Translation of Japanese Original

September 22, 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 Investment Unit Split, Partial Change to Articles of Incorporation
and Revisions of Estimated Distributions per Unit
Kenedix Office Investment Corporation (“The Investment Corporation”) announced that it decided at theboard of directors meeting held today, to split its investment units (“the Split”) and amend its articles ofincorporation as follows.
In addition, in accordance with the Split and the cancellation of own investment units (“the Cancellation”)
announced in "Notice Concerning Determination of Matters Regarding Cancellation of Own Investment Units"
dated today, the Investment Corporation hereby announced the following revisions to its estimateddistributions per unit (“DPU”) for the 36th fiscal period ending April 30, 2023 (November 1, 2022 to April30, 2023), as had announced in the "Financial Report for The Fiscal Period Ended April 30, 2022 (REIT)"
dated June 14, 2022 (“the Financial Report”).
1.

Purpose of Split
The Investment Corporation will implement the split in order to create an environment that enables
investors to purchase the investment units more easily by reducing the investment unit price, which
would broaden the Investment Corporation’s investor base and improve the liquidity of the Investment
Corporation’s investment units.

2. Overview of Split(1) Method of Split
The Investment Corporation will implement a two for one split of the investment units held by unitholders stated or recorded on the registry of unitholders as of October 31, 2022 as the record date.
(2) Number of investment units to be increased through the Split, etc.
1) Total number of investment units issued and outstanding before the Split2) Total number of investment units to be increased through the Split3) Total number of investment units issued and outstanding after the Split4) Total number of authorized investment units of the Investment Corporation
after the Split::::

424,215 units (Note1)
424,215 units
848,430 units
4,000,000 units (Note2)

Note1: The total number of investment units issued and outstanding as of April 30, 2022 (428,510 units) less the total
number of investment units to be cancelled due to the Cancellation (4,295 units).
Note2: Please refer to "3. Partial Change to the Articles of Incorporation" below.

1(3) Schedule of Split
1) Date of public announcement of record date2) Record date3) Effective date:::

October 14, 2022 (planned)
October 31, 2022 (Note)
November 1, 2022

Note: The final trading day with rights on the Tokyo Stock Exchange is scheduled to be October 27, 2022.

3. Partial Change to the Articles of Incorporation(1) Reason for the Change
The Investment Corporation will change Article 5, Paragraph 1 of its Articles of Incorporation to the effectthat the total number of authorized investment units will be increased by the resolution of its board ofdirectors meeting without the resolution of the general meeting of unit holders in accordance with the Splitratio pursuant to the provision of Article 184-2 of the Companies Act, which is applied by replacing the terms
and phrases of the provision of Paragraph 2, Article 81-3 of the Act on Investment Trusts and Investment
Corporations.
(2) Details of Change
Details of the change are as follows. (Underlined parts indicate the change.)
BeforeAfterArticle 5
Article 5(Total Number of Authorized Investment Units)(Total Number of Authorized Investment Units)
1. The total Number of the Investment
1. The total Number of the Investment
Corporation’s authorized investment units is
Corporation’s authorized investment units is
2,000,000 units.
4,000,000 units.
(3) Schedule of Amendment (Effective date of amendment)
November 1, 2022
4.

Revision of Estimated DPU
The estimated DPU for the 36th fiscal period ending April 30, 2023 (November 1, 2022 to April 30, 2023),
which was announced in the Financial Report dated June 14, 2022, is revised as the total number ofinvestment units issued and outstanding at the end of the fiscal period, which was assumed, will increase or
decrease due to the Cancellation and the Split.
Revision of the estimated DPU for the 36th fiscal period ending April 30, 2023 (November 1, 2022 to April
30, 2023)
DPU
Total number ofDistributions(excludingissued andin excess of
distributions in
outstanding
earning per unit
excess of earnings)
investment units
Previous forecast (A)14,150 yen
0 yen
428,510 units
Forecast after the Cancellation
14,290 yen
0 yen
424,215 units
Revised forecast (B)7,145 yen
0 yen
848,430 units
Amount of Increase/Decrease (B)-(A)-7,005 yen
0 yen
419,920 units
Rate of Increase/Decrease (%)-49.5%-%
98.0%(Reference)
14,000 yen
0 yen
428,510 units
Fiscal period ended April 30, 20222

Since the effective date of the Split is November 1, 2022, the Split will have no effect on the estimated DPU
for the 35th fiscal period ending October 31, 2022 (May 1, 2022 to October 31, 2022). For the estimated DPU
for the fiscal period ending October 31, 2022 based on the total number of investment units issued andoutstanding after the Cancellation, please refer to the press release, “Notice Concerning Determination of
Matters Regarding Cancellation of Own Investment Units” dated 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 September 22,2022. However, no assurance or warranties are given for the completeness or accuracy of this English translation.

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