<Provisional translation>
January 25, 2018

For Immediate Release
REIT Issuer
Hankyu REIT, Inc. (Securities Code: 8977)
19-19 Chaya-machi, Kita-ku, Osaka
Yoshiaki Shiraki, Executive Director
Asset Management Company
Hankyu REIT Asset Management, Inc.
Yoshiaki Shiraki, President & Representative Director
Contact:
Hiroshi Yoshida
General Manager, IR and Public Relations Department
Email: hankyureit-ir@hankyu-rt.jp

Notice Concerning Acquisition of Domestic Real Estate
Hankyu REIT, Inc. (hereafter “Hankyu REIT”) hereby notifies Hankyu REIT Asset Management, Inc., the asset
management company that Hankyu REIT has selected to manage its assets (hereafter the “Asset Management
Company”), today decided to make the following acquisition of asset.

Details
1. Overview of Acquisition(1) Asset to be acquired:

Right of ownership and leasehold (Note 1)(2) Property name:

METS OZONE(3) Proposed acquisition price: 5,400,000,000 yen (excluding acquisition-related expenses, property tax,
city planning tax and consumption tax, among others)(4) Appraisal value:5,600,000,000 yen (Date of appraisal: December 20, 2017) (Note 2)(5) Proposed acquisition date: February 15, 2018(6) Seller:

Domestic corporation (Please refer to “5. Overview of Seller” below) (Note3)(7) Acquisition fund:

Proceeds from the issuance of new investment units described in “NoticeConcerning Issuance of New Investment Units and Secondary Offering ofInvestment Units” announced today and cash on hand (planned)(Note 1) Hankyu REIT plans to lease the site of the ground parking lot from the domestic corporation.
(Note 2) The ground parking lot (leased land) is not subject to appraisal(Note 3) The name of the seller is not disclosed as their consent was not obtained.

Disclaimer: This document is a press release for public announcement concerning the acquisition of assets of Hankyu REIT, and has not been
prepared for the purpose of solicitation for investment. Hankyu REIT advises investors to ensure that they refer to the prospectus
for notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by Hankyu REIT before undertaking investments and investments be made at their own discretion and responsibility.

12. Reason for Acquisition
Hankyu REIT will acquire the above community-based retail facility (hereafter the “Property”) utilizing theAsset Management Company’s own network and solutions of the sponsor group, in order to build awell-balanced portfolio and attain steady growth, based on the target and policy of asset management
stipulated in its Articles of Incorporation. Moreover, this will be Hankyu REIT’s first acquisition of a property
in Nagoya area. With this acquisition, revenue stability will be enhanced due to the progress of thediversification of area and use. Hankyu REIT has made efforts to collect and search for information on
prime properties in areas where major stations of the Tokaido and Sanyo Shinkansen are located (Tokyo
metropolitan area, Nagoya, Hiroshima, Fukuoka, etc.) in addition to its major investment area, Kansai
Region, and decided to acquire the Property that satisfies all conditions.
Hankyu REIT evaluated the following points upon deciding on the acquisition of the Property.
The Property is a community-based retail facility located in Higashi-ku, Nagoya City, Aichi. It offers
excellent access by car as it faces “Inner Ring Route” which is a wide-area arterial road that circles thecenter of Nagoya City, and is also close to arterial roads such as “National Road No. 19” and “Nagoya
Expressway Ring Route.” Furthermore, it has a multi-story parking lot that can accommodate 558 vehicles
as well as a ground parking lot that can accommodate 124 vehicles on the west side of the store (Note 1).
In addition, Ozone Station, which is the closest station from the Property, is accessible by three lines
namely the JR Chuo Line, Nagoya Municipal Subway Meijo Line and Meitetsu Seto Line, and is also theorigin and destination of the “Yutorito Line” operated by Nagoya Guide-way Bus Co., Ltd. that runs on anelevated road for buses. The Property is within a five-minute walking distance from Ozone Station which isa transport hub and offers high transportation convenience.
The Property targets a trade area which is a densely populated area (Note 2) in Nagoya City and where
the population is increasing. According to the national census in 2015, its population by trade area (Note 3)
is approximately 29,000 within 1km, approximately 281,000 within 3km and approximately 691,000 within
5km, making the location densely populated as a residential area in the urban area.
The Property is occupied mainly by tenants that meet everyday needs such as furniture and interior
goods store “NITORI,” home appliance store “EDION,” food supermarket “Yamanaka” and casual clothing
store “UNIQLO” as its main tenants who are expected to take in consumption demands from trade areas.
(Note 1) Hankyu REIT plans to lease the site of the ground parking lot from a domestic corporation.
(Note 2) “Densely populated area” principally refers to areas where basic unit blocks with a population density of more than 4,000
people per square kilometer are adjacent to each other within the border of municipalities and having a population of morethan 5,000 people in the adjacent areas at the time of the national census.
(Note 3) “Population by trade area” refers to that within 1km, 3km and 5km, and is calculated based on the total population ofmunicipalities included in each trade area. As for municipalities, only part of that which is included in such areas, the total
figures are obtained by dividing the population by area on a pro rata basis.

