevitalize the area. In 2022, Toyonaka City
announced its intention to partition and redevelop
the vicinity of Senri-Chuo Station (outlined in red in
the figure).
・The council will now confer with H2O Retailing andother local landowners over how to redevelop the
Senri-Chuo area.
・Having decided to close Senri Hankyu Hotel by theend of FY2026 (as the building was dilapidated), weare now exploring ideas for how to use the site of
the hotel. We will keep an eye on the plans toredevelop the area and decide about the land use
accordingly.

car park 3
Hankyu Senri-Chuo Bldg.
（Office buidling）

Senri Hankyu
Department Store
Senri Selcy
Ex-Senri
Selcy(Commercial（Commercial facilities)
facilities）（Office building）

Osaka Monorail

Area around
Senri-Chuo Station

Time from Senri-Chuo Station to Osaka’s main terminals（The train runs direct to below stations as the Kita-Osaka Kyuko
Line is connected with the Midosuji Line of the Osaka Metro.)

・To Shin-Osaka station
・To Umeda station

approx. 14 minutes
approx. 20 minutes

Senri-chuo station

To Umeda

Senri Hankyu Hotel

LegendSole-owned or co-owned properties
H2O Retailing assets
Area flagged for redevelopment(Commercial facilities etc.)* The Kita-Osaka Kyuko Namboku Line extension (an approx. 2.5 km stretch from Senri-chuo Sta. to
Minohya-Kano Sta.) opened on March 23, 2024

24

Aiming for a Robust Transport Network• We are participating in discussions to the following new rail lines and stations with a view to making the transportation network evenstronger.
Osaka International Airport(Itami Airport)(5) New Mukogawa
Station(1) Extension to Kita-Osaka Kyuko Line(4) Osaka Airport
Line

Basic agreement
signed between
related parties toestablish new
station in 2022

Shin-Osaka
Juso(3) NaniwasujiConnection Line

KobeSannomiya

Osaka Bay
Kobe Airport

Hankyu Kobe Line
Hankyu Takarazuka Line
Hankyu Kyoto Line
Hanshin Lines
KansaiInternational
AirportOn March 23, 2024 we opened the extension
between Senri-chuo and Minoh-Kayano. Bus routes
have also been significantly rerouted, greatly
improving the convenience of public transport in the
broader Minoh area.

(2) Shin-Osaka
Connection Line
Osaka Umeda
Naniwasuji Line
Osaka Namba

Opened on March 23, 2024:(1) Extension to Kita-Osaka Kyuko Line
(Senri-Chuo to Minoh-Kayano)
Under planning:(2) Shin-Osaka Connection Line (Juso to Shin-Osaka)(3) Naniwasuji Connection Line
(JR Osaka’s new underground station to Juso)(4) Osaka Airport Line (branch of Takarazuka Line)(5) New Mukogawa Station (between Mukonoso
Station and Nishinomiya-Kitaguchi Station)
25

Main Initiatives in the Real Estate Segment in the Tokyo Metropolitan Area
Entire Metropolitan area
●Rental properties

Main properties● Hankyu Hanshin Ginza Building(Offices, commercial facilities, logistics center)︓19●Condominiums for sale: 119●Condominiums for rent, student accommodation: 46

5 central wards(Chiyoda, Chuo, Minato, Shinjuku, Shibuya)● Rental properties(Offices, commercial facilities, logistics center): 15● Condominiums for sale: 32● Condominiums for rent, student accommodation: 9● Geo Shinagawa Tennozu(FY2025: Construction to be completed)(Mar 2020: Construction completed)● Project to Effectively Use Site of HotelGrand Palace● Geo Itabashi Oyama(FY2026: Construction to be completed)● Geo Yokohama Minato Odori(FY2026: Construction to be completed)(Sep 2021: Concluded basic agreement with
relevant parties over effective use of site)● Geo Grande Shirokanedai(FY2026: Construction to be completed)● SUITE Shin-Okachimachi(Spring 2025: Construction to be completed)● SUITE Shin-Yokohama(Autumn 2025︓Construction to be completed)● Yaesu 2 Naka redevelopment(FY2029: Construction to be completed)

23 wards of Tokyo(excluding the 5 central wards.）● Rental properties(Offices, commercial facilities, logistics center): 2● Condominiums for sale: 53● Condominiums for rent,
student accommodation: 35

Greater Tokyo (excluding the 23 wards)● Condominiums for sale: 6Hankyu Hanshin Ginza
Building

Yaesu 2 Naka redevelopment

Metropolitan centers outside of Tokyo(Kanagawa, Saitama, Chiba)● Rental properties(Offices, commercial facilities, logistics center): 2● Condominiums for sale: 28● Condominiums for rent, student accommodation: 2
Geo Shinagawa Tennozu*Includes both properties that are sold or scheduled for sale
*SUITE: A mid-size office series under development in the Tokyo Metropolitan Area

Geo Itabashi Oyama

Geo Grande
Shirokanedai

26

Progress on Major Projects in the Tokyo Metropolitan Area
In order of
opening
date

SUITE Shin-Okachimachi

SUITE Shin-Yokohama

Location

4-3-4 Taito, Taito-ku, Tokyo (Lot number)

3-7-8, 3-7-9 Shinyokohama, Kohoku-ku, Yokohama, Kanagawa(Lot number)

Site area

Approx. 600㎡

Approx. 1,400㎡

Total floor
space

Approx. 4,000㎡

Approx. 13,200㎡

Number offloors

8 floors above ground

14 floors above ground, 1 underground floor

Purpose

Office space, shops

Office space, shops

Scheduled
opening

Completion of construction: Spring 2025

Completion of construction: Autumn 202527

Real Estate Sales Business in Japan (Residential)
Condominiums sales in Japan (for general public)

Geo is our brand of
condominiums for sales• We will increase our market share in both Kinki and Tokyo. In Kinki,
we will focus on flagship properties. In Tokyo, we will focus on
redevelopment /remodelling projects.
• We will also enhance the Geo brand, making it the absolute best in
Kinki.

2022 & 2023

1st place

Geo was awarded the top spot in Kinki
in the 2022 and 2023 Oricon Customer
Satisfaction SurveyⓇ in the newcondominiums category.

Properties to be sold in future

・Geo Tower Shimmachi (Nishi-ku, Osaka):・Geo Tower Sakaisuji hommachi (Chuo-ku, Osaka):・Geo Shimamoto (Shimamoto-cho, Mishima-gun, Osaka):・Geo Shinagawa Tennozu (Shinagawa-ku, Tokyo):・Geo Tower Takarazuka Grand Regis (Takarazuka, Hyogo):・Geo Tower Osaka Juso (Yodogawa-ku, Osaka):

190 units, on sale from FY2025
159 units, on sale from FY2025
362 units, on sale from FY2025
135 units, on sale from FY2025
638 units, on sale from FY2025
712 units, on sale from FY2027[Reference] Condominium sales in Japan (units held by Group)
（FY）
Unit

Geo Tower Osaka Juso

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

1,302

1,087

1,159

1,114

1,516

867

1,137

1,107

1,160

Approx.2,000

Short-term-revenue properties business (selling to investors)•

Primarily in the Tokyo metropolitan Area, we will develop
condominiums for real-estate investing and develop properties for use
as student accommodation with a view to selling around 10 blocks ayear in Tokyo.

