Industrial & Infrastructure Fund Investment : Notice Concerning Changes in Major Shareholder, Parent Company and Specified Affiliated Company at Asset Management Company

March 17, 2022

To all concerned parties:

Investment Corporation

Industrial & Infrastructure Fund Investment Corporation

(Tokyo Stock Exchange Company Code: 3249)

Representative: Kumi Honda, Executive Director

URL: https://www.iif-reit.com/english/

Asset Management Company

Mitsubishi Corp.-UBS Realty Inc.

Representative:	Katsuji Okamoto, President & CEO
Inquiries:	Hidehiko Ueda,
	Head of Industrial Division
	TEL: [phone]

Notice Concerning Changes in Major Shareholder, Parent Company and Specified

Affiliated Company at Asset Management Company

Industrial & Infrastructure Fund Investment Corporation (hereafter "IIF") announces that, at its asset management company, Mitsubishi Corp.-UBS Realty Inc. (hereafter the "Asset Management Company"), there will be changes in the major shareholder, parent company and specified affiliated company, ,as described below.

1. Background of thechange

Mitsubishi Corporation as the parent company and specified affiliated company of the Asset Management Company and UBS Asset Management AG as a major shareholder of the Asset Management Company today agreed to transfer all of the Asset Management Company's shares held by them to 76KK, an indirect subsidiary of KKR & Co. Inc. (together with its subsidiaries, hereafter "KKR") (hereafter the "Share Transfer"). The Share Transfer will be implemented on or before April 28, 2022 subject to approval of the relevant authority and satisfaction of other customary terms and conditions.

After the Share Transfer, Mitsubishi Corporation will cease to be the parent company and specified affiliated company of the Asset Management Company, and UBS Asset Management AG will cease to be the major shareholder of the Asset Management Company. After the Share Transfer, 76KK will become the major shareholder, parent company and specified affiliated company of the Asset Management Company. In addition, entities listed in 2. (1) below (including 76KK) will become specified affiliated companies of the Asset Management Company.

Mitsubishi Corporation has been involved in the real estate management business in the J-REIT market through the Asset Management Company, which was established as a joint venture with UBS Asset Management AG in 2000. Assets under management, comprising IIF and Japan Metropolitan Fund Investment Corporation (hereafter "JMF"), which delegate operations to the Asset Management Company, amount to approx. JPY 1.7 trillion (*) and the Asset Management Company has grown to become one of the largest J-REIT asset managers in the industry.

On the other hand, Mitsubishi Corporation continuously strives to optimize and strengthen its business portfolio, and has identified private REITs, private funds, and overseas asset management as the main growth pillars of its real estate asset management business. Hence, Mitsubishi Corporation determined the transfer of the shares in the Asset Management Company to KKR to be in the best interests.

(Note)*The sum of the total appraisal values of IIF as of January 31, 2022 and of JMF as of August 31, 2021.

KKR is a leading global investment firm with over US$471 billion (approx.55 trillion yen) of assets under management, as of December 31, 2021. KKR has developed an investment track record spanning over 45 years, and KKR today invests in asset classes that include private equity, credit and real assets, such as real estate.

1

Capital Relationship

Personnel Relationship

Real estate has been a part of KKR's strategy for over four decades, and in 2011, KKR formed a dedicated real estate platform. As of December 31, 2021, KKR's worldwide real estate team consists of approximately 135 dedicated investment and asset management professionals, with more than US$41 billion (approx. 4.7 trillion yen) of assets under management, including proprietary investments and REITs.

In Asia, KKR has an experienced local team of approximately 250 investment professionals across nine offices, including in Tokyo, which opened in 2006. KKR has a longstanding track record of investing in the growth and success of Japanese businesses. KKR is committed to Japan, and the market continues to be a key part of KKR's Asia Pacific and global strategies. KKR is supportive of the current internal and external growth strategies of IIF. In addition, KKR has agreed to acquire all investment units (1.2% of outstanding units) of IIF held by Mitsubishi Corporation through its indirect subsidiary, along with the Share Transfer.

KKR is committed to supporting the existing strategy and continuity of the Asset Management Company and looks to leverage its network and global resources to create value for IIF unitholders. The strategic partnership combines the real estate investment and asset management acumen of both KKR and the Asset Management Company, and is expected to bolster the acquired operation's status as a leading J-REIT business with enhanced opportunities for organic and inorganic growth.

