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

Hankyu Hanshin Holdings

2023

Hankyu Hanshin Holdings Group Management Philosophy
MissionWhat we try to achieve

By delivering “Safety and Comfort” and “Dreams and Excitement,”
we create satisfaction among our customers and contribute to society.
ValuesWhat is important to us◎ Customers First

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

◎ Sincerity

Gain customers’ confidence by always being sincere.

◎ Foresight & Creativity

With our pioneer spirit and flexible thinking, we create a new value.

◎ Respect for People

Everyone is absolutely invaluable to the Group.

Principles How to act to uphold our values and fulfil our mission
1 We treasure encounters with people, and do our best in the position of a customer.
2
1 We abide by the laws and regulations, and act with a clear awareness of our social responsibilities.
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
8 We cooperate with one another for the prosperity of the Group.
1

Message from the Top Management
Our corporate group follows a philosophy that we express as follows: By delivering safety and comfort
along with dreams and excitement, we create satisfaction among our customers and contribute tosociety. The group conducts businesses in six core segments: Urban Transportation, Real Estate,Entertainment, Information and Communication Technology, Travel, and International Transportation.
In May 2022, we unveiled a long-term vision titled Toward 2040. This vision defines the kind of
corporate group we aspire to be: one that contributes to a sustainable society and grows alongside theKansai region. The vision also assumes that ongoing large projects will start contributing to ourconsolidated growth in the 2035–2040 period. One example is Shibata 1 Project, which involves
rebuilding Hotel new Hankyu Osaka and Hankyu Terminal Building and redeveloping areas such as
Hankyu Sanbangai. One other project involves building the Naniwasuji Connection Line andShin-Osaka Connection Line, which will strengthen connectivity between Osaka Umeda andShin-Osaka (Shin-Osaka has been designated as a hub for emergency urban regeneration).
Alongside Toward 2040, we also unveiled a medium-term plan to set out specific actions aligned withthe long-term vision. The plan covers a four-year period from the year ending March 2023 to the year
ending March 2026. By the end of the period, we aim to have returned to our pre-pandemic growthtrajectory and to have prepared a firm foundation for achieving our long-term vision. With a view toachieving these medium-term goals, we will take the following actions. In the current year (ending
March 2024), we will focus on recovering profit growth in our existing businesses, building on our
success in fortifying the revenue structure of these businesses. Meanwhile, we will continue developing
our newer businesses, which have seen decent growth over the past several years. For example, in theReal Estate segment, we will develop business overseas. In the Entertainment segment, we will enhancestreaming services. For FY2026 and beyond, we will step up investment in growth projects in light ofindications that the pandemic is coming to an end. We will also press ahead with a digital transformation
project called the Hankyu Hanshin DX Project.
Alongside these actions, we will continue delivering on our commitment to sustainable corporate
development, as enshrined in our Sustainability Declaration. By addressing social issues through ourbusiness, we will build long-term sustainable value.
We appreciate your continued understanding and support as our Group works as one to meet the
expectations of all our stakeholders.

Hankyu Hanshin Holdings, Inc.

Kazuo Sumi

Chairman and Representative Director,
Group Chief Executive Officer

Yasuo Shimada

President and Representative Director

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The Group’s History

Group Overview

HanshinHankyu1899 〉Founding of Settsu Electric Railway(currently Hanshin Electric Railway Co., Ltd.)

1905 〉Beginning of railway operations(Kobe [Sannomiya]–Osaka [Deiribashi])1907 〉Founding of Minoh-Arima Electric Railway Company(currently Hankyu Corporation)

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

1913 〉Formation of Takarazuka Girls’ Revue
first performance

1924 〉Opening of

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

1933 〉Opening of Hanshin Mart at Hanshin Umeda Station(Opening of Hankyu Department Store,
Asia’s first railway terminal
department store)(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)

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

1937 〉Beginning of business on Mt. Rokko(Opening of Rokkosan Country House)
1940 〉Opening of Hanshin Mart (Osaka-ekimae underground)(later renamed ‘Hanshin Department Store’;currently ‘Hanshin Department Store Umeda Main Store’)1948 〉Launch of airline agency business

1948 〉Launch of airline agency business(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

Questionnaire about Areas to Live(in the Kansai Region)

In the Japanese Customer Satisfaction Index (JCSI),* Hankyu
Corporation has ranked top in the suburban railway category for 14
consecutive years, from FY2010 to FY2023.
The same index also ranked Takarazuka Revue Company first, not onlyin the entertainment category from FY2017 to FY2019 and in FY2022
but also in overall rankings among 328 companies/brands from 34
industries in FY2022.
* The JCSI is based on one of the largest-scale customer satisfaction surveys in Japan,
conducted by Service Productivity & Innovation for Growth (SPRING) under the Japan
Productivity Center. The survey evaluates companies and brands using statisticaltechniques based on responses from over 120,000 users.

