<Provisional translation>
May 30, 2013
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:
Yoshihiro Nakano
General Manager, Corporate Planning Dept.
Email: hankyureit-ir@hankyu-rt.jp

Notice Concerning Acquisition of Domestic Real Estate Trust Beneficiary Interests

Hankyu REIT, Inc. (hereafter “Hankyu REIT”) announces that it today decided to make the following
acquisition of assets.
Details1.

Overview of Acquisition(1) AEON MALL SAKAIKITAHANADA (site)(i)

Asset to be acquired:Real estate trust beneficiary interests(Trustee: Mitsubishi UFJ Trust and Banking Corporation)(ii) Property name:AEON MALL SAKAIKITAHANADA (site)(iii) Planned acquisition price:

8,100,000,000 yen(excluding acquisition-related expenses, property tax, city planningtax and consumption tax, among others)(iv) Appraisal value:

8,490,000,000 yen (Date of appraisal: May 1, 2013)(v) Planned acquisition date:June 27, 2013(vi) Seller:

Bay Leaf Funding GK(vii) Acquisition funds:

Proceeds from the issuance of new investment units indicated in
the press release “Notice Concerning the Issuance of New
Investment Units and Secondary Offering of Investment Units”
dated today (planned)(2) (tentative name) MANDAI Toyonaka Honancho Store (site)

Disclaimer:This document is a press release to make a public announcement of the acquisition of domestic real estate trust beneficiary interest,and has not been prepared as a solicitation for investment. Hankyu REIT cautions 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, if any, before undertaking investments and investments be made at their own discretion and responsibility.

1

(i)

Asset to be acquired:Real estate trust beneficiary interests(Trustee: Mizuho Trust & Banking Co., Ltd.)(ii) Property name:(tentative name) MANDAI Toyonaka Honancho Store (site)(iii) Planned acquisition price:

1,870,000,000 yen(excluding acquisition-related expenses, property tax, city planningtax and consumption tax, among others)(iv) Appraisal value:

2,060,000,000 yen (Date of appraisal: May 1, 2013)(v) Planned acquisition date:June 27, 2013(vi) Seller:

Hankyu Corporation(vii) Acquisition funds:

Proceeds from the issuance of new investment units indicated in
the press release “Notice Concerning the Issuance of New
Investment Units and Secondary Offering of Investment Units”
dated today (planned)2.

Reason for Acquisition
Based on the target and policy of asset management stipulated in the Articles of Incorporation, the two
properties will be acquired in order to attain steady growth emphasizing the balance of the entire
portfolio.
Moreover, AEON MALL SAKAIKITAHANADA (site) will be acquired based on preferential negotiationrights for the acquisition granted to Hankyu REIT.
In addition, we evaluated the following points concerning the decision to acquire the two properties.
(1) AEON MALL SAKAIKITAHANADA (site)
Kita-ku, Sakai-shi, where the property is located, is located in the northeastern part of Sakai City, andit neighbors Osaka City in the north, separated by Yamato River, and Matsubara City in the east. The
site is highly convenient for transport with favorable road access as it neighbors major roads on its
east and south sides and Kitahanada Subway Station of the Midosuji Line on the southeast side of thesite, etc., strengthening customer attraction.
The population by trade area has an abundant volume of about 860,000 within 5km and about
2,620,000 within 10km. The favorability of transport access supports the stable attraction ofcustomers with the east side of the site neighboring the Tokihama Line, which cuts across the tradeareas, and Kitahanada Subway Station of the Midosuji Line being the nearest station. The competition
among regional shopping centers is relaxed and it is a highly competitive shopping center.
AEON MALL SAKAIKITAHANADA, which stands atop the property, opened in October 2004 and isformed as a specialty shop mall of about 160 shops with Aeon Hankyu Department Store as theanchor store. The specialty shop mall has plenty of shops for shopping, and since the business

Disclaimer:This document is a press release to make a public announcement of the acquisition of domestic real estate trust beneficiary interest,and has not been prepared as a solicitation for investment. Hankyu REIT cautions 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, if any, before undertaking investments and investments be made at their own discretion and responsibility.