As for the acquisition of the Property, acquisition through relative transactions was realized by utilizing
solutions gained through operational management by the sponsor group such as implementing proposals
concerning the reduction of energy costs at real estate owned by corporations (CRE: Corporate Real Estate)with the cooperation of the Asset Management Company and Hankyu Sekkei Consultant, which belongs to
the sponsor group. Hankyu REIT will continue to work on improving the quality and revenue stability of theportfolio by cooperating with the sponsor group.
The status of portfolio after the acquisition of the Property and Vessel Inn Hakata Nakasu (collectively theDisclaimer: This document is a press release for public announcement concerning the acquisition of assets of Hankyu REIT, and has not been
prepared for the purpose of solicitation for investment. Hankyu REIT advises investors to ensure that they refer to the prospectus
for notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by Hankyu REIT before undertaking investments and investments be made at their own discretion and responsibility.

2

“Asset to be Acquired”) described in “Notice Concerning Acquisition of Domestic Real Estate Trust
Beneficiary Interests” dated November 28, 2017 is as follows. Since the yield after depreciation of theProperty is 4.2%, surpassing the average yield after depreciation at the end of the 25th fiscal period (3.7%),
Hankyu REIT believes it should contribute not only to the expansion of the asset size but also to theenhancement of revenue stability in the portfolio.
[Status of Portfolio]
Asset to be Acquired

End of 25th
fiscal period(end of November

Vessel Inn Hakata
NakasuThe Property

2017)

Number of properties

23 properties

Acquisition(planned) price

Total(Note 3)

1 property
5,400
million yen

1 property
2,760
million yen

2 properties
8,160
million yen

Average NOI yield

25 properties

149,788
million yen

141,628
million yen

Asset scale

After theacquisition ofAsset to be
Acquired(Note 1)

4.9%

5.4%

4.3%

5.0%

4.9%

Average yield after
depreciation

3.7%

4.2%

2.7%

3.7%

3.7%

20,461
million yen-149
million yen-49
million yen-198million yen

20,649million yen(Note 1)

Unrealized gain/loss(Note 2)

(Note 1) Average NOI yield is calculated by dividing the sum total of (a) the difference between the real estate lease
operation income and real estate lease operation expenses of each property and (b) depreciation, by totalacquisition (planned) price. Average yield after depreciation is calculated by dividing the sum total of difference
between the real estate lease operation income and real estate lease operation expenses of each property, by totalacquisition (planned) price. Average NOI yield and Average yield after depreciation are calculated based on thefollowing figures.
・End of 25th fiscal period: Actual figures for the 25th fiscal period.*・Asset to be Acquired: Figures stated in the appraisal reports.
・After the acquisition of Asset to be Acquired: Figures after adding the figures in the appraisal reports of theAsset to be Acquired to the actual figures for the 25th fiscal period.** For OASIS Town Itami Konoike (site), figures are calculated using the figures stated in the appraisal reports.
(Note 2) Unrealized gain/loss indicates the difference between the appraisal value and the book value and is calculated
based on the following figures.
・Asset to be Acquired: Figure calculated based on the book value (expected value) which is the total of the
proposed acquisition price and acquisition expenses that is to be recorded as asset pursuant to the accounting
policy of Hankyu REIT.
・After the acquisition of Asset to be Acquired: Figure obtained by adding/subtracting capital expenditures andexpected amount of depreciation in the 26th fiscal period and unrealized gain/loss of the Asset to be Acquired
to/from unrealized gain/loss at the end of the 25th fiscal period.
(Note 3) The figures after the acquisition of Asset to be Acquired are figures considering only the acquisition of Asset to be
Acquired since the end of the 25th fiscal period excluding unrealized gain/loss and may differ from actual figures.

