Translation of Japanese Original
January 24, 2020
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 Issuance of Investment Corporation Bonds
Kenedix Office Investment Corporation (“the Investment Corporation”) has 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 22, 2019.

1. Outline of Investment Corporation Bonds(1)

NameKenedix Office Investment Corporation Eleventh Series Unsecured
Investment Corporation Bonds (Ranking pari passu among specified
investment corporation bonds and Small private placement with restrictions onsplits) (“the Investment Corporation Bonds”)(2)

Total issue amount(3)

Form of bond certificate

2,000 million yen

Subject to the provisions of the Act on Book-Entry Transfer of Corporate
Bonds and Shares, bond certificates will not be issued.

(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

0.250% per annum(7)

Denomination price

100 million yen(8)Offering method

Small private placement with restrictions on splits(9)

Subscription date

January 24, 2020 (Friday)(10)

Payment date

January 30, 2020 (Thursday)(11)

Collateral and guarantee

Neither collateral nor guarantee is provided for the Investment Corporation
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 January 30, 2025 (Thursday).
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

This press release is an announcement concerning Kenedix Office Investment Corporation’s issuance of investment corporation bonds, and has
not been prepared for the purpose of solicitation for investment.

1preceding it shall be deemed as the Redemption Date.
(13)

Interest payment date

The first interest payment date will be July 30 (Thursday), 2020, andthereafter January 30 and July 30 of each year, and the Redemption Date willbe the interest payment date. (If the interest payment date falls under a bankholiday, the bank business day preceding it shall be deemed as the interest
payment date.)(14)

Bond credit rating

Not acquired.

(15)

Financial covenant

Negative pledge is set.

(16)

Book-entry transfer

Japan Securities Depository Center, Inc.

institution(17)

Fiscal agent, issuing

MUFG Bank, Ltd.

agent and payment agent(18)

Underwriter

Daiwa Securities Co. Ltd.

2. Purpose and Reason for the Issuance
To use as a portion of funds for the future acquisition of specified assets or the repayment of borrowings.

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)
1,989 million yen(2) Specific use of proceeds and scheduled timing of expenditure
The Investment Corporation plans to use the estimated net proceeds of 1,989 million yen, calculated bydeducing the estimated cost of issuance of 11 million yen from the total issue amount of 2,000 million yen, asa portion of funds for the future acquisition of specified assets or the repayment of borrowings. Proceeds will
be managed in cash or cash equivalents until they are allocated to the acquisition or the repayment.

4. Status of Borrowings and Investment Corporation Bonds after the Issuance of the Investment
Corporation Bonds (as of January 30, 2020)(Millions of yen)
Before issuance of theInvestment Corporation
Bonds and theRepayment

After issuance of theInvestment Corporation
Bonds and theRepayment

Difference

Short-term borrowings (Note 1)

1,000

1,000

0Long-term borrowings (Note 2)

176,050

176,0500177,050

177,050

0

8,000

10,000+2,000185,050

187,050+2,000Classification

Total borrowings
Investment corporation bonds
Total borrowings and investment corporation bonds

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.

This press release is an announcement concerning Kenedix Office Investment Corporation’s issuance of investment corporation bonds, and has
not been prepared for the purpose of solicitation for investment.

2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 28th Securities Report (submitted on July 30,2019).

*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 January 24, 2020.
However, no assurance or warranties are given for the completeness or accuracy of this English translation.

This press release is an announcement concerning Kenedix Office Investment Corporation’s issuance of investment corporation bonds, and has
not been prepared for the purpose of solicitation for investment.

3