2

formation of Aeon direct management, a department store, and specialty shops have not only a rangeof products but also versatility of targets, the range of visitors is wide and raises the accessibility offloors.
(2) (tentative name) MANDAI Toyonaka Honancho Store (site)
Toyonaka City, where the property is located, is located in the northwestern part of Osaka andneighbors Yodogawa-ku and Higashi-Yodogawa-ku of Osaka City in the south, Suita City in the east,
Ikeda City and Mino City in the north, and Hyogo Prefecture’s Amagasaki City and Itami City
sandwiching the Inagawa River in the west. The surrounding area is a residential area withsingle-family houses, condominiums, apartment buildings and such, but the Kanzaki-gawa Riverregion is a mixed residential and industrial region where many factories remain.
The land is blessed with a vicinity population with a trade area population of about 38,000 within 1km
and possesses a market volume in which there are three grocery supermarkets within just 1km.
MANDAI, which is the tenant, is a corporation that develops supermarkets centering on the Osaka
area and plans to open the property in the fall of 2013. In recent years, it has actively opened storesand remodeled existing stores, and it continues to increase its sales. In addition, it possesses thedevelopmental power and price appeal of fresh foods (fish, meat and produce), there are many storeswith high space efficiency, and there is high customer sustention.
3.

Details of Assets to be Acquired(1) AEON MALL SAKAIKITAHANADA (site)
Property nameAEON MALL SAKAIKITAHANADA (site)

Specified asset type

Trust beneficiary interests

Planned acquisition price

8,100,000,000 yen

Appraisal value
Location AddressLand8,490,000,000 yen (Date of appraisal: May 1, 2013)(Appraisal organization: Richi Appraisal Institute co., ltd.)
4-1-12 Higashi-Asakayama-cho, Kita-ku, Sakai-shi

Building coverage

80% / 60%

Building Month/Year built–

Floor area ratio

300% / 200%

Structure / Floors–

Zone use

NeighboringUse–

commercial district /Type 1 mid- tohigh-rise residential
district
Site area

64,232.77m2

Total floor area–

Form of ownership

Right of ownership

Form of ownership–

Disclaimer:This document is a press release to make a public announcement of the acquisition of domestic real estate trust beneficiary interest,and has not been prepared as a solicitation for investment. Hankyu REIT cautions 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, if any, before undertaking investments and investments be made at their own discretion and responsibility.

3Consignee of Property
HankyuHanshin Building Management Co., Ltd. (planned)
manager
CollateralNone(2) (tentative name) MANDAI Toyonaka Honancho Store (site)
Property name(tentative name) MANDAI Toyonaka Honancho Store (site)

Specified asset type

Trust beneficiary interests

Planned acquisition price

1,870,000,000 yen

Appraisal value
Location Address
Land

4.

2,060,000,000 yen (Date of appraisal: May 1, 2013)(Appraisal organization: Daiwa Real Estate Appraisal Corporation)
3-58 Honan-cho Higashi, Toyonaka-shi

Building coverage

60%

Building Month/Year built–

Floor area ratio

200%

Structure / Floors–

Zone use

Industrial district

Use–

Site area

8,159.41m2

Total floor area–

Form of ownership

Right of ownership

Form of ownership–

Property manager

HankyuHanshin Building Management Co., Ltd. (planned)

Collateral

None

Overview of Leasing(1) AEON MALL SAKAIKITAHANADA (site)
Total number of tenants (land lessees)2

Principal tenant

Sumitomo Mitsui Trust Bank, Limited, AEONMALL Corporation

Annual rent

– (Note 1)

Leasable area

64,104.27m2 (Note 2)

Leased area

64,104.27m2 (Note 2)

Occupancy rate

100% (Note 3)

Security deposit– (Note 1)

Note 1: Undisclosed as consent has not been obtained from the tenants.
Note 2: The area specified in the lease agreement of the land as of today.
Note 3: The ratio of leased area to leasable area.

(2) (tentative name) MANDAI Toyonaka Honancho Store (site)

Disclaimer:This document is a press release to make a public announcement of the acquisition of domestic real estate trust beneficiary interest,and has not been prepared as a solicitation for investment. Hankyu REIT cautions 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, if any, before undertaking investments and investments be made at their own discretion and responsibility.