Geo Ent is our brand of
condominiums for rent28

Progress in Overseas Real Estate Business· In ASEAN countries, we have focused on condominium sales. We will now additionally focus on real-estate leasing and fixand-flip development in order to increase the segment’s revenue opportunities and profit growth in overseas real-estatemarkets.
Initiatives in the residential real estate sales business

Cumulative units 56 projects Approx. 54,980

Initiatives unrelated to residential real estate sales (other areas)
Projects

Property types

Fox & Finch, Seattle metropolitan area

Rental housing

Park at 33rd, Phoenix metropolitan area

Rental housing(as of Mar. 31, 2024, includes units held by partners)
Projects / Total units

Property types

Thailand36 projects / Approx. 29,880

Condominiums,
houses, townhouses*

Vietnam

6 projects / Approx. 13,990

Condominiums,
houses, townhouses*

Philippines

8 projects / Approx. 6,240

Houses, townhouses*

Indonesia

5 projects / Approx. 4,020

Condominiums,
houses, townhouses*

Malaysia

1 projects / Approx. 850

Condominiums

USA

Westview Village, Seattle metropolitan area Rental housing
Rustic of McKinney, Dallas metropolitan area Rental housing
Australia

60Margaret, Sydney

Countries we have enteredin the ASEAN region*Terraced housing

Initiatives unrelated to residential real estate sales（ASEAN）
Indonesia

VietnamSingapore

Projects

Property types

Plaza Indonesia Complex

Commercial, Offices,
Hotel

Central Park Mall

Commercial

Neo Soho Mall

Commercial

DCP Office

OfficesPT. Hankyu Hanshin Logistics Indonesia

Logistics facility

Sembcorp Logistics Park

Logistics facility

Hankyu Hanshin Logistics Centre

Logistics facility

36 Tuas Road Redevelopment

Logistics facility

Offices,commercial★Manila

Bangkok★
★Ho Chi Minh

★Cebu
(New entry)★Kuala Lumpur

Other areas:
USA, Australia★
Jakarta29

Acquisition of a Rental Property in Indonesia: Central Park Mall
• In September 2022, Hankyu Hanshin Properties acquired Central
Central Park Mall on the map
Park Mall, a leading megamall in West Jakarta, Indonesia. This wasfollowed by the acquisition of the adjacent commercial facility, Neo
Soho Mall in September 2023.
• The complex targets middle and upper-class earners, and it is likely
Soekarno-Hatta
International Airport
to receive increasing numbers of shoppers given that thisWest Jakarta
demographic is expected to swell rapidly over the medium and long
Facility location
term as Indonesia’s economy grows.

Neo Soho Mall
Central Park Mall

Expressway
entrance/exit

Overview
Floor space
Size
Use

Central Park Mall
Approx. 188,000 m2*
10 floors above ground,
2 underground floors, etc.
Commercial(approx. 300 tenants)

Neo Soho Mall
Approx. 63,000 m2*
7 floors above ground,
2 underground floors, etc.
Commercial(approx. 70 tenants)

Central JakartaⒸGoogleLocation map (detailed)*This represents the total floor space, including shared sections.

Exterior view of complex

High-rise residential

Soho
Central Park
Residence
APL Tower

Pullman Hotel

Soho Capital

Central Park Complex

Bridge/Underpass
Central Park Mall

Neo Soho Mall
Neo Soho Mall

Podomoro City

30

Acquisition of a Rental Property in Indonesia: Office Tower Blocks• Hankyu Hanshin Properties founded an investment vehicle with the Japan
Overseas Infrastructure Investment Corporation for Transport & Urban
Development (JOIN) to invest in DCP (a subsidiary of major Indonesian realestate developer Sinar Mas Land), which owns part of the three office towerblocks located in the Jakarta’s CBD.
• By engaging in property management too, we will lay build our leasing businessin ASEAN.

LocationsSoekarno-Hatta
International Airport
Luminary
Tower

Jakarta CBD
Sinarmas
MSIG Tower

Bakrie Tower*CBD: Central business district (the administrative, business, and commercial center of a city)

Exteriors of the tower blocksⒸGoogleJakarta CBD
Luminary Tower
Dukuh Atas
BNI MRT Station

DetailsName
Completion
date
Size
Total floor
space
Other
(ownership)

Setiabudi Station

Sinarmas MSIG Tower

Sinarmas MSIG Tower

Bakrie Tower

Luminary Tower

2016

2008

April 2024

Bakrie Tower

47 floors above ground,
1 underground floor

47 floors above ground,
4 underground floors

66 floors above ground,
6 underground floors

Rasna Said Station(tentative name)Approx. 82,600 m2

Approx. 76,200 m2

Approx. 132,500 m2

Full ownershipPart ownership(13 floors)

Part ownership(23 floors)ⒸGoogle31

(1) Progress in Long-Term Vision, Each Strategy(2) Progress in Each Project(3) Sustainable Management(4) Steps Toward Further Improvements in Governance(5) OtherSee our integrated
report for more on oursustainability initiatives:
https://www.hankyuhanshin.co.jp/en/ir/library/integratedreports/

32

[Reference] Sustainability Declaration
General principles (sustainability vision)

A future vision that we hope to achieve through our sustainable business practices〜 Create a future grounded in "Safety and Comfort",
and a future colored by "Dreams and Excitement". 〜
For over a hundred years, we have sought to cultivate communities and enrich lives.
Leveraging this experience, we commit ourselves to addressing social and environmental challenges andworking toward a sustainable future, one that offers a fulfilling,
joyful life to all and inspires the next generation to dream with hope.
Priority issues (materiality matrix)
IssuesSix priority issues to address as part of our sustainable business practices

Policies
Safe, reliable infrastructure

Provide railways and other infrastructure that are safe and disasterresilient. Ensure that anyone can safely access our facilities andservices.

Thriving communities

Help build sustainable communities with rich natural and cultural
heritage, making great places to live in, work in, and visit.

Life designs for tomorrow

Promote refined and inspired lifestyle solutions for a better tomorrow.

Empowering individuals

Provide an inclusive workplace that values diversity and taps into
individual talent. Cultivate tomorrow’s leaders for society.

Environmental protection

Conduct eco activities that contribute to a carbon-neutral world and acircular economy.

Robust governance

Act honestly and in good faith, as stakeholders expect us to do.
33Non-Financial KPIs (Targets and Results)
Targets

Outlined below are our non-financial KPIs. The KPIs in the red outline had their applicable range expanded in FY2024. Core segments also have other KPIs
(additional to the ones shown here).

