<For translation purposes only>
July 13, 2012For 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:
Yoshihiro Nakano
General Manager, Corporate Planning Dept.
Email: hankyureit-ir@hankyu-rt.jp

Notice Concerning Changes in the Articles of Incorporation and Election of Directors

Hankyu REIT, Inc. (hereafter “Hankyu REIT”) hereby notifies that it has decided today by resolution of the Board ofDirectors’ Meeting to put forward proposals at the 7th General Unitholders’ Meeting (hereafter “Unitholders’ Meeting”) tobe held on August 29, 2012, the following matters: changes to the Articles of Incorporation and election of directors.
Details are described below.
The changes to the Articles of Incorporation and the election of directors shall take effect upon approval at theUnitholders’ Meeting.

Details1.

Reasons for Changing the Articles of Incorporation and Details of Changes(1)

To make necessary amendments to words and phrases to reflect the revision of the Order for Enforcement ofthe Act on Special Measures Concerning Taxation, which stipulates requirements in connection with carryingout public offerings of investment units primarily in Japan, which is among the requirements to be eligible for
special provisions for taxation for investment corporations stipulated in the Act on Special Measures
Concerning Taxation. (The related section is Article 5 paragraph 2 of the current Articles of Incorporation.)(2)

To establish necessary new provisions to unify, in principle, the period of validity of resolutions relating to theelection of alternate Executive Directors or alternate Supervisory Directors with the terms of office ofExecutive Directors or Supervisory Directors to be replaced. (The related section is Article 20 paragraph 2 inthe proposed change.)(3)

In addition, while making amendments to words and phrases, required changes shall be made for thepurpose of the adjustment of statements. (The related sections are Article 10 , Article 12, Article 16
paragraph 1, Article 17, Article 23 paragraph 2, Article 28 paragraph 2, Article 29 paragraph 1, Article 29
paragraph 2 item (4), Article 29 paragraph 3 item (4), Article 29 paragraph 4 item (7), Article 30 paragraph 3,1

Article 32 paragraph 1 item (3), Article 32 paragraph 1 item (6), Article 34 paragraph 2, Article 36 item (2) andArticle 40 paragraph 2 of the current Articles of Incorporation, and the attached material (management fee 1.)

2.

Election of Directors
The Executive Director Yoshiaki Shiraki and Supervisory Directors Tamio Uda and Kiyotaka Horinouchi shall end
their terms of office on August 31, 2012. Accordingly, Hankyu REIT submits proposals to the Unitholders’ Meeting toelect one Executive Director (candidate: Yoshiaki Shiraki) and two Supervisory Directors (candidates: Tamio Udaand Kiyotaka Horinouchi) to be effective September 1, 2012.
Since the resignation of former Executive Director Shuichiro Takahashi resulted in the appointment of YoshiakiShiraki, who was previously alternate Executive Director, as Executive Director on June 13, 2012, there will be noalternate Executive Director in place as of the time of the Unitholders’ Meeting. Furthermore, the resolution relating
to the election of alternate Supervisory Director Motofumi Suzuki will expire upon the start of the Unitholders’Meeting. For these reasons, Hankyu REIT submits same proposals to elect one person as alternate ExecutiveDirector (candidate: Toshinori Shoji), and one person as alternate Supervisory Director (candidate: MotofumiSuzuki) in preparation for any shortage of executive or supervisory directors from the number stipulated in laws andregulations.

3.

Schedule
July 13, 2012

Resolution at the Board of Directors’ Meeting to submit proposals to Unitholders’ Meeting

August 8, 2012

Announce proposals in Convocation Notice of Unitholders’ Meeting. (TBD)

August 29, 2012

Hold Unitholders’ Meeting, and put forward proposals to change the Articles of Incorporationand to elect directors. (TBD)••

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/2