<For translation purposes only>
November 28, 2008
For 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 Partial Changes in Investment Policy

Hankyu REIT, Inc. (hereafter “Hankyu REIT”) announces today that, in accordance with approval granted at the Board ofDirectors of Hankyu REIT Asset Management, Inc. to make changes in asset management guidelines related to Hankyu
REIT, the following changes will be made to the investment policy of Hankyu REIT.

Details1.

Reason for Changes
Until now, Hankyu REIT has, as a basic rule, not included residences and hotels etc. as investment targets.
In exceptional cases, they were included only when they were part of the facilities of an investment target.
However, in order to expand opportunities to secure properties with excellent profitability, the definition ofretail-use zone, which is an investment target of Hankyu REIT, will be changed to enable investment in hotels
providing the stipulated criteria is met. Together with the above, changes and additions will be made to theinvestment criteria concerning co-ownership and quasi co-ownership properties and properties withleased-land ownership.
In accordance with the above changes, it has become necessary to make changes to the investment policy ofHankyu REIT.

2.

Outline of Changes(i)Extension of investment target criteria
Hotel will be added to the definition of retail-use zone, the investment target, changing the definition to “azone in which visitors receive goods and services in return for payment at offices, stores, restaurants,amusement facilities, clinics, private preparatory schools (juku), schools, beauty salons, rental meetingrooms, halls, theaters, hotels, and entertainment facilities, as well as a supplementary zone that provides
goods and services,” and it will be possible to invest in hotels. Under the new changes, if a hotel-use
portion is included in a retail-use zone, it can only be an investment target if the facility allows for theconclusion of a lease agreement that contains provision that enables Hankyu REIT to avoid themanagement and operational risks of the hotel. Also, the share of the hotel-use portion with respect to theentire assets under management of Hankyu REIT shall not exceed 10% in principle. Moreover, the1tenants of the hotel-use portion shall be prudently selected based on consideration of all-roundcreditworthiness, including experience as a hotel operator, financial position, and recognition of brand.

(ii)

Clarification of policy relating to co-ownership properties and properties with leased-land ownership
Under the new changes, the previous investment criteria for co-ownership and quasi co-ownership that
required Hankyu REIT to have, in principle, an ownership share of 50% or more has been abolished. Also,in addition to the existing investment criteria that there shall be few restrictions on disposal of ownership,
and the creditworthiness of other co-owners and quasi co-owners shall be sound; there are new criteria
establishing the methods of operation of investment-target facilities between co-owners, or between quasi
co-owners.
There is also the new stipulation of investment criteria concerning properties with leased-land ownership,requiring there be no material problems related to the details of the leased-land contract (existence orabsence of restrictions etc. concerning term periods, type of leased-land rights, and disposition) and thecreditworthiness of the leased-land tenant.

3.

Date of Changes
December 1, 2008

4.

Others
A special report, addressed to the Director, Kanto Local Finance Bureau and dated today November, 28, 2008,
has been submitted.

•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/

Reference material<Diagram of zone categorization by property use before and after the change>

Before change

After change

Retail-use zone

Retail-use zone

(Hotel-use portion)
Office-use zone

Office-use zone

Zones for other uses

Zones for other uses

The category "hotel,” which was in“Zones for other uses” has been changed
to be included in “Retail-use zone”

2

The share of the hotel-use
portion with respect to theentire managed assets ofHankyu REIT shall not
exceed 10% in principle.