Hankyu Hanshin Holdings

https://www.hankyu-hanshin.co.jp/en/

Printed in Japan2020

Hankyu Hanshin Holdings Group Management Philosophy

What we try to achieve

MissionBy delivering “Safety and Comfort” and “Dreams and Excitement”,
we create satisfaction among our customers and contribute to society.

What is important to us

Values

1 Customer First

Everything we do is for the customer. That’s where it all starts.
2 Sincerity

Gain customers’ confidence by always being sincere.
3 Foresight & Creativity

With our pioneer spirit and flexible thinking, we create a new value.
4 Respect for People

Everyone is absolutely invaluable to the Group.

How to act to uphold our values and fulfil our mission

Principles

1 We treasure encounters with people, and do our best in the position of a customer.
2 We abide by laws and regulations, and act with a clear awareness of our social responsibilities.
1

Message from the Top Management

In October 2006, Hankyu Hanshin Holdings was established as a result of the management integrationof Hankyu Holdings and Hanshin Electric Railway. Since then, the Hankyu Hanshin Holdings Grouphas worked in unison to heighten the competitiveness of each business. At the same time, the Grouphas used its collective strength to increase its overall profitability and grow its earnings. In conjunction
with these efforts, we have steadily improved our financial position.
However, the business environment of the Group is likely to change significantly as the population ofareas served by its railway lines declines due to falling birth rates and an aging population, and as thelifestyles and conditions of everyday life evolve with the progress of technological innovation.
Aiming to become a corporate group that can focus strongly on sustained growth even in such anenvironment, we announced the Hankyu Hanshin Holdings Group Long-Term Management Vision for2025 (fiscal 2026) in 2017. We have also formulated a medium-term management plan, which covers
fiscal 2019 through fiscal 2022, as concrete actions for the realisation of the long-term vision, and aresteadily advancing measures based on the plan. Meanwhile, many of our businesses are now severely
impacted by COVID-19 pandemic, which is transforming our lives and business styles. These socialchanges are expected to have an impact on our existing businesses. With this in mind, we willcontinually endeavour to realise our long-term vision with the concerted efforts of the Group.
In addition, we in the Group have drawn up the Hankyu Hanshin Holdings Group Sustainability
Declaration to show the future direction of our efforts towards the realisation of a sustainable society.
Based on this declaration, we will further promote sustainable management and accelerate efforts
related to ESG (Environmental, Social, and Governance), and strive to resolve social issues throughbusinesses, aiming to sustainably enhance corporate value.
Going forward—adhering to our Group Management Philosophy—we will drive Group-wide growth
while building relationships of trust with our customers and local communities. At the same time, theHankyu and Hanshin Holdings Group will unite to advance initiatives that meet the expectations of all
stakeholders. As we move forward, we ask our stakeholders to continue to support us in our
endeavours.
July 2020

3 We take pride and responsibility in our work, and carry it out promptly.
1
4 We are not concerned with what is just before us, but think from medium- and long-term perspectives.
1
5 We are not satisfied with present conditions, but fix our eyes on the future and act.
1
6 We have caring feelings and respect each other.
1
7 We communicate in a lively way and create a workplace with a positive atmosphere.
1

Kazuo Sumi

Chairman and Representative Director, Group CEO

Takehiro Sugiyama

President and Representative Director

8 We cooperate with one another for the prosperity of the Group.
1

1 Group Guide 20202

The Group’s History

Group Overview

HankyuHanshin1899 〉Founding of Settsu Electric Railway(currently Hanshin Electric Railway Co., Ltd.)

1907 〉Founding of Minoh-Arima Electric Railway Company(currently Hankyu Corporation)

1905 〉Beginning of railway operations(Kobe [Sannomiya]–outer Osaka [Deiribashi])1909 〉Launch of land and buildings leasing business1910 〉Beginning of railway operations(Takarazuka Line [Umeda–Takarazuka] and Minoh Line
[Ishibashi–Minoh])〉Beginning of real estate sales business(Beginning of sales of Ikeda Muromachi Residential Land Plots)(Completion of 30 rental houses in front ofNishinomiya Station)

1913 〉Formation of Takarazuka Girls’ Revue(currently Takarazuka Revue Company)

1914 〉Implementation of Takarazuka Revue’s

1924 〉Opening offirst performance

Koshien Stadium(Later renamed Hanshin
Koshien Stadium)

1926 〉Opening of old Takarazuka Hotel(End of operations in March 2020;
Relocation and reopening in June 2020)

1929 〉Completion of Umeda Hankyu Building(Opening of Hankyu Department Store,
Asia’s first railway terminal
department store)

1933 〉Opening of Hanshin Mart at Hanshin Umeda Station(Full-scale entry into retail business in a terminal)(Closing in September 1941)〉Completion of
Sannomiya Hanshin
Building(Lease to Kobe Sogo
Department Store;
Full-scale entry into building
leasing business)

1935 〉Establishment of Osaka Baseball Club

(Osaka Tigers, currently Hanshin Tigers)

1937 〉Beginning of business on Mt. Rokko(Opening of Rokkosan Country House)

1947〉Separation of department store sector and related businesses
to establish Hankyu Department Stores, Inc.

1940 〉Opening of Hanshin Mart

(currently Hanshin Department Store)

1948 〉Launch of airline agency business

1948 〉Launch of airline agency business(Conclusion of agency agreement with Qantas Airways)(Conclusion of Japan’s first agency
agreement with Pan American Airways)

1950 〉Approval as IATA air cargo agency〉Approval as Japan’s first
IATA air cargo agency

Throughout its long history of over 100 years, the Hankyu Hanshin Holdings Group has continued
to offer unprecedented services in a broad range of fields, from the railway business as its basis tothe development of houses and commercial facilities and the provision of thrilling entertainment,such as that provided by the Hanshin Tigers baseball team and the Takarazuka Revue. We havethereby contributed to high-quality community building, primarily in line-side areas, and havebrought a new perspective to society, accumulating many achievements. Through these activities,
we have continued to deliver our customers “Safety and Comfort” to support their lives and“Dreams and Excitement” to colour their lives.
We will continue to provide high-quality services through the concerted efforts of the Group,
leveraging our brand that has been nurtured over time and our know-how of community building.

Core Businesses and Companies
We have core businesses in seven business domains: Urban Transportation, Real Estate, Entertainment, Information andCommunication Technology, Travel, International Transportation, and Hotels. Further, under the direction of the Company,
which supervises the Group’s management, these businesses are operated by six core companies: Hankyu Corporation,
Hanshin Electric Railway Co., Ltd., Hankyu Hanshin Properties Corp., Hankyu Travel International Co., Ltd., Hankyu
Hanshin Express Co., Ltd., and Hankyu Hanshin Hotels Co., Ltd. Through these core businesses and companies, we will
foster organic growth across the entire Group.

Core Business Segments

1952 〉Establishment of Hankyu Realty Co., Ltd.

(currently Hankyu Hanshin Properties Corp.)

1960 〉Establishment of Hankyu Express International Co., Ltd.
(currently Hankyu Travel International Co., Ltd.)

2004 〉Entry into real estate investment trust (REIT) business

Hankyu Hanshin Holdings

1967 〉Opening of Hotel Hanshin (currently Hotel Hanshin Osaka)
1991 〉Opening of urban-type CATV ‘Channel Wave Amagasaki’2006 〉Conclusion of master license agreement of Billboard brand2006 Establishment of Hankyu Hanshin Holdings, Inc.
2007 〉Beginning of issuance of ‘STACIA’, a new Group card
common to Hankyu and Hanshin

2008

Our corporate group supports people’s lives, colours their lives,and proposes enriched lifestyles.

