Translation of Japanese OriginalDecember 13, 2019
To All Concerned Parties
REIT Issuer:
Kenedix Office Investment Corporation
Jiro Takeda, Executive Director(Securities Code: 8972)
Asset Management Company:
Kenedix Real Estate Fund Management, Inc.
Masahiko Tajima, President & CEO
Inquiries:
Hiroaki Momoi
Head of Planning Division
Office REIT Department
TEL: +81-3-5157-6010
Notice Concerning Organizational Change at the Asset Management Company
Kenedix Office Investment Corporation (“the Investment Corporation”) has announced today, that the Board ofDirectors of Kenedix Real Estate Fund Management, Inc. (“the Asset Management Company”), the asset
management company for the Investment Corporation, decided an organizational change at the Asset Management
Company. Details are as follows.
1. Detail of Organizational Change
The Asset Management Company will newly create Corporate Department for the purpose of administeringbusinesses of the Asset Management Company, the Investment Corporation, Kenedix Residential Next
Investment Corporation (“KDR”), Kenedix Private Investment Corporation (“KPI”) and Kenedix Retail REIT
Corporation (“KRR”). Corporate Department will be comprised of two existing departments, Business
Administration Department and Finance & Accounting Department, as well as two newly created divisions,
Engineering Division and IT Planning Division (“the Organizational Change”).
There will be no change in the system concerning asset management such as acquisition, management anddisposal of assets of the Investment Corporation, and in the compliance and internal audit system.
2. Reason for the Organizational Change
The Asset Management Company is entrusted with asset management by four investment corporations, theInvestment Corporation, KDR, KPI and KRR. Office REIT Department, Residential REIT Department, Private
REIT Department and Retail REIT Department (collectively, “Frontline Departments”) supervise the businesses
relating to the asset management of each investment corporation respectively.
Currently, businesses of Frontline Departments are supported by Business Administration Department andFinance & Accounting Department respectively. In order to make such business support more efficient, we havedecided to newly establish Corporate Department, which will supervise Business Administration Division andFinance & Accounting Division.
In addition to Business Administration Division and Finance & Accounting Division, two new divisions will also
be created within Corporate Department in order to provide support for cross-departmental businesses that occur
across Frontline Departments: Engineering Division, which will conduct business relating to advising andsupporting planning of construction projects and conduct of construction work, etc., and IT Planning Division,
which will conduct business relating to development and conduct of system strategy and planning.
Corporate Department will conduct overall management of business operations of the Asset Management
Company as an asset management company, and appropriate collection and sharing of management informationand tasks.
We aim to enhance our business management system further by the Organizational Change.

13. Organizational Chart of the Asset Management Company after the Organizational Change
Please refer to Reference Material 1.
4. Separation of Duties at the Asset Management Company after the Organizational Change
Please refer to Reference Material 2.
5. Effective Date of the Organizational Change
January 6, 2020
Reporting and notifications with regard to this matter will be conducted in accordance with the Financial
Instruments and Exchange Act, the Real Estate Brokerage Act, and other applicable laws and regulations.

The Investment Corporation’s website: https://www.kdo-reit.com/en/
This notice is the English translation of the Japanese announcement on our website released on December 13, 2019. However,no assurance or warranties are given for the completeness or accuracy of this English translation.

2Reference Material 1
Organization Chart of the Asset Management Company after the Organizational ChangeInternal Audit
Dept.

Chairman,
Representative Director

Corporate Auditors

Office REIT Dept.
Office REIT Department
Asset Management Committee

Asset Investment Div.
Asset Management Div.
Planning Div.

Residential REIT Dept.

President and CEO

Board of Directors

Shareholders’ Meeting

Residential REIT Department
Asset Management Committee

Asset Investment Div.
Asset Management Div.
Healthcare Investment
Management Div.
Planning Div.

Private REIT Dept.

Compliance Officer / Compliance Dept.

Compliance Committee

Private REIT Department
Asset Management Committee
Retail REIT Dept.

Investment ManagementDiv.
Planning Div.
Asset Investment Div.
Asset Management Div.

Retail REIT Department
Asset Management Committee

Property ManagementDiv.
Planning Div.

Corporate Dept.

Business Administration
Div.
Finance & Accounting
Div.
Engineering Div.
IT Planning Div.

