<For translation purposes only>
March 25, 2009For Immediate Release
REIT Issuer
Hankyu REIT, Inc. (Securities Code: 8977)
19-19 Chaya-machi, Kita-ku, Osaka
Mineo Yamakawa, Executive Director
Asset Management Company
Hankyu REIT Asset Management, Inc.
Mineo Yamakawa, President & Representative Director
Contact:
Hideo Natsuaki
General Manager, Investor Relations Dept.
Email: ir@hankyu-rt.jp

Notice Concerning Changes in the Organization at Asset Management Company

Hankyu REIT, Inc. (hereafter “Hankyu REIT”) hereby notifies a board meeting was held today at Hankyu REIT AssetManagement, Inc. (hereafter “Hankyu REIT AM”), the asset management company that Hankyu REIT has selected tomanage its assets, and a resolution was passed to make changes in the organization and in personnel.
Furthermore, a resolution was passed to add agenda items to the extraordinary meeting of shareholders to be held onApril 1, 2009, to include changes in auditors.

Details
1. Changes in the Organization of Asset Management Company (Scheduled on April 1, 2009)(1) Purpose
The purpose of these organizational changes is to strengthen the asset management system and improve
operational efficiency to appropriately respond to the changing environments of the real estate and capital markets.
(2) Action(i)

The Investment Planning Department and the Investor Relations Department shall be combined and given the newname of Corporate Planning Department.

(ii) The Finance Department and the General Administration Department shall be combined and given the new name ofCorporate Administration and Supervision Department.
*Asset management company’s new organizational chart and main departmental duties are provided on the attached
Reference Material 1.
2. Changes in Personnel and in Directors’ Duties (Scheduled on April 1, 2009)(1) Changes in personnel
NameChujirou Yatani
Masayuki Takao
Hideo Natsuaki

New Duties
Director (To be relieved of General
Manager of General AdministrationDepartment)
Director and General Manager, Investment
Management Department 1
General Manager, Corporate Planning
Department

1

Previous Duties
Director and General Manager, General
Administration Department
DirectorGeneral Manager, Investor Relations
Department

General Manager, Corporate
Administration and Supervision
Department
Retirement (Scheduled on March 31,2009)

Yoshihiro Nakano
Yoshiji Hayama
Toyoshige Okazaki

Retirement

General Manager, Finance Department
General Manager, Investment
Management Department 1General Manager, Investment Planning
Department(2) Directors’ Duties
NameDuties

Mineo Yamakawa(Representative Director)

Internal Audit Department

Chujirou Yatani

Corporate Administration and Supervision
Department

Yoshiaki Shiraki

Corporate Planning Department

Masayuki Takao

Investment Management Department 1,
Investment Management Department 2

Koji YoshidaCompliance Department

3. Changes in Auditors(New appointment, scheduled on April 1, 2009)
Auditor (part-time)

Toru Ono*Career summary of the auditor to be newly elected is provided on the attached Reference Material 2.
(Retirement, scheduled on March 31, 2009)
Auditor (part-time)

Yasuo IshiiFurthermore, we have submitted, for filing, notices of change in directors and auditors and changes in important
employee to the commissioner of the FSA (Financial Services Agency), the Minister of MLIT (Ministry of Land,Infrastructure and Transport) and the Governor of Osaka Prefectural Government, conforming to regulatory
requirements of the Financial Products Exchange Law, conditions of the Discretionary Transaction Agent License
and regulatory requirements of Building Lots and Buildings Transaction Business Law, respectively.
•The Japanese original document was distributed to press clubs within the Tokyo Stock Exchange (Kabuto Club), Osaka
Securities Exchange, Ministry of Land, Infrastructure and Transport, and to the press club of the construction trade newspaperof the Ministry of Land, Infrastructure and Transport.