〉Establishment of Hankyu Hanshin Hotels Co., Ltd.
(Hankyu Hotel Management Co., Ltd., Hotel Hanshin Co., Ltd., andHotel Hanshin Restaurant Systems Co., Ltd. merged and renamed)〉Establishment of Hankyu Express Co., Ltd.
(Through a spin-off of international shipping business of theformer Hankyu Travel Co., Ltd.)2009 〉Establishment of Hankyu Hanshin Express Co., Ltd.

(Hankyu Express Co., Ltd. and Hanshin Air Cargo Co., Ltd.
merged and renamed)

Urban
Transportation

Real EstateEntertainment

Information andCommunication
Technology

TravelInternational
Transportation

HotelsHankyu Travel
International

Hankyu Hanshin
Express

Hankyu Hanshin
HotelsHankyu Corporation *Hankyu Hanshin
Properties
Hanshin Electric Railway ** As for our Real Estate Business, Hankyu Corporation and Hanshin Electric Railway collaborate with
Hankyu Hanshin Properties to promote urban development of real estate owned by Hankyu Corporation andHanshin Electric Railway for rent and development in cooperation with transportation networks,
local governing bodies and others in Umeda and their line-side areas.

(As of 1st April 2020)2018 〉Establishment of Hankyu Hanshin Properties Corp.

(Real estate business of Hankyu Corporation andHanshin Electric Railway Co., Ltd.
transferred to Hankyu Realty Co., Ltd., which was renamed)

3 Group Guide 20204

Long-Term Management Vision for 2025 [Fiscal 2026]

Performance Trends

In May 2017, we outlined the kind of group we hope to become, as well as
the strategic approach necessary to achieve this vision, in the Hankyu
Hanshin Holdings Group Long-Term Management Vision for 2025 (fiscal
2026). The long-term management vision targets 2025, which will be the20th year since the management integration of Hankyu Holdings andHanshin Electric Railway. While keeping abreast of changes in thebusiness environment, including population decline and technologicalinnovation, we will pursue four business strategies based on the twin
perspectives of business area and business model(“stock businesses”1 or “flow businesses”2 ).

Revenues from Operations

Operating Income(¥billion)(¥billion)

120

1,000

Group Management
Philosophy

800

Long-Term
Management
Vision

746.8

760.3

736.8

791.4

104.1

114.9

105.2

95.2

762.7

80

600

Medium-Term
Management
Plan

110.3

400

40

200

1 Stock businesses: Businesses that hold or use stock, property and other fixed assets(Railway business, Real estate leasing business, Broadcasting and communications business,
Hotel business, etc.)

02 Flow businesses: Businesses that, instead of holding large-scale stock, use business know-how, human resources,
brand assets, and other intangible assets(Real estate sales business, Sports business, Stage business, Information services business,
Travel business, International transportation business, etc.)

2016

2017

2018

2019

2020 (FY)

0

2016

2017

2018

2019

2020 (FY)* In fiscal 2020, operating income and revenue decreased because many businesses were impacted by COVID-19 in the 4th quarter,in addition to a reaction to the sale of land for commercial facilities in the eastern section of Saito International Culture Park (Ibaraki City, Osaka) in theReal Estate Business in the previous fiscal year.

Enhancing line-side areas and expanding fields

SloganBusiness Portfolio
The Urban Transportation Business and the Real Estate Business generate stable cash flows, accounting for approximately
60% of revenues from operations and 80% of operating income. A comparatively high level of contribution from theEntertainment Business is a feature of the Group that differentiates it from other companies in the same business.

Sustainably enhance corporate value
Enhance daily life
(customer) value

Enhance social value

Enhance economic value[As of 31st March 2020] Revenues from Operations
Strategy

1

Stock businesses(Umeda and line-side areas)

Make our railway
the absolute best
among the Kansai networks

Strategy2

Stock businesses(Tokyo metropolitan area
and overseas markets)

Others5.3％

Strategy3Construct a stable revenue basein the Tokyo metropolitan area
and overseas markets

Flow businesses

Hotels7.5％

Strengthen competitivenessby thoroughly pursuing
brand optimisationand differentiation

International
Transportation
9.4％

4

Make greater use of the Group’s collective strength and develop new business fields

The Company We Hope to Be in the Long Term [Target management indicators for fiscal 2026]
One of our goals is to be a corporate group that can generate operating income of at least ¥100 billion even in or around 2040,
when demographic changes are expected to affect businesses significantly. With this goal in mind, we have set out a long-term
vision calling for the realisation of operating income of ¥120 billion, EBITDA* of ¥200 billion, and an interest-bearing
debt/EBITDA ratio of between 5 and 6 times by fiscal 2026 through the pursuit of strategies (1) through (4) above.
By achieving these targets, we will remain an industry leader among major private (non-JR) railway operators based on
indicators of profitability and financial soundness.
* EBITDA = Operating income + Depreciation expenses + Amortisation of goodwill
Profitability

Operating
Income¥120billion

EBITDA¥200

billionFinancial soundness

Interest-Bearing Debt/
EBITDA Ratio

Between

Urban
Transportation
28.1％

5 6
and

times

* Percentage figures are calculated based on the simple aggregate
amount [including intersegment transactions] of each segment.

Operating income
Profitability EBITDA
Net income attributable toowners of the parent¥ 54.9 billion¥ 227.2 billion

Operatingincome¥ 40.1 billion

Entertainment Business
Revenues fromoperations¥ 74.0 billion

Operatingincome¥ 11.7 billion¥ 236.0 billion¥ 41.5 billion

Information and Communication
Technology BusinessTravel Business

Revenues fromoperations

Revenues fromoperations¥ 58.6 billion¥ 5.6 billion

OperatingincomeInternational Transportation
Business

Hotels Business

Revenues fromoperations

Revenues fromoperations

Operatingincome¥ 95.2 billion¥ 154.1 billion¥ 95.2 billion

Real Estate Business

OperatingincomeReal Estate
29.2％¥ 762.7 billion

Revenues fromoperations
OperatingincomeInformation andCommunication
Technology
7.2%
Entertainment
9.2％

Urban Transportation Business
Revenues fromoperations

OperatingincomeTravel4.2％

Strategy

Consolidated Total
Revenues fromoperations

Financialsoundness¥ 76.2 billion¥ 0.2 billion

Operatingincome¥ 33.8 billion¥ 0.2 billion

60.3 billion− ¥ 3.1 billion

Interest-bearing debt

¥ 903.5 billion

Interest-bearing debt/
EBITDA ratio

5.9 times

D / E ratio*

1.0 times* D/E ratio: Interest-bearing debt / Equity

5 Group Guide 20206

Urban Transportation

Railway operations

Real Estate

These operations form a network in the Kansai area that centres on the railway
lines of Hankyu Corporation and Hanshin Electric Railway. Hankyu
Corporation's railway lines link Osaka (Umeda) with Kobe, Takarazuka, andKyoto. Meanwhile, Hanshin Electric Railway is the only private (non-JR)
railway operator with railway lines that directly link Kobe with Osaka's major
northern and southern terminals, which are Osaka-Umeda and Namba,
respectively. The operating kilometers of Hankyu Corporation and Hanshin
Electric Railway are 143.6 km* and 48.9 km,* respectively.