Under the ownership of a new sponsor, we expect to continue our focus on increasing shareholder value by pursuing further external growth, internal growth, and financial strategies.

2. Overview of the major Shareholder, parent company and specified affiliated company subject to the changes

(1) The company which will fall under a major shareholder, parent company and specified affiliated company

(a)	Name	76KK
(b)	Location	11F, Meiji Yasuda Seimei Building, 2-1-1 Marunouchi, Chiyoda-ku, Tokyo
(c)	Name and Title of	Billy Butcher, Representative Director
	Representative
(d)	Main business	Holding Company
(e)	Capital	JPY 5,000 (as of March 17, 2022)
(f)	Establishment	February 25, 2022
(g)	Net assets	JPY 5,000 (as of March 17, 2022)
(h)	Total assets	JPY 5,000 (as of March 17, 2022)
(i)	Major shareholders
	and shareholding	KKR Asia LLC	100%
	ratio
	(as of March 17, 2022)

1. Relationship with IIF or the Asset Management Company

As of today, there are no capital relationship required to be disclosed between IIF and the company. As of today, there are also no capital relationship required to be disclosed between the related parties and affiliated companies of IIF or the Asset Management Company and the company.

As of today, there are no personnel relationship required to be disclosed between IIF or Asset Management Company and the company. As of today, there are also no personnel relationship to required be disclosed between the related parties and affiliated companies of IIF or the Asset Management Company and the company.

2

		As of today, there are no business relationship required to be disclosed
	Business	between IIF or the Asset Management Company and the company. As of
	today, there are also no business relationship required to be disclosed
	Relationship
	between the related parties and affiliated companies of IIF or the Asset
		Management Company and the company.
	Status as Related	As of today, the company does not fall under the related party of IIF or the
	Party	Asset Management Company.
(a)	Name	KKR Asia LLC
(b)	Location	Suite 302, 4001 Kennett Pike, Wilmington, New Castle County, DE, 19807
(c)	Name and Title of	Robert Lewin, CFO
	Representative
(d)	Main business	Holding company
(e)	Capital	Not disclosed (Note)
(f)	Establishment	July 14, 2005
(g)	Net assets	Not disclosed (Note)
(h)	Total assets	Not disclosed (Note)
(i)	Investor and holding
	ratio (as of March 17,	Kohlberg Kravis Roberts & Co. L.P.	100%
	2022)
(j)	Relationship with IIF or the Asset Management Company
		As of today, there are no capital relationship required to be disclosed
		between IIF and the company. As of today, there are also no capital
	Capital Relationship	relationship required to be disclosed between the related parties and
		affiliated companies of IIF or the Asset Management Company and the
		company.
		As of today, there are no personnel relationship required to be disclosed
	Personnel	between IIF or Asset Management Company and the company. As of today,
	there are also no personnel relationship to required be disclosed between
	Relationship
	the related parties and affiliated companies of IIF or the Asset
		Management Company and the company.
		As of today, there are no business relationship required to be disclosed
	Business	between IIF or the Asset Management Company and the company. As of
	today, there are also no business relationship required to be disclosed
	Relationship
	between the related parties and affiliated companies of IIF or the Asset
		Management Company and the company.
	Status as Related	As of today, the company does not fall under the related party of IIF or the
	Party	Asset Management Company.

(Note) Not disclosed because consent from the company has not been obtained.

(a)	Name	Kohlberg Kravis Roberts & Co. L.P.
(b)	Location	Suite 302, 4001 Kennett Pike, Wilmington, New Castle County, DE, 19807
(c)	Name and Title of	Robert Lewin, CFO
	Representative
(d)	Main business	Investment advisory
(e)	Capital	Not disclosed (Note)
(f)	Establishment	May 7, 1987
(g)	Net assets	Not disclosed (Note)
(h)	Total assets	Not disclosed (Note)
		3