4

Total number of tenants (land lessees)1

Principal tenant

MANDAI Co., Ltd.

Annual rent

– (Note 1)

Leasable area

8,159.41m2 (Note 2)

Leased area

8,159.41m2 (Note 2)

Occupancy rate

100% (Note 3)

Security deposit– (Note 1)

Note 1: Undisclosed as consent has not been obtained from the tenants.
Note 2: The area specified in the lease agreement of the land as of today.
Note 3: The ratio of leased area to leasable area.

5.

Overview of Sellers(1) AEON MALL SAKAIKITAHANADA (site)
Name

Bay Leaf Funding GK

Location

Inside the Tokyo Kyodo Accounting Office at 3-1-1, Marunouchi, Chiyoda-ku, Tokyo

Title and name ofRepresentative partner: NFB48 Commerce Promotion Organization GIA

representative

Executor of duties: Masakazu Hongo
1. Acquisition, ownership, disposal, lease and management of real estate

Main business activities

2. Acquisition, ownership, and disposal of trust beneficiary interests of real estate
3. Operations related to or of ancillary relationship to, the above operations

Capital

100 thousand yen (Note 1)

Date of establishment

March 10, 2011
Bay Leaf Funding GK is a special purpose company in which the general

Major shareholder andincorporated association, NFB48 Commerce Promotion Organization GIA, hasshareholding ratio

made investments (100%) and Hankyu Corporation and others have made silent

partnership investment.
Hankyu Corporation, shareholder (100% holding) of asset management company,
Hankyu REIT Asset Management, Inc., is an interested party as defined by the Act
on Investment Trusts and Investment Corporations. Although it comprises partial
silent partnership investment in the operator, the operator does not fall under thedefinition of “interested party, etc.” in the Act on Investment Trusts and Investment
Relation to Hankyu REIT or Corporations. Moreover, because an investment of more than 50% has not beenreached, the operator does not qualify as an interested party as defined by theasset management
asset management company’s rules concerning transactions involving conflicts ofcompany
interest.
However, a report detailing all opinions including minority opinions has been
deliberated at the compliance committee in the capacity of advisory organization inaccordance with the asset management company’s compliance committee
regulations, and submitted to the asset management company’s President &Representative Director and board of directors.
Note 1: The capital as of the date of this press release.

(2) (tentative name) MANDAI Toyonaka Honancho Store (site)

Disclaimer:This document is a press release to make a public announcement of the acquisition of domestic real estate trust beneficiary interest,and has not been prepared as a solicitation for investment. Hankyu REIT cautions 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, if any, before undertaking investments and investments be made at their own discretion and responsibility.

5

Name

Hankyu Corporation

Location

1-1, Sakae-machi, Ikeda-shi, Osaka

Title and name ofrepresentative

Kazuo Sumi, Representative Director

Capital

100 million yen (Note 1)

Main business activities

Urban transportation business,
communications business

Date of establishment

October 19, 1907

Net assets and total assets
in the immediate preceding
fiscal year

Net assets: 154,633 million yen
Total assets: 1,027,340 million yen(as of March 31, 2013)

Major shareholder andshareholding ratio

realestatebusiness,entertainment&

Hankyu Hanshin Holdings, Inc. 100%

Capital relationships:
A unitholder (4.1% unitholding) of Hankyu REIT.
A shareholder (100% shareholding) of the asset management company
Hankyu REIT Asset Management, Inc. and thus falls under the definitionof “interested party, etc.” in the Investment Trusts Act.
Personnel relationships:
12 directors/employees have been seconded to the asset managementcompany, of which the president & representative director of the asset
management company concurrently holds the position of executive
director of Hankyu REIT.
3 directors/employees concurrently hold a position at the asset
Relation to Hankyu REIT or
management company.
asset management(as of the end of the previous fiscal period (November 30, 2012))
company
Business relationships:
Business relationships with Hankyu REIT
Rent paid 1,229 thousand yen(previous period (June 1, 2012 to November 30, 2012))
Business relationships with asset management company
An information sharing-related agreement has been entered into withthe asset management company.
Applicability as related party:
A shareholder (100% shareholding) of the asset management company
Hankyu REIT Asset Management, Inc. and thus falls under the definitionof “related party.”
Note 1: The capital as of the date of this press release.

