<Provisional translation>
May 24, 2016
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 Partial Changes in the Organization andChanges in Important Employees at Asset Management Company

Hankyu REIT, Inc. (hereafter “Hankyu REIT”) hereby notifies that at a Board of Directors meeting held today at
Hankyu REIT Asset Management, Inc., the asset management company that Hankyu REIT has selected tomanage its assets(hereafter the “Asset Management Company”), resolutions were made for partial changes in

the organization and changes in important employees at the Asset Management Company. The details are asfollows.

1.

Partial Changes in the Organization (as of May 24, 2016)
Investment Planning Office, which was newly created in April 2015, was reorganized as the Investment
Planning Department and assumed responsibility for part of the duties of the Corporate Planning
Department that was renamed as the IR and Public Relations Department.

Investment Planning Department will seek further enhancement of portfolio value by being responsible forfunctionality assessment of assets such as long-term repair plans, appraisals, and environmental
performance as well as for establishing investment policies and portfolio management including expansionof asset scale and asset replacement.

By specializing in IR, information disclosure, public relations and such, IR and Public Relations Department
will focus on further expansion of unitholder base while strengthening its presence in the market with agrowing number of listed REITs, through the appeal of the features and management policies of Hankyu
REIT.

*The Asset Management Company’s new organizational chart and main departmental duties are provided inAttachment.

12.

3.

Changes in Personnel and Duties of Directors (as of May 24, 2016)
Name

New Duties and Responsibilities

Toshinori Shoji

Managing Director, in charge of Investment
Planning Department, Investment
Management Department 1and Investment
Management Department 2 (Commissioned
as General Manager of Investment
Management Department 2)

Hideo Natsuaki

Director, in charge of IR and Public Relations
Department, and Corporate Administrationand Supervision Department

Previous Duties and Responsibilities
Managing Director, in charge of Investment
Management Department 1, Investment
Management Department 2 and Investment
Planning Office (Commissioned as General
Manager of Investment Management
Department 2 and General Manager ofInvestment Planning Office)Director, in charge of Corporate Planning
Department, and Corporate Administration andSupervision Department

Changes in Important Employees (as of May 24, 2016)
Name
Akihisa Nakano
Akihiko Nagasue
Masakazu Shimizu
Hiroshi Yoshida

New Duties
General Manager of Investment Planning
Department
General Co-Manager of Investment Planning
Department
General Co-Manager of Investment
Management Department 1
General Manager of IR and Public Relations
Department

Previous Duties
General Manager of Corporate Planning
Department
General Co-Manager of Investment
Management Department 2
Group Leader of Investment Management
Department 1
Group Leader of Corporate Planning
Department and Group Leader ofInvestment Planning Office

Hankyu REIT will conduct necessary procedures, including notification etc., as prescribed by the Financial Instruments andExchange Act, Building Lots and Buildings Transaction Act and other applicable laws and regulations.

＜Attachment＞
・Attachment:••

The Asset Management Company’s New Organizational Chart and Main Departmental Duties

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

2

Attachment

The Asset Management Company’s New Organizational Chart and Main Departmental Duties

General Meeting ofShareholders
Auditors
Board of Directors
Meeting
President &Representative Director

Internal Audit Department
Compliance Committee

Investment ManagementCommittee
Compliance Department

Investment
Planning
Department

Investment
Management
Department 1

Investment
Management
Department 2

IR and Public
Relations
Department

Corporate
Administration
andSupervision
Department

Department
・・Investment Planning
Department

・・・・Investment
Management
Department 1

Investment
Management
Department 2

IR and Public
Relations Department

・・・・・・・・・・・・・・・・
Corporate
Administration andSupervision
Department

・・・・・・・ComplianceDepartment

Internal Audit
Department

・・・・・

Main Duties
Matters related to portfolio constitution strategy of investment corporation’s
assetsMatters related to functionality assessment of investment corporation’s
assets (including long-term repair plans, obtainment of appraisal/engineering reports and environmental performance)
Matters related to investment principle and investment plan of investment
corporation’s assets (including create and amendment Operation Guideline
and Asset Operation Plan)
Matters related to corporate business plans
Investment management committee bureau
Other related matters
Matters related to the acquisition/disposal of investment corporation’sassets
Matters related to research and analysis of real estate market
Other related matters
Matters related to the leasing, management and administration of
investment corporation’s assets (including credit control of tenants)
Matters related to analysis and evaluation of investment corporation’sperformance
Matters related to research and analysis of retail and other industry trends
Other related matters
Matters related to research and evaluation of investment corporation’s
accounting settlement
Matters related to IR, rating, disclosures and PR activities
Matters related to research and analysis of REIT market
Other related matters
Matters related to 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 ininvestment corporation’s organizational management
Matters related to investment corporation’s capital policies or financial
strategy (including matters related to investment units, corporation bonds
and raising funds)
Matters related to investment corporation’s accounting settlement and cash
distributions
Matters related to complaint management
Matters related to management of general meeting of shareholders andboard of directors
Matters related to determination of or changes in bylaws
Matters related to personnel administration, general affairs and accounting
Matters related to management of personal data and critical data (excludingcorporate related information) and operation and management of theelectronic data system
Other related matters

Matters related to compliance and risk management
Matters related to the building of internal control systems
Matters related to Financial Services Agency inspections
Compliance committee bureau
Matters related to prevention of insider trading (including management ofcorporate related information)
・ Other related matters
・ Matters related to internal audits
・ Other related matters