Kenedix is dedicated to realizingthe full potential of real estate

April 2018Taisuke MiyajimaPresident & CEO of Kenedix, Inc.

Japan’s real estate and financial markets have changed in many ways since Kenedix was established in 1995. As our business climate underwent major changes, we succeeded in growing as an independent real estate asset management company while entering new business domains. Our growth mirrored the expansion of the real estate securitization market, which links the real estate and financial markets. I am very grateful for the support of client investors, financial institutions, business partners, shareholders and all other stakeholders that helped make this accomplishment possible.

We announced Kenedix Vision 2025 in 2015. This long-term vision defines the Kenedix Model as holding properties by using funds that are established and managed by the Kenedix Group rather than owning real estate directly. Kenedix has many core strengths: independence, flexibility and creativity, innovation, expertise, and transparency. These strengths underpin the Kenedix Model of providing a complete lineup of real estate asset management services. We can create investment opportunities for client investors, acquire and manage properties, and sell properties. We are determined to continue using the Kenedix Model to aim for more growth. In a step toward Kenedix Vision 2025, we started a three-year medium-term management plan in 2018 called Partners in Growth, Next 2020. Announced in February 2018, this plan is structured to take the Kenedix Model to an even higher level while increasing our corporate value. Building a stronger infrastructure for achieving both sustained growth and social responsibility is one of major initiatives of the new plan. Everyone at Kenedix has a strong commitment to making our group a provider of ideal and better than ever real estate asset management services.

I ask for your support as the Kenedix Group continues to make progress with our mission of realizing the full potential of real estate.

About Kenedix

Investment Schemes

Client InvestorsEquity Investment

M&A

Loan Investment

Development

Others

Office

Residential

Retail Facility

Logistic Facility

Healthcare Facility

Others

Sovereign Wealth Fund

Opportunistic Investor

Pension Fund

Domestic Financial Institution

Real Estate Investment Trust

Corporation

Property Types

Kenedix provides the best possible investmentopportunities for client investors’needs and risk allowancesSince its inception in 1995, Kenedix has supplied a broad spectrum of investment opportunities in Japan’s real estate market.

Our portfolio assets are not limited to major traditional asset classes such as office buildings, residential properties, retail facilities and logistics facilities, but also include healthcare facilities, hotels, infrastructure facilities and other properties. In addition, our investment schemes are diversified and flexible.

We will take full advantage of Kenedix Group’s skill in information gathering and creative thinking. Our objective is to transform with speed and flexibility the enormous volume of information in Japan’s real estate market into attractive investment opportunities. We are fully committed to serving investors worldwide by tailoring our investment proposals to fit each investor’s needs and risk allowances.

・・・

Kenedix Real Estate Fund Management, Inc.

Kenedix Real Estate Fund Management, Inc. manages private funds as well as J-REITs and one Private REIT, each of which invests in different property types : large office buildings, mid-sized office buildings, residential properties and retail facilities. We provide investment opportunities and asset management services throughout J-REITs and private funds to domestic and oversea investors, pension funds, sovereign wealth funds, and other clients.

A source of comprehensive investment servicesbacked by all of Kenedix Group’s resources

■Address■Representatives

■Establishment■Capital■ Principal shareholder■Business Activity■Business Registration 　 and license

2-1-6 Uchisaiwaicho, Chiyoda-ku, TokyoChairman, Representative Director Ryosuke HommaPresident & CEO Masahiko TajimaMarch 2011¥200 millionKenedix, Inc. (100%)Investment management business●Financial Instruments Business, registered by the Director of Kanto Local Finance Bureau●Member of the Investment Trusts Association●Member of the Japan Investment Advisers Association●Building Lots and Buildings Transaction 　　Business, issued by the Governor of Tokyo●Discretionary Real Estate Transaction 　　License, issued by the Minister of Land, 　　Infrastructure and Transportation

Corporate profile Organization

Kenedix Real Estate Fund Management, Inc.