With convenience provided by railway
networks between main cities in the
Kansai region and abundant living
infrastructure, the areas along theGroup’s railway lines are highly rated bypeople as areas where they wish to live.
Our power to enhance the value ofline-side areas is among our strengths.

1st : Umeda/Osaka
2nd : Nishinomiya-Kitaguchi
3rd : Shukugawa
4th : Okamoto
5th : Takarazuka* Questionnaire survey conducted on MAJOR7(a website run by seven major Japanese real estate companies) in
October 2022

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

Core Business Segments

Hankyu Hanshin Holdings

1952 〉Establishment of Hankyu Realty Co., Ltd.

(currently Hankyu Hanshin Properties Corp.)〉Establishment of Hankyu Express International Co., Ltd.
(currently Hankyu Travel International Co., Ltd.)

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

Urban
Transportation

Real Estate

1967 〉Opening of Hotel Hanshin (currently Hotel Hanshin Osaka)
1991 〉Opening of urban-type CATV ‘Channel Wave Amagasaki’2006 〉Conclusion of master license agreement ofBillboard brand2006

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 to the development of houses and commercial facilities and theprovision of thrilling entertainment, such as that provided by the Hanshin Tigers baseball team and the Takarazuka Revue. We
have thereby contributed to high-quality community building, primarily in line-side areas, and have brought a new perspective tosociety, accumulating many achievements. Through these activities, we have continued to deliver our customers “Safety andComfort” to support their lives and “Dreams and Excitement” to color 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.

Customer Satisfaction Survey(currently Takarazuka Revue Company)

1914 〉Implementation of Takarazuka Revue’s

1960

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

Information andCommunication
Technology

Entertainment

TravelInternational
Transportation

Hankyu Travel
International

Hankyu Hanshin
Express

Hankyu Corporation
Hankyu Hanshin
Properties
Hanshin Electric Railway

Establishment of Hankyu Hanshin Holdings, Inc.

2008 〉Opening of Hankyu Nishinomiya Gardens
2009 〉Beginning of Operations of the Hanshin Namba Line(between Nishikujo and Osaka-Namba)

2012 〉Completion of the Umeda Hankyu Building* As for our Real Estate Business, Hankyu Corporation and Hanshin Electric Railway collaborate with Hankyu Hanshin Properties topromote urban development of real estate owned by Hankyu Corporation and Hanshin Electric Railway for rent and development incooperation with transportation networks, local governing bodies and others in Umeda and their line-side areas.

Consolidated Performance Trends(currently ‘Osaka Umeda Twin Towers North’)2022 〉Completion of Osaka Umeda Twin Towers SouthFY2019FY2020

FY2021

FY2022

FY2023Operating revenue (¥billion)

791.4

762.7

568.9

746.2

968.3

Operating profit (¥billion)

114.9

95.2

2.1

39.2

89.4

In FY2023, despite the lingering impact of the COVID-19 pandemic, the Group achieved a year-on-year increase both in operating revenue and operating profit.
The increase is explained mainly by a certain level of recovery of many of the Group’s businesses and a significant increase in orders for our services in theTravel business, especially orders placed by local governments for support services for COVID-19 patients recuperating at home.

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Sustainability Declaration▶For more details, please visit our website.

We have made the Hankyu Hanshin Holdings Group Sustainability Declaration, which outlines the Group’s commitment toaddressing various challenges in order to help realize a sustainable society.

GeneralPrinciples

Create a future grounded in "Safety and Comfort," anda 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 and working
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) Six priority issues to address as part of our sustainable business practices
Safe, reliableinfrastructure
Provide railways and otherinfrastructure that are safe anddisaster-resilient. Ensure thatanyone can safely access ourfacilities and services.

Life designs for
tomorrow

Thriving communities
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.

Long-Term Vision: Toward 2040

In May 2022, we formulated the "Hankyu Hanshin Holdings Group Long-Term Vision: Toward 2040," which defines the Group’s
ideal image and strategies for achieving it.