Priority issues

Non-financial KPIs

Safe, reliableinfrastructure*Applies to Hankyu Corporation/Hanshin Electric Railway/Kita-Osaka Kyuko Railway/Nose Electric Railway

Zero culpable incidents in our railway business
Percentage of women in
management positions

Percentage of womenamong new hires

Percentage of specifichealthguidance provision

Around 10％（FY2031）

Always more than 30%

More than 60％（FY2026）

Employee satisfaction

Always better than inprevious survey*A survey is conducted every two
years among the HHHD and thesix major companies

Empowering
individuals

Hiring rate for people withdisability

Human rights training
attendance rate

Less than 15％（FY2026）

100％（FY2026）

Keep exceedingmandatory rate

*HHHD and six major companies*HHHD and six major companies

Rate of CO2 emissions cuts

*Applies to: HHHD and subsidiariesʼ Japanese worksites*Equivalent to scope 1, 2CO2 emissions volumes（t-CO2）

（％）

45.3

47.8

44.5

36.8

50.0
34.6

6.0

0.0

* 19 special subsidiaries-46％ compared to FY2014 （FY2031）, CO2 emissions: Net zero (FY2051)

Percentage of women in management positions／Percentage of women among new hires

10.0

2.0

Keep 100％ rate

Note: six major companies: Hankyu Corporation, Hanshin Electric Railway, Hankyu Hanshin Properties, Hankyu Travel International, Hankyu Hanshin Express,and Hankyu Hanshin Hotels

（％）

4.0

*HHHD and six major companies

Paternity leave uptake

Environmental
protection

8.0*HHHD and six major companies

Smoking prevalence*HHHD and six major companies

Results*HHHD and six major companies

40.0
30.0

4.5

4.5

4.7

5.1

5.6

Percentage of women in management positions(left axis)
Percentage of women among new hires(right axis)（FY） 2019

2020

2021

2022

2023

20.0

800,000
600,000

CO2 emissions volumes
Energy consumption on crude oil-conversion basis616,365

600,000
434,932

393,821370,131361,817 400,000

400,000
200,000

10.0
0.0

（kl）

800,000

0（FY）

283,045

316,4912014

252,495
253,116
257,257

…

2020

2021

2022

2023

200,000
0

34

Corporate Sustainability Initiatives
Promote sustainability across group, following PDCA cycle
Items of business during Corporate Sustainability Committee meetings· Hearing reports on actions for key sustainability themes· Assessing, analyzing ESG disclosures· Analyzing broad sustainability trends

Recognition for our ESG efforts
 Listed for first time on FTSE 4Good Index Series （June 2023）
 Best rating (AAA) on MSCI ESG Ratings for third year running(Second of 29 companies in the Land Transport sector as of December 2023
(Leading Japanese company))

Added to the following ESG indices adopted by the GPIF, which are prioritizedby the Company
 Listed for first time on FTSE Blossom Japan Index（June 2023）
 Listed on FTSE Blossom Japan Sector Relative Index for second year running Listed on MSCI Japan ESG Select Leaders Index (Newly introduced index in FY2024)
 Listed on Morningstar Gender Diversity Tilt Index (Newly introduced index in FY2024)
 Continued listing on S&P/JPX Carbon Efficient Index
FTSE Blossom Japan Index Series https://www.ftserussell.com/products/indices/ftse4good
MSCI https://www.msci.com/our-solutions/esg-investing35

Corporate Sustainability Initiatives

E:

Environmental

Basic policy for achieving carbon neutrality
Use energy more efficiently and examine potential of energy generation and renewable energy in light of technologicaladvances• Invest further in emissions reduction and identify financial risks associated with the carbon transition (including possibility of future carbon taxes)⇒ Internal carbon pricing (ICP)*1 introduced in FY2024 (5,000 yen/t-CO2)• Fulfill duty to make effort in renewable energy transition⇒ Examine areas where we can go further in renewable transition• Respond to demand for cutting emissions, including supply-chain emissions⇒ Disclosed Scope 3*2 emissions in the Integrated Report 2023
*１︓ICP involves a company setting its own carbon price in order to determine the financial/economic implications of future emissions reduction efforts and a future carbon tax,
guide investment decisions, and incentivize energy saving.
*２︓Scope 3 covers emissions from supply-chain assets that are not controlled by the reporting company but are related to the company’s business activities.

Basic policy for achieving carbon neutrality(1) Use energy efficiently

Roadmap to carbon neutrality（Our Groupʼs CO₂ Emissions Reduction Target*1）*2

To reduce the base level of energy we consume, we will invest in energyefficient technology while keeping an eye on financial soundness andinvestment efficiency.

-46%
Compared to
FY2024(2) Examine options for energy generation
We will explore options for energy generation (implementation of renewableenergy generation facilities, etc.) considering trends in technologicalinnovation and business viability.

(3) Use of renewable energy (environmental value)
If the first two strategies prove insufficient to achieve the goal, we will cover
the shortfall with purchasing renewable energy (carbon credits).

Net zero46%
reduction
FY2014FY2023

FY2031FY2051Results
Results
Targets
Targets*1 Equivalent to Scope 1, 2
*2 Following the integration of the Hotel business into the Real Estate business
in FY2023, figures for the Hotel business are included in the Real Estatebusiness, including for previous years.

36Corporate Sustainability Initiatives

E:

Environmental

Disclosure of GHG emissions (Scope 3 (supply chain emissions))
As part of efforts to reduce greenhouse gas (GHG)
emissions, including in our supply chain, we added
Scope 3 calculations for emissions that occur outside
the Company to Scope 1 and 2 emissions for FY2022.
These calculations are disclosed in our Integrated
Report 2023, and elsewhere.

•

GHG emissions (FY2022)
Ratio by scope
Scope1
2.8%

7.6%
Category2
20.2%

89.6%

https://www.hankyuhanshin.co.jp/en/ir/library/integratedreports/

Category
１
２
４

Joining the GX League•

We have joined the GX League*, agovernment framework, in an aim toachieve a GX society while proactively
exploring solutions to reduce GHG
emissions.

* This is a framework consisting of a group of companies actively
engaged in GX (Green Transformation) that discuss reforms
across the entire socioeconomic system to achieve GX, and toengage in practices to create new markets with a view toachieving carbon neutrality by 2050.

Scope 3 breakdown

Category4
10.1%

Scope2

Scope3▶Integrated Report

Other
12.4%

Scope 3 emissions
3,404 thousand t-CO2
Category1
57.3%

Relevant activities
Emissions from the all products and services
purchased or acquired
Emissions from the production of capital goods
purchased or acquired
Emissions from third-party transportation anddistribution of products, etc. (excluding thosereported under Category 1)

Promoting carbon neutrality in the railway business•As part of efforts to realize sustainable railway services,
Hankyu Corporation will commence carbon neutral operationof its PRiVACE reserved seat service trains due to enter
operation in July 2024, which run on electricity that is
effectively all derived from renewable energy sources(producing virtually zero CO2 emissions).