Capital Relationship

Personnel Relationship

(i) Investor and holding	Limited Partner : KKR Group Partnership L.P.	99.9%
	ratio (as of March 17,
	General Partner : KKR & Co. GP LLC	0.1%
2022)
(j) Relationship with IIF or the Asset Management Company
		As of today, there are no capital relationship required to be disclosed
		between IIF and the company. As of today, there are also no capital
	Capital Relationship	relationship required to be disclosed between the related parties and
		affiliated companies of IIF or the Asset Management Company and the
		company.
		As of today, there are no personnel relationship required to be disclosed
	Personnel	between IIF or Asset Management Company and the company. As of today,
	there are also no personnel relationship to required be disclosed between
	Relationship
	the related parties and affiliated companies of IIF or the Asset
		Management Company and the company.
		As of today, there are no business relationship required to be disclosed
	Business	between IIF or the Asset Management Company and the company. As of
	today, there are also no business relationship required to be disclosed
	Relationship
	between the related parties and affiliated companies of IIF or the Asset
		Management Company and the company.
	Status as Related	As of today, the company does not fall under the related party of IIF or the
	Party	Asset Management Company.

(Note) Not disclosed because consent from the company has not been obtained.

(a)	Name	KKR & Co. GP LLC
(b)	Location	Suite 302, 4001 Kennett Pike, Wilmington, New Castle County, DE, 19807
(c)	Name and Title of	Robert Lewin, CFO
	Representative
(d)	Main business	Holding company
(e)	Capital	Not disclosed (Note1)
(f)	Establishment	July 15, 2019
(g)	Net assets	Not disclosed (Note1)
(h)	Total assets	Not disclosed (Note1)
(i)	Investor and holding	KKR Holdco LLC	100%
	ratio (as of March 17,
	2022)

1. Relationship with IIF or the Asset Management Company

As of today, there are no capital relationship required to be disclosed between IIF and the company. As of today, there are also no capital relationship required to be disclosed between the related parties and affiliated companies of IIF or the Asset Management Company and the company.

As of today, there are no personnel relationship required to be disclosed between IIF or Asset Management Company and the company. As of today, there are also no personnel relationship to required be disclosed between the related parties and affiliated companies of IIF or the Asset Management Company and the company.

4

		As of today, there are no business relationship required to be disclosed
	Business	between IIF or the Asset Management Company and the company. As of
	today, there are also no business relationship required to be disclosed
	Relationship
	between the related parties and affiliated companies of IIF or the Asset
		Management Company and the company.
	Status as Related	As of today, the company does not fall under the related party of IIF or the
	Party	Asset Management Company.

(Note1) Not disclosed because consent from the company has not been obtained.

(Note2) KKR & Co. GP LLC will be a parent company of the Asset Management Company as it is the general partner of Kohlberg Kravis Roberts & Co. L.P.

(a)	Name	KKR Holdco LLC
(b)	Location	Suite 302, 4001 Kennett Pike, Wilmington, New Castle County, DE, 19807
(c)	Name and Title of	Robert Lewin, CFO
	Representative
(d)	Main business	Holding company
(e)	Capital	Not disclosed (Note)
(f)	Establishment	October 13, 2016
(g)	Net assets	Not disclosed (Note)
(h)	Total assets	Not disclosed (Note)
(i)	Investor and holding	KKR Group Partnership L.P.		100%
	ratio (as of March 17,
	2022)
(j)	Relationship with IIF or the Asset Management Company
		As of today, there are no capital relationship required to be disclosed
		between IIF and the company. As of today, there are also no capital
	Capital Relationship	relationship required to be disclosed between the related parties and
		affiliated companies of IIF or the Asset Management Company and the
		company.
		As of today, there are no personnel relationship required to be disclosed
	Personnel	between IIF or Asset Management Company and the company. As of
	today, there are also no personnel relationship to required be disclosed
	Relationship
	between the related parties and affiliated companies of IIF or the Asset
		Management Company and the company.
		As of today, there are no business relationship required to be disclosed
	Business	between IIF or the Asset Management Company and the company. As of
	Relationship	today, there are also no business relationship required to be disclosed
		between the related parties and affiliated companies of IIF or the Asset
		Management Company and the company.
	Status as Related	As of today, the company does not fall under the related party of IIF or the
	Party	Asset Management Company.

(Note) Not disclosed because consent from the company has not been obtained.

(a)	Name	KKR Group Partnership L.P.
(b)	Location	PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands
(c)	Name and Title of	Robert Lewin, CFO
	Representative
(d)	Main business	Holding company
(e)	Capital	Not disclosed (Note)
		5