Group’s long-term ideal■ We are going further with our development of communities, providing manifold value in the form of safe, comfortableurban lifestyles and experiences that stimulate dreams and excitement. At the same time, by expanding the areas inwhich we do business, we will raise customer satisfaction and enhance corporate value sustainably.

■ We will meet the expectations of customers, regional communities, and other stakeholders, and contribute to bringing
about a more sustainable society.

Through these efforts

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

we aim to be a corporate group that grows hand in hand with Kansai

Strategies for achieving the ideal
Strategy 1(core strategy)

Make our line-side communities the absolute best among the
Kansai networks

Urban Transportation, Real Estate, etc.

● Focus on making our line-side areas much more attractive by engaging in community building and actively
leveraging digital innovations with the aim of coping with the shrinking and aging population● Strengthen our line-side areas' connections with land transport links (Tokyo-Nagoya-Osaka) and global
dynamism by promoting the Naniwasuji Connection Line and Shin-Osaka Connection Line Project, and use
new projects (e.g. Shibata 1 Development) to make Osaka-Umeda as a whole a world-class urban environment
in line with the Umeda Vision

Strategy 2Make our content as compelling as possible

Entertainment and Travel● Make our content more compelling while expanding our customer baseand actively leveraging digital technologies

Environmental
protection

Empowering
individuals▶For more details, please visit our website.

Robust governance
Strategy 3

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

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

Expand the coverage of our line-side business model

Real Estate and other businesses● Expand our line-side business model (e.g. building abundant communities) beyond line-side areas by utilizing
the know-how and achievements that we have accumulated through strategies 1 and 2

Strategy 4

Increase market share by providing high value-added services

Information and Communication Technology
and International Transportation● Use our technologies and know-how to expand the value scope of our businesses● Provide high-quality, competitive services to increase our business scale and market share

In addition to pursuing these four strategies, we will strongly promote our efforts to implement
the Hankyu Hanshin DX Project and to contribute to the achievement of the SDGs and the 2050 carbon neutrality goal.

Hankyu Hanshin Dreams and Communities of the Future ProjectAs part of the Group’s commitment to creating communities that people will truly want to live in, we haveoperated the Hankyu Hanshin Dreams and Communities of the Future Project since April 2009.
Basic Policy

Priority Fields

We intend to promote the creation of communities along our line-side areasthat people will truly want to live in.
Sustainable Community Development
As a Group with strong local roots, we arecommitted to sustainable community
building with environment-friendly
developments that provide local residents
with security, peace of mind, and culturalenrichment.

Management targets< Financial KPI targets >Business profit*
Profitability

Tomorrow’s Leader Development
We are creating opportunities for thehealthy development of ambitious
children, upon whose shoulders thetask of building the communities ofthe future rests.

Financial growth concept envisioned foraround 2035 to 2040

Financial and non-financial KPI targets for FY2031

Financialsoundness

Capitalefficiency¥130.0 billion
plus something extra

Interest-bearing-debt/
EBITDA ratio

Between 5 and 6

ROE

7% range in themedium to long term

< Non-financial KPI targets >● Rate of CO₂ emissions cuts: 46% downfrom FY2014 level● Zero culpable incidents in our railway
operation business● Continued improvement in employee
satisfaction● Percentage of women in management
positions: Around 10%● Percentage of women among new hires:
Always more than 30%

We envision that, during the above period,
we will further increase our business profit
from the FY2031-target level (¥130.0 billion
plus something extra) by earning profits frommajor development projects that will becompleted and lead to the start of business
operations during the period and by further
promoting the Hankyu Hanshin DX Project.

* Business profit = Operating profit + Equity-method gains related to overseas business investments (in real estate)

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Urban Transportation

Real Estate

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

Contributing to the creation of appealing towns andoffering enriched lifestyles

By connecting railways, buses and taxis, we have formed a large network centered on two companies—Hankyu Corporation and Hanshin Electric Railway—in the Kansai region, mainly in the Osaka, Kobe andKyoto areas. In addition, we are enhancing the value of line-side areas by realizing synergistic benefits
through the integrated management of transportation advertising and retail businesses, which run
merchandising facilities inside and near railway stations.

