Translation of Japanese Original

July 5, 2022

To All Concerned Parties

REIT Issuer:
Kenedix Office Investment Corporation
Hikaru Teramoto, Executive Director(Securities Code: 8972)
Asset Management Company:
Kenedix Real Estate Fund Management, Inc.
Masahiko Tajima, President & CEO
Inquiries:
Hiroaki Momoi
Head of Strategic Planning,
Office REIT Department
TEL: +81-3-5157-6010

Notice Concerning Issuance of Investment Corporation Bonds
Kenedix Office Investment Corporation (“the Investment Corporation”) announced today that the Investment
Corporation decided to issue investment corporation bonds as below, based on the comprehensive resolutionconcerning the issuance of investment corporation bonds passed at the board of directors’ meeting held on
November 26, 2021.

1. Outline of Investment Corporation Bonds(1)

NameKenedix Office Investment Corporation Fourteenth Series Unsecured
Investment Corporation Bonds (Ranking pari passu among specified
investment corporation bonds) (“the Investment Corporation Bonds”)(2)

Total issue amount

1,000 million yen(3)Form of bond certificate

Subject to the provisions of the Act on Book-Entry Transfer of Corporate(4)Issue price

100 yen per 100 yen of each bond(5)

Redemption price

100 yen per 100 yen of each bond

(6)

Interest rate

0.400% per annum(7)

Denomination price

100 million yen(8)Offering method

Public Offering(9)

Subscription dateJuly 5, 2022 (Tuesday)(10)

Payment dateJuly 11, 2022 (Monday)(11)

Collateral and guarantee

Neither collateral nor guarantee is provided for the Investment Corporation

Bonds and Shares, bond certificates will not be issued.

Bonds, and no asset has been particularly secured for the Investment
Corporation Bonds.
(12)

Redemption method andThe total amount of the principal of the Investment Corporation Bonds will bedate

redeemed on July 9, 2027 (Friday).
Redemption by purchase will be available any time on and after the followingdays of the payment date except for the case separately provided by law or
specified in operational rules and other rules of book-entry transfer institution.
If the date of redemption of the Investment Corporation Bonds(“the Redemption Date”) falls under a bank holiday, the bank business day
preceding it shall be deemed as the Redemption Date.

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(13)

Interest payment date

The first interest payment date will be January 31, 2023, and thereafter theJanuary 31 and July 31 each year, and the Redemption Date will be theinterest payment date. (If the interest payment date falls under a bank holiday,
the bank business day preceding it shall be deemed as the interest payment
date.)(14)

Bond credit rating

AA (Japan Credit Rating Agency, Ltd.)

Financial covenant
Book-entry transferinstitution(17) Fiscal agent, issuing
agent and payment agent

Negative pledge is set.

(18)

SMBC Nikko Securities Inc.

(15)
(16)

Underwriter

Japan Securities Depository Center, Inc.
MUFG Bank, Ltd.

2. Purpose and Reason for the Issuance
To apply toward the redemption fund for Kenedix Office Investment Corporation Eighth Series Unsecured
Investment Corporation Bonds (Ranking pari passu among specified investment corporation bonds).

3. Amount of Funds to be Raised, Use of Proceeds and Scheduled Timing of Expenditure(1) Amount of funds to be raised (estimated net proceeds)
989 million yen(2) Specific use of proceeds and scheduled timing of expenditure
The Investment Corporation plans to use the estimated net proceeds of 989 million yen, calculated bydeducing the estimated cost of issuance of 10 million yen from the total issue amount of 1,000 million yen,for the redemption fund for Kenedix Office Investment Corporation Eighth Series Unsecured Investment
Corporation Bonds (Ranking pari passu among specified investment corporation bonds) with maturity date ofJuly 19, 2022 (Note). Proceeds will be managed in cash or cash equivalents until they are allocated to theprepayment.
Note : For details on the Kenedix Office Investment Corporation Eighth Series Unsecured Investment Corporation Bonds, please refer tothe press release, “Notice Concerning Issuance of Investment Corporation Bonds and Change of Acquisition Funds for a Property”
dated July 12, 2017.

4. Status of Borrowings and Investment Corporation Bonds after the Issuance of the Investment
Corporation Bonds (as of July 19, 2022)(Millions of yen)

Short-term borrowings (Note 1)

11,900

Balance after Issuanceof the Investment
Corporation Bonds,
the Debt Financing
and the Prepayment
11,900Long-term borrowings (Note 2)

190,050

190,0500Total borrowings

201,950

201,9500Investment corporation bonds

13,00013,0000214,950

214,950

0Balance as ofTodayClassification

Total borrowings and investment corporation bonds

Difference0

Note 1: Short-term borrowings refer to debt financing with a period less than or equal to one year from the drawdown date to the principal
repayment date. However, the borrowings for which the period until the principal repayment date have surpassed one year because
the principal repayment date after one year from the drawdown date is not a business day, and for which the principal repayment
date has been moved to a different business day, are included in short-term borrowings.
Note 2: Long-term borrowings refer to debt financing with a period more than one year from the drawdown date to the principal repayment
date.

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5. Other
For risks concerning the issuance, redemption and others of the Investment Corporation Bonds, there are no
significant changes to “the Investment Risks” described in the 33rd Securities Report (submitted on January 28,2022).

【Reference】
The Investment Corporation has submitted a Shelf Registration Supplements with regard to the issuance of theInvestment Corporation Bonds to the Director of the Kanto Local Finance Bureau as of today.

*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 July 5, 2022. However, noassurance or warranties are given for the completeness or accuracy of this English translation.

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