June 13, 2023
To All Concerned Parties
REIT Issuer:
Kenedix Office Investment Corporation
Hiroaki Momoi, Executive Director(Securities Code: 8972)
Asset Management Company:
Kenedix Real Estate Fund Management, Inc.
Hikaru Teramoto, President & CEO
Inquiries:
Tomoya Shigaki
Head of Strategic Planning,
Office REIT Department
TEL: +81-3-5157-6010

Notice Concerning Split of Investment Units
This exchange offer or business combination is made for the securities of a Japanese company. The offer is subject to disclosure
requirements of Japan that are different from those of the United States. Financial statements included in the document, if any, havebeen prepared in accordance with Japanese accounting standards that may not be comparable to the financial statements of UnitedStates companies.
It may be difficult for you to enforce your rights and any claim you may have arising under U.S. federal securities laws, since the issuer
is located in Japan, and some or all of its officers and directors may be residents of Japan. You may not be able to sue a Japanesecompany or its officers or directors in a Japanese court for violations of U.S. securities laws. It may be difficult to compel a Japanesecompany and its affiliates to subject themselves to a U.S. court’s judgment.
You should be aware that the issuer may purchase securities otherwise than under the exchange offer, such as in open market or
privately negotiated purchases.

Kenedix Office Investment Corporation (“the Investment Corporation”) announced that it has decided at the Board ofDirectors Meeting held today, to split its investment units (“the Split of Investment Units”) as follows.
1.

Purpose of Split of Investment Units
As announced in the press realease “Notice Concerning Execution of the Merger Agreement by and among Kenedix
Office Investment Corporation, Kenedix Residential Next Investment Corporation and Kenedix Retail REIT
Corporation” dated today by the Investment Corporation, Kenedix Residential Next Investment Corporation(“KDR”) and Kenedix Retail REIT Corporation (“KRR”), the Investment Corporation, KDR, and KRR agreed toimplement an absorption-type merger (the “Merger”), in which the Investment Corporation will become thesurviving corporation and KDR and KRR will become the dissolving corporations, with the effective date being
November 1, 2023, and entered into a merger agreement (the “Merger Agreement”) as of today.
The Merger will be effected by way of an absorption-type merger with the Investment Corporation as the surviving
corporation, with KDR and KRR having a merger ratio of 0.67 and 0.84, respectively, against one for the Investment
Corporation, before taking into account the Split of Investment Units. However, with this merger ratio, 0.67
Investment Corporation’s investment units will be allotted against one KDR investment unit and 0.84 Investment

This document has been translated from the Japanese-language original for reference purposes only. While this English translation is believed to begenerally accurate, it is subject to, and qualified by, in its entirety, the Japanese-language original. Such Japaneselanguage original shall be thecontrolling document for all purposes.

Corporation’s investment units will be allotted against one KRR investment unit, resulting in a number of KDR andKRR unitholders that will receive Investment Corporation’s investment units of less than one unit. For this reason,in order to enable the unitholders of KDR and KRR to continue to hold the Investment Corporation’s investment
units after the Merger, we decided to split the Investment Corporation’s investment units at a ratio of two investment
units per one investment unit, for the purpose of providing at least one Investment Corporation’s investment unit toall unitholders of KDR and KRR. As a result of the Split of Investment Units, KDR unitholders will be allotted 1.34
Investment Corporation’s investment units after the Split of Investment Units against each KDR investment unit,and KRR unitholders will be allotted 1.68 Investment Corporation’s investment units after the Split of Investment
Units against each KRR investment unit.
2.

Overview of Split of Investment Units(1) Method of Split of Investment Units
The Investment Corporation will implement a two for one split of the investment units held by unitholders ofthe Investment Corporation stated or recorded on the registry of unitholders as of Tuesday, October 31, 2023,
which is the day preceding the effective date of the Merger. The Split of Investment Units will become effective
on Wednesday, November 1, 2023, which is the effective date of the Merger, provided that the merger
agreement pertaining to the Merger has not been terminated or expired by the day before the effective date ofthe Merger.
(2) Number of Investment Units to be Increased by the Split of Investment Units
Total number of Investment Corporation’s investment units
1)
848,430 units
issued and outstanding before the Split of Investment Units:
Number of investment units to be increased through the2)
848,430 units
Split of Investment Units:
Total number of Investment Corporation’s investment units
3)
1,696,860 units
issued and outstanding after the Split of Investment Units:
Total number of Investment Corporation’s investment units
4)4,142,897 units (Note 1)
issued and outstanding after the Merger:
Total number of authorized investment units after the Split5)
20,000,000 units (Note 2)of Investment Units and the Merger:(Note 1)

(Note 2)

3.

The number of investment units will be calculated based on the assumption that one KDR investment unit willbe allotted 1.34 Investment Corporation’s investment units after the Split of Investment Units for all of KDR’sissued investment units as of today (1,070,433 units), and one KRR investment unit will be allotted 1.68
Investment Corporation’s investment units after the Split of Investment Units for all of KRR’s issued
investment units as of today (602,177 units).
The current total number of authorized Investment Corporation’s investment units is 4,000,000 units.
However, in connection with the Split of Investment Units, the Articles of Incorporation of the Investment
Corporation will be partially amended and the total number of authorized investment units will be changed asof the effective date of the Merger.

Schedule of Split of Investment Units
Date of public announcement of record date

Early October, 2023 (planned)

Record date

October 31, 2023 (planned)

Effective dateNovember 1, 2023 (planned)＊The Investment Corporation’s website: https://www.kdo-reit.com/en/

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