Kenedix Retail REIT : Notice Concerning Pricing for Issuance of New Investment Units and Secondary Offering

Translation of Japanese Original

April 14, 2021

To All Concerned Parties

REIT Issuer:

Kenedix Retail REIT Corporation

Representative: Moyuru Watanabe, Executive Director

(Securities Code: 3453)

Asset Manager:

Kenedix Real Estate Fund Management, Inc.

Representative:	Masahiko Tajima, President & CEO
Contact:	Koichiro Nobata, Head of Planning Division,
	Retail REIT Department
TEL	[phone]

Notice Concerning Pricing for Issuance of New Investment Units and Secondary Offering

Kenedix Retail REIT Corporation ("KRR") announced today that the issue price and secondary selling price were determined and resolved for the issuance of new investment units through public offerings of new investment units and the secondary offering of investment units, which were resolved at the Board of Directors Meeting held on April 7, 2021, as follows.

1. Issuance of new investment units through public offerings (primary offering)

1. Number of investment units to be offered 43,800 units
   13,685 units of the investment units to be offered above will be sold to overseas investors in overseas markets mainly consisting of Europe and Asia (excluding, however, the United States and Canada)
2. Amount to be paid (issue amount)
   259,136 yen per unit
3. Total amount to be paid (total issue amount) 11,350,156,800 yen
4. Issue price (offer price)
   267,930 yen per unit
5. Total amount of issue price (total offer price) 11,735,334,000 yen
6. Subscription period Thursday, April 15, 2021
7. Payment period for deposit in securities
   From Thursday, April 15, 2021 to Friday, April 16, 2021
8. Payment date
   Tuesday, April 20, 2021
9. Delivery date

Wednesday, April 21, 2021

(Note) The underwriters shall purchase investment units at the amount to be paid (issue amount) and solicit subscriptions in the investment

units at the issue price (offer price).

Disclaimer: This press release is intended to disclose to the public the pricing for issuance of new investment units and secondary offering by KRR, and is not an offer to sell or a solicitation of any offer to buy the securities of KRR in the United States or elsewhere. Please undertake any investment upon your own investigation and responsibility.

This press release does not constitute an offer of securities in the United States of America. The investment units have not been, and will not be, registered under the United States Securities Act of 1933 (the "Securities Act"). The investment units may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

1

1. Secondary offering of investment units (secondary offering through over-allotment)
2. 1. Number of investment units in the secondary offering 2,200 units
   2. Selling price
      267,930 yen per unit
   3. Total selling price 589,446,000 yen
   4. Subscription period Thursday, April 15, 2021
   5. Payment period for deposit in securities
      From Thursday, April 15, 2021 to Friday, April 16, 2021
   6. Delivery date
      Wednesday, April 21, 2021
3. Issuance of new investment units through third-party allotment
4. 1. Amount to be paid (issue amount)
      259,136 yen per unit
   2. Total amount to be paid (total issue amount)
      570,099,200 yen (maximum)
   3. Subscription period (subscription date) Monday, May 17, 2021
   4. Payment date
      Tuesday, May 18, 2021
   5. The issuance of investment units not subscribed during the subscription period (subscription date) as shown in (3) above will be canceled.

Reference:

1. Basis for calculating the issue price and secondary selling price

(1)	Reference date & price	Wednesday, April 14, 2021 274,800 yen
(2)	Discount rate	2.5%

1. Syndicate cover transaction period
   From Friday, April 16, 2021 to Friday, May 14, 2021
2. Amount, use and schedule of expenditure of proceeds
   The proceeds from the primary offering (11,350,156,800 yen) will be used to partially fund the anticipated acquisition of specified properties (the "properties to be acquired") (excluding Unicus Urawamisono (Land)). The maximum proceeds from the third-party allotment of new investment units (570,099,200 yen) will be retained and used to fund part of the acquisition of specified assets or repayment of borrowings in the future.
   For details of the properties to be acquired, please refer to KRR's press release "Notice Concerning Acquisition and Leasing of 4 Properties and Disposition of Property (Unicus Ina (20% quasi-co-ownershipinterest))" released

on April 7, 2021.

(Note) The proceeds will be deposited to a bank until used.

KRR's website address:https://www.krr-reit.com/en/

Disclaimer: This press release is intended to disclose to the public the pricing for issuance of new investment units and secondary offering by KRR, and is not an offer to sell or a solicitation of any offer to buy the securities of KRR in the United States or elsewhere. Please undertake any investment upon your own investigation and responsibility.

This press release does not constitute an offer of securities in the United States of America. The investment units have not been, and will not be, registered under the United States Securities Act of 1933 (the "Securities Act"). The investment units may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

2

This notice is the English translation of the Japanese announcement on April 14, 2021. However, no assurance or warranties are given for the completeness or accuracy of this English translation.

Disclaimer: This press release is intended to disclose to the public the pricing for issuance of new investment units and secondary offering by KRR, and is not an offer to sell or a solicitation of any offer to buy the securities of KRR in the United States or elsewhere. Please undertake any investment upon your own investigation and responsibility.

This press release does not constitute an offer of securities in the United States of America. The investment units have not been, and will not be, registered under the United States Securities Act of 1933 (the "Securities Act"). The investment units may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

3