Daiwa Securities Living Investment : Notice Concerning Amendment to the Articles of Incorporation and Appointment of Directors

English Translation

The following is an English translation of the Japanese original press release and is being provided for information purposes only.

November 17, 202１

To All Concerned Parties

REIT Issuer: Daiwa Securities Living Investment Corporation

6-2-1 Ginza, Chuo-ku, Tokyo 104-0061

Ikuo Shoda, Executive Director

(Securities Code: 8986)

Asset Manager: Daiwa Real Estate Asset Management Co. Ltd.

Toshio Fukushima, President and Chief Executive Officer

Inquiries: Kentaro Azumi, General Manager, Corporate Division

Tel: [phone]

Notice Concerning Amendment to the Articles of Incorporation and Appointment of Directors

Daiwa Securities Living Investment Corporation (hereinafter referred to as the "Investment Corporation") announces that it has decided, at its Board of Directors meeting held today, to submit the agenda concerning amendments to the articles of incorporation and appointment of directors as described below to the 14th General Meeting of Unitholders scheduled to be held on December 21, 2021 (hereinafter referred to as the "General Meeting of Unitholders").

1. Outline and Reason for Amendments to the Articles of Incorporation (Resolution 1)

(1) In conjunction with the application of Corporate Accounting Standard No. 10 "Accounting Standard for Financial Instruments," which was revised on July 4, 2019 (includes relevant newly formulated and revised corporate standards and applicable guidelines), the necessary changes will be made to the asset valuation method (related to Article 14 of the current Articles of Incorporation).

(2) The necessary addition and revision of phrases will be made in relation to the provisions on the convocation and chair of meetings of the Board of Directors of the Investment Corporation (related to Article 30 of the current Articles of Incorporation).

(Please refer to the attached "Convocation Notice of the 14th General Meeting of Unitholders" for further details on the changes to the Articles of Incorporation.)

2. Appointment of One (1) Executive Director (Resolution 2)

Since Executive Directors Ikuo Shoda and Shunichi Suzuki have shown their intention to resign upon the conclusion of this General Meeting of Unitholders owing to the adjustment of tenure, the Investment Corporation requests for the appointment of one Executive Director at the General Meeting of Unitholders. It should be noted that the tenure of Executive Directors in this proposal shall be subject to the provisions of Article 99, Paragraph 2 of the Investment Trust Act and the proviso of Article 28, Paragraph 1 of the Articles of Incorporation, and shall be from the date of appointment of December 21, 2021 until the conclusion of the General Meeting of Unitholders at which the appointment of an Executive Director has been proposed and which is held within 30 days after the day following that on which two years have passed since appointment.

(Please refer to the attached "Convocation Notice of the 14th General Meeting of Unitholders" for further details on the appointment of one Executive Director.)

3. Appointment of One (1) Substitute Executive Director (Resolution 3)

To prepare for cases where an Executive Director is missing or where there are fewer Executive Directors than the

number prescribed in laws and ordinances, the Investment Corporation requests the advance appointment of one substitute Executive Director. The tenure in the case of the substitute Executive Director appointed in this proposal becoming an Executive Director, based on the provisions of the third sentence of Article 28, Paragraph 1 of the Articles of Incorporation, shall be subject to the application of the provisions of Article 99, Paragraph 2 of the Investment Trust Act and the proviso of Article 28, Paragraph 1 of the Articles of Incorporation.

It should be noted that in this Proposal, the period during which the resolution on the appointment of a substitute

Executive Director shall have effect, based on the provisions of Article 28, Paragraph 2 of the Articles of Incorporation, shall be until the expiration of the tenure of the Executive Director in Proposal 2.

(Please refer to the attached "Convocation Notice of the 14th General Meeting of Unitholders" for further details on the appointment of one substitute Executive Director.)

4. Appointment of Two (2) Supervisory Directors (Resolution 4)

Since Supervisory Directors Kouhei Yabuta, Jun Nagamine, and Chizuko Nakata have shown their intention to resign upon the conclusion of the General Meeting of Unitholders owing to the adjustment of tenure, the Investment Corporation requests the appointment of two Supervisory Directors at the General Meeting of Unitholders. It should be noted that the tenure of Supervisory Directors in this proposal shall be subject to the provisions of Article 99, Paragraph 2 of the Investment Trust Act to which Article 101, Paragraph 2 of the Act applies mutatis mutandis and the proviso of Article 28, Paragraph 1 of the Articles of Incorporation, and shall be from the date of appointment of December 21, 2021 until the conclusion of the General Meeting of Unitholders at which the appointment of a Supervisory Director has been proposed and which is held within 30 days after the day following that on which two years have passed since appointment.