37

Corporate Sustainability Initiatives

S: Social

Efforts to deliver safe and trustworthy rail services
Rolling out accessibility improvements and platform doors• Our rail companies are rolling out accessibility improvements and platform doors to ensure that passengers feel safe, secure, andcomfortable when using the stations and trains.
• Hankyu Corporation had excluded Kasuganomichi Station and Nakatsu Station from accessibility improvements because of feasibility
issues. However, of the two stations, accessibility improvements were completed in Kasuganomichi Station by the end of FY2023.
Hankyu Corporation now plans to install elevators at Nakatsu too so that all its stations will have improved accessibility.

• Hankyu Corporation and Hanshin Electric Railway will use
proceeds from the barrier-free charge to install platform doors(mobile or fixed) on all stations to enhance platform safety.
The end of March, 2023

% of stations that havereceived accessibility
improvements (step-freeaccess rate)*

HankyuCorporation

Hanshin Electric
Railway

99％

100％*Step-free access rate: Percentage of major stations (those serving at least 3,000
passengers a day on average) with step-free access (elevators or ramps)

Adapting to increasingly severe natural threats• Hankyu Corporation and Hanshin Electric Railway are taking
hard (physical) measures to prevent or mitigate risks of flooding
and earthquakes. They are also taking soft (non-physical) safetymeasures such as suspending services strategically andcommunicating risk information to passengers.

Stations with mobile platform doors
Hankyu Corporation●Juso
FY2019 end: Installed on Takarazuka Lines 3 and 4,
Kyoto Line 5●Kobe-Sannomiya
FY2022 end: Installed on all platforms●Kasuganomichi
FY2023 end: Installedon all platforms●Nishinomiya-Kitaguchi,
Katsura, Hotarugaike
Due to be installed byspring 2025

Hanshin Electric Railway●Kobe-Sannomiya
FY2022 end: Installedon all platforms●Osaka-Umeda
FY2024 end: Installedon all platforms●Amagasaki
Feb 2024: Installed on platform 2
Mar 2024: Installed on platform 1●Koshien
2025: To be installed on platform 1 and 4

38

Corporate Sustainability Initiatives

G︓Governance

Robust governanceNote: You can access the Corporate Governance Report on our website.

Actions to promote effective and transparent corporate governance
FY2016FY2017FY2018FY2019FY2020

FY2021

FY2023

●

●

●

●

●

●

●

Established the Corporate
Governance Committee

Started evaluating theeffectiveness of the Boardof Directors

Scrapped the corporate
adviser system

Resolved to discontinue
antitakeover measures,
established compensationcommittee

Revised compensation
structure

Changed corporate
structure to that of a“company with an audit &supervisory committee”

Outside director appointed
to chair of Corporate
Governance Committee andCompensation Committee

Percentage of members of Board of Directors
who are independent outsiders*

Percentage of members of Board of Directors who are women*

5/11
45.5％

3/11
27.3％
*Following the end of the AGM to be held in June 2024

Support for UN Global Compact

Establishment of a supply chain policy• The UN Global Compact calls on companies and otherorganizations to implement ten principles in fourareas, the protection of human rights, the eliminationof unjust labor practices, and the implementation ofenvironmental measures, and anti-corruption
measures.
• In May 2021, the Company
declared its support for the
UNGC (as a signatory), and willcomply with the ten principles
going forward.

• We established a “Supply Chain Policy” in April
2024. Based on the Human Rights Policy revised in
April 2023, we will work to reduce risk across theentire supply chain and resolve social issues, suchas by promoting due diligence on human rights,
including in the supply chain.

39

(1) Progress in Long-Term Vision, Each Strategy(2) Progress in Each Project(3) Sustainable Management(4) Steps Toward Further Improvements in Governance(5) Other40

Our Response to the Takarazuka Revue Incident (Summary)
Review process‧As the holding company, the Company responded to the Revue incident by first verifying the factors that led up to the incident and reviewed recurrence
prevention measures, which were deliberated upon by the Board of Directors following a review by the Risk Management Committee.

Main factors
The Takarazuka Revue・In order to meet growing demand for theater, efforts were made to maximize thenumber of performances. The performance schedule becoming increasingly packed,
combined with the increased sophistication and complexity of the stage productions
placed an ever-increasing burden on the entire organization. Support measures toalleviate this burden and the support structure in place failed to keep up, and there
were framework and environmental deficiencies that prevented feedback from those in
the field from getting heard, and tied back to improvements.
・This resulted in management “being left to those in the field”, which placed tremendous
time and psychological pressure on performers and staff from the Revue and elsewhere.
This situation was left to stew within the Revue, and the Revue failed to put into placesufficient educational and training opportunities that consider the potential foroverbearing instruction and reprimands to constitute harassment, and the means forbuilding relationships based on mutual respect.

The Company (Hankyu Hanshin Holdings)
・With the Revue giving stage performances based on its own unique traditions
and culture, management methods used for other Group companies were
not considered suitable. This resulted in the Company having limited
involvement with the Revue from a governance perspective, and an effective
governance system had not been established.
・Further, efforts toward “empowering individuals” in a format appropriate to
the nature of the business were insufficient.
・As a result, the Company lacked a complete understanding of the situation at
hand prior to the incident, and had not provided the necessary instruction or
support to the Revue.

Recurrence prevention initiatives implemented by the Group
Further promotion of “empowering individuals” initiatives‧We will extensively implement measures to prevent and reduce the risks to human rights related to the business activities of theGroup, and provide appropriate support measures, in line with the characteristics of each business, by working with outside
experts to further promote a PDCA cycle for measures with an awareness of the “business and human rights”, while providing
avenues for consultation, and implementing harassment surveys and training.
Strengthen governance of the Revue‧We will provide the Revue with the support needed to ensure that reforms are implemented, while building a governance system
suited to the nature of the organization, and enhancing the effectiveness of Group governance measures.
Strengthen risk management systems‧We will establish a department dedicated to risk management (Risk Management Promotion Office) which, under the supervisionof the Company, will properly manage a broad range of business risks posed to the entire Group.

41

Current Governance Structure in the Hankyu Hanshin Holdings Group•

Compliance structure••

One of the key themes raised in the “Sustainability Declaration” is “Robust
governance”. Ensuring compliance was put forth as one of the initiatives
toward achieving this.
To promote compliance-focused management, the Company and other corecompanies have established a Compliance Promotion Office, which works topromote compliance across the Group through the following measures.

Primary measures
・Develop a Group management philosophy, and general principles and rules
・Establishment of a Corporate Ethics Consultation Desk
(Internal Whistle-Blower Procedures)*Available to Group officers, employees and business partners*Establish an external consultation office for consultations with outside attorneys,
in addition to an internal consultation office・Distribute “Compliance Guidelines”, and implement training and awareness-raising
activities
・Monitoring by the Board of Directors of the Company

Boardof Directors
取締役会Group Management
グループ経営会議
Committee

中期経営計画に織り込み付議

The Group formulated the “Sustainability Declaration” based on the
management philosophy of the Group, and established the Corporate
Sustainability Committee to promote sustainable management. The
content of discussions raised by the Committee are referred to the GroupManagement Committee, and reported to the Board of Directors foroversight.