Since its early days, the Real Estate Business has focused on building attractive towns and cities along
railway lines, and shared its growth with the Urban Transportation Business. Our operations range widely,
from developing, leasing, and administering commercial facilities and office buildings that create vibrantcommunities, to providing quality residences that match each person's lifestyle. We even run hotels thatoffer guests the highest level of hospitality. We are actively committed to creating new communities throughfuture-oriented initiatives.

Railway Operations
Extensive Railway Network Linking Osaka, Kobe, Kyoto andVarious Other Areas in the Kansai Region
These operations form a network in the Kansai area that centers on therailway lines of Hankyu Corporation and Hanshin Electric Railway. Hankyu
Corporation's railway lines link Osaka (Umeda) with Kobe, Takarazuka,
and Kyoto. 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.

Development and Leasing
Promoting Diverse Development Projects and Running Various Commercial Facilities and Office Buildings
In Osaka-Umeda, we are promoting the Umekita Phase II Development
Project (GRAND GREEN OSAKA) with the aim of putting into practice ourcommunity building concept of fusing greenery and innovation. We havealso initiated Shibata 1 Development to increase the value of the area
centered around Hankyu Osaka-umeda Station. In the leasing business,
we own many commercial facilities and office buildings, primarily inOsaka-Umeda and areas served by the Hankyu and Hanshin lines,
including Osaka Umeda Twin Towers, GRAND FRONT OSAKA, HERBISOSAKA and HERBIS ENT, and Hankyu Nishinomiya Gardens. The total
area of our leasing property is approximately 2.20 million square meters.** As of March 2023

Buses & Taxis
Providing Bus and Taxi Services Mainly in Areas Along theHankyu and Hanshin Lines in Collaboration with Railway Services
Hankyu Bus and Hanshin Bus aim to offer greater convenience tocustomers by providing various services and tools, including bus location
services, which enable real-time checking of the status of buses
operating on routes, and an in-house IC passenger card named “hanica.”
Moreover, all Hankyu Taxi and Hanshin Taxi cabs accept various forms ofelectronic payment to cater to diversifying payment needs. We are also
promoting eco-driving techniques out of concern for the environment.

Sales
Offering Homes that Realize Customers’ Dreams Mainly
through Sales under the “Geo” Brand“Geo” brand condominiums are designed from the customer’s point ofview to have refinement and quality and to arouse a stronger feeling of
attachment in the residents over time. We also combine ourlong-standing know-how about line-side area development with theconcept of “Geo” residences to promote the “Geo Garden” brand of
detached houses. With these as our key brands, we help our customers’
dreams come true by offering dream homes to them.

Retailing
Providing Retail Services Inside and Near Railway Stations
Inside and near railway stations on the Hankyu and Hanshin lines, weoperate COLOR FiELD cosmetics and clothing shops, DOUBLEDAY
furniture and interior goods shops, Seijo Ishii franchise supermarkets, andother shops. In addition, we partner with outside companies to provide awide selection of shops, thereby offering greater convenience tocustomers who use our railway stations.

Overseas Business
Expanding into ASEAN Countries and the U.S.
Leveraging our track record in Japan, we have been participating in projects to sell approximately 50,000
houses* in the five countries of Thailand, Vietnam, the Philippines, Indonesia, and Malaysia. Through theseprojects, we aim to continue to expand our real estate sales business overseas.
In Indonesia, we also newly obtained Central Park Mall, a large-scale commercial facility, and part of three
office buildings in downtown Jakarta. Since then, we have been involved in business operations there. In
addition to operating in these ASEAN countries, we also acquired a multi-family property in the U.S.
through our local subsidiary. We are therefore actively promoting our overseas real estate business.
* As of April 2023

Advertising
Effectively Leveraging the Vast Reach of Transportation Advertising
We provide customers with value-added spaces through a wide lineup oftransportation advertising media (such as digital signage, signboards,
and posters) in trains and stations. Moreover, we effectively leverage our
retail business’s contact with customers and manufacturers and the vast
reach of the transportation advertising business to promote goods sold inshops inside and near our stations on transportation advertising media orin event spaces.

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HotelsJapan’s Leading Hotel Chain Operator
With a wide variety of hotels, from comfortable hotels designed for a betternight’s sleep to large-scale urban hotels providing meal and banquet
services at restaurants and luxurious hotels for enjoying the extraordinary,
we offer the best in hospitality tailored to our guests’ needs.

