The operation period was from December 1, 2015 to May 31, 2016.

To receive a distribution payment, unitholders are required to be listed in the unitholders' registers dated May 31, 2016.
The last date of "cum-distribution" trading at the Tokyo Stock Exchange was May 26, 2016.
The scheduled date for commencement of distribution payments is August 15, 2016.

The operation period is from June 1, 2016 to November 30, 2016.

The expected distribution described above has been calculated according to future forecasts projected from the present period as of July 15, 2016 according to predetermined assumed conditions.
In addition, the actual distribution payment may vary based on the acquisition and sale of real estate, changes in the real estate market, as well as other factors and conditions affecting Hankyu REIT, Inc.
In addition, the present forecasts do not in any way guarantee the distribution amount.
To receive a distribution payment, unitholders are required to be listed in the unitholders' registers dated November 30, 2016.
The last date of "cum-distribution" trading at the Tokyo Stock Exchange is November 25, 2016.

Inquiries regarding receipt of distribution payment and request for bank transfer designation form For inquiries regarding the receipt of distribution payments for investment units and requests for bank transfer designation form and other transaction forms, contact the Osaka Corporate Agency Division of Mitsubishi UFJ Trust and Banking Corporation. [Osaka Corporate Agency Division, Mitsubishi UFJ Trust and Banking Corporation] Call: +81-3-6701-5000 (except Saturday, Sunday, national holydays and days which the Bank designates)

Fiscal Period		Distribution per unit
23rd fiscal period (Forecast)	Ending November 2016	2,620
22nd fiscal period	Ended May 2016	2,775
21st fiscal period	Ended November 2015	2,620
20th fiscal period	Ended May 2015	2,567 (Note)
19th fiscal period	Ended November 2014	12,685
18th fiscal period	Ended May 2014	12,462
17th fiscal period	Ended November 2013	12,985
16th fiscal period	Ended May 2013	11,806
15th fiscal period	Ended November 2012	12,228
14th fiscal period	Ended May 2012	12,324
13th fiscal period	Ended November 2011	12,688
12th fiscal period	Ended May 2011	12,694
11th fiscal period	Ended November 2010	12,415
10th fiscal period	Ended May 2010	14,310
9th fiscal period	Ended November 2009	11,611
8th fiscal period	Ended May 2009	17,365
7th fiscal period	Ended November 2008	15,342
6th fiscal period	Ended May 2008	14,990
5th fiscal period	Ended November 2007	13,572
4th fiscal period	Ended May 2007	14,955
3rd fiscal period	Ended November 2006	13,723
2nd fiscal period	Ended May 2006	13,579
1st fiscal period	Ended November 2005	18,962