Sustainability Promotion Framework

Topics tactored into MediumTerm Management Plan

Sustainable Management Promotion Framework

Oversight
監督

Refer/Report

付議・報告(Important(重要なもの)issues)Refer/Report
付議・報告 (重要なもの)(Important issues)

Corporate
Sustainability Committee
サステナビリティ推進委員会
Propose
方針提示
policies

Implement/
Report

実施・報告

Group
companies
グループ各社

Overview of Group ComplianceHankyu Hanshin Holdings
阪急阪神ホールディングス
Information toグループ会社への情報発信Group companies
Guidance and グループ会社への指導・教育
training for Group companies
リスクマネジメント等の統括
Risk management
企業倫理相談窓⼝
Corporate Ethics Consultation
Desk
内部監査
Internal auditingCore
companies
中核会社
Compliance promotion
officeコンプライアンス推進部署
Internal whistle-blowing, awareness-raising activities,
内部通報窓口、啓発活動等
etc.

Other Group companies
その他のグループ会社
Compliance leaders
コンプライアンスリーダー
Internal whistle-blower procedures,
内部通報窓口、啓発活動等
awareness-raising activities, etc.

42

Main Initiatives Taken Toward Empowering Individuals (1)As part of efforts toward empowering individuals, the Group promotes a range of initiatives to foster a
corporate culture that allows employees to fully express their diverse personalities and talents.

Development of human resources strategy•

To empower individuals, the driving force behind achieving our long-term vision, we develop a human resources strategy thatworks to “develop highly engaged personnel”, “assemble diverse talent to help create new value”, and “secure personnel topromote and implement DX in the Group” in an aim to continually enhance “employee satisfaction”.

Promote diversity and inclusion•

We have set “percentage of women in managerial positions”, “percentage of women among new hires”, “paternity leaveuptake rate”, and “employment rate of people with disabilities” as Group-wide non-financial KPIs as part of efforts to promotea workplace environment that allows a diverse range of human resources to perform to the best of their abilities.

Promote health and productivity management•

The Group promotes Health and Productivity Management through the establishment of the “Health Management
Promotion Committee”, and by setting the “percentage of specific health guidance provision” and “smoking prevalence” asGroup-wide non-financial KPIs.

Initiatives toward ensuring a suitable workplace environment
Formulation and dissemination of our human rights policy••

In 2011, we established a “Basic Philosophy on Respect for Human Rights and Basic Policy on Respect for Human Rights”. The
contents of this policy was revised in April 2023 based on the UN’s “Guiding Principles on Business and Human Rights”.
We are also taking steps to raise awareness of this Basic Philosophy on Respect for Human Rights and Basic Policy on Respectfor Human Rights by disseminating this policy through the Compliance Handbook provided to all Group officers andemployees, and by conducting annual training sessions on human rights for top management at each Group company andpersons in a managerial position in the Company.

43

Main Initiatives Taken Toward Empowering Individuals (2)Initiatives toward ensuring a suitable workplace environment

Application of a PDCA cycle(1) Distribution of messages from top management and establishment of prevention plans• In addition to communications from the Company President and top management at Group companies espousing an antiharassment message, since FY2021 each Group company establishes an annual anti-harassment plan and systematically implements
initiatives in line with this plan.
(2) Conducting surveys• We verify the state of compliance with labor laws and regulations through a “Human Resources and Labor Relations Survey” (written
surveys held once a year, field surveys conducted every two years), and the “Article 36 Agreement Compliance Survey” (monthly)
held at all domestic consolidated subsidiaries (including the Takarazuka Revue).
• Additionally, in FY2023, the Company verified general matters relating to the core labor standards put forth by the ILO (International
Labour Organization) at all consolidated subsidiaries (including the Revue) using a specifically tailored checklist prepared by theCompany based on the advice of experts.
-> Unfortunately, the results of the survey conducted for the Revue did not lead to follow-up efforts to gain a greater appreciation of
the situation at hand that accounted for the nature of the organization.
(3) Conducting work environment surveys• A “work environment survey” is conducted of Group employees in alternate years (broadly asking questions on harassment). The
results of these surveys are used to help formulate anti-harassment measures at each Group company.
-> Regrettably, while there was a need to modify the specifications of the survey to account for the different characteristics of the Revue,these changes had not been implemented and members of the Revue were excluded from the survey.

Establishment of consulting offices• The Company and domestic operating companies (including the Revue) have established the following consultation offices to develop a system for
consultations regarding corporate ethics, harassment, and other issues. Further, incidents arising from consultations made at these offices are handledappropriately after confirming all pertinent facts, and the status of operations of the Corporate Ethics Consultation Desk is reported to the Board of
Directors and the Audit & Supervisory Committee each year.
Corporate Ethics Consultation Desk
Harassment Consulting Office
Office Name
(Internal/external *1)(internal)-> These consultation services were open tomembers of the Revue, and there are
Intended forGroup employees/business partner employees
Group employees
records of reports being made by Revue members.
Incidents (FY2023)
69 (*2)71*1 External office: Established at an external law firm
*2 Reported incidents include consultations other than harassment/human rights violations concerning acts that infringe upon laws andinternal regulations

44
44

Recurrence Prevention Review Process
Awareness of issues within the Company••

Following the Takarazuka Revue incident, the Company has received reports from the Revue on the facts concerning theincident, the state of response, and recurrence prevention measures.
On the other hand, the Revue is a brand that represents the Group, and the Company takes the incident that occurred at the
Revue extremely seriously. As a supervisor of Group-wide activities, the Company has reviewed the causes that failed toprevent the incident, and potential recurrence prevention measures.

Review process used by the Group
Review of the governance structure
adopted Group-wide
Identification of areas that require
further review

Discussed at meetings of
the Risk Management
Committee/GroupManagement Committee

Assessment of impacts
Evaluation of priorities

Review recurrence prevention measures

Reported at meetings ofthe Board of Directors• In the process described on the left, the General Affairs
Division and other related divisions overseeing risk
management within the Group worked together to conduct
reviews, and continually deliberate on reports on the stateof responses and recurrence prevention measures atmeetings.
• The Board of Directors reviewed recurrence prevention
measures following recommendations from Outside
Directors on ensuring the psychological safety of Revue
members and further enhancing Company monitoring
systems.