8Entertainment

Information andCommunication Technology

Producing dreams and excitement for people

Contributing to the development of society throughinformation and communications technology

We enrich people’s lives by providing a varied selection of live entertainment through our businesses.
These include the sports business and the stage business, which are unique strengths of the Group.
Among them are the professional baseball team the Hanshin Tigers and its home ground Hanshin
Koshien Stadium, which are supported by many fans throughout Japan; and the Takarazuka Revue,
which constantly add its layered history guided by the philosophy of “Modesty, Fairness, Grace.”

SportsWe 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 and maintaining
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.

Information Services

HANSHIN Tigers

Hanshin Koshien Stadium

Itec Hankyu Hanshin

With an illustrious history andtradition, the Hanshin Tigers are
one of the most popular
Japanese professional baseballteams that attract the highest
numbers of spectators. By
thrilling crowds, the performanceof the team members has longcontributed to the developmentof baseball in Japan.

In addition to enjoying fame as
the home ground of the Hanshin
Tigers and the venue of the
National High School BaseballChampionship and Invitational
Tournament, Hanshin Koshien
Stadium hosts various
large-scale events. In view of2024, which will mark thecentennial of its opening, the stadium will continue to develop andretain its enduring appeal, building on its distinguished history.

In addition to such internet businesses as e-commerce and website
production, Itec Hankyu Hanshin uses capabilities fostered over many
years to conduct a wide range of systems development related to social
infrastructure, including railways and buildings.
Further, the company provides medical solutions, including clinical tests,
medical examinations, and health and productivity management, andoffers contract services in such areas as the development of high-quality
software. By offering assurance and comfort to society and helping
customers further promote DX, the company aims for nationwide businessexpansion.

Broadcasting and Communications
Stage
Takarazuka Revue

Umeda Arts Theater

The Takarazuka Revue is one of the world’s most unique theatricalcompanies with its all-female cast. Since its debut performance in
1914, the revue has dazzled audiences with inspiration anddreams for more than 100 years. In addition to performing
year-round at the Takarazuka Grand Theater and the Tokyo
Takarazuka Theater and making theater tours throughout Japan,
the revue company performs to overseas audiences, receiving
high acclaim both in Japan and abroad.

Umeda Arts Theater operates two theaters: the Main Hall, whichhas 1,905 seats, and the 898-seat Theater Drama City. It hosts awide variety of shows, including plays, musicals, concerts, andTakarazuka Revue performances.

Bay Communications (Baycom)
Himeji Cable Television (WINK)
BAN-BAN Networks
Primarily in line-side areas, we provide information infrastructure that enables
convenient access to television, Internet, and telephone services.
Recently, we have not only begun to offer higher-specification optical Internet
services and high-speed wireless Internet services, but have also focused on
producing original community-channel programs from local perspectives.

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

Music

LeisureBillboard

Mt. Rokko

With a history of more than 100
years, Billboard is the mosttrusted music brand in the world.
Since concluding a license
agreement for Japan with
Billboard in 2006, we have beendeveloping an array ofbusinesses, including clubs.

Mt. Rokko is a popular leisuredestination, known as one ofJapan’s best viewing spots. It also
boasts a wide variety of leisurefacilities, including one of thelargest adventure playgrounds inJapan, ski slopes, an alpine
botanical garden, an observatory,
and museums.

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Education
ProgLab
ProgLab offers robot programming classes aimed at developing the abilityof children as future leaders to realize their ambitions by cultivating theirreasoning, problem-solving, and creative skills based on the methodology
of STEAM education.* Approximately 8,000 children currently attend
ProgLab classes. We also offer extension and extracurricular classes atschools.
* Educational methodology that enables children to learn science, technology, engineering, art, and mathematics in an integrated manner

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TravelInternational Transportation

Creating safe and secure travel itineraries that cangratify customers’ desires

Delivering optimal logistics and high-quality global services

Since the establishment of our Travel Business in 1948, we have always valued customers’ viewpoints andresponded to their diversifying needs by taking advantage of our long-developed expertise.
Placing the highest priority on ensuring the safety and security of our customers, we will not only provide
high-value-added travel plans but also engage in businesses that are needed by society.

Overseas & Domestic Travel

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

Offering Customers Unforgettable Journeys through Five Brands
Focused on guided tours, the Group’s Travel Business operates
worldwide. We offer travel packages in a line-up of five brands:
Trapics, our core brand; Crystal Heart, which features relaxed travel
schedules; Hanshin Koku Friend Tour, which is celebrating the golden
jubilee of its founding this year; e-very, which markets plan-it-yourself
packages; and the Royal Collection, which provides luxury
custom-made travel packages. These brands and their travel
packages are marketed through a wide range of channels, including
newspaper advertisements, magazines, the Internet, and TV
shopping. We also cater to increasingly diverse demand by
developing domestic travel plans with an in-depth focus incollaboration with local governments around Japan. Moreover, we arepromoting DX by enhancing digital marketing.