•Hankyu REIT website: http://www.hankyu-reit.jp/<Attached Materials>
・Reference Material 1

Our Asset Management Company, Hankyu REIT Asset Management’s New Organizational
Chart and Main Departmental Duties

・Reference Material 2Career Summary of Auditors to Be Newly Elected2

Reference Material 1

Our Asset Management Company, Hankyu REIT Asset Management’s New Organizational Chart andMain Departmental Duties

General Meeting ofShareholders
AuditorsBoard of Directors

President &Representative Director
Internal Audit Department
Compliance Committee

Investment Management
Committee
Compliance Department

Investment
Management
Department 1

CorporatePlanning
Department

Investment
Management
Department 23

Corporate
Administrationand Supervision
Department

Department
Investment
Management
Department 1

Main Duties
・ Matters related to the acquisition/disposal of investment corporation’s assets
・ Investment management committee bureau
・ Other related matters
・ Matters related to the leasing, management and administration of investment

Investment
Management
Department 2

corporation’s assets (including credit control of tenants)
・ Analysis and evaluation of investment corporation’s performance・ Research analysis of retail and other industry trends
・ Other related matters
・ Matters related to the investment corporation’s asset management policy andmanagement plan (including management guidelines, determination of or changes inthe asset management plan)

Corporate Planning
Department

・ Research and evaluation of investment corporation’s accounting settlement
・ Matters related to IR, disclosures and PR activities
・ Research analysis of real estate market
・ Matters related to corporate business plans
・ Other related matters
・ The execution, termination and amendment of asset management agreements
・ Matters related to permits and licenses, notifications, creation of statutory books,applications, and administration
・ Matters related to industry groups
・ Matters related to business assistance to the general administrator in investment
corporation’s organizational management
・ Matters related to investment corporation’s capital policies or financial strategy(including matters related to investment units, corporate bonds, raising funds andCorporate
Administration andSupervision
Department

credit rating)・ Matters related to investment corporation’s accounting settlement and cashdistributions
・ Matters related to the management of investment corporation’s data (includingcomplaint processing)・ Research analysis of REIT market
・ Matters related to management of general meeting of shareholders and Board ofDirectors
・ Determination of or changes in bylaws
・ Matters related to personnel administration, general affairs and accounting
・ Matters related to management of critical data and operation and management of theelectronic data system
・ Other related matters
・ Matters related to compliance and risk management

ComplianceDepartment

・ Matters related to the building of internal control systems
・ Cooperation with Financial Services Agency inspections
・ Compliance committee bureau
・ Other related matters

Internal AuditDepartment

・ Matters related to internal audits
・ Other related matters4

Reference Material 2

Career Summary of Auditor to Be Newly ElectedRole

Name(Date of Birth)

Auditor(part-time)

Toru Ono(July 3, 1954)

Career SummaryApr. 1977

Joined Hankyu Corporation (currently Hankyu Hanshin Holdings, Inc.)

Jun. 1991

Named Manager of Personnel Administration Department

Jun. 1995

Named Manager of General Affairs Office

Apr. 1999

Transferred to Mori-Gumi Co., Ltd., named General Manager of Human
Resource Allocation Office

Sep. 2001

Transferred to ALNA KOKI CO., LTD., named Senior Managing Director andRepresentative DirectorJun. 2002

Named General Manager of Group Policy Promotion Office of Hankyu
CorporationApr. 2004

Named General Manager of Office for the Preparation for Establishing aJun. 2004

Company to Control Hotel Management BusinessTransferred to Hankyu Hotel Management Co., Ltd. (currently Hankyu Hanshin
Hotels Co., Ltd.), named General Manager of Corporate Planning Department

Apr. 2007

Transferred to Amano Hashidate Hotel, named President and RepresentativeDirectorMar. 2009

To be named Auditor (part-time) of Hankyu Realty Co., Ltd.

Mar. 2009

To be named Auditor (part-time) of Hankyu Investment Partners, Inc.

Mar. 2009

To be named Auditor (part-time) of Hankyu Hanshin Security Service Co., Ltd.

Apr. 2009

To be named Manager of Internal Audit Department of Hankyu Corporation

Apr. 2009

To be named Auditor (part-time) of Hankyu REIT Asset Management, Inc.

Apr. 2009

To be named Auditor (part-time) of Hankyu Hanshin Building Management Co.,Ltd.

Apr. 2009

To be named Auditor (part-time) of Hankyu Hanshin Clean Service Co., Ltd.

Apr. 2009

To be named Auditor (part-time) of Hankyu Hanshin Techno Service Co., Ltd.

Apr. 2009

To be named Auditor (part-time) of Hankyu Housing Support Co., Ltd.

5