(Please refer to the attached "Convocation Notice of the 14th General Meeting of Unitholders" for further details on

English Translation

The following is an English translation of the Japanese original press release and is being provided for information purposes only.

the appointment of two supervisory directors.)

5. Schedule

November 17, 2021:

Board of Directors Meeting to Approve the Agenda to be submitted to the General Meeting of Unitholders December 1, 2021 (scheduled):

Dispatch of Convocation Notice of the General Meeting of Unitholders

December 21, 2021 (scheduled):

Date of the General Meeting of Unitholders

Attachment: Convocation Notice of the 14th General Meeting of Unitholders

*URL:https://www.daiwa-securities-living.co.jp/en/

(Securities Code: 8986)

December 1, 2021

D e a r U n i t h o l d e r s :

6 - 2 - 1 , G i n z a , C h u o - k u , T o k y o

Daiwa Securities Living Investment Corporation

Executive Director Ikuo Shoda

Convocation Notice of the 14th General Meeting of Unitholders

This is to inform you that the 14th General Meeting of Unitholders of Daiwa Securities Living Investment Corporation ("Investment Corporation") will be held as described below. You are cordially invited to attend the General Meeting of Unitholders.

From the perspective of preventing the spread of the novel coronavirus, please make a careful decision whether or not to attend the General Meeting of Unitholders. Please note that you may exercise your voting rights via the voting rights exercise form if you will not attend the meeting in person. In such case, you are requested to carefully examine the attached "Reference Documents Concerning the General Meeting of Unitholders" and, after indicating your vote for or against each proposal on the enclosed voting rights exercise form, to send such form to us, ensuring that the form will reach us by no later than 5:00 p.m. on Monday, December 20, 2021.

In accordance with Article 93, Paragraph 1 of the Act Concerning Investment Trusts and Investment Corporations, the Investment Corporation has set out the provisions concerning "Deemed Approval" in Article 24 of the current Articles of Incorporation.

Accordingly, please be aware that if you are not present at the General Meeting of Unitholders and do not exercise your voting rights via the voting rights exercise form, your voting rights will be included in the number of voting rights of the unitholders in attendance and the Investment Corporation will deem that you have voted in favor of each proposal submitted to the General Meeting of Unitholders.

(Extract from the Current Articles of Incorporation of the Investment Corporation) Article 24 (Deemed Approval)

1. Any unitholder who does not attend a general meeting of unitholders and does not exercise his/her voting rights shall be deemed to be in favor of any proposal submitted to such general meeting of unitholders (provided, however, that in cases where two or more proposals are submitted and any such proposal is in conflict in its nature with another proposal, both of such proposals shall be excluded from such deemed approval).
2. The number of voting rights owned by the unitholder deemed to be in favor of a proposal in accordance with the preceding paragraph shall be included in the number of voting rights of the unitholders in attendance.

		Details
1.	Date and Time:	December 21, 2021 (Tuesday) at 10:00 a.m.
2.	Place:	18th Floor, GranTokyo North Tower
		1-9-1 Marunouchi, Chiyoda-ku, Tokyo
		(Please refer to the venue map provided at the end of this
		document.)

3. Purpose of the General Meeting of Unitholders: Resolutions

Resolution 1 Amendments to the Articles of Incorporation

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Resolution 2 Appointment of One (1) Executive Director Resolution 3 Appointment of One (1) Substitute Executive Director Resolution 4 Appointment of Two (2) Supervisory Directors

END

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• If you attend the General Meeting of Unitholders in person, please submit the enclosed voting rights exercise form to the receptionist at the venue.
• If you choose to exercise your voting rights by proxy, you may appoint another unitholder with voting rights to attend the General Meeting of Unitholders as your proxy. In such case, such proxy shall submit your voting rights exercise form together with a document certifying the status of the proxy.
• Method of publicizing in the case of revision of the Reference Documents Concerning the General Meeting of Unitholders:
  Please note that any revisions that are required to be made, by the date preceding the date of the General Meeting of Unitholders, to the matters included in the Reference Documents Concerning the General Meeting of Unitholders will be posted on the Investment Corporation's website (https://www.daiwa-securities-living.co.jp/).
• Measures will be taken at the General Meeting of Unitholders to prevent the spread of coronavirus infections based on the current infection status, etc., within Japan. Please refer to "Action to Prevent the Spread of Novel Coronavirus Infections" provided later in this document for details. In addition, changes may be made to the operation of the General Meeting of Unitholders depending on the future situation. Any changes will be described on the Investment Corporation's website (https://www.daiwa-securities-living.co.jp/), so please check this as well.
• With the objective of minimizing the time spent by unitholders at the meeting venue, the decision has been made by the asset management company of the Investment Corporation to not hold a "Session of Asset Management Report," which is traditionally held after the conclusion of the General Meeting of Unitholders. We ask for your understanding.
• We will not be providing souvenirