Principal Shareholders

as of March 31, 2020

Shareholders Number of shares
(thousands of share)		 Ratio of
shareholdings
Hanshin Electric Railway Co., Ltd 14,749 11.93
Hankyu Hanshin Holdings, Inc. 10,336 8.36
The Master of Trust Bank of Japan, Ltd. (Trust account) 7,274 5.88
Takashimaya Co., Ltd. 6,259 5.06
Japan Trustee Service Bank,Ltd. (Trust account) 5,256 4.25
Japan Trustee Service Bank,Ltd. (Trust account 9) 3,528 2.85
Company's Kyowakai Assn. 2,737 2.21
Japan Trustee Service Bank,Ltd. (Trust account5) 1,909 1.54
H2O Retailing Group Employees' Shareholding Association 1,668 1.35
DFA INTL SMALL CAP VALUE PORTFOLIO 1,414 1.14

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

Shares by type of shareholders

as of March 31, 2020

(％)
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 25.3 0.8 32.8 14.9 24.9 1.2