February 24, 2012
To Our Investors

Taisuke Miyajima
Executive Director
Kenedix Realty Investment Corporation
2-2-9 Shimbashi, Minato-ku, Tokyo

Notice Concerning the Partial Revision to theNotice of Convocation of the Sixth General Meeting of Unitholders

Kenedix Realty Investment Corporation hereby apologizes that the notice of convocation of the Sixth
General Meeting of Unitholders sent out on February 24, 2012, contained some errors, and would like tomake the following changes as indicated by shading.

Revisionp.3 “Agenda No. 1: Changes to the Articles of Incorporation”

1. Reasons for the Changes【Before Revision】(3) Corrections shall be made to the necessary terminology in order to clarify the handling of The
Investment Trusts Association, Japan after it becomes a public interest incorporated association asplanned (Article 35 (2) of the amendment draft.)【After Revision】(3) Corrections shall be made to the necessary terminology in order to clarify the handling of The
Investment Trusts Association, Japan after it becomes a general incorporated association as planned(Article 35 (2) of the amendment draft.)p.5 “Agenda No. 1: Changes to the Articles of Incorporation”

2. Details of the Amendments *【Before Revision】
Current Articles of Incorporation

Proposed Amendments

Article 35 (Cash Distribution Policies)

Article 35 (Cash Distribution Policies)(1) (Details Omitted)(1) (No Change)(2) Distribution of Money in Excess of Earnings(2) Distribution of Money in Excess of Earnings

When the Investment Corporation’s distributable

When the Investment Corporation’s distributableamount is less than 90% of distributable earnings,

amount is less than 90% of distributable earnings,

or when the Investment Corporation determinesor when the Investment Corporation determinesthat it is appropriate, the Investment Corporationthat it is appropriate, the Investment Corporation

shall, using the amount established under the rules

shall, using the amount established under theof the Investment Trust Association, Japan

rules of the Investment Trust Association, Japan(hereafter, the “Investment Trust Association”) as(including the entity after becoming a publica limit, be able to distribute a self-determinedinterest

incorporated

associationiftheamount of money in excess of earnings. However,

Associationin such cases, and if the amount of the cash

“Investment Trust Association”) as a limit, bedistribution does not fulfill the requirements ofable to distribute a self-determined amount of

theinvestment

money in excess of earnings. However, in suchcorporations, the Investment Corporation shall becases, and if the amount of the cash distribution

able to distribute a self-determined amount withdoes not fulfill the requirements of the special tax

the objective of fulfilling said requirements.

exception

specialtax

exception

forbecomes

forone;investment

hereafter,corporations,

thetheInvestment Corporation shall be able to distributea self-determined amount with the objective offulfilling said requirements.
(3)-(5) (Details Omitted)(3)-(5) (No Change)【After Revision】
Current Articles of Incorporation

Proposed Amendments

Article 35 (Cash Distribution Policies)

Article 35 (Cash Distribution Policies)(1) (Details Omitted)(1) (No Change)(2) Distribution of Money in Excess of Earnings(2) Distribution of Money in Excess of Earnings

When the Investment Corporation’s distributable

When the Investment Corporation’s distributableamount is less than 90% of distributable earnings,

amount is less than 90% of distributable earnings,

or when the Investment Corporation determinesor when the Investment Corporation determinesthat it is appropriate, the Investment Corporationthat it is appropriate, the Investment Corporation

shall, using the amount established under the rules

shall, using the amount established under theof the Investment Trust Association, Japan

rules of the Investment Trust Association, Japan(hereafter, the “Investment Trust Association”) as(including the entity after becoming a generala limit, be able to distribute a self-determined

incorporated association if the Association

amount of money in excess of earnings. However,

becomes one; hereafter, the “Investment Trustin such cases, and if the amount of the cashAssociation”) as a limit, be able to distribute a

distribution does not fulfill the requirements ofself-determined amount of money in excess oftheinvestment

earnings. However, in such cases, and if thecorporations, the Investment Corporation shall beamount of the cash distribution does not fulfill

able to distribute a self-determined amount withthe requirements of the special tax exception forthe objective of fulfilling said requirements.

investment

specialtax

exceptionfor

corporations,

theInvestment

Corporation shall be able to distribute a
self-determined amount with the objective offulfilling said requirements.
(3)-(5) (Details Omitted)(3)-(5) (No Change)