Verification results•••

In May 2020, the Group launched the “Hankyu Hanshin Holdings Group Sustainability Declaration” as part of efforts towardrealizing a sustainable society. As part of efforts toward “empowering individuals” – a key theme in this Declaration – theCompany expanded its efforts in a systematic manner to encompass the entire value chain with a focus on “Business and Human
Rights”.
However, while more effective measures and methods needed to be applied for the Revue taking into consideration the natureof an organization engaged in theatrical art where there is a tendency for longer working hours in pursuit of creating better stage
performances, the Group had limited involvement in the Revue’s governance, and failed to implement sufficient measures.
In consideration of this, we reached the conclusion the governance structure of the Revue and risk management structure of theentire Group required further review, together with further promoting initiatives in line with the “Business and Human Rights”
framework to prevent recurrence (further details provided on the following pages).
45

Future Initiatives Toward Empowering Individuals••

As described previously, the Group has promoted a set of initiatives aimed at empowering individuals. However, these were notsufficiently adopted for the Takarazuka Revue, which needed an approach that took the characteristics of the organization into account.
As a result, we were not able to provide effective risk prevention and reduction measures, or sufficient relief measures where risks
occurred.
Looking ahead, we will conduct reviews of past initiatives, and work to further strengthen “Business and Human Rights” initiatives.

Further promotion of the PDCA cycle

Group-wide initiatives• We will look to increase awareness of the “Business and Human Rights” perspective, and promote initiatives to prevent human rights violations andreduce the adverse effects of such by identifying and prioritizing human rights risks, regardless of occupation, through increased due diligence for humanrights across the Group. In implementing these initiatives, we will prioritize external perspectives, and promote initiatives through dialogue with university
professors, NGOs and other external experts.
• With regard to harassment, in addition to proceeding with training implemented previously, we will continue to conduct work environment surveys tounderstand the current situation in the workplace to monitor the effectiveness of these initiatives, in addition to working with each company to review
and implement future measures.
The Revue initiatives• We will develop an environment where Revue members can engage in Revue activities in the best possible condition by reviewing stage performanceplans and rehearsal schedules, and by enhancing support and care systems and frameworks for them by strengthening time management and systems
promoting the physical and mental wellbeing of Revue members.
• We will also promote the use of consultation services and conduct workplace environment surveys (covering psychological safety, etc., survey results tobe monitored by the Company as well) as part of greater efforts to identify problems in the field, and absorb feedback.

Reaffirming awareness of consulting and relief services• In addition to reaffirming awareness within the Group of the consulting services available, we will take action directed at the Revue specifically to make iteasier for members of the Revue to receive consultations by establishing an external consultation service desk specifically for the Revue, which will besupervised and monitored by the Company and Hankyu Corporation.

Stronger supervision by the Board of Directors and monitoring by the Group Auditing Division• Initiatives adopted in line with the “Business and Human Rights” framework adopted by the Group (which had previously been reported to the Board of
Directors and monitored by the Group Auditing Division) will be regularly reported to the Corporate Sustainability Committee and the Board of Directors,
and promoted Group-wide under the supervision of Group top management.
• In addition, the Group Auditing Division will raise priority audit items, and extensively monitor the status of said initiatives at related divisions and Group
companies.
46

Initiatives Toward Strengthening the Governance System
Strengthening governance functions for the Takarazuka Revue•••

Redevelop systems and initiatives to strengthen Group governance in line with the distinct characteristics of the Revue.
This will ensure proper management of the Revue as part of the compliance and risk management system of the Group while
also strengthening governance functions for the Revue.
Further, the Company and Hankyu Corporation will dispatch additional human resources to expand the management systemof the Revue, in addition to strengthening audits by audit division in the Company and Hankyu Corporation to ensure theeffectiveness of checks and balances, which will be monitored by the Company on a continual basis.

Establishment of an advisory board••

An advisory board comprised of external experts was established in Hankyu Corporation.
The advisory board will provide a range of recommendations from an external perspective concerning the Revue, which will
be applied to future initiatives.
* The advisory board will be comprised of experts from a range of fields, including governance and internal controls, legal affairs, organizational culture reforms, physical andmental wellbeing, and stage production

Strengthening of the risk management system•••

While each business division anticipated and analyzed risks under the supervision of the division in charge of risk
management within the Group’s risk management, the extent to which risks were considered and the evaluation of such wasinsufficient.
In response, the Company has established a division dedicated to risk management (Risk Management Promotion Office) as ameans of enhancing risk management supervisory functions across the Group by confirming potential risks, and verifying risk
assessments from an objective perspective. This will be leveraged to appropriately manage a broad range of business risks
anticipated across the Group under the direction of the Company.
The Risk Management Committee will deliberate on risks identified and assessed in this manner, and on the validity of
response measures, which will be reported and discussed at regular meetings of the Board of Directors of the Company.

The Company will continue to disclose information on the progress of these Company-led
initiatives, including those described on previous pages.
47

(1) Progress in Long-Term Vision, Each Strategy(2) Progress in Each Project(3) Sustainable Management(4) Steps Toward Further Improvements in Governance(5) Other48

Consolidated Subsidiaries(As of March 31, 2024)
Urban Transportation
Railway
Hankyu Corporation
operations
Hanshin Electric Railway
Nose Electric Railway
Kita-Osaka Kyuko Railway
Kobe Rapid Transit Railway
Hankyu Hanshin Electric System
Railway Operation Hankyu
Hankyu Railway Service
Automobile
Hankyu Bus
Hanshin Bus
Hankyu Kanko Bus
Hankyu Taxi
Hanshin Taxi
Osaka Hanshin Taxi
Hankyu Hanshin Motor Technology

Real Estate
Real estateleasing, Sales
and others,
Overseas realestateHankyu Driving School Hattori Ryokuchi

Retailing
Other

Haks Hanshin
Hankyu Commuterbus Management
Osaka Motor Technology (OMTEC)
Eki Retail Service Hankyu Hanshin
Hankyu Style Labels
Alna Sharyo
Hankyu Sekkei Consultant
Hanshin Station Net
Hanshin Sharyo MaintenanceHankyu Hanshin Properties Join ID-DCP

Hotel【Legend】
Name of segment
Name of
Name of consolidated subsidiarysub-segment (Only listed companies that aremanaged as segment)

Hankyu Hanshin Properties
Hankyu Corporation
Hanshin Electric Railway
Hankyu Hanshin Estate Service
Osaka Diamond Chikagai
KyokutoAdvanced Development
OS Co.,Ltd
Hankyu Hanshin Building Management
Hankyu Hanshin High Security Service
Hankyu Hanshin Clean Service
Hankyu Hanshin REIT AssetManagement
Hankyu Hanshin Real Estate
Investment Advisors
Hankyu Hanshin Housing Support
Hankyu Hanshin Properties Join
HANKYU HANSHIN LOGISTICS
INDONESIA
Hankyu Hanshin Properties Singapore
CPM Assets JapanPT CPM ASSETS INDONESIA
Hankyu Hanshin Properties USA LLC
SAM Park33 JV LLC
SAM Park Owner LLC
NSM Assets JapanPT NSM ASSETS INDONESIA
Hankyu Hanshin Hotels
Hanshin Hotel Systems
Arima View Hotel
Amanohashidate Hotel
Kure Hankyu HotelEntertainment
SportsHanshin Electric Railway
Hanshin Tigers Baseball Club
Hanshin Contents Link Corporation
P & P Hamamatsu
Wellness Hanshin
Mt.Rokko Cable Car & Tourism
Stage
Hankyu Corporation
Takarazuka Creative Arts
Takarazuka Stage
Umeda Arts Theater