MinohKita-senri

Arashiyama

Takarazuka

Kyotokawaramachi

Awaji

Nishinomiyakitaguchi

HankyuKobe-sannomiya
Shukugawa

HanshinKobe-Sannomiya

KatsuraItami

KoyoenImazu

Information andCommunication Technology

Ishibashi handai-mae

Urban Transportation
Connecting railways, buses and taxis to provide a variety oftransportation services that realise safety, reliability and comfort

Entertainment* Including tier 2 railway operators

Tsukaguchi

Juso

Amagasaki

Koshien

Tenjimbashisuji-rokuchome
HankyuOsaka-umeda
Hanshin
Osaka-Umeda

Mukogawadanchi-Mae
TravelOsaka-Namba

International
Transportation

By connecting railways, buses and taxis, we have formed a large network centred on two
companies—Hankyu Corporation and Hanshin Electric Railway—in the Kansai region, mainly in
the Kyoto, Osaka and Kobe areas. In addition, we are enhancing the value of line-side areas byrealising synergistic benefits through the integrated management of transportation advertising andretail businesses, which operate merchandising facilities inside and near railway stations.
Buses & Taxis

HotelsWe provide bus and taxi services mainly in areas served by the Hankyu andHanshin Lines in collaboration with railway services. Hankyu Bus and Hanshin
Bus offer bus location services that enable real-time checking of the status ofbuses operating on routes, and have introduced an in-house IC passenger card,‘hanica’, to enhance customers’ convenience. Moreover, all Hankyu Taxi and
Hanshin Taxi cabs accept various forms of electronic payment to cater todiversifying payment needs. We are also promoting eco-driving techniques outof concern for the environment.

Advertising
TopicsWe provide customers with ‘value-added spaces’. For example, we display
advertising in trains and concourses and digital signage in railway stations, andhost event spaces for promotions inside railway stations. Based on these media,
we are able to offer strategic mixes of transportation advertising.

Sustainability

Retailing
Inside railway stations on the Hankyu and Hanshin lines, we operate COLORFiELD cosmetics and clothing shops, DOUBLEDAY furniture and interior
goods shops, Seijo Ishii supermarket franchises, and other shops. In addition,
we partner with outside companies to provide a wide selection of shops, thereby
offering greater convenience to customers who use our railway stations.

8Group Summary

7 Group Guide 2020

Takarazuka Revue

With an illustrious history and tradition, the Hanshin Tigers willcelebrate its 85th anniversary in 2020. The team attracts some of thehighest attendances among professional baseball teams in Japan. By
thrilling crowds, the team members’ performance continues tocontribute to the development of baseball in Japan.

The Takarazuka Revue is one of the most unique theatricalcompanies in the world, with a cast comprised solely of actresses,
and dazzles audiences with “inspiration” and “dreams”. The
revue’s illustrious history stretches back more than 100 years to
its debut performance in 1914. In addition to year-roundperformances at the Takarazuka Grand Theater and the Tokyo
Takarazuka Theater and performances staged throughout Japan,
the group has thus far been on 27 overseas tours in 18 countries
and regions*. The revue’s performances can also be seen via the
Takarazuka Sky Stage dedicated channel, the internet, and live
broadcasts in cinemas.
* As of July 2020

Information andCommunication Technology

Hanshin Koshien Stadium
In addition to its fame as the home ground of the Hanshin Tigers,
Hanshin Koshien Stadium hosted the 90th anniversary spring highschool baseball tournament and the 100th anniversary summer
high school baseball tournament in 2018. Also, the stadium is thevenue for a range of major events, such as the Koshien Bowl, thefinal game of the Japan University American Football Championship. The year 2019 marked the 95th anniversary of the stadium’s
opening; and building on its illustrious history, the stadium willcontinue to develop and retain enduring appeal.

TravelWe enrich people’s lives by providing a varied selection of live entertainment through ourbusinesses. These include the sports business and the stage business, which are unique strengthsof the Group. The entertainment we offer centres on the Hanshin Tigers, a professional baseballteam with passionate fans throughout Japan; the Hanshin Koshien Stadium; and the Takarazuka
Revue, which continually adds to its layered history guided by a philosophy of ‘Modesty,
Fairness and Grace’.

HANSHIN Tigers

Entertainment

Producing dreams and excitement for people

Stage

Real EstateEntertainment

Urban Transportation

SportsUmeda Arts Theater

International
Transportation

Umeda Arts Theater operates
two theatres: the Main Hall,
which has 1,905 seats, andthe 898-seat Theater Drama
City. It hosts a wide varietyof shows, including plays,
musicals, concerts andTakarazuka Revue performances.

HotelsMusic

Billboard

TopicsWith a history of more than 100 years, Billboard is the most trusted music brandin the world. Since concluding a license agreement for Japan with Billboard in2006, we have been developing an array of businesses, including clubs.

LeisureSustainability

Mt. Rokko

11 Group Guide 2020

12Group Summary

Known as one of Japan’s best night-view spots, Mt. Rokko is also popular withoverseas visitors to Japan. It offers a wide variety of leisure facilities, including
ski slopes, an alpine botanical garden, an observatory, and a music box museum.
In addition, the exhibition event platform Rokko Meets Art, which combines thenature and scenery of Mt. Rokko with modern art, has received critical acclaim.

Urban Transportation

Information Services
Real Estate

Itec Hankyu Hanshin Co., Ltd.

Primarily in line-side areas, these subsidiaries provide information infrastructureoffering convenient access to television, internet, and telephone services.
Recently, we have begun to offer higher-specification optical internet services andwireless high-speed internet services with a transmission speed equivalent tomobile phones. We have also been focusing our efforts on the production oforiginal community channel programmes rooted in local areas.

International
Transportation

We provide support for businesses in today’s highly networked information society, and deliver peaceof mind and comfort in daily life through businesses in three areas. The activities of information
services businesses include developing systems related to social infrastructure, and building andmaintaining e-commerce websites. In addition, broadcasting and communications businesses focus
on offering regionally based television, internet, and telephone services. Meanwhile, our safety andeducation businesses provide security services, programming education, and other services.

Bay Communications Inc. (Baycom)
Himeji Cable Television Co., Ltd. (WINK)
BAN-BAN Networks
TravelContributing to the development of society throughinformation and communications technology.

Broadcasting and Communications

Information andCommunication Technology

Information andCommunication Technology

Entertainment

In addition to such internet businesses as e-commerce and website production, thiscompany uses capabilities fostered over many years to conduct a wide range ofsystems development related to social infrastructure, including railways andbuildings.
Further, the company provides solutions related to clinical tests, medical
examinations, health and productivity management, and other areas of the medical
field, and offers contract services in such areas as the development of high-quality
software. By delivering assurance and comfort in daily life and strengthening its
solutions still further, the company aims to roll out services nationwide.

SafetyMimamorume Co., Ltd.
HotelsIn the Mimamorume system, children carry wireless IC tags. When a child passes
through the school gates, their guardian is notified by email. Using this system incombination with monitoring cameras installed by local governing bodies, theMachinaka Mimamorume service provides notifications of the locations of people
who require monitoring, such as children or senior citizens. In this way, we arehelping to create towns where people can live with safety and confidence.

Topics

Education

Robot-Programming Classes

14Group Summary

13 Group Guide 2020

Sustainability

We conduct ProgLab robot-programming classes for children. Looking to the
future, we are developing children’s abilities to realise their ambitions bycultivating their reasoning, problem-solving and creative skills. Reflecting thelevel of interest in programming education, the number of students is approximately 4,000. We also offer classes and extracurricular classes at schools.

Urban Transportation

Domestic & Overseas Travel
Real Estate

Offering Customers Unforgettable Journeys through Five Brands

Entertainment

Creating travel itineraries that reflect customers’ desires

TravelSince our establishment in 1948, we have constantly emphasised the customer’s viewpoint andresponded to diversifying needs.
Through the expertise we have cultivated over the years, we offer a wide range of services frompackage tours to tailor-made and corporate group itineraries, as well as business travel services and tours
to Japan. We strive to deliver a relaxed and safe travel experience that touches customers’ hearts, while
focusing on quality.