Group Travel

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 tobe depended on by many businesses. We globally provide swift andreliable door-to-door international freight services through a network of our
140-plus bases in 28 countries and regions, as well as contracted
agencies.

International Maritime Cargo Transport

Business Travel

Providing Services Responding to Group Travel Needs

Supporting Safe and Comfortable Business Travel

We provide planning and proposal services for various types ofgroup travel, ranging from inspection tours, employee leisure trips,
training excursions, events and conventions, and other types ofgroup travel used bycompanies and otherentities, to school trips andother education-related
travel. In these services, wecall upon the experienceand insight gained
throughout our long history
to cater to our customers’
diverse needs.

We arrange for everything customers need to make businesstrips, including visas, air tickets, hotels, interpreters, and MICE
(meetings, incentives, conferences, and exhibitions) tourism.
Leveraging our vast
experience and trackrecord, we offer
comfortable business travel
and thus provide total
support for customers’
overseas work andbusiness expansion.

Travel to Japan

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

Solutions

Conducting Tours of Japan with Exceptional
Attention to Detail

Providing a Wide Range of Back-office Solutions,
Including Call Center Operations

We are developing and expanding new markets through ouroverseas offices in Europe, Singapore, and other locations. We
provide meticulous services
to satisfy customers who
travel to Japan for various
purposes, including
tourism, company visits,
and MICE.

Taking advantage of our long-developed know-how, we offer callcenter services that meet a wide range of needs, from on-site callcenter operations tonationwide receptionist
services. Responding
flexibly to social changes,
we promote our businessto provide customers withsolutions to the challenges
they face.

Providing Door-to-Door Marine Transportation Services
for Both Imports and Exports
As a non-vessel operating common carrier (NVOCC), we provide
international maritime freight services by utilizing our global network just as
we do for our airfreight services. We offer optimized door to door services
tailored to customer needs, including transportation services of FCL (fullcontainer load), LCL (less than container load), special containers andbreak bulk cargo, as well as import and export customs clearing andlogistics consulting services.

Logistics
Proposing and Achieving Optimal Logistics Solutions
Our highly equipped logistics consulting service experts provide logistics
solutions, optimized for each customer, fully utilizing the latest information
technology. We enable speedy, high quality logistics throughcomprehensive support of the complete logistics process including storageand management at high-tech warehouses, distribution processing anddelivery. In 2009, we were certified as an Authorized Warehouse Operator
under the Authorized Economic Operator (AEO)* program.

Customs Clearance
Offering Appropriate and Speedy Customs Clearance Based on Compliance
Import or export of cargo must be granted clearance by declaring the content and quantity of cargo tocustoms. We excel at this complicated customs clearance process.
We have been granted customs clearing authorization by the Japanese Minister of Finance. Our
professionals led by registered customs specialists provide appropriate and speedy customs clearance
services based on compliance requirements, including submitting declarations to customs around Japanon behalf of customers. In 2017, we received certification as an Authorized Customs Broker under the
AEO* program.
* 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

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■ Established: 19th October 1907

Hankyu Hanshin Holdings Group Summary■ Head Office: 1-16-1 Shibata, Kita-ku, Osaka 530-0012, Japan(As of 1st July 2023)

Core
Companies

Urban
Transportation

Real Estate■ Paid-in Capital: ¥99,474 million■ Registered Head Office: 1-1 Sakaemachi, Ikeda-shi, Osaka 563-0056, Japan■ Tokyo Office (Personnel and General Affairs Div.): Toho Hibiya Bldg., 17F, 1-2-2 Yurakucho, Chiyoda-ku, Tokyo 100-0006, Japan• HANKYU CORPORATION• HANKYU TRAVEL INTERNATIONAL CO., LTD.

• HANSHIN ELECTRIC RAILWAY CO., LTD.

• HANKYU HANSHIN EXPRESS CO., LTD.

• HANKYU HANSHIN LOGIPARTNERS Co.,Ltd.

• HANKYU HANSHIN EXPRESS (SINGAPORE) PTE. LTD.
• HANKYU HANSHIN EXPRESS (THAILAND) CO., LTD.

