<Provisional translation>
October 28, 2014
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:
Akihisa Nakano
General Manager, Corporate Planning Dept.
Email: hankyureit-ir@hankyu-rt.jp

Notice Concerning Split of Investment Units and Partial Change in the Articles of Incorporation
Hankyu REIT, Inc. (hereafter “Hankyu REIT”) hereby notifies that at a meeting of the board of directors ofHankyu REIT held on October 28, 2014, resolution was passed to implement a split of investment units andpartial change in the Articles of Incorporation. Details are described below.

1.

Purpose of Split
In light of the start of “Nippon Individual Savings Account (NISA)” on January 1, 2014, Hankyu REIT will
implement a split of investment units for the purpose of lowering the amount per unit of investment,
thereby creating an environment that investors would find easier to invest, and thus leading to further
expansion of the investor base and enhancement of the liquidity of investment units.

2.

Overview of Split(1) Method of Split
With November 30, 2014 as the record date, Hankyu REIT will implement a five-for-one split of theHankyu REIT investment units owned by unitholders stated or recorded in that date’s final registerof unitholders.

(2) Increase in Number of Investment Units as a Result of Split, Etc.
(a) Number of Hankyu REIT investment units issued and outstanding before split:

119,500 units(b) Increase in number of investment units as a result of this split:

478,000 units(c) Number of Hankyu REIT investment units issued and outstanding after split:

597,500 units(d) Total number of investment units authorized after split:

10,000,000 units(3) Schedule of Split(a) Date of public notice of record date: November 14, 2014 (planned)(b) Record date: November 30, 2014 *The record date will, in effect, be November 28, 2014.
(c) Effective date: December 1, 2014

13.

Partial Changes in the Articles of Incorporation(1) Reason for Change
Pursuant to the provisions of Article 184 paragraph 2 of the Companies Act as applied mutatis
mutandis under Article 81-3 paragraph 2 of the Act on Investment Trusts and Investment
Corporations, Hankyu REIT is changing Article 5 paragraph 1 of the Articles of Incorporation ofHankyu REIT in order to increase the total number of investment units authorized in accordancewith the ratio of the split of investment units.

(2) Details of Change
The following are the details of the change.
(underlines indicate changes)
Before Change

After Change

Article 5 (Total number of investment units
authorized)
1. The total number of Hankyu REIT
investment units authorized shall be
2,000,000 units.

Article 5 (Total number of investment unitsauthorized)
1. The total number of Hankyu REIT
investment units authorized shall be
10,000,000 units.

(3) Date of Change (Effective Date)
December 1, 2014

4.

Future Outlook
The “forecast distribution per unit for the fiscal period ending November 30, 2014 (June 1, 2014 toNovember 30, 2014)” is for investment units prior to the effective date of the split of investment units(December 1, 2014) and thus does not change from the 12,400 yen announced on July 16, 2014.

••

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 of the Ministry of Land, Infrastructure, Transport and Tourism.
Hankyu REIT website: http://www.hankyu-reit.jp/eng/2