Information andCommunication Technology

Travel

Focused on guided tours, the Group’s Travel Business operates worldwide. Through arange of media encompassing newspaper advertisements, magazines, the internet, andtelevision advertisements and home shopping, we sell travel packages under a varied
selection of brands. We have a lineup of five brands: Trapics, which celebrated its 30th
anniversary in 2019; Crystal Heart and Hanshin Koku Friend Tour, tour packages withrelaxed schedules; e-very, which markets
plan-it-yourself packages; and Royal Collection, which
specialises in luxury custom-made travel packages.
The Group is also concentrating its efforts on catering
to increasingly diverse demand by creating new travel
packages based on cruises, domestic bus tours
featuring the CRYSTAL CRUISER Sumile, hiking,community-based tourism, and other activities.

Group Travel / MICE (Meetings, Incentives, Conferences, and Exhibitions / Events)

Providing Services Responding to Group Travel Needs
International
Transportation

We provide planning and proposal services for various types of group travel,
ranging from inspection tours, employee leisure trips, training excursions, eventsand conventions, and other types of group travel used by companies and otherentities, to school trips and other education-related travel. In these services, wecall upon the experience and insight gained throughout our long history to cater toour customers’ diverse needs.

HotelsTravel for Visitors to Japan

Conducting Tours of Japan with Exceptional Attention to Detail
We are developing and expanding new markets through our overseas offices in
Europe, Singapore, and other locations. We provide meticulous services to satisfy
visitors from Europe, Southeast Asia and other parts of the world.

TopicsBusiness Travel

Supporting Relaxed and Comfortable Business Travel

16

Group Summary

15 Group Guide 2020

阪神トラベル・インターナショナル

Sustainability

We use our accumulated expertise to provide stress-free, comfortable businesstrips. Our services include reservations and ticketing for all the world’s airlines,
visa applications for every country, hotel reservations after arrival at a destination,
and arrangement of interpreters. Moreover, through such services as businesstravel management, which helps reduce costs and manage risks, we support
customers’ overseas business development.

Urban Transportation

International Airfreight Transportation
Real Estate

As Japan’s First IATA-Approved Cargo Agency,
Providing Reliable International Transportation Services

Entertainment

Since becoming an International Air Transport Association (IATA) accredited
freight transporter and joining the international airfreight industry in 1948,
Hankyu Hanshin Express has developed a reputation for dependability. Our
seamlessly integrated start-to-finish service has come to be depended on by
many businesses. We provide swift and reliable door to door international freight
services, both importing and exporting, through cooperation with our more than
100 bases in 28countries and regions, overseas subsidiaries,and partnerships with
contracted agencies.

Information andCommunication Technology

International Transportation
Delivering optimal logistics and high-quality global services

Providing Door-to-Door Marine Transportation Services
for Both Imports and Exports
Providing door to door services through utilisation of our global network. We are a
non vessel operating common carrier (NVOCC) and provide international maritime
freight services through utilisation of our global network just as we do for ourairfreight services. We provide optimised door to door services tailored to customer
needs. Of course we do FCL (full container load) and LCL (less than container load)transportation, but we also transport special containers and break bulk cargo,
perform import and export customs clearing, and provide logistics consulting services.

International
Transportation

Logistics

TravelBy leveraging our track record and know-how garnered over more than 50 years as a pioneerin the development of transportation services overseas, we manage integrated air and sea
freight transportation and multinational transportation. By providing comprehensive services
that encompass customs clearance through storage and management and logistics consulting,
we help our customers optimise their supply chain management.

International Maritime Cargo Transport

Proposing and Achieving Optimal Logistics Solutions

HotelsOur highly equipped logistics consulting service experts provide logistics solutions,
optimised for each customer, fully utilising the latest information technology.
We enable speedy, high quality logistics through comprehensive support of thecomplete logistics process including storage and management at high-tech
warehouses, distribution processing and delivery.
In 2009, we were certified as an authorised warehouse operator under the Authorised
Economic Operator (AEO)* programme.

TopicsCustoms Clearance

Offering Appropriate and Speedy Customs Clearance
Based on Compliance
Sustainability

We declare the quantity and contents of cargo to customs on behalf of thecustomer and obtain approval. We also possess a thorough understanding of thecustoms clearance process essential to the import/export of cargo. Our customs
clearance services are practical and quick thanks to our business licenses from six
customs houses nationwide. We are a professional group consisting of only
qualified customs officers that operates precisely and speedily based oncompliance requirements. In 2017, we received certification as an authorised
customs broker under the AEO* programme.

17 Group Guide 2020

18

Group Summary* A regulatory exemption that allows simpliﬁed customs clearance and processes and which is applicable to companies that meet a certain standard of cargo security management and complianceUrban Transportation

Hankyu-Hanshin-Daiichi Hotel Group
Real Estate

Expanding Our Hotel Chains Based on More Than
90 Years of History and Tradition

Entertainment

As Japan’s leading hotel chain operator, we operate a total of 49 hotels housing more than 12,000 guest
rooms throughout Japan, from Tokyo and Osaka to Tohoku and Kyushu. We have an extensive lineup of
hotels, including luxury hotels, business and resort hotels, as well as our ‘remm’ brand hotels for guests
seeking a comfortable sleep. Hotel Hankyu RESPIRE, opened in 2019 as the first hotel of the new brand,features Japanese-inspired spaces, mainly targeting inbound tourists.
In our role as a hotel chain operator, we are capitalising on the hotel management know-how wehave accumulated over many years to widely support affiliated hotels. We are working to expand ourhotel network and strengthen our marketing capabilities.

49 12,000

HotelshotelsInformation andCommunication Technology

More thanguest rooms

Japan’s leading hotel chain operator
Dai-ichi Hotel Tokyo

TravelFrom comfortable hotels designed for a better night’s sleep to ‘city hotels’ providing meal andbanquet services at restaurants and luxurious hotels for enjoying the extraordinary, we offer the bestin hospitality tailored to our customers’ needs.

Hotel new Hankyu Osaka

Hankyu-Hanshin-Daiichi Hotel Group: Listed Hotels [As of 31st July 2020]-Direct operation: 11Hotel New Hankyu Kyoto
remm SHIN-OSAKA
Hotel Hankyu International
Hotel new Hankyu Osaka
Hotel new Hankyu Osaka Annex
Osaka Umeda OS hotel
Hotel Hankyu RESPIRE OSAKA
Hotel Hanshin Osaka
Hotel Hanshin Annex Osaka
Senri Hankyu Hotel Osaka
Takarazuka Hotel-Direct operation: 9Dai-ichi Hotel Tokyo
Dai-ichi Hotel Annexremm plus GINZA
remm TOKYO KYOBASHI
remm HIBIYA
remm AKIHABARA
remm ROPPONGI
Dai-ichi Hotel Tokyo Seafort
Kichijoji Dai-ichi Hotel-Chain hotel: 6Hotel Boston Plaza Kusatsu
Hotel Royal Hill Fukuchiyama & Spa
Amano Hashidate Hotel
Osaka Dai-ichi Hotel
Hotel Bay Gulls
Arima Kirari Hotel-Chain hotel: 6Ginza Creston
Hotel Yaenomidori Tokyo
Ours Inn Hankyu
Dai-ichi Hotel Ryogoku
Dai-ichi Inn Ikebukuro
Dai-ichi Inn Shonan

Tohoku Area
-Chain hotel: 4Tokyo Dai-ichi Hotel Iwanuma Resort
Tokyo Dai-ichi Hotel Tsuruoka
Tokyo Dai-ichi Hotel Yonezawa
Tokyo Dai-ichi Hotel Shin-Shirakawa

Chubu / Hokuriku Area
-Chain hotel: 3Toyama Dai-ichi Hotel
Dai-ichi Inn Shinminato
Tokyo Dai-ichi Hotel Nishiki

Shikoku Area
-Chain hotel: 6Takamatsu Kokusai Hotel
JR Hotel Clement Takamatsu
JR Hotel Clement Tokushima
The Crown Palais New Hankyu Kochi
Tokyo Dai-ichi Hotel Matsuyama
Imabari Kokusai Hotel

Kyushu Area
-Direct operation: 1remm KAGOSHIMA

Hotels

Kanto Area

International
Transportation

Kinki Area

Chugoku Area
-Chain hotel: 3Hotel Ichibata
Kure Hankyu HotelTokyo Dai-ichi Hotel Shimonoseki

TopicsThe Ritz-Carlton Osaka

Besides the Hankyu-Hanshin-Daiichi Hotel Group, we manage a luxury hotel, The
Ritz-Carlton Osaka. The Ritz-Carlton chain is headquartered in the United States,
and the chain’s first hotel in Japan has received high acclaim since its opening.
The classical ambience created by its timeless interior design coupled with sincere
hospitality and attention to detail provide guests with unique memories and ahighly personalised experience.