6.

Status of Property Acquirers, etc.
(1) AEON MALL SAKAIKITAHANADA (site)

Company name

Previous owner

Second previous owner

Bay Leaf Funding GK

Parties other than those with special
interests

Relationship to special interested

See “5. Overview of Sellers” above–

parties

Disclaimer:This document is a press release to make a public announcement of the acquisition of domestic real estate trust beneficiary interest,and has not been prepared as a solicitation for investment. Hankyu REIT cautions 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, if any, before undertaking investments and investments be made at their own discretion and responsibility.

6

Acquisition background, reasons,Purpose of investment management–

Acquisition dateJuly 1, 2011–

Acquisition price

Omitted because ownership exceeds

–

etc.

one year(2) (tentative name) MANDAI Toyonaka Honancho Store (site)

Company name

Previous owner

Second previous owner

Hankyu Corporation

Parties other than those with special
interests

Relationship to special interested

See “5. Overview of Sellers” above–

Purpose of investment management–

Acquisition date

September 20, 2012–

Acquisition price1,800 million yen–

partiesAcquisition background, reasons,
etc.

7.

Transactions with Interested Parties, etc.
Because Hankyu Corporation, the seller of (tentative name) MANDAI Toyonaka Honancho Store (site),falls under the definition of “interested party, etc.” in the Act on Investment Trusts and Investment
Corporations, the agreement to transfer real estate trust beneficiary interests has been deliberated andapproved by the investment management committee, the compliance committee and the board of
directors of the asset management company in accordance with the asset management company’s rules
concerning transactions involving conflicts of interest set forth in the management guidelines, investment
management committee regulations, compliance committee regulations, etc.
Because Hankyu Hanshin Building Management Co., Ltd., to which the property management
operations for these two properties have been consigned, falls under the definition of “interested party,etc.” in the Investment Trusts Act, the property management agreement has been deliberated andapproved by the investment management committee, the compliance committee and the board of
directors of the asset management company in accordance with the asset management company’s rules
concerning transactions involving conflicts of interest set forth in the management guidelines, investment
management committee regulations, compliance committee regulations, etc.

8.

Overview of Intermediaries
Not applicable.

Disclaimer:This document is a press release to make a public announcement of the acquisition of domestic real estate trust beneficiary interest,and has not been prepared as a solicitation for investment. Hankyu REIT cautions 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, if any, before undertaking investments and investments be made at their own discretion and responsibility.

7

9.

Acquisition Process
Hankyu REIT plans to pay the sellers the acquisition price in full on the planned acquisition date.

10. Acquisition ScheduleMay 30, 2013

Resolution of acquisition of two properties at the asset management company’s
Board of Directors’ meeting, conclusion of agreement

June 27, 2013

Payment and acquisition of two properties (planned)

11. Future Outlook
Please refer to the press release “Notice Concerning Forecasts of Financial Results for the Fiscal PeriodEnding November 30, 2013” dated today for the impact of the management of Hankyu REIT’s assets forthe fiscal period ending May 2013 (16th fiscal period: December 1, 2012 to May 31, 2013) and the fiscal
period ending November 2013 (17th fiscal period: June 1, 2012 to November 30, 2013).

• 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 newspaper ofthe 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 the Asset Acquisition

Reference Material 3

Property Photographs, Photograph of External Facade and Map ofLocation and Surrounding Area

Disclaimer:This document is a press release to make a public announcement of the acquisition of domestic real estate trust beneficiary interest,and has not been prepared as a solicitation for investment. Hankyu REIT cautions 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, if any, before undertaking investments and investments be made at their own discretion and responsibility.