Information and Communication Technology
Information and Hanshin Electric Railway
Communication Itec Hankyu Hanshin
Technology
System Giken
YMIRLINK
RworksNihon Protec
Mimamorume
Himeji Cable Television
Bay Communications
BAN-BAN Networks
Hanshin Cable Engineering
TravelTravelHankyu Travel International
Hankyu Hanshin Business Travel
Hankyu Travel Support
International
International
Hankyu Hanshin Express
transportation Hankyu Hanshin Logipartners
HANKYU HANSHIN EXPRESS(USA, DEUTSCHLAND, UK,
NETHERLANDS, BEIJING, SHANGHAI,
GUANGZHOU, HK, TAIWAN, KOREA,Southeast Asia, SINGAPORE,
THAILAND, MALAYSIA, PHILIPPINES,
INDONESIA,VIETNAM, INDIA :18 companies)
HANKYU HANSHIN INTERNATIONALLOGISTICS SHANGHAIHANKYU HANSHIN LOGISTICS
INDONESIA
Intraspeed South Africa(Proprietary) Limited
Intraspeed Arcpro Kenya Limited

49

Operating Revenue and Operating Profit as a FY2024
Management composition

Earnings structure(As of March 31, 2024)

Hankyu Hanshin Holdings

Urban
Transportation
Real EstateEntertainment

HankyuCorporation*

HanshinElectric
Railway*

Hankyu Hanshin
Properties
HankyuCorporation

HanshinElectric
Railway

Information andCommunication
Technology

TravelHankyu Travel
International

The Urban Transportation and Real Estate businesses generate
stable cash flows and account for approximately 50% of operating
revenue.

Operating revenue breakdown(FY2024)
Consolidated Total

Operating revenue¥997.6billion

Operating profit¥105.7billion

Business profit*¥108.3billion

Operating profit margin

Urban Transportation

International
Transportation
Operatingrevenue¥100.3billion

Operatingprofit¥0.2billion

Operatingprofit margin

Hankyu Hanshin
Express* In the Umeda and line-side areas, Hankyu Corporation andHanshin Electric Railway will retain their real estate forleasing and developing and work with Hankyu Hanshin
Properties to promote community development efforts inconnection with public transport networks and local
governments.

Operatingrevenue¥203.3billion

Operatingprofit¥34.3billion

Operatingprofit margin

0.2%

16.9％

Real Estate

TravelInternational
Transportation

10.9%

Operatingrevenue¥318.3billion

Operatingrevenue¥216.9billion¥49.8billion

OperatingprofitOperatingprofit¥5.0billion

Business
profit¥52.4billion

Operatingprofit margin

2.3%

Operatingprofit margin

Information andCommunication Technology

16.5%Entertainment

Operating revenue¥64.6billion

Operating revenue¥82.6billion

Operating profit¥6.1billion

Operating profit¥14.1billion

Operating profit
margin9.5%

Operating profit
margin17.1％* Business profit = Operating profit + Equity-method gains/losses related to overseas business
investments (in Real estate)

50

Areas served by the Hankyu and Hanshin lines (1)Definition of the areas served by the Hankyu and Hanshin lines
Osaka Prefecture:

Osaka City (Fukushima, Konohana, Nishi, Naniwa, Nishi-Yodogawa, Higashi-Yodogawa, Yodogawa, Kita and Chuo,
out of a total of 24 wards); and Toyonaka, Ikeda, Suita, Takatsuki, Ibaraki, Minoh, Settsu cities and Shimamoto
town

Hyogo Prefecture:

Kobe City (Higashi-Nada, Nada, Hyogo, Nagata and Chuo, out of a total of 9 wards); and Amagasaki, Nishinomiya,
Ashiya, Itami, Takarazuka and Kawanishi cities

Kyoto Prefecture:

Kyoto City (Nakagyo, Shimogyo, Ukyo, Nishikyo, out of a total of 11 wards); and Muko and Nagaokakyo cities andOyamazaki town

51

Areas served by the Hankyu and Hanshin lines (2)Population Trends
108

Areas served by the Hankyu and Hanshin lines
Kansai
Osaka Pref.
Hyogo Pref.
Kyoto Pref.

106
104
102

Sources: Prepared by the Company based on data from “Local Economy Directory,” published by Toyo Keizai, Inc.,and “Basic Resident Register,” published by the Ministry of Internal Affairs and Communications. （as of January 1,2023）

Areas served by the Hankyu/Hanshin line

（1991=100）

100
98
96
94

（k㎡）

(thousand)

Area

Population

1,318

5,625

Osaka Pref. (service areas)

449

2,722

Hyogo Pref. (service areas)

471

2,246

2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991

Kyoto Pref. (service areas)

398

658

Non-Hankyu/Hanshin Service Areas

26,033

14,269Osaka Pref. (non-service areas)

1,456

5,795

Hyogo Pref. (non-service areas)

7,930

3,093

Kyoto Pref. (non-service areas)

4,214

1,776

Shiga Pref.

4,017

1,378

Nara Pref.

3,691

1,310

Wakayama Pref.

4,725

917

27,351

19,894

Total

Survey of prospective condominium purchasers regarding their preferred Kansai residential area
Ranking Station（Area）

Ranking Station
11
Fukushima（Area）（Osaka, Osaka Pref.）1

Nishinomiya-Kitaguchi（Nishinomiya, Hyogo Pref.）2

Osaka-Umeda, Osaka(Osaka, Osaka Pref.）11

Minamimorimachi（Osaka, Osaka Pref.）3

Shukugawa（Nishinomiya, Hyogo Pref.)

13

Esaka

（Suita, Osaka Pref.）4

Senri-Chuo（Toyonaka, Osaka Pref.）5

Ashiyagawa（Ashiya, Hyogo Pref.）14

Tanimachi 6-chome（Osaka, Osaka Pref.）6

Takatsuki, Takatsuki-shi（Takatsuki, Osaka Pref.）

15

Kyoto

（Kyoto, Kyoto Pref.）7

Ashiya（Ashiya, Hyogo Pref.）16

Mikage（Kobe, Hyogo Pref. ）8

Tennoji（Osaka, Osaka Pref.）17

Momoyamadai（Suita, Osaka Pref.）9Okamoto（Kobe, Hyogo Pref.）18

Tanimachi 4-chome（Osaka, Osaka Pref.）10

Hommachi（Osaka, Osaka Pref.）19

Takarazuka（Takarazuka, Hyogo Pref.）20

Kita-Senri（Suita, Osaka Pref.）14 of the top-20
spots are areas
served by ourlines

Source: A survey of prospective condominium purchasers regarding their preferred residential area, conducted by seven major real estate developers (Sumitomo Realty& Development Co., Ltd., Daikyo Incorporated, Tokyu Land Corporation, Tokyo Tatemono Co., Ltd., Nomura Real Estate Development Co., Ltd., Mitsui Fudosan
Residential Co., Ltd., and Mitsubishi Jisho Residence Co., Ltd.) and included in a press release dated October 31, 2023.