La Baie [Restaurant]

20

Group Summary

19 Group Guide 2020

Sustainability“Home Away from Home”—Relaxing Ambience andHeart-warming Hospitality to Welcome Guests

Urban Transportation

Improvement in Traffic Networks with New Railway Lines —Enhancing line-side areas—

The Hankyu Hanshin Holdings Group is undertaking various efforts, aiming to become acorporate group that can focus strongly on sustained growth.
Here we introduce the Group’s business topics.

The Kita-Osaka Kyuko Line is planned to be extended 2.5 km northfrom Senri-Chuo Station, which is the current terminal station, andconstruction is under way towards the opening scheduled for fiscal
2024. Through this extension, we will endeavour to increase theconvenience of public transportation and increase the traffic population
by strengthening the north-south axis of Osaka.

Enhancement of Value of the Umeda Area —Enhancing line-side areas—

hin
ns a
Ha ambN LineNaniwasujiLine (planned)

Shin-Imamiya
Nankai Line & Airport Line

Approx. 1.1 km
Shinsemba-kitabashi

National Route 423(Shin-Midosuji)
Main Line

Elevated section

Minoh Kayano
StationKayanoSampei-bashi

National Route 171

JR Osaka
Loop Line

Osaka-Namba

TennojiNaniwasuji Connection LineJR Hanwa Line

Shin-Osaka Connection Line

Kansai International
AirportHankyu Corporation is studying three new line projects.* By
improving these new lines, we will further reinforce the connection
with the gateways to Kansai, comprising Kansai International
Airport and Osaka International Airport (Itami Airport) as air
gateways, and Shin-Osaka Station, which is planned to serve as astation on the Linear Chuo Shinkansen Line, and strengthen therailway networks. We thereby aim to create line-side areas capableof being continuously selected by many customers in the future.
* Naniwasuji Connection Line: The line to connect Juso Station with Osaka Station to be
newly constructed in the Osaka Station North District(Umekita) Phase II Development area
Shin-Osaka Connection Line: The line to connect Juso Station with Shin-Osaka Station
Osaka Airport Line:The line to diverge from the Takarazuka Line and beconnected to Osaka International Airport (Itami Airport)

TravelOsaka Airport LineInternational
Transportation

Entry into the Real Estate Leasing Business Overseas —Expanding fields—

Rendering of the completed Osaka Umeda Twin Towers South

TopicsPlaza Indonesia Complex

Sustainability

A joint venture of nine developers (led by Mitsubishi Estate Co.,
Ltd.), including Hankyu Corporation, formed a consortium with six
design and operating companies, including Hankyu Hanshin
Properties Corp., and the consortium was selected as a builder todevelop the Osaka Station North District (Umekita) Phase II
Development area. Following the development of the Umekita
Phase I Development area, where the Grand Front Osaka opened in
April 2013, the Phase II project upholds the concept of fusing
greenery and innovation. We will develop a large greenery space,including an urban park of approximately 4.5 ha, innovation
facilities designed to create new businesses, and hotel and officefacilities, towards the advance opening scheduled for summer 2024.

Hankyu Hanshin Properties Corp. has invested in an Indonesian entitythat owns lease properties in Jakarta, Indonesia (specifically the ‘Plaza
Indonesia Complex’, which is the country’s leading complex comprising
a commercial facility, business offices, and a hotel, and ‘fX Sudirman’,a commercial complex housing a theatre, a movie theatre and more),
thereby making our full-scale entry into the real estate leasing businessoverseas.
Facing the main thoroughfare of Jakarta’s Central Business District,both facilities are situated in a good location in front of a station on the
Jakarta Mass Rapid Transit (MRT), Indonesia's first underground trainsystem opened in April 2019. We have been involved in the running andmanagement of these complexes jointly with a subsidiary of one ofIndonesia's largest real estate developers, and other companies.

HotelsfX Sudirman

22Group Summary

21 Group Guide 2020

Kyoto-kawaramachi

JR Namba

Osaka Station North District (Umekita)
Phase II Development Project

Artistʼs rendering at the time of proposal (May 2018); subject to change
Image credit: Builder for the Umekita Phase II Development Project

Hankyu Kyoto Line

Juso

Osaka-umeda
Kobe Airport

Underground section

Minoh
Semba
Handai-mae
StationInformation andCommunication Technology(Building name: Osaka Umeda Twin Towers South)
In Osaka-Umeda, we are proceeding with the integrated rebuilding of
the Dai Hanshin Building and the Shin Hankyu Building. In April
2018, we completed Phase I of construction and partially opened
Hanshin Department Store’s Umeda Flagship Store in June 2018. The
new construction of Phase II was launched in June 2019. Comprisinga department store zone (planned to fully opened in autumn 2021), an
office zone (from 11th to 38th floors), and a conference zone,
Phase II is scheduled to fully completed in spring 2022.
The office zone will have leasable floor space per storey of some
3,500 m2. Moreover, to provide individual office workers with a
comfortable office environment, we will establish floors exclusively
for their use. Including both a large and a small multipurpose hall, theconference zone will be a hub for disseminating business informationand helping invigorate business activities in the Umeda area. Also, byconducting this rebuilding
project in conjunction with thedevelopment of surrounding
public facilities, we strengthen
urban functions, improvedisaster countermeasures, create
public spaces, and give the area
an aesthetically appealing
appearance.
Rendering of a large hall in the conference zone

Linear Chuo Shinkansen Tokaido Shinkansen
Hokuriku Shinkansen

Osaka
Kobe-sannomiya
Hankyu Kobe Line
Hans
hin M
ain L
ine
Port Liner

Shinsemba-minamibashi

Shin-Osaka

Sanyo Shinkansen

Umeda 1-1 Project

Approx. 1.4 km

Planning of New Lines

HankyuTakarazuka LineTo Takrazuka

Osaka International
Airport(Itami Airport)

Senri-Chuo
StationEntertainment

Extension of Kita-Osaka Kyuko Line

Real Estate

TopicsUrban Transportation

Priority issues (materiality matrix)

Hankyu Hanshin Holdings Group

Sustainability Declaration

2

Thriving communities

3

Life designs for
tomorrow

Provide railways and otherinfrastructure that are safe anddisaster-resilient. Ensure thatanyone can safely access ourfacilities and services.

Help build sustainablecommunities with rich natural andcultural heritage, making greatplaces to live in, work in, and visit.

Promote refined and inspired
lifestyle solutions for a better
tomorrow.

