Kenedix Residential Next Investment : Notice Regarding the General Outline of the Unitholder Benefits Program

Translation of Japanese Original

July 1, 2022

To All Concerned Parties

REIT Issuer:

Kenedix Residential Next Investment Corporation

Representative: Tetsu Kawashima, Executive Director

(Securities Code Number: 3278)

Asset Management Company

Kenedix Real Estate Fund Management, Inc.

Representative: Masahiko Tajima, President & CEO

Contact: Shin Yamamoto, Head of Strategic Planning,

Residential REIT Department

TEL:[phone]

Notice Regarding the General Outline of the Unitholder Benefits Program

Kenedix Residential Next Investment Corporation (the "Investment Corporation") announced today the general

outline of the unitholder benefits program (the "Unitholder Benefit Program") applicable for the 21th fiscal period

(the fiscal period ending July 2022) as follows.

Through the utilization of the Unitholder Benefit Program, the Investment Corporation hopes that the unitholders and their families will be able to achieve healthy longevity.

1. General Outline of the Unitholder Benefit Program

1. Unitholder Eligibility
   Unitholders stated or recorded on the unitholders' register of the Investment Corporation as of July 31, 2022 ("Record Date") will be eligible for the unitholder benefit program. Please note that the final trading date on the Tokyo Stock Exchange will be July 27, 2022.
2. Method for the Use of Benefits
   Please present Semi-annual Report for the fiscal period ending July 2022 (21th fiscal period) and the document setting forth the name, address, etc. of the unitholder, which is enclosed with the Semi-annual Report, to the healthcare facility.
3. Scheduled Date for the Dispatch of the Semi-annual Report and Validity Period Date of dispatch (scheduled): In the late of October 2022
   Validity Period (scheduled) : From the receipt date of the Semi-annual Report to April 30, 2023
4. Benefits

Unitholders owing more than 1 unit will be entitled to the benefits as described below.

■HASEKO SENIOR WELL DESIGN

Benefits	・One-day facility site-visit(lunch included) free of charge
	Unitholder and his / her spouses and his / her relatives (within the second
Eligible Person	degree) ※A resident of the requested healthcare facility and a use in
	conjunction with other discount systems are ineligible.

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Facilities Available	All of the private senior homes with nursing care operated by HASEKO
SENIOR WELL DESIGN as of July 31,2022.

（Note）CENTURY LIFE CORPORATION and Seikatsu Kagaku Un-Ei Co., Ltd. merged with the parent company, Haseko Senior Holdings Co., Ltd. as of October 1, 2021 and the company name was changed to Haseko Senior Well Design Co., Ltd.

■SENIOR LIFE COMPANY

	・≪Lump sum payment plan≫Discount for the initial lump sum payment
	for resident (¥ 300,000 discount)
Benefits	・ Trial residence free of charge (1-night,2-day stay, with dinner and
	breakfast)
	・One-day facility site-visit (with lunch) free of charge
	Unitholder and his / her spouses and his / her relatives (within the second
Eligible Person	degree)
※A resident of the requested healthcare facility and a use in conjunction
	with other discount systems are ineligible
Facilities Available	All of the private senior homes with nursing care and apartment for the
elderly operated by LIXIL SENIOR LIFE COMPANY as of July 31,2022.

■Sompo Care Inc.

	≪ Lump sum payment plan ≫ 3% discount from the initial lump sum
	payment for resident
Benefits	≪Monthly payment Plan≫3% discount of the amount equivalent to the
	rent out of the monthly payments
	(The rent for one month is free at some facilities)
	Unitholder and his / her spouses and his / her relatives (within the second
	degree)
	※This benefit is intended for those who are moving into our facility for the
Eligible Person	first time, a user who has inquired this benefit through agencies, a resident
	of the requested healthcare facility and a user who wishes to receive services
	other than occupancy, such as day services, short stays, etc., are excluded.
	Use in conjunction with other discount systems is ineligible.
	The healthcare facility operated by Sompo Care Inc as of July 31,2022.
	"Sompo Care LAVIERE" "Sompo Care Sompo no ie" "Sompo Care Sompo
	no ie S" "Grapes" (serviced housing for the elderly), Adonisplaza (private
Facilities Available	senior homes (residential))
	However, this benefit is available only for the facilities directly managed
	by Sompo Care Inc.
	Please contact Sompo Care Inc for availability.

■HITOWA Care Service Co., Ltd.

