Supplemental Materialon the Changes to the Asset Management FeeStructure Announced Today“Notice Concerning Changes to the Articles of Incorporation and Appointment of Directors”

December 14, 2021

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Outline of the Changes to the Asset Management Fee Structure
Highlight of thechanges tothe fee structure Changed the acquisition fee rate from 0.5% of the acquired price (0.25% for acquisition from related parties) to 1.0%
uniformly
 Disposition fee is changed to a performance-based commission system in which commission is incurred only in theevent of gain on sale
 It aims to raise distributions through external growth and strengthen the alignment of interests with unitholders' profits

After the changes (Note 1)

Current
Acquisition Fee

Acquired price× 0.5%
Acquisition andSale Commission(0.25% for acquisitionfrom related parties)

Disposition Fee

Disposition value × 0.5%
at a maximum

Raise distributions
through external
growthStrengthen thealignment ofinterests withunitholders' profits

Acquisition Fee

Acquisition price × 1.0%
Disposition Fee

Abolition

However, only if gain on sale (Note 2) occur,
gain on sale× 10.0%

Asset Management Fee I

Periodiccompensation
linked to asset sizeand earnings(distributions)

Total assets × 0.13%
Asset Management Fee II

Distribution per unit (Note 1) × 23,000

No Change

Asset Management Fee III
Increase in distribution per unit (Note 2) ×
Number of outstanding investment units × 10%

Note 1: It is assumed that an approval will be obtained at the Eleventh General Meeting of Unitholders to be held on January 28, 2022.
Note 2: Gain on sale means the amount that calculated by deducting (ii) from (i) below if, during the business period in which the date of disposition of specified assets by the Investment Corporation
occurred, (i) the total disposition value of the specified assets disposed of (excluding disposition-related costs) exceeds (ii) the total book value immediately prior to the effective date of thetransfer of ownership and other rights of each of the specified assets that are disposed of.

2Disclaimer

The contents of this document, including summary notes, quotes, data and other information, are provided solely for
informational purposes and not intended for the purpose of soliciting investment in, or as a recommendation to purchase or sell,
any specific products.
Please be aware that matters described herein may change or cease to exist without prior notice of any kind. This document
contains forward-looking statements and anticipations of future results, based on current assumptions and beliefs in light ofcurrently available information and resources. Risks and uncertainties, both known and unknown, including those relating to thefuture performance of the real estate market in Japan, interest rate fluctuations, competitive scenarios, and changing
regulations or taxation, may cause Kenedix Office Investment Corporation (KDO)'s actual results, performance, achievements
and financial performance to be materially different from those explicitly or implicitly expressed in this document.
With respect to any and all terms herein, including without limitation, this document, the information provided is intended to bethorough. However, no assurance or warranties are given with respect to the accuracy or completeness thereof.
Neither KDO nor Kenedix Real Estate Fund Management, Inc. (KFM) shall be liable for any errors, inaccuracies, loss ordamage, or for any actions taken in reliance thereon, or undertake any obligation to publicly update the information contained inthis document after the date of this document.
Revised editions of this document will be posted on our website (https://www.kdo-reit.com/en/) if there should be majorcorrections going forward.

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