Rating Action: Moody's withdraws rating for Hankyu REIT, Inc.
Global Credit Research - 17 Jan 2012

Tokyo, January 17, 2012 -- Moody's Japan K.K. has withdrawn its A3 long-term issuer rating, with anegative outlook, on Hankyu REIT, Inc. (HRI) for its own business reasons.
RATING RATIONALE
This action does not reflect a change in the company's creditworthiness. For further details, refer to
Moody's Withdrawal Policy at www.moodys.co.jp.
The principal methodology used in this rating was Moody's "Global Rating Methodology for REITs andOther Commercial Property Firms" published on 1 October 2010, and available on www.moodys.co.jp.
Hankyu REIT, Inc., headquartered in Osaka, is a J-REIT listed in October 2005 that invests in andmanages diversified types of real estate and owns 15 properties worth about JPY 121.3 billion as ofNovember 2011. Its operating revenue for the fiscal half-year ended May 2011 was JPY 4.7 billion.
REGULATORY DISCLOSURES
Information sources used to prepare the credit rating are the following: parties involved in the ratings,
public information, confidential and proprietary Moody's information.
Measures taken to ensure the quality of this information include use of public information, reviews by athird party and verification by the lead analyst.
Moody's considers the quality of information which was available on the issuer or obligations satisfactory
for the purposes of maintaining a credit rating.
Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is ofsufficient quality and from sources Moody's considers to be reliable including, when appropriate,
independent third-party sources. However, Moody's is not an auditor and cannot in every instanceindependently verify or validate information received in the rating process.
Credit ratings are Moody's current opinions of the relative future credit risk of entities, credit
commitments, or debt or debt-like securities. Moody's defines credit risk as the risk that an entity may notmeet its contractual, financial obligations as they come due and any estimated financial loss in the eventof default. Credit ratings do not address any other risk, including but not limited to: liquidity risk, market
value risk, or price volatility. Credit ratings do not constitute investment or financial advice, and credit
ratings are not recommendations to purchase, sell, or hold particular securities. No warranty, express orimplied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purposeof any such rating or other opinion or information is given or made by Moody's in any form or mannerwhatsoever. The credit risk of an issuer or its obligations is assessed based on information received fromthe issuer or from public sources. Moody's may change the rating when it deems necessary. Moody's
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Please see ratings tab on the issuer/entity page on the Moody's website for the last rating action and therating history.

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Ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides adate that it believes is the most reliable and accurate based on the information that is available to it.
Please see the ratings disclosure page on the Moody's website for further information.
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Takahiro Okubo
Vice President - Senior AnalystStructured Finance Group
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100
Koji Kumamaru
MD - Structured Finance
Structured Finance GroupJOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100
Releasing Office:
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

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