Principal Shareholders

as of March 31, 2024

Shareholders Number of shares
(thousands of share)		 Ratio of
shareholdings
Hanshin Electric Railway Co., Ltd. 14,749 12.80
The Master of Trust Bank of Japan, Ltd. (Trust account) 12,514 10.86
Hankyu Hanshin Holdings, Inc. 10,336 8.97
Custody Bank of Japan, Ltd. (Trust account) 5,122 4.45
Company's Kyowakai Assn. 2,862 2.48
BNYM AS AGT/CLTS 10PERCENT 2,021 1.75
GOVERNMENT OF NORWAY 1,781 1.55
H2O Retailing Group Employees' Shareholding Association 1,634 1.42
STATE STREET BANK AND TRUST COMPANY 505223 1,473 1.28
STATE STREET BANK WEST CLIENT-TREATY 505234 1,283 1.11

*Shareholding ratio is calculated by deducting treasury shares from total shares issued.

Shares by type of shareholders

as of March 31, 2024

(％)
Government and local public entities Japanese financial institutions Japanese securities companies Other Japanese companies Foreign investors Japanese individuals and others Treasury shares
Shares by type of shareholders 0.0 17.1 2.0 27.4 18.9 26.7 8.0