4

5

6

Information andCommunication Technology

Empowering individuals

Environmental protection

Robust governanceTravelCustomers

Safe, reliableinfrastructureEntertainment

Under our management philosophy of creating satisfaction among our customers and contributing to society bydelivering “Safety and Comfort” and “Dreams and Excitement”, we in the Hankyu Hanshin Holdings Group have been
seeking sustainable growth and promoting a wide variety of efforts towards ESG (Environmental, Social, andGovernance), a foundation for sustainable growth.
Society is now facing various challenges, ranging from response to climate change to growing concern over safety
and security, diversifying senses of value, and further advancement of technological innovations. With regard to the UN’s
Sustainable Development Goals (SDGs), which UN member countries are intended to achieve by 2030, companies are
expected to play increasingly significant roles. Under these circumstances, the Hankyu Hanshin Holdings Group released
the Sustainability Declaration in May 2020, which outlines the Group’s commitment to addressing various challenges inorder to help realise a sustainable society.
Guided by this Declaration, we will accelerate our ESG efforts and strive to address global sustainability challenges
through our business activities, thereby sustainably enhancing corporate value and, by extension, leading to therealisation of a sustainable society.

1

Real Estate

Six priority issues to address as part of our sustainable business practices

Communities

Employees

Contributing to a sustainable society

Contribute toward a low-carbon,
circular economy.

Act honestly and in good faith, as
stakeholders expect us to do.
International
Transportation

Shareholders

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

Partners

Sustainably enhance corporate value
HotelsLong-Term Vision for 2025
Medium-Term Management Plan

Non-financial KPIs
Sustainability Declaration
Group Management Philosophy

General Principles

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 and working toward asustainable future, one that offers a fulfilling, joyful life to all and inspires the next generation to dream with hope.

■ Women occupy 10% of management positions (FY2031)■ Women always account for more than 30% of new hires■ Rate of CO2 emissions cuts :・Compared to FY2014 -26%(FY2031) *2(Applies to: Hankyu Hanshin Holdings and subsidiaries' Japanese worksites)
・Compared to FY2014 -40%(FY2031)(Applies to:Railway energy consumption of Hankyu and Hanshin's railways)* 1 The survey is conducted biennially.
* 2 Target value at the same level as the Japanese government set as a national greenhouse gas reduction goal based on the Paris Agreement.

24Group Summary

23 Group Guide 2020

■ Employee satisfaction always better than in previous survey *1

Sustainability〜 Create a future grounded in "Safety and Comfort",
and a future coloured by "Dreams and Excitement". 〜

Topics■ Zero culpable incidents in our railway businessUrban Transportation

SocialReal Estate

Priority issues❹ Empowering individuals
Promoting health and productivity management

The Hankyu Hanshin Holdings Group is working to improve the workplace environment and develop various systems toallow individual employees to perform at their full potential.

We are promoting ‘health and productivity management’ in line with the Hankyu Hanshin Holdings Group Management
Philosophy that holds “respect for people” as one of its most important values, based on the belief that the health of its
employees and their families is the cornerstone of the company's future.

〈Support for Flexible Work Styles〉

In light of the characteristics of respective Group companies’ businesses, we are introducing
systems that enable flexitime work, the taking of annual paid holidays in half days, “noovertime days,” and other work styles.

Entertainment

Improving employee satisfaction, creating a more positive workplace, and promoting diversity〈Establishment of Declaration on Employee Health Management〉〈Support for Those Combining Work with Childcare or Nursing Care〉
We are developing various types of systems that allow employees to combine
work and childcare or nursing care with peace of mind and which they can use
to suit their life events or careers.

Information andCommunication Technology

In April 2018, we established the “Declaration on Employee Health Management” in order to promote the improvementof health awareness in each and every employee and the realisation of a satisfying working environment.

The Hankyu Hanshin Holdings Group’s Declaration on Employee Health Management〈Career Opportunities for Female Employees〉

The Hankyu Hanshin Holdings Group believes that the mental and physical well-being of employees and theirfamilies remains the source of happiness and the cornerstone of the Group’s prosperous future. In addition, in orderto provide our customers with safety and comfort as well as dreams and excitement, it is paramount that we enable
everyone to fully demonstrate their diverse personalities and abilities in good health.

The Group is building an organisation in which all employees can play importantroles regardless of gender. For example, we are hiring more women andextending the scope of their work.

〈Hiring People with Disabilities〉〈Implementation of an employee satisfaction survey〉

We measure employee satisfaction regularly, and from the results, we identify areas
for improvement.

TravelTo achieve this goal, we will maintain high awareness of our own well-being and work with our colleagues in theworkplace and their families to promote good health. The Hankyu Hanshin Holdings Group declares that it will
actively support the well-being of each individual and strive to create a workplace environment in which all can live
and work in good health and with motivation. The Group will pursue these initiatives under the slogan “Hankyu
Hanshin Wellness Challenge.”

We have established a Groupwide system for promoting the employment of people with disabilities.

Cultivating tomorrow’s leadersInternational
Transportation

Takehiro Sugiyama
President and Representative Director
Officer in Charge of Health Management
Hankyu Hanshin Holdings, Inc.
April 2018

We are taking the following actions as part of the “Hankyu Hanshin Dreams and Communities for the Future” project.
〈Hankyu Hanshin Dreams and Communities for the
Future Challenge Team〉〈Hankyu Dreams and Communities
Exciting Work Programme〉〈Recognition as a Certified Health and Productivity Management Organisation〉

Our group companies provide some of theirfacilities and staff needed for summer camps
featuring authentic hands-on learning
activities for primary school children. As of
FY2020, a total of 389 programmes havebeen successfully held, inviting more than
17,000 children.

To inspire children to think about their future
career, managerial members from Hankyu
Corporation visit primary schools and convey
to the students the community-building
vision of the corporation’s founder, Ichizo
Kobayashi, and introduce various jobs that
support communities. As of FY2020, Hankyu
Corporation staff have visited a total of 197
schools and talked to a total of 17,000
students.

Large enterprise category (White 500): Hanshin Electric Railway Co., Ltd.
Large enterprise category: Hankyu Corporation, Hankyu Hanshin Properties Corp.,
Hankyu Travel International Co., Ltd., Itec Hankyu Hanshin Co., Ltd.
SME category: Hankyu Hanshin REIT Asset Management, Inc., Hankyu Hanshin Real
Estate Investment Advisors, Inc., Chuo Densetsu Co., Ltd., Hankyu Hanshin Insurance
Services Co., Ltd., Hankyu Mediax Co., Ltd., Hankyu Construction Management, Inc.

Centering around our line-side areas, we intend to promote the creation of
towns and cities where people will truly want to live.
Environment-friendly development

Priority Areas

Human capital development

We are creating opportunities for thehealthy development of ambitious
children, upon whose shoulders the taskof building the communities of the
future rests.

The Hankyu Hanshin Holdings Group has clearly set out its “basic philosophy
on respect for human rights” and “basic policy on respect for human rights”,
under which we have been engaging in educational activities to raise
individual employees’ awareness of respect for human rights. Consideringharassment in the workplace, in particular, to be a grave issue that prevents
employees from realising their potential and capabilities, we are promoting
group-wide efforts to eradicate workplace harassment, including sending
messages from the top management, implementing educational activities, andconducting questionnaire survey for employees.

大 丈 夫ですか あ な たの 職 場
予 防

私 たちは 、お 客 様をはじめとするすべての 人との 関 わりにおいて
人 権を尊 重し、グループ 一 体となって、

人 権 侵 害が 生じないよう常に 未 然 防 止に 務 めます。

ハ ラ スメント は 許 さ れ な い 行 為 で す
人権の尊重に関する基本理念
私たちは、出生、国籍、信条、性別、人種、年齢、障がいの有無などによる
差 別 や 人 権 侵 害 の な い 、 豊 か な 社 会づくりに貢献します。

人 権
じんけん

人権の尊重に関する
基本方針
●採用

●人権啓発

●職場環境

●社会との共生●取引先との関係●予防26Group Summary

25 Group Guide 2020

As a Group with strong local roots, we arecommitted to sustainable community building
with environment-friendly developments thatprovide local residents with security, peace ofmind, and cultural enrichment.

