Kenedix Office Investment : Notice Concerning Debt Financing (Series 151)

Translation of Japanese Original

January 29, 2018

To All Concerned Parties

REIT Issuer:

Kenedix Office Investment Corporation

Naokatsu Uchida, Executive Director

(Securities Code: 8972)

Asset Management Company:

Kenedix Real Estate Fund Management, Inc.

Masahiko Tajima, President & CEO

Inquiries:

Jiro Takeda

Head of Planning Division

Office REIT Department

TEL: [phone]

Notice Concerning Debt Financing (Series 151)

Kenedix Office Investment Corporation ("the Investment Corporation") has announced today, that the Investment Corporation decided to undertake the debt financing (total of 1,000 million yen).

Please see below for the details.

1. Outline of Debt Financing

Series	Lender	Amount	Interest Rate (Note 1) (Note 2)	Contract Date	Drawdown Date	Principal	Collateral ・
						Repayment	Repayment
						Date (Note 1)	Method
151	Sumitomo Mitsui Trust Bank, Limited	500 million yen	Base rate (JPY TIBOR for 1 month) + 0.25000%	January 29, 2018	January 31, 2018	January 31, 2019	Unsecured, unguaranteed ・ Repayment of principal in full on maturity date
	Mitsubishi UFJ Trust and Banking Corporation	500 million yen	Base rate (JPY TIBOR for 1 month) + 0.30000%

Note 1: The first interest payment is due at the end of February 2018, and on the last day of every month thereafter with the principal repayment day. If each interest payment day or the principal repayment day is a non-business day, then the interest payment or the principal repayment will be due on the next business day and if that next business day is in the next month, then previous business day will be applied.

Note 2: The base rate that is applied during interest period for the interest due on each interest payment date shall be calculated based on Japanese

Yen TIBOR for 1 month, which the JBA TIBOR Administration ("the JBATA") releases two business days before each interest payment date. The Japanese Yen TIBOR of the JBATA is available on the JBATA website(http://www.jbatibor.or.jp/english/rate/).

• 2. Purpose of Debt Financing

  Series 151 is to apply the fund towards the repayment of Series 136-A (total of 500 million yen) and Series 137-A (total of 500 million yen) with the principal repayment date of January 31, 2018.

• 3. Status of Borrowings and Corporate Bonds after the Debt Financing (as of January 31, 2018)

(Millions of yen)

Classification	Balance before the Debt Financing	Balance after the Debt Financing	Difference
Short-Term Borrowings (Note 1) Long-Term Borrowings (Note 2) Total Borrowings Corporate Bonds Total Borrowings and Corporate Bonds		5,500	6,000	+500
		173,300	172,800	-500
		178,800	178,800	0
		7,800	7,800	0
		186,600	186,600	0

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 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.

4. Other

For risks concerning the repayment, etc. of the aforementioned debt financing, there are no significant changes to the "Investment Risks" as described in the Securities Report (submitted on July 28, 2017).

The Investment Corporation's website:http://www.kdo-reit.com/en/

This notice is the English translation of the Japanese announcement on our website released on January 29, 2018. However, no assurance or warranties are given for the completeness or accuracy of this English translation.