Disclaimer: This document is a press release for public announcement concerning the acquisition of assets of Hankyu REIT, and has not been
prepared for the purpose of solicitation for investment. Hankyu REIT advises investors to ensure that they refer to the prospectus
for notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by Hankyu REIT before undertaking investments and investments be made at their own discretion and responsibility.

33. Details of Asset to be Acquired
Property name

METS OZONESpecified asset type

Right of ownership and leasehold (Note 1)

Proposed acquisition
priceAppraisal value

5,400,000,000 yen
5,600,000,000 yen (Date of appraisal: December 20, 2017) (Note 2)(Appraisal organization: DAIWA REAL ESTATE APPRAISAL CO., LTD.)

Location Address

2-1-95 Yada, Higashi-ku, Nagoya City, Aichi

Land

80%

Building

Building

coverageMonth/
Year built

Owned portion 300% /Floor area

400% (Note 3),

Structure/

ratio

Leased portion (Note 1)

Floors500%
Zone use

Neighborhood

Usecommercial district
Site area

Total floor

2

area

portion (Note 1))
Form ofRight of ownership andForm ofownershipleaseholdownership

Design company

Tokyu Architects & Engineers Inc.

Construction company

Takenaka Corporation

organization
Property manager
Earthquake PML(Evaluators)
Collateral

Steel-frame reinforced
structure with flat roof /5 floors
Retail store, parking lot

2

17,422.32m (including
3,660.77m of leased

Building recognition

April 2002

34,384.04m

2

Right of ownership

Nagoya CityTOKYU COMMUNITY CORP. (planned) (Note 4)
5.6% (Engineering and Risk Services Corporation, OYO RMS Corporation)None・According to the building condition evaluation report, several items concerning theFire Service Act and Building Standards Act were pointed out but such items arescheduled to be corrected immediately after the acquisition of the subject realestate by Hankyu REIT.
・The seller of the Property has agreed to register a mortgage on the building of the

Other matters to note

Property with the obligation of repayment of construction assistance fund by
NITORI Co., Ltd. (current trade name: Nitori Holdings Co., Ltd.), the lessee, andYamanaka Co., Ltd. (hereafter the “Lessee” in 3. Details of Asset to be Acquired)as secured obligation and concluded a memorandum with the lessee. However,termination of the memorandum concluded with the lessee is a condition for thepayment of sale price by Hankyu REIT in the sales and purchase agreement
concluded between the seller of the Property and Hankyu REIT.

(Note 1) Hankyu REIT plans to lease the site of the ground parking lot from the domestic corporation.
(Note 2) The ground parking lot (leased land) is not subject to appraisal.
(Note 3) The floor area ratio of the land of the Property is 400% in areas within 30m from the south road and 300% inareas that are more than 30m away from the road.
(Note 4) Hankyu REIT plans to entrust property management operations of the Property to TOKYU COMMUNITY CORP.
on the planned acquisition date.
Disclaimer: This document is a press release for public announcement concerning the acquisition of assets of Hankyu REIT, and has not been
prepared for the purpose of solicitation for investment. Hankyu REIT advises investors to ensure that they refer to the prospectus
for notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by Hankyu REIT before undertaking investments and investments be made at their own discretion and responsibility.

44. Overview of Leasing
Total number of tenants

13 (Note 1)

Principal tenant (Note 2)

Nitori Holdings Co., Ltd., EDION Corporation

Annual rentNot disclosed (Note 3)

Leasable area

15,681.37m

Leased area

15,681.37m (Note 4)

Occupancy rate

100% (Note 5)

Security deposits

291 million yen

22(Note 1) Total number of tenants as of today.
(Note 2) The top two companies with the largest leased area (excluding the lessee of the parking lot) based on the leaseagreement effective as of the planned acquisition date are indicated.
(Note 3) Annual rent, etc., is not disclosed as consent has not been obtained from the tenants.
(Note 4) The areas specified in the lease agreement with each tenant as of today are indicated.
(Note 5) The ratio of leased area to leasable area as of today.