Listed J-REIT

Mid-sizeOffice

KenedixOffice

InvestmentCorporation

Large-sizeOffice and

Multiple AssetsKenedixPrivateInvestmentCorporation

ResidentialHealthcareHotelsKenedix

Residential NextInvestmentCorporation

Listed J-REIT Private REITListed J-REIT

RetailFacility

KenedixRetail REITCorporation

Office,residential,retail facility,

etc.Private Funds

（mainly discretionary　　 investment business）

Private funds

General Shareholders'Meeting

Board of Directors

President ＆ CEO

Corporate Auditors

Internal Audit Dept.Compliance Officer/Compliance Dept.

Chairman,Representative DirectorCompliance Committee

Residential REITAsset ManagementCommittee

Office REIT Asset Management

Committee

Private FundAsset ManagementCommittee

Residential REIT Dept.Office REIT Dept. Private Fund Dept. Finance &AccountingDept.

BusinessAdministration

Dept.

Retail REITAsset ManagementCommittee

Retail REIT Dept.

Private REITAsset ManagementCommittee

Private REIT Dept.

Investment Properties

Kenedix group acquires office buildings, residential properties, commercial facilities, logistics facilities,senior healthcare facilities and other types of assets. Furthermore, our portfolio includes properties of many sizes.This variety of assets under management is an important characteristic of Kenedix Group.

Assets under management include many asset classesas well as variety within each class

Office Hotel

Retail FacilityResidential Properties Healthcare Facility

■Blumer HAT KobeLocated in Kobe-shi, Hyogo50,538.47㎡ floor area ［5-story］

■ KDX Residence TOYOSULocated in Koto-ku, Tokyo9,081.84㎡ floor area ［8-story with 1 basement floor］

■Sompo Care LAVIERE Kobe TarumiLocated in Kobe-shi, Hyogo4,493.35㎡ floor area ［5-story］

■KDX Tranomon 1chome BuildingLocated in Minato-ku, Tokyo11,212.05㎡ floor area ［11-story with 1 basement floor］

■ remm Roppongi BuildingLocated in Minato-ku, Tokyo14,535㎡ floor area ［21-story with 1 basement floor］

Assets Under Management（AUM）

AUM at the Kenedix Group totals ￥2 trillionThe Kenedix Group has increased AUM consistently by adapting with flexibility to changes in market conditions.In 2017, AUM surpassed ¥2 trillion. In order to strategically boost total AUM,the Group manages diversified range of asset classes, with properties centered in the Tokyo metropolitan area,and actively takes measures to increase AUM in its REITs, etc.

■ Breakdown of AUM （FY2017）

PrincipalAccount 5%

PrivateFunds24%

REITs（incl.Private REIT）

71%

OtherAreas8%

KansaiArea11%

TokyoMetropolitan Area

76%

Others（incl.Healthcare Facilities）

8%

LogisticsFacilities14%

RetailFacilities14%

OfficeBuildings47%

ResidentialProperties17%

（Billions of Yen）■ Growth of AUM

Chubu Area 5%

GeographicCoverage

ClientInvestors

PropertyCategory

FY2008

846.8

FY2009

939.8

1,097.9

FY2010 FY2011

1,111.3

FY2012

1,117.71,206.3

FY2013

1,480.6

FY2014

1,644.3

FY2015

1,703.0

FY2016

2,003.3

FY2017

（as of December 2017）

Corporate Profile

Kenedix, Inc.　

Taisuke Miyajima

April 1995

40,271,445,062YEN

Kenedix Group：304 ／Kenedix：96

2-1-6 Uchisaiwaicho, Chiyoda-ku, Tokyo, 100-0011 Japan

Kenedix Real Estate Fund Management, Inc.

Kenedix Property Management, Inc.

Space Design Inc.

Bit Realty, Inc.

Kenedix Asia Pte. Ltd.

Kenedix Westwood, LLC

Premier REIT Advisors Co., Ltd.