Respecting human rights and preventing harassment

Sustainability

Basic Policy* The Certiﬁed Health and Productivity Management Organisation Recognition Programme, launched jointly by the Ministry of Economy, Trade and Industry (METI) and Nippon Kenko
Kaigi, is designed to give honourable recognition to outstanding companies engaging in eﬀorts to address regional health challenges or promote health and productivity management
in line with the initiative of Nippon Kenko Kaigi. The top 500 companies in the large enterprise category are recognised as “White 500” organisations.
TopicsFor over 100 years, the Hankyu Hanshin Holdings Group has grown with the local community,
primarily in areas along its railway lines, and built up relations of mutual trust. In April 2009, welaunched the Hankyu Hanshin Dreams and Communities for the Future Project as a community
contribution initiative, to ensure that the Group will continue to exist and prosper over the next
century as a member of the local community.

HotelsHankyu Hanshin Dreams and Communities for the Future Project

Eleven group companies were recognised as 2020 Certified Health and Productivity
Management Organisations.

Urban Transportation

Environmental

GovernanceReal Estate

Priority issues❺ Environmental protection

Priority issues❻ Robust governance
Basic Approach to Corporate Governance

Basic Concept

We are promoting the introduction of energy-saving rolling stock in a planned manner, and the introduction of energy-saving
technology in rental buildings. We are also converting lighting to LED in Hankyu and Hanshin stations and trains, as well as in the
Takarazuka Grand Theater.

■ We shall respect shareholders’ rights and ensure equality.
■ We shall take into consideration the interests of shareholders and other stakeholders and cooperate withstakeholders appropriately.
■ We shall disclose corporate information appropriately and ensure transparency.
■ We shall ensure that the Board of Directors performs its roles and duties appropriately andensure advanced oversight and decision making.
■ We shall have constructive dialogue with shareholders with a view to sustaining our growth andenhancing corporate value over the medium-to-long term.

Information andCommunication Technology

Cut greenhouse gas emissions, Improve energy efficiency/conservation

Entertainment

Mindful that global environmental preservation is a task facing all mankind,
the Hankyu Hanshin Holdings Group works for a sustainable society throughenvironmental activities aimed at handing down a sounder global and humanenvironment to the next generation.

To remain a company that customers and stakeholders trust, we are working to strengthen and enhance corporate governanceby increasing the transparency and soundness of business management and by ensuring legal compliance and appropriate
timely information disclosure.
Based on the above basic approach, we have outlined the following policies through which we will work to fulfil theprinciples of the corporate governance code as we aim to achieve sustainable growth and increase our medium- to long-term
corporate value.

Corporate Governance Structure

We are promoting the use of natural energy by installing solar
energy systems in group companies’ facilities, including
Settsu-shi station (Hankyu), Oishi station (Hanshin), HEP
FIVE, Hankyu Nishinomiya Gardens, and Hanshin Koshien
Stadium (solar panels on Ginsan roof).

Umeda 1-1 Project (Osaka Umeda Twin Towers South),
Hankyu Nishinomiya Gardens, HEP FIVE have obtained DBJ(Development Bank of Japan) Green Building certifications.
We are aiming to realise more eco-friendly and socio-friendly
buildings (green buildings).

With regard to the above matters, the Board of Directors, which includes external directors, makes approval decisions andreceives reports. Moreover, to undertake preliminary reviews the Company has established the Group Management Committee,
which includes representatives of the Group’s core businesses.
Further, to ensure transparency in the appointment and compensation of the Company’s directors and to facilitate coordination
among external directors, the Group has established the Corporate Governance Committee and the Compensation Committee.
In addition, as part of efforts to strengthen Group core competence, all administration concerning capital procurement for theGroup has been consolidated into the Company and we promote the creation of frameworks for ensuring the allocation ofnecessary capital within the scope of management plans we have approved. Through this structure, we are working tostrengthen Group governance related to capital.

HotelsAim for more eco-friendly andsocio-friendly buildings■ Making decisions regarding the Group’s management policies and strategies,■ Deciding on the approval of the medium-term or annual management plans of all core businesses,■ Requiring timely submission of progress reports by operating companies, and■ Having Group companies obtain approval before taking actions that affect the Group’s management significantly(for example, investments above a certain threshold).

International
Transportation

Use more renewable energy (e.g. solar)

TravelHankyu Hanshin Holdings, Inc. (“the Company”), is a pure holding company, and the conduct of operations is basically the
responsibility of Group member companies. The Company’s principal role is monitoring and supervision of the entire
Group—meaning that these functions are separate from the conduct of Group businesses.
Under this structure, the Company realises monitoring and supervision and oversight and enhances the overall governanceof the Group by:

Corporate Governance System
General Meeting of Shareholders
Appointment / Dismissal

Hanshin Koshien Stadium is promoting recycling of plastic drink
containers. Hankyu Hanshin Hotels Co., Ltd. is making the shift
to biodegradable drinking straws to reduce plastic waste generated
in banquet halls and restaurants directly run by its hotels, ameasure that is expected to lead to the reduction of use of 900,000
plastic straws per year.

Audits, etc.

Convening meetings,
business status reporting

Directors,
Audit & Supervisory
Committee Members(Audit & Supervisory
Committee Members)
3 members

Reports

Staff of Audit & Supervisory
Committee

Selection / Dismissal /Supervision

Reports
Reports

Representative Director
Convene meetingGroup Management Committee
Participate

Accounting Auditors(CPAs)

Group Auditing Division

AuditsParticipate(observer)Group companies

28

Group Summary

27 Group Guide 2020

Directors(excluding Audit &Supervisory Committee
Members)
8 members

Sustainability

Produce less waste and recycle more

Board of Directors

Advisoryfunction

Appointment / Dismissal
Accounting
audits

TopicsCorporate GovernanceCommittee
Compensation
Committee

Appointment / Dismissal

Urban Transportation

Hankyu Hanshin Holdings Group Summary(As of 1st July 2020)

19th October 1907
1-1 Sakaemachi, Ikeda-shi, Osaka 563-0056, Japan
1-16-1 Shibata, Kita-ku, Osaka 530-0012, Japan
Toho Hibiya Bldg., 17F, 1-2-2 Yurakucho, Chiyoda-ku, Tokyo 100-0006, Japan

Paid-in Capital:¥99,474 million(Personnel and General Affairs Div.)• Hankyu Hanshin Express [Singapore] Pte. Ltd.

• Hankyu Bus Co., Ltd.
• Hankyu Hanshin Motor Technology Co., Ltd.
• Hankyu Hanshin Electric System Co., Ltd.
• Hankyu Railway Service Co., Ltd.
• Hanshin Sharyo Maintenance• Hanshin Stationnet Co., Ltd.
• Hanshin Taxi Co., Ltd.
• Hanshin Bus Co., Ltd.
• Limousine Total Service Co., Ltd.
• Railway Operation Hankyu Co., Ltd.