5. Overview of Seller
The name, etc., are not disclosed as consent has not been obtained from the seller, which is a domestic
corporation. Please note that there are no capital, personnel or business relationships to be specially noted
between Hankyu REIT or the Asset Management Company and the Seller. In addition, the seller does not fallunder the definition of “related party.”
6. Status of Property Acquirers, etc.
Details are omitted as the acquisition of the Property is not an acquisition from parties with special interestsof Hankyu REIT or the Asset Management Company.
7. Transactions with Interested Parties, etc.
Not applicable.
8. Overview of Intermediaries
Name
SMBC Trust Bank Ltd.
Location
1-3-1, Nishi-Shimbashi, Minato-ku, Tokyo
Title and name ofRepresentative Director, President and Chief Executive Officer
representative
Hidetoshi Furukawa
Business activities
Banking business and trust business
Capital87,550 million yen (as of March 31, 2017)
Date of establishment
February 25, 1986
Relationship between Hankyu REIT or the Asset Management Company and the Company
Capitalrelationships
Personnel
relationships
Businessrelationships
Applicability as
related party, etc.
Brokerage fees

There are no capital relationships to be stated between Hankyu REIT or the
Asset Management Company and the Company.
There are no personnel relationships to be stated between Hankyu REIT or
the Asset Management Company and the Company.
There are no business relationships to be stated between Hankyu REIT or the
Asset Management Company and the Company
The Company does not fall under the definition of “related party” of Hankyu
REIT or the Asset Management Company.
Not disclosed (Note)(Note) Brokerage fee is not disclosed as consent has not been obtained from the intermediary.
Disclaimer: This document is a press release for public announcement concerning the acquisition of assets of Hankyu REIT, and has not been
prepared for the purpose of solicitation for investment. Hankyu REIT advises investors to ensure that they refer to the prospectus
for notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by Hankyu REIT before undertaking investments and investments be made at their own discretion and responsibility.

59. Settlement Method, etc.
Hankyu REIT plans to pay the seller the acquisition price in full on the planned acquisition date.
10. Acquisition Schedule
January 25, 2018

Resolution of acquisition of the Property at the Asset Management Company’s board of
directors meeting and conclusion of agreement

February 15, 2018 Payment and acquisition of the Property (proposed)
11. Future Outlook
For the impact on the expected conditions surrounding the management of Hankyu REIT’s assets
management results for the fiscal period ending May 2018 (26th fiscal period: December 1, 2017 to May
31, 2018) and the fiscal period ending November 2018 (27th fiscal period: June 1, 2018 to November 30,2018), please refer to “Notice Concerning Revision to the Forecasts of Financial Results for the Fiscal
Period Ending May 31, 2018 and the Forecasts of Financial Results for the Fiscal Period Ending
November 30, 2018” announced today.
••

The Japanese original document was distributed to press clubs within the Tokyo Stock Exchange (Kabuto Club), Osaka Securities
Exchange, and the Ministry of Land, Infrastructure, Transport and Tourism, and to the press club of the construction trade
newspaper of the Ministry of Land, Infrastructure, Transport and Tourism.
Hankyu REIT website: http://www.hankyu-reit.jp/eng/<Attached Materials>
・Reference Material 1

Overview of Appraisal Report

・Reference Material 2

Table of Real Estate Portfolio After Acquisition of the Asset to be Acquired

・Reference Material 3

Property Photograph and Map of Location

Disclaimer: This document is a press release for public announcement concerning the acquisition of assets of Hankyu REIT, and has not been
prepared for the purpose of solicitation for investment. Hankyu REIT advises investors to ensure that they refer to the prospectus
for notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by Hankyu REIT before undertaking investments and investments be made at their own discretion and responsibility.

6Reference Material 1<Overview of Appraisal Report>
Property nameAppraisal value
Appraisal organization
Date of appraisal

METS OZONE
5,600,000,000 yen
DAIWA REAL ESTATE APPRAISAL CO., LTD.
December 20, 2017

Item
Value indicated by the income approach
Value using the direct capitalization method(1) Gross revenues (a + b − c)a. Income from rental fees, etc.
b. Other income
c. Loss from non-occupancy, etc.
(2) Gross costs (a + b + c + d + e + f + g + h)a. Maintenance/Administrative fees,
etc.