8Reference Material 1<Overview of Appraisal Report>
PROPERTY NAME
Appraisal value

AEON MALL SAKAIKITAHANADA (SITE)
8,490,000,000 yen

Appraisal organization
Date of appraisal

Richi Appraisal Institute co., ltd.
May 1, 2013
Item

Value indicated by the income approachValue
8,490,000,000 yen

Basis for Valuation－

8,490,000,000 yen－

Discount rate per period

5.0%

－

Terminal capitalization rate

5.0%

－

Value using the discounted cash flow (DCF) method

Special items toconsider at thetime of making
adjustments toprovisional
calculations anddeciding theAppraisal value

The targeted real estate is located adjacent to prefectural road routes close to the border with Osaka City inside thenorthern edge of Kita-ku, Sakai. This area is a favorable commercial zone intersected by major transportation routes in asuperb location both in terms of commercial area population, accessibility, and system and continuity. Moreover, thetargeted real estate is comprised of a large-scale retail facility (site) for which a fifty-year contract has been executed forthe establishment of general fixed-term leased-land rights, and a parking area that is used for the aforesaid facility. The
profitability of the property is therefore deemed safe and secure.
The discount rate, etc. using the DCF method was calculated based on consideration of the current standard land prices
and the remaining term of the lease. The appraisal value decision was based on similar cases with leased-landownership and considerations were given to the process by which the value using the DCF method was formulated,
placing emphasis on profitability of the market participants.

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 aguarantee nor an obligation, now or into the future, of a sale or purchase at that Appraisal value.

Disclaimer:This document is a press release to make a public announcement of the acquisition of domestic real estate trust beneficiary interest,and has not been prepared as a solicitation for investment. Hankyu REIT cautions 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, if any, before undertaking investments and investments be made at their own discretion and responsibility.

9

<Overview of Appraisal Report>
PROPERTY NAME
Appraisal value(tentative name) MANDAI TOYONAKA HONANCHO STORE (SITE)
2,060,000,000 yen

Appraisal organization
Date of appraisal

Daiwa Real Estate Appraisal Corporation
May 1, 2013
Item

Value indicated by the income approach
Value using the direct capitalization
capitalization method over a definite term)(1) Net operating income (NOI)

Value

Basis for Valuation

2,060,000,000 yen
method(direct

2,090,000,000 yen
107,423,000 yen(2) Operating profit on deposit and security

1,176,780 yen(3) Capital expenditures

0 yen(4) Net cash flow (NCF = (1) + (2) – (3))

108,599,780 yen(5) Discount rate

Value using the discounted cash flow (DCF) method

Assessment taking into consideration theinvestment management yield from theperspective of both the investment
management aspect and procurement
aspect5.2%

Assessment taking into consideration theinvestment yield, risks as an investment
target, etc. with discount rates of with similartransaction cases as references

2,040,000,000 yen

Discount rate (analysis period and recovery price)

5.1%

Assessment taking into consideration theinvestment yield, risks as an investment
target, etc. with discount rates of with similartransaction cases as references

Discount rate (end of analysis period)

5.3%

Assessment taking into consideration theinvestment yield, risks as an investment
target, etc. with discount rates of with similartransaction cases as references

Special items toconsider at thetime of making
adjustments toprovisional
calculations anddeciding theAppraisal value

The appraisal decision was based on an assessment of the value indicated by the income approach using both thedirect capitalization method and DCF method at 2,060,000,000 yen and the Appraisal value was decided with the value.

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 aguarantee nor an obligation, now or into the future, of a sale or purchase at that Appraisal value.

Disclaimer:This document is a press release to make a public announcement of the acquisition of domestic real estate trust beneficiary interest,and has not been prepared as a solicitation for investment. Hankyu REIT cautions 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, if any, before undertaking investments and investments be made at their own discretion and responsibility.