• Hankyu Hanshin Properties Corp.

• ALNA SHARYO CO., LTD.

• Nose Electric Railway Co.,Ltd.

• Hankyu Hanshin Electric System Co.Ltd.

• IINA DINING CO.,LTD.

• Haks Hanshin Co., Ltd.

• Hankyu Railway Service Co.,Ltd.

• Eki Retail Service Hankyu Hanshin Co., Ltd.

• HANKYU KANKO BUS Co., Ltd.

• Hanshin Sharyo Maintenance Co.,Ltd.

• Osaka Hanshin Taxi Co., Ltd.

• Hankyu Commuterbus Management Co.,Ltd.

• HANSHIN STATION NET CO.,LTD.

• OSAKA MOTOR TECHNOLOGY CO.,LTD.

• Hankyu Style Labels Co.,Ltd.

• Hanshin Taxi Co., Ltd.

• KITA-OSAKA KYUKO RAILWAY CO.,LTD.

• Hankyu Sekkei Consultant Ltd.

• HANSHIN BUS CO.,LTD.

• KOBE RAPID TRANSIT RAILWAY CO.,LTD.

• Hankyu Taxi Inc.

• Limousine Total Service Co.,LTD.

• Tango Kairiku Kotsu Co., Ltd.

• HANKYU DRIVING SCHOOL HATTORI RYOKUCHI• Railway Operation Hankyu Co.,Ltd.

• NISHIOSAKA RAPID RAILWAY CO.,LTD.

• Hankyu Bus Co., Ltd.

• HK Electric Industries,Ltd.

• Nishiyama Driveway Co., Ltd.

• HANKYU HANSHIN MOTOR TECHNOLOGY CO.,LTD.

• Advance Development Co.,Ltd.

• KEIHIN SERVICE CO.,LTD.

• Hankyu Hanshin Housing Support Ltd.

• Amanohashidate Hotel Co., Ltd.

• Senri-Asahi-Hankyu-Building Administrative Co.,Ltd.

• Hankyu Hanshin Building Management Co., Ltd.

• Arima View Hotel Co.,Ltd.

• Dai-ichi Hotel Service Co.,Ltd.

• Hankyu Hanshin Real Estate Investment• Umeda Center Building Co., Ltd.

• Hankyu Nigawa Sports Garden Co., Ltd.

• Osaka Diamond Chikagai Co., Ltd.

• HANKYU HANSHIN ESTATE SERVICE CO.,LTD.

• Hankyu Hanshin Hotels Co., Ltd.

• Kyokuto Co.,Ltd.

• Hankyu Hanshin Clean Service Co.,Ltd.

• Hankyu Hanshin REIT Asset Management,Inc.

• Kure Hankyu Hotel Co., Ltd.

• Hankyu Hanshin High Security Service Co.,Ltd.

• HANSHIN HOTEL SYSTEMS CO.,LTD.

International
Transportation[Overseas subsidiaries]• HANKYU HANSHIN EXPRESS (MALAYSIA) SDN. BHD.

• HANKYU HANSHIN EXPRESS (USA) INC.

• HANKYU LOGISTICS (M) SDN. BHD.

• HANKYU HANSHIN EXPRESS MEXICO S.A. DE C.V.

• HANKYU HANSHIN EXPRESS PHILIPPINES, INC.

• HANKYU HANSHIN EXPRESS (DEUTSCHLAND) GMBH

• HANKYU HANSHIN LOGISTICS PHILIPPINES, INC.

• HANKYU HANSHIN EXPRESS (NETHERLANDS) B.V.

• HANKYU CUSTOMS BROKERAGE INC.

• HANKYU HANSHIN EXPRESS (UK) LIMITED• PT. HANKYU HANSHIN EXPRESS INDONESIA• INTRASPEED SOUTH AFRICA (PTY) LTD.

• PT. HANKYU HANSHIN LOGISTICS INDONESIA• INTRASPEED ARCPRO (KENYA) LIMITED• HANKYU HANSHIN EXPRESS (VIETNAM) CO., LTD.

• INTRASPEED EAST AFRICA LIMITED• HANKYU HANSHIN EXPRESS INDIA PRIVATE LIMITED• HANKYU HANSHIN EXPRESS (BEIJING) CO., LTD.

• HANKYU HANSHIN EXPRESS (MYANMAR) CO., LTD.