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Reference Material 2
Separation of Duties at the Asset Management Company after the Organizational Change(Underlined parts are amended.)(Before)Section Name
Finance & Accounting
Department

Business Administration
Department

DutiesBusiness related to Office REIT Department, Residential REIT Department,
Private REIT Department and Retail REIT Department
・ Items related to indirect financing such as borrowing from financialinstitutions with regard to financing of KDO, KDR, KPI and KRR・Items related to accounting and account settlement of KDO, KDR, KPI andKRR
・Items related to preparation of Securities Reports of KDO, KDR and KRR・Items related to Financial Reports of KDO, KDR and KRR
・Provision of support for each Planning Division of Office REIT Department,
Residential REIT Department, Private REIT Department and Retail REIT
Department regarding Semi-annual Reports of KDO, KDR, KPI and KRR・Items related to budget planning of KDO, KDR, KPI and KRR・Items related to individual management of financial risk of KDO, KDR, KPIand KRR・Items related to negotiations, etc. concerning jurisdiction business of KDO,KDR, KPI and KRR with regulatory authorities
・Other items incidental to or related to the above items
・Items related to administration of general unitholders’ meetings and board ofdirectors’ meetings of KDO, KDR, KPI and KRR・Items related to administration of shareholders’ meetings, board of directors’
meetings and meetings of various committees of the Asset Management
Company・Items related to general affairs, accounting and human resources
・Items related to individual management of system risk, administrative risk andbusiness continuity risk
・Items related to negotiations, etc. concerning jurisdiction business withregulatory authorities (related to the Asset Management Company)
・Other items incidental to or related to the above items

4(After)
Section Name
Corporate Department

DutiesOverall Management Business relating to the Asset Management Company andKDO, KDR, KPI and KRR (overall management of the business operations ofthe Asset Management Company as an asset management company of KDO,KDR, KPI and KRR, as well as appropriate collection and sharing ofmanagement information and tasks, and business support for Office REIT
Department, Residential REIT Department, Private REIT Department and RetailREIT Department)
a. Business Administration Division
・Items related to development of business plans and budget planning of theAsset Management Company・Items related to administration of general unitholders’ meetings and board ofdirectors’ meetings of KDO, KDR, KPI and KRR・Items related to administration of shareholders’ meetings, board of directors’
meetings and meetings of various committees of the Asset ManagementCompany・Items related to general affairs, accounting and human resources
・Items related to individual management of administrative risk and business
continuity risk
・Items related to negotiations, etc. concerning jurisdiction business withregulatory authorities (related to the Asset Management Company)
・Other items incidental to or related to the above items
b. Finance & Accounting Division
・ Items related to indirect financing such as borrowing from financial
institutions with regard to financing of KDO, KDR, KPI and KRR・Items related to accounting and account settlement of KDO, KDR, KPI andKRR・Items related to preparation of Securities Reports of KDO, KDR and KRR・Items related to preparation of Financial Reports of KDO, KDR and KRR・Provision of support for each Planning Division of Office REIT Department,Residential REIT Department, Private REIT Department and Retail REIT
Department regarding Semi-annual Reports of KDO, KDR, KPI and KRR・Items related to budget planning of KDO, KDR, KPI and KRR・ Items related to individual management of financial risk of KDO, KDR, KPIand KRR・Items related to negotiations, etc. concerning jurisdiction business of KDO,KDR, KPI and KRR with regulatory authorities
・Other items incidental to or related to the above items
c. Engineering Division
・Provision of support for construction planning related to the real estate, etc.
owned by KDO, KDR, KPI and KRR
・Provision of support for execution of construction work related to the realestate, etc. owned by KDO, KDR, KPI and KRR
・Provision of support for items related to individual management of real estate
management risks (construction work) of KDO, KDR, KPI and KRR
・Other items incidental to or related to the above items
d. IT Planning Division・Items related to development of system strategy and planning relating to themanagement and operation of KDO, KDR, KPI, KRR and the AssetManagement Company・Items related to the introduction, management and abolishment of the systems
relating to the management and operation of KDO, KDR, KPI, KRR and theAsset Management Company
・Items related to individual management of system risk
・Other items incidental to or related to the above items

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