10Reference Material 2<Table of Real Estate Portfolio After the Asset Acquisition>
After the Asset Acquisition (as of June 27, 2013)
Property
Code(Note)

Property Name

Facility(Type of
Use)

RegionAcquisition Date
(Actual/Proposed)

Acquisition
Price(Actual/Proposed)(million yen)

Investment
Ratio

R1 (K)HEP Five

RetailKansaiFebruary 1, 2005

6,468

5.1%

R2 (K)

Kitano Hankyu Building

RetailKansaiFebruary 1, 2005

7,740

6.1%

R3 (K)Dew Hankyu Yamada

RetailKansaiFebruary 1, 2005

6,930

5.5%

R4 (K)

Takatsuki-Josai Shopping Center

RetailKansaiNovember 15, 2005

8,600

6.8%

R5 (K)

Nitori Ibaraki-Kita Store (site)

RetailKansaiMarch 29, 2006

1,318

1.0%

RetailOther

October 2, 2006

2,170

April 9, 2007

5

Kohnan Hiroshima

R6

Nakano-Higashi Store (site)

1.7%

R8

Hotel Gracery Tamachi

RetailOther

December 25, 2008

4,160

3.3%

R9 (K)

LaLaport KOSHIEN (site)

RetailKansaiJanuary 22, 2009

7,350

5.8%

R10

Richmond Hotel Hamamatsu

RetailOther

January 22, 2009

2,100

1.7%

RetailKansai

April 16, 2013

18,300

14.5%

RetailKansaiJune 27, 2013

8,100

6.4%

RetailKansaiJune 27, 2013

1,870

1.5%

75,111

59.5%

HANKYU NISHINOMIYA

R11 (K)GARDENSAEON MALL

R12(K)SAKAIKITAHANADAPROU (site)
MANDAI Toyonaka Honancho

R13(K)Store (tentative name) (site)
Subtotal

O1

Shiodome East Side Building
Hankyu Corporation

O2 (K)

Head Office Building

OfficeOther

February 29, 2008

19,025

15.1%

OfficeKansai

April 10, 2013

10,2008.1%

29,22523.2%

Subtotal
M1 (K)

Ueroku F Building

ComplexKansaiNovember 1, 2005

2,980

2.4%

Sphere Tower Tennoz

Complex

Other

October 2, 2007

9,405

7.5%

M3 (K)LAXA Osaka

ComplexKansaiJanuary 22, 2009

5,122

4.1%

M4 (K)

Namba-Hanshin Building

ComplexKansaiJanuary 22, 2009

4,310

3.4%

Subtotal

21,817

17.3%

Total

126,154100.0%

M2

Note 1: The properties owned by Hankyu REIT are assigned codes classified by facility (type of use) and region. The letterson the left represent the facility (type of use): “R” is for retail-use facility, “O” is for office-use facility and “M” is forDisclaimer:This document is a press release to make a public announcement of the acquisition of domestic real estate trust beneficiary interest,and has not been prepared as a solicitation for investment. Hankyu REIT cautions 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, if any, before undertaking investments and investments be made at their own discretion and responsibility.

11

mixed-use (complex) facility. The numerals are the numbers assigned to each facility in the chronological order of
the acquisition. Also, the letter “K” in parentheses to the right of the numerals indicates that the property is locatedin the Kansai region.

Disclaimer:This document is a press release to make a public announcement of the acquisition of domestic real estate trust beneficiary interest,and has not been prepared as a solicitation for investment. Hankyu REIT cautions 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, if any, before undertaking investments and investments be made at their own discretion and responsibility.

12Reference Material 3<AEON MALL SAKAIKITAHANADA (SITE): Property Photograph>

Note: Hankyu REIT plans to acquire only the land.
<AEON MALL SAKAIKITAHANADA (SITE): Map of Location and Surrounding Area>

Disclaimer:This document is a press release to make a public announcement of the acquisition of domestic real estate trust beneficiary interest,and has not been prepared as a solicitation for investment. Hankyu REIT cautions 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, if any, before undertaking investments and investments be made at their own discretion and responsibility.

13

<(TENTATIVE NAME) MANDAI TOYONAKA HONANCHO STORE (SITE): Image of Exterior>

Note: Hankyu REIT plans to acquire only the land. In addition, the building is currently under construction, sothat the image above may be different from the actual conditions after completion.

(TENTATIVE NAME) MANDAI TOYONAKA HONANCHO STORE (SITE): Map of Location and Surrounding
Area>

Disclaimer:This document is a press release to make a public announcement of the acquisition of domestic real estate trust beneficiary interest,and has not been prepared as a solicitation for investment. Hankyu REIT cautions 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, if any, before undertaking investments and investments be made at their own discretion and responsibility.

14