• Advance Development Co., Ltd.
• Hankyu Hanshin Real Estate Investment Advisors, Inc.
• Umeda Center Building Co., Ltd.
• Hankyu Hanshin REIT Asset Management, Inc.
• Osaka Diamond Chikagai Co., Ltd.
• Kyokuto Co., Ltd.
[Overseas subsidiaries]• Senri Asahi Hankyu Bldg. Management Co., Ltd. • Hankyu Hanshin Properties Singapore Pte. Ltd.
• Hankyu Nigawa Sports Garden Co., Ltd.
• Hankyu Hanshin Properties (Thailand) Co., Ltd.
• Hankyu Hanshin Estate Service Co., Ltd.
• Hankyu Hanshin Clean Service Co., Ltd.
[Other organisations]• Hankyu Hanshin High Security Service Co., Ltd. • Urban Innovation Institute• Hankyu Hanshin Housing Support Ltd.
• Hankyu Kyoueikai Medical Corporation• Hankyu Hanshin Building Management Co., Ltd.

• Naruo Water World Inc.

[Other organisations]• Umeda Arts Theater Co., Ltd.

• Hanshin Contents Link Corporation• Takarazuka Music School• Takarazuka Creative Arts Co., Ltd.

• Hanshin Tigers Baseball Club, Ltd.

• Takarazuka Revue Company• Takarazuka Stage Co., Ltd.

• P & P Hamamatsu Co., Ltd.

• Takarazuka Live Next Co., Ltd.

• Mt. Rokko Cable Car & Tourism Co.

• Hankyu Hanshin Express [Thailand] Co., Ltd.

• Hankyu Hanshin Express [USA] Inc.

• Hankyu Hanshin Express [Malaysia] Sdn. Bhd.

• Hankyu Hanshin Express Mexico S.A. de C.V.

• Hankyu Logistics [M] Sdn. Bhd.

• Hankyu Hanshin Express [Deutschland] GmbH• Hankyu Hanshin Express Philippines, Inc.

• Hankyu Hanshin Express [Netherlands] B.V.

• Hankyu Hanshin Logistics Philippines Inc.

• Hankyu Hanshin Express [UK] Limited• Hankyu Customs Brokerage Inc.

• Intraspeed South Africa [PTY] Ltd.

• PT. Hankyu Hanshin Express Indonesia• Intraspeed Arcpro [Kenya] Limited• PT. Hankyu Hanshin Logistics Indonesia• Intraspeed East Africa Limited• Hankyu Hanshin Express [Vietnam] Co., Ltd.

• Hankyu Hanshin Express [Beijing] Co., Ltd.

• Hankyu Hanshin Express India Private Limited• Hankyu Hanshin International Logistics• Hankyu Hanshin Express [Myanmar] Co., Ltd.

[Shanghai] Co., Ltd.

• HOT Logistics Co., Ltd.

• Hankyu Hanshin Express [Shanghai] Co., Ltd.
• Hankyu Hanshin Express [Guangzhou] Limited[Representative offices]• Hankyu Hanshin Express [HK] Limited• Milano Office• Hankyu Hanshin Express [Taiwan] Ltd.

• Dubai Office• Hankyu Hanshin Express [Korea] Co., Ltd.

• Moscow Office• Phnom Penh OfficeHotelsOther• Amanohashidate Hotel Co., Ltd.

• Keihin Service Co., Ltd.

• Arima View Hotel Co., Ltd.

• Dai-ichi Hotel Service Co., Ltd.

• Kure Hankyu Hotel Co., Ltd.

• Hanshin Hotel Systems Co., Ltd.

• Assist Hankyu Hanshin Co., Ltd.

• Hankyu Hanshin Business Associate Co., Ltd.

• Ikiiki Lite Hankyu Hanshin Co., Ltd.

• Hankyu Hanshin Financial Support Co., Ltd.

• Ikeda Meitengai Co., Ltd.

• Hankyu Hanshin Insurance Services Co., Ltd.

• OS Co., Ltd.

• Hankyu Hanshin Point Co., Ltd.

• Kansai Television Co. Ltd.

• Hankyu Hanshin Marketing Solutions Inc.

• Kobe Electric Railway Co., Ltd.

• Hankyu Mediax Co., Ltd.

• Station Network Kansai Co., Ltd.

• Hanshin Gardenings Co., Ltd.

• Chuo Densetsu Co., Ltd.

• Hanshin Construction Co., Ltd.

• Tokyo Rakutenchi Co., Ltd.

• Life Design Hankyu Hanshin Co., Ltd.

Hotels• Wellness Hanshin Inc.

International
Transportation[Overseas subsidiaries]

International
Transportation

Entertainment• Nishi Osaka Rapid Railway Co., Ltd.
• Nishiyama Driveway Co., Ltd.
• Nose Electric Railway Co., Ltd.
• Haks Hanshin Co., Ltd.
• Hankyu Kanko Bus Co., Ltd.
• Hankyu Commuterbus Management Ltd.
• Hankyu Style Labels Co., Ltd.
• Hankyu Sekkei Consultant• Hankyu Taxi Inc.
• Hankyu Driving School Hattori Ryokuchi• Hankyu Hanshin Express Southeast Asia Pte. Ltd.

TravelReal Estate• Alna Sharyo Co., Ltd.
• Iina Dining Co., Ltd.
• Ikeda LP Gas Co., Ltd.
• Eki Retail Service Hankyu Hanshin Co., Ltd.
• Osaka Airport Transport Co., Ltd.
• Osaka Hanshin Taxi Co., Ltd.
• Osaka Motor Technology, Inc.
• Kita-Osaka Kyuko Railway Co., Ltd.
• Kobe Rapid Transit Railway Co., Ltd.
• Tango Kairiku Kotsu Co., Ltd.

• Hankyu Hanshin Logipartners Co., Ltd.

• Hankyu Travel International Co., Ltd.
• Hankyu Hanshin Express Co., Ltd.
• Hankyu Hanshin Hotels Co., Ltd.

Information andCommunication Technology

Urban
Transportation• Hankyu Corporation• Hanshin Electric Railway Co., Ltd.
• Hankyu Hanshin Properties Corp.

EntertainmentCore
Companies

Real Estate

Established:
Registered Head Office:Head Office:Tokyo Office:• Tottori Sakyu Kaikan• Hanshin Cable Engineering Co., Ltd.

• Hankyu Construction Management, Inc.

[Other organisations]• Itec Hankyu Hanshin Co., Ltd.

• Himeji Cable Television Co., Ltd.

• Hankyu Sangyo• Hankyu Culture Foundation• Rworks, Inc.

• Bay Communications Inc.

• Hankyu Hanshin Card Co., Ltd.

• FM KITA Inc.

• Mimamorume Co., Ltd.

• System Giken Co., Ltd.

• YMIRLINK Inc.

• Nihon Protec Co., Ltd.

• BAN-BAN Networks

TopicsInformation andCommunication
Technology• Itec Software Co., Ltd.

Hankyu Hanshin Toho Group [As of 31st March 2020][Overseas subsidiaries]• TabiCoffret Co., Ltd.

• Hankyu International China Co., Ltd.

• Nikkei Culture, Inc.

• Hankyu Travel International Europe S. R. L.

• Hankyu Travel Support Co., Ltd.

• Hankyu Travel International Singapore Pte. Ltd.

• Hankyu Hanshin Business Travel Co., Ltd.

• Hankyu Travel International Europe UK Ltd.

• Hanshin Travel International Co., Ltd.
• HOPS Co., Ltd.

The Hankyu Hanshin Toho Group is a corporate group consisting of the
Hankyu Hanshin Holdings Group, the H2O Retailing Group, which
operates the department store business and other retail-related
business centred on Hankyu Department Store and Hanshin Department
Store, and the Toho Group mainly involved in film production anddistribution and entertainment production.

Group companies: 202 companies, 5 organisations
Group employees: 35,627
Group sales:¥1,922.7 billion

Hankyu Hanshin
Holdings Group
Sustainability

Travel• Airserve Co., Ltd.

Hankyu Hanshin
Toho Group
Toho GroupH2O Retailing
Group

Group Summary

29 Group Guide 2020