52

Overview of Osaka-Umeda area (1)Major rental properties
Property name
Osaka Umeda Twin Towers
North (Hankyu Department
Store, office)Osaka Umeda Twin Towers
South (Hanshin Department
Store, office）

Leasable area
(1,000㎡) *1（As of March 31, 2024)
CompletNumber of floors
ed213

41 floors above ground,
2 underground floors

Nov 2012

193

38 floors above ground,
3 underground floors

Feb 2022

Umeda Hanshin Daiichi Bldg.
(HERBIS OSAKA)

82

40 floors above ground,
5 underground floors

Mar 1997

Umeda Hanshin Daini Bldg.
(HERBIS ENT)

54

28 floors above ground,
4 underground floors

Nov 2004

Hankyu Chayamachi Bldg.
(Applause Tower)

52

34 floors above ground,
3 underground floors

Nov 1992

Hankyu Sanban Gai
Shopping Center

5 floors above ground,38 2 underground floors(partially 4 underground floors)

Nov 1969

Hankyu Grand Bldg.

38

32 floors above ground,
3 underground floors

Aug 1977

Hankyu Terminal Bldg.

27

18 floors above ground,
4 underground floors

Mar 1972

Hankyu Five Bldg.*2(HEP FIVE)

19

10 floors above ground,
3 underground floors

Nov 1998

NAVIO Hankyu(HEP NAVIO)

16

10 floors above ground,
2 underground floors

Oct 1980

GRAND FRONT OSAKA*3

14

38 floors above ground,
3 underground floors

Mar 2013

12

9 floors above ground,
2 underground floors

Oct 2005

11

19 floors above ground,
2 underground floors

Jul 1993

NU chayamachi
OS Building(As of March 31, 2024)*1︓Leasable area is the portion owned by our group.
*2︓Jointly owned property with Hankyu Hanshin REIT Asset Management*3︓Jointly owned property with others (including Hankyu Hanshin
REIT Asset Management)

Developments in Umeda district① Umekita Phase II Development Project (GRAND GREEN OSAKA)② Sonezaki 2-chome Project③ JP Tower Osaka: Japan Post Holdings, Osaka Terminal Building Co., Ltd., among others④ INOGATE OSAKA: West Japan Railway among others⑤ Chayamachi B-2 and B-3 District Redevelopment Project: Tokyu Fudosan Holdings

Note: red = Hankyu Hanshin Holdings group related Projects

53Overview of Osaka-Umeda area (2)Trends in average vacancy rates amongsix main business districts in Osaka(%)

Trends in rent amongsix main business districts in Osaka（¥/3.3㎡）

16.00

18,00014.00

16,000

12.00
10.00

14,0008.00

12,000

6.00
4.00

10,000

2.00
0.00

Mar.
2019

Mar.
2020

Mar.
2021

Mar.
2022

Mar.
2023

Mar.
2024

Osaka business areas
(all)

2.45

2.00

3.91

5.22

5.11

4.77

Umeda area

1.59

0.93

3.36

5.14

5.32

5.34

8,000

Mar.

Mar.

Mar.

Mar.

Mar.

Mar.

2019

2020

2021

2022

2023

2024

11,51011,957

11,917

11,893

11,862

12,017

Umeda area

15,056

15,78015,984

15,96915,767

15,949

9,331

9,508

9,364

9,365

9,539

9,597

11,200

11,485

11,548

11,407

11,371

11,576

10,093

10,524

10,157

10,205

10,21810,308

11,875

12,671

12,317

12,125

12,19012,293

10,523

11,147

11,232

11,456

11,437

11,54021,134

22,594

21,541

20,36619,991

Osaka business areas
(all)

4.58

3.68

3.88

3.84

4.81

4.26

Minamimorimachi area

Yodoyabashi-Honmachi
area

2.22

1.70

3.30

4.16

4.28

4.18

area

Semba area

3.47

3.54

4.96

4.93

4.64

5.13

Minamimorimachi area

Shinsaibashi-Namba
area

3.14

2.07

4.83

4.33

3.71

2.77

Shinosaka area

3.20

3.46

5.74

10.18

8.41

5.35

Semba area
Shinsaibashi-Namba
area
Shinosaka area

(Reference)(Reference)
Tokyo business areas (all)Yodoyabashi-Honmachi

1.78

1.50

5.42

6.37

6.41

5.47

Tokyo business areas (all)19,820Source: Miki Shoji, “Office Data.”

54

Hotel network of the Hankyu-Hanshin-Daiichi Hotel Group
Directly managed hotels (Hankyu Hanshin Hotels)

17 Hotels

5,941 rooms

Other (franchises, etc.)

23 Hotels

5,138 rooms

40 Hotels
11,079 rooms（As of March 31, 2024)*The number of hotels and guest rooms above does not include The Ritz-Carlton Osaka (291 rooms, Kita-ku, Osaka)

Directly managed hotels
Dai-ichi Hotel Tokyo
remm plus Ginza
remm Tokyo Kyobashi
remm Hibiya
remm Akihabara
remm Roppongi
Hotel new Hankyu Kyoto
remm Shin-Osaka
Hotel Hankyu International
Hotel new Hankyu Osaka
Hotel new Hankyu Annex
Hotel Hankyu RESPIRE OSAKA
Hotel Hanshin Osaka
Hotel Hanshin Annex Osaka
Senri Hankyu Hotel
Takarazuka Hotelremm plus Kobe Sannomiya

Other(franchises, etc.)
Tokyo Dai-ichi Hotel Tsuruoka
Tokyo Dai-ichi Hotel Shin-Shirakawa

Ginza Creston
Hotel Yaenomidori Tokyo
Ours Inn Hankyu
Dai-ichi Hotel Ryogoku
Dai-ichi Inn Ikebukuro
Dai-ichi Inn Shonan
Dai-ichi Inn Shinminato
Tokyo Dai-ichi Hotel Nishiki
Hotel Boston Plaza Kusatsu

ホテル所在地直営

チェーン

Kyoto,
Osaka,
京阪神
Kobe

11

Hotel Royal Hill Fukuchiyama& Spa

Amano Hashidate Hotel
Arima Kirari HotelRoyal Park Hotel Kurashiki
Hotel Ichibata
Kure Hankyu Hotel
Takamatsu Kokusai Hotel
JR Hotel Clement Takamatsu
JR Hotel Clement Tokushima

東京地区
Tokyo

6
5

The Crown Palais New Hankyu Kochi

Imabari Kokusai Hotel
Remm Kagoshima

55