MUL Realty Advisors Co., Ltd.

SQUEEZE Inc.

KW Multi-family Management Group, LLC

http://www.kenedix.com/eng/

■Corporate name :

■ President and CEO :

■Established :

■Capital :

■ Employees :

■Headquarters :

■ Subsidiary :

■Affiliated Companies :

■HP :

■Organization :

Compliance Dept.

Corporate Compliance Committee

Fund Compliance Committee

Fund Management Committee

Support Line Council

Board ofDirectors

Equity InvestmentCommittee

Nomination and RemunerationAdvisory Committees

Chairman CEO and PresidentGeneralShareholders' Meeting Fund Management Dept.

Strategic Investment Dept.

Corporate Planning Dept.

Equity Investment Dept.

Finance & Accounting Dept.

General Administration &Human Resources Dept.

Strategic Investment Div.1

Strategic Investment Div.2

Strategic Investment Div.3

Real Estate Solution Div

Fund Management Div.1

Fund Management Div.2

Development FundManagement Div.

Fund Administration Div.

Business Development Dept.

Board of Corporate Auditors

InternalAudit Dept.

Corporate CommunicationsOffice

（as of April 2018）

（as of December 2017）

History

1995

1999

2002200320042005

20052007

2008201020122012

2013

201420142014

201520152015

2016201720172017

2017

Apr

Feb

FebNovDecMay

JulApr

AugJunAprDec

Oct

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FebMayJul

MarFebMarAug

Dec

Incorporates as Kennedy-Wilson Japan Co., Ltd. as a consolidated subsidiary of the U.S. Kennedy-Wilson, Inc., for the purpose of providing real estate investment advisory services in Japan.Supports investment opportunity for the data center building in Kawasaki, arranging Japan's first non-recourse loan for real estate. Kenedix enters in asset management business.Lists on the Osaka Securities Exchange.Forms pension fund-based real estate investment fund.Lists on the First Section of Tokyo Stock Exchange.Changes company name to Kenedix, Inc.Japan Logistics Fund, Inc., Japan's first real estate investment trust specialized in logistics facilities, lists on the Tokyo Stock Exchange.Kenedix Office Investment Corporation lists on the Tokyo Stock Exchange.Challenger Kenedix Japan Trust, a joint venture with Challenger Financial Service Group Limited, lists on the Australian Stock Exchange.（Delisted in 2010）Forms a private fund with German investor, investing mainly in suburban commercial facilities.Kenedix group's AUM exceed ¥1 trillion.Kenedix Residential Investment Corporation lists on the Tokyo Stock Exchange.Kenedix started asset management for the Shinsei Bank’s former headquarters Bldg in Chiyoda-ku Uchisaiwaicho.Reorganization of Kenedix Group 3 asset management companies has completed and the change of trade name to Kenedix Real Estate Fund Management, Inc.Space Design, Inc. becomes a subsidiary of Kenedix.Kenedix establishes Kenedix Property Management Inc. as a subsidiary.Kenedix Private Investment Corporation starts operations.Kenedix purchases a 30% equity interest in Premier REIT Advisors Co., Ltd., an asset management company of Premier Investment Corporation.Kenedix Retail REIT Corporation lists on the Tokyo Stock Exchange.Kenedix establishes Kenedix Asia Pte. Ltd. in Singapore. Japan Senior Living Investment Corporation lists on the Tokyo Stock Exchange.Kenedix Property Management Inc., a wholly owned subsidiany of Kenedix,establishes Kenedix Engineering, inc.Kenedix establishes Kenedix Shizen Energy Fund.Kenedix establishes an equity and business alliance with CRE, Inc. and purchases CRE stock.Kenedix subsidiary participates in AmanahRaya REIT, a listed REIT in Malaysia, as a sponsor.Kenedix establishes Bit Realty, Inc. to operate a crowdfunding business for real estate in collaboration with Nomura Research Institute, Ltd.Kenedix Group's AUM exceeds ¥2 trillion.