Value
5,600,000,000 yen
5,610,000,000 yen
628,390,497 yen

b. Utilities

94,012,776 yenc. Repairs

8,626,583 yend. Property Management fees

10,800,000 yen

e. Tenant invitation fees, etc.

4,217,987 yen

f. Public charges and taxes

54,107,500 yen

Not disclosed(Note)
340,443,660 yen
119,652,624 yeng. Casualty insurance premiums

2,031,990 yen

h. Other expenses

46,994,200 yen(3) Net operating income (NOI = (1) − (2))(4) Provisional operating profit on deposit andsecurity

287,946,837 yen
2,795,960 yen(5) Capital expenditures

38,368,167 yen(6) Net cash flow (NCF = (3) + (4) − (5))(7) Capitalization rate

252,374,630 yen
4.5%

Value using the discounted cash flow (DCF) method
Discount rate

5,600,000,000 yen
4.3%

Terminal capitalization rate

4.7%

Value indicated by the cost approach
Land ratio
Building ratio

5,610,000,000 yen
72.5%
27.5%

Special items to consider at the timeof making adjustments to provisional
calculations
anddeciding
theappraisal value

Basis for valuation

Assessment with maintenance/administrative feesof similar real estate and the amount of current
lease agreement as reference
Assessment with utilities of similar real estate andactual amount as reference
Assessment with annual average repair costs
indicated in the engineering report as reference
Assessment with the level of property
management fees of similar real estate asreference
Assessment with tenant invitation fees, etc., ofsimilar real estate as reference
Assessment with actual amount in fiscal 2017 asreference
Assessment with estimated amount as reference
Assessment of other operating costs and planned
land rent
Assessment taking into consideration theinvestment management yield both from the
management and procurement perspectives andmultiplying it by guarantee deposits received, etc.
Assessment with annual average renewal costs
indicated in the engineering report as reference
Assessment taking into consideration theconditions of location, building and contract of theappraised real estate, etc.
Assessment taking into consideration the discountrate in transactions of similar real estate andcomparison of yields of other financial instruments,
etc.
Assessment taking into consideration themarketability, etc. of the appraised real estate at
the end of the analysis period into thecapitalization rate

The value indicated by the income approach was assessed at 5,600,000,000 yen by using both thedirect capitalization method and DCF method and the Appraisal value was decided as 5,600,000,000
yen by using the value indicated by the cost approach as reference.

The appraisal value of real estate is no more than an indication of the opinion of the value of the appraised real estate at the time of theappraisal conducted by the real estate appraiser in accordance with the Act on Real Estate Appraisal, Real Property Appraisal Standards,
etc. There are cases where another appraisal of the same real estate may result in a different appraisal value, depending on the real estateappraiser conducting the appraisal and the method or timing of the appraisal. Furthermore, the appraisal of real estate is neither a guarantee
nor an obligation, now or into the future, of a sale or purchase at that appraisal value.

(Note) The Asset Management Company decided not to disclose these items as no consent has been obtained from thetenants for the disclosure of rents, etc., and as the assessment is based on actual results for reference, so disclosingof these items may affect Hankyu REIT’s competitiveness and damage the interests of unitholders.
Disclaimer: This document is a press release for public announcement concerning the acquisition of assets of Hankyu REIT, and has not been
prepared for the purpose of solicitation for investment. Hankyu REIT advises investors to ensure that they refer to the prospectus
for notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by Hankyu REIT before undertaking investments and investments be made at their own discretion and responsibility.