• HANKYU HANSHIN INTERNATIONAL LOGISTICS(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• Milan Office• HANKYU HANSHIN EXPRESS (TAIWAN) LTD.

• Dubai Office• HANKYU HANSHIN EXPRESS (KOREA) CO., LTD.

• Phnom Penh Office• HANKYU HANSHIN EXPRESS SOUTHEAST ASIA PTE. LTD.

• Dhaka Office• Assist Hankyu Hanshin Co.,Ltd.

• Hankyu Hanshin Business Associate Co., Ltd.

[Other organization]• WellBeing Hankyu Hanshin Co., Ltd.

• Hankyu Hanshin Financial Support Co.,Ltd.

• Hankyu Culture Foundation• OS Co.,Ltd.

• Hankyu Hanshin Point Co.,Ltd.

• KANSAI TELEVISION CO. LTD.

• Hankyu Hanshin Insurance Service Co., Ltd.

• Kobe Electric Railway Co., Ltd.

• hankyu hanshin marketing solutions Inc.

• Station Network Kansai Co., Ltd.

• HANKYU MEDIAX Co.,Ltd.

• CHUO DENSETSU CO.,LTD.

• Hanshin Engei Co., Ltd.

• TOKYO RAKUTENCHI CO.,LTD.

• HANSHIN CONSTRUCTION CO.,LTD.

• Hankyu Hanshin Properties USA LLC• Tottori Sakyu Kaikan• LIFE DESIGN HANKYU HANSHIN CO., LTD.

• Hankyu Hanshin Properties Vietnam Co., Ltd.

• Hankyu Construction Management,Inc.

• HS Holdings Co.,Ltd.

• PT Hankyu Hanshin Properties Indonesia• Hankyu Hanshin Card Co.,Ltd.

Advisors, Inc.

[Other organizations][Overseas subsidiaries]• Hankyu Hanshin Properties Singapore Pte. Ltd.
• Hankyu Hanshin Properties (Thailand) Co., Ltd.

• Urban Innovation Institute• Hankyu Kyoueikai Medical Corporation

Other• PT CPM ASSETS INDONESIAEntertainment• WELLNESS HANSHIN,INC.

• HANSHIN CONTENTS LINK CORPORATION[Other organizations]• Umeda Arts Theater Co.,Ltd.

• Hanshin Tigers Baseball Club, Ltd.

• Takarazuka Music School• TAKARAZUKA Creative Arts CO.,LTD.

• P & P Hamamatsu Co., Ltd.

• Takarazuka Revue Company• TAKARAZUKA STAGE CO.,LTD.

• Mt.ROKKO CABLE CAR & TOURISM COMPANY• TAKARAZUKA LIVE NEXT Co.,Ltd.

Information andCommunication
Technology• ITEC HANKYU HANSHIN CO.,LTD.

• NIHON PROTEC CO.,LTD.

• Mimamorume Co.,Ltd.

• Rworks, Inc.

• HANSHIN CABLE ENGINEERING CO.,LTD.

• YMIRLINK Inc.

• FM KITA INC.

• Himeji Cable Television Co.,Ltd.

• BAN-BAN Networks Co.,Ltd.

• System giken Co.,LTD.

• Bay Communications Inc.

Hankyu Hanshin Toho GroupThe 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 centered on Hankyu Department Store and Hanshin Department
Store, and the Toho Group mainly involved in film production anddistribution and entertainment production.
Group companies: 200 companies, 5 organizations
Group employees: 35,309
Group sales: ¥1,841 billion

Hankyu Hanshin
Holdings Group

Hankyu Hanshin
Toho Group
Toho GroupH2O RetailingGroup[As of 31st March 2023]

Travel• AIRSERVE Co.,Ltd.

[Overseas subsidiaries]• Tabicoffret Co., Ltd.

• HANKYU INTERNATIONAL CHINA CO.,LTD.

• Hankyu Travel Support Co., Ltd.

• Hankyu Hanshin Business Travel India Private Limited• HANKYU HANSHIN BUSINESS TRAVEL CO.,LTD. • Hankyu Mirai Business Partners Vietnam Company Limited• HOPS Co., Ltd.

• HANKYU TRAVEL INTERNATIONAL EUROPE S.R.L.
• HANKYU TRAVEL INTERNATIONAL EUROPE UK LTD.
• HANKYU TRAVEL INTERNATIONAL SINGAPORE PTE.LTD.

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