<Provisional translation>
March 10, 2015
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 Partial Changes in the Organization, Election of Directors and Auditors, Etc. 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 atHankyu REIT Asset Management, Inc. (hereafter “Hankyu REIT AM”), the asset management company thatHankyu REIT has selected to manage its assets, resolutions were made for partial changes in the organization,
election of a director and an auditor, etc. and changes in important employees at Hankyu REIT AM. Furthermore,
resolutions were passed to add election of a director and auditor to the agenda of the extraordinary general
meeting of shareholders to be held on April 1, 2015. The details are as follows.

1.

Partial Changes in the Organization (as of April 1, 2015)
Investment Planning Office has been newly created. It is responsible for overseas matters related toportfolio formulation strategies, asset investment policies and investment plans, Hankyu REIT enhances
portfolio management including future expansion of asset scale and asset replacement.
*Hankyu REIT AM’s new organizational chart and main departmental duties are provided in Attachment 1.

2.

Director to be Newly Elected (as of April 1, 2015)
Director Hiroshi Aoyama*Career summary of the director to be newly elected is provided in Attachment 2.

3.

Changes in Duties of Director (as of April 1, 2015)
Director (part-time) Yasuki Fukui (previous position: Director (Assistant of Management))

4.

Changes in Personnel and Duties of Directors (as of April 1, 2015)
Name

New Duties and Responsibilities

Yoshiaki Shiraki

Supervision of Company Affairs

Toshinori Shoji

Investment Management Department 1,Investment Management Department 2 andInvestment Planning Office1

Previous Duties and Responsibilities
Supervision of Company Affairs, ComplianceDepartment and Internal Audit Department
Investment Management Department 1, andInvestment Management Department 2

5.

Hideo Natsuaki

Corporate Planning Department andCorporate Administration and Supervision
Department

Hiroshi Aoyama

Compliance Department and Internal Audit
Department(Commissioned as Compliance Officer,General Manager of Compliance Department
and General Manager of Internal AuditDepartment)

Corporate Planning Department and Corporate
Administration and Supervision Department(Commissioned as General Manager ofCorporate Administration and Supervision
Department)―

Auditor to be Newly Elected (as of April 1, 2015)
Auditor (part-time) Koji Yoshida*Career summary of the auditor to be newly elected is provided in Attachment 2.

6.

Change in Important Employees (as of April 1, 2015)
Name
Futoshi Kinoshita
Takanobu
YabuuchiKiyotaka Okano
Hiroyuki Nuka

New Duties
General Manager of Investment Management
Department 1
General Manager of Investment Management
Department 2 and General Manager ofInvestment Planning Office
General Manager of Corporate Administration andSupervision Department
General Manager (Assistant Director of Corporate
Planning Department)

Yasuki Teraoka

Retirement

Toshihisa Heike

Retirement

Previous Duties
General Co-Manager of Investment
Management Department 1
General Manager of Investment
Management Department 2
Group Leader of Corporate Administrationand Supervision Department―General Manager of Investment
Management Department 1
Compliance Officer, General Manager ofCompliance Department and General
Manager of Internal Audit Department

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 1

Our Asset Management Company, Hankyu REIT Asset Management’s New Organizational Chart and Main
Departmental Duties

・Attachment 2••

Career Summary of Director and Auditor to be Newly Elected

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 the Ministry of Land, Infrastructure, Transport and Tourism.
Hankyu REIT website: http://www.hankyu-reit.jp/eng/2Attachment 1

Our Asset Management Company, Hankyu REIT Asset Management’s New Organizational Chart andMain Departmental Duties

General Meeting ofShareholders
Auditors
Board of Directors

President &Representative Director
Internal Audit Department
Compliance Committee

Investment Management
Committee
Compliance Department

Investment
Management
Department 1

Investment
Management
Department 2

Investment
PlanningOffice

CorporatePlanning
Department

Corporate
AdministrationandSupervision
Department

Department

Investment
Management
Department 1

Investment
Management
Department 2

Investment Planning
OfficeCorporate Planning
Department

Corporate
Administration andSupervision
Department

ComplianceDepartment

Internal Audit
Department

Main Duties
・ Matters related to the acquisition/disposal of investment corporation’sassets
・ Research and analysis of real estate market
・ Investment management committee bureau
・ Other related matters
・ Matters related to the leasing, management and administration ofinvestment corporation’s assets (including credit control of tenants)
・ Analysis and evaluation of investment corporation’s performance・ Research and analysis of retail and other industry trends
・ Other related matters
・ Matters related to portfolio constitution strategy of investment corporation’sassets
・ Matters related to investment principle and investment plan of investment
corporation’s assets (including create and amendment Operation Guideline
and Asset Operation Plan)
・ Other related matters
・ Research and evaluation of investment corporation’s accounting settlement
・ Matters related to IR, rating, disclosures and PR activities
・ Research and analysis of REIT market
・ Matters related to corporate business plans
・ Other related matters
・ 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, corporate bonds andraising funds)
・ Matters related to investment corporation’s accounting settlement and cash
distributions
・ Matters related complaint management
・ Matters related to management of general meeting of shareholders andBoard of Directors
・ 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 (excluding
corporate 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
・ Cooperation with 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

Attachment 2
Career Summary of Director to Be Newly Elected
NamePosition
Career Summary(Date of Birth)
Director
HiroshiJoined Hankyu Corporation
Apr. 1984
AoyamaNamed Manager of Railway Operation Department(July 1, 1960) Jun. 1993
Named Manager of Development of Human Resource OfficeJun. 1994
Transferred to Hankyu Bus Co., Ltd.
Jun. 1996

Jun. 2005

Named Manager of Urban Transportation Planning Department of Hankyu
Corporation
Transferred to Hokushin Kyuko Railway Co., Ltd., named Director

Jun. 2008

Named Managing Director

Apr. 2010

Transferred to Creative Hankyu, Co., Ltd. named Representative Director

Jun. 2012

Transferred to Hanshin Engei Co., Ltd. named Representative Senior
Managing Director
Transferred to Hankyu Investment Partners, Inc. named Senior ManagingDirector
Transferred to Hankyu REIT Asset Management, Inc.
To be named Director, Compliance Officer, General Manager of ComplianceDepartment and General Manager of Internal Audit Department

Apr. 2003

Mar. 2014
Apr. 2015

Career Summary of Auditor to Be Newly Elected
Name
Position
Career Summary(Date of Birth)
Koji YoshidaJoined The Daimaru, Inc.
Apr. 1977
Auditor(Sep. 23, 1953)
Joined Yoshidaseizaijyo, Co., Ltd.
Apr. 1979(part-time)
Joined Seiwa Jisho Co., Ltd.
Apr. 1983

Oct. 1999

Joined Hankyu Corporation named Manager of Sales Group 1, Urban
Transportation Planning Department
Named Manager of Local Administration Department and Railway
Business Promotion Office
Named Manager of Housing Sales Department

Apr. 2001

Named Manager of General Affairs Office

Apr. 2004

Transferred to Hankyu REIT Asset Management, Inc., named General
Manager of Business Administration Department
Named Director, General Manager of Compliance Department andCompliance Officer
Named Manager of Internal Audit Department of Hankyu Corporation
Present
To be named Auditor (part-time) of Hankyu REIT Asset Management, Inc.

Apr. 1990
Dec. 1993

May 2004
Jul. 2012
Apr. 2015