7Reference Material 2<Table of Real Estate Portfolio after Acquisition of the Asset to be Acquired>
Property
Code(Note)

Property Name

Facility(Type of
Use)

RegionAcquisition(Planned) Date

Acquisition(Planned)Price(millions ofyen)

Investment
Ratio

HEP Five
R1 (K)(14% of the quasi co-ownership of thetrust beneficiary interests)

RetailKansaiFebruary 1, 2005

6,468

4.3%

R2 (K)

Kitano Hankyu Building

RetailKansaiFebruary 1, 2005

7,740

5.2%

R3 (K)Dew Hankyu Yamada

RetailKansaiFebruary 1, 2005

6,930

4.6%

R4 (K)

Takatsuki-Josai Shopping Center

RetailKansaiNovember 15, 2005

8,600

5.7%

R5 (K)

Nitori Ibaraki-Kita Store (site)

RetailKansai

0.9%

March 29, 2006

1,318

October 2, 2006

2,170

April 9, 2007

5

R6

Kohnan Hiroshima Nakano-Higashi
Store (site)

RetailR8Hotel Gracery Tamachi

RetailOther

December 25, 2008

4,160

2.8%

R9 (K)

LaLaport KOSHIEN (site)

RetailKansaiJanuary 22, 2009

7,350

4.9%

RetailKansai

April 16, 2013

18,300

12.2%

Other

1.5%

HANKYU NISHINOMIYA GARDENS
R11 (K)(28% of the quasi co-ownership of thetrust beneficiary interests)

R12 (K)

AEON MALL SAKAIKITAHANADA(site)

RetailKansaiJune 27, 2013

8,100

5.4%

R13 (K)

MANDAI Toyonaka Honan Store(site)

RetailKansaiJune 27, 2013

1,870

1.2%

R14 (K)DAILY QANAT Izumiya Horikawa
Marutamachi Store (site)

RetailKansaiJune 4, 2014

3,100

2.1%

R15 (K)

kotocross Hankyu Kawaramachi

RetailKansaiJune 4, 2014

2,770

1.8%

R16 (K)

LIFE Shimoyamate Store (site)

RetailKansaiJune 4, 2014

1,421

0.9%

R17 (K)

MANDAI Gojo Nishikoji Store (site)

RetailKansaiJune 24, 2014

4,182

2.8%

R18 (K)

KOHYO Onohara Store

RetailKansaiJuly 1, 2016

1,631

1.1%

R19 (K)OASIS Town Itami Konoike (site)

RetailKansaiNovember 25, 2016

7,100

4.7%

R20

METS OZONERetailOther

February 15, 2018

5,400

3.6%

R21

Vessel Inn Hakata Nakasu

RetailOther

March 29, 2018

2,760

1.8%

101,375

67.7%

O1

Shiodome East Side Building

OfficeOther

February 29, 2008

19,025

12.7%

O2 (K)

Hankyu Corporation
Head Office Building

OfficeKansai

April 10, 2013

10,200

6.8%

29,22519.5%

M1 (K)

Ueroku F Building

ComplexKansaiNovember 1, 2005

2,980

2.0%

(33% of the quasi co-ownership of thetrust beneficiary interests)

Complex

Other

October 2, 2007

9,405

6.3%

LAXA Osaka

ComplexKansaiJanuary 22, 2009

5,122

3.4%

Kita-Aoyama San cho-me Building

Complex

Other

November 12, 2013

1,680

1.1%

Subtotal

19,187

12.8%

Total

149,788

100.0%

Subtotal

Subtotal
Sphere Tower Tennozu
M2
M3 (K)
M5

Note: The properties owned by Hankyu REIT are assigned codes and numbers classified by facility (type of use) and region.
The alphabets on the left represent the facility (type of use): (“R” is for retail-use facility, “O” is for office-use facility and“M” is for mixed-use (complex) facility.) The numbers are assigned to each facility in the chronological order of theacquisition. Also, the letter “(K)” in parentheses to the right of the numerals indicates that the property is located in
Kansai Region.
Disclaimer: This document is a press release for public announcement concerning the acquisition of assets of Hankyu REIT, and has not been
prepared for the purpose of solicitation for investment. Hankyu REIT advises investors to ensure that they refer to the prospectus
for notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by Hankyu REIT before undertaking investments and investments be made at their own discretion and responsibility.

8Reference Material 3<Property Photograph><Map>

Disclaimer: This document is a press release for public announcement concerning the acquisition of assets of Hankyu REIT, and has not been
prepared for the purpose of solicitation for investment. Hankyu REIT advises investors to ensure that they refer to the prospectus
for notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by Hankyu REIT before undertaking investments and investments be made at their own discretion and responsibility.

9