Benefits	・Discount on usage charge for two-month equivalent
	Unitholder and his / her spouses and his / her relatives (within the second
Eligible Person	degree)
※A resident of the requested healthcare facility and an application through
	agencies are ineligible
Facilities Available	All of the private senior homes with nursing care operated by HITOWA
Care Service Co., Ltd as of July 31,2022.

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■Nichii Carepalace Company

Benefits	・Discount on initial move-in costs
Nichii home: ¥ 100,000, Iris Garden: ¥ 50,000 (tax included)
	Unitholder and his / her spouses and his / her relatives (within the third
	degree)
Eligible Person	※A user who has inquired this benefit through agencies, a resident of the
	requested healthcare facility of Nichii home or Iris garden, and an use in
	conjunction with other discount systems are ineligible.
	All of the private senior homes with nursing care operated by Nichii
Facilities Available	Carepalace Company as of July 31,2021.
※Excluding facilities that are no longer operated by Nichii Carepalace
	Company due to a change in operator after July 31, 2022.

■Sawayaka Club Corporation

	・10% discount on usage charge for the first monthly payment.
Benefits	・Trial residence free of charge (1-night,2-day stay, with dinner and
breakfast)
	・One-day facility site-visit(with lunch) free of charge
	Unitholder and his / her spouses and his / her relatives (within the second
Eligible Person	degree)
※A resident of the requested healthcare facility and a use in conjunction
	with other discount systems are ineligible.
Facilities Available	All of the private senior homes with nursing care operated by Sawayaka
Club Corporation as of July 31,2022.

■CARE TWENTYONE CORPORATION

Benefits	・One-day facility site-visit(with lunch) free of charge
	Unitholder and his / her spouses and his / her relatives (within the second
Eligible Person	degree)
※A resident of the requested healthcare facility is ineligible and a use in
	conjunction with other discount systems are unavailable.
Facilities Available	All of the private senior homes with nursing care operated by Care twenty
one Corporation as of July 31,2022.

■Excellent Care System Co., Ltd.

Benefits	・One-day facility site-visit(with lunch) free of charge
	Unitholder and his / her spouses and his / her relatives (within the second
Eligible Person	degree)
※A resident of the requested healthcare facility and a use in conjunction
	with other discount systems are ineligible.
Facilities Available	All of the private senior homes with nursing care operated by Excellent Care
System Co., Ltd. as of July 31,2022.

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■ NM LIFE Co., Ltd.

	・Discount on one-time payment for resident (¥ 200,000 discount)
Benefits	・Trial residence free of charge, up to three times (1-night,2-day stay, with
dinner and breakfast)・Same-day facility site-visit(with lunch) free of
	charge (within the three times)
	Unitholder and his / her spouses and his / her relatives (within the second
Eligible Person	degree)
※A resident of the requested healthcare facility and a use in conjunction
	with other discount systems are ineligible.
Facilities Available	Joy Stage Hachioji

1. Burden of Expenses
   The Investment Corporation agreed with each of the Operators that the Eligible Person as defined above will receive a benefit of a certain amount of discounted payment and other services, etc. by the use of the Benefit Program. Regarding the burden of expenses resulting from this implementation of the Benefit Program, The Investment Corporation is responsible for the expenses for the operation of the Benefit Program and each Operator is responsible for those for the Eligible Person's use of the Benefit Program.
2. Handling of Personal Information
   The Investment Corporation, HASEKO SENIOR WELL DESIGN, SENIOR LIFE COMPANY, Sompo Care Inc., HITOWA Care Service Co., Ltd., Nichii Carepalace Company, Sawayaka Club Corporation, Care twentyone Corporation, Excellent Care System Co., Ltd., NM LIFE Co., Ltd. and each of the available facilities shall use the private information obtained in the course of the operation of the Unitholder Benefit Program only for the purpose of the Unitholder Benefit Program and shall not use it for the objectives other than the purpose of the Unitholder Benefit Program.
3. Others
   The implementation and the contents of the Unitholder Benefit Program are subject to the future changes as determined by the Investment Corporation.
4. Contact Information for Inquiries
   Asset management company：Kenedix Real Estate Fund Management, Inc.
   Phone：[phone]
   Business Hours: 09:00 - 17:00 (except for Saturday, Sunday and year-end and new-year holiday)

* Website URL of the Investment Corporation: https://www.kdr-reit.com/en/

[Provisional Translation Only]

English translation of the original Japanese document is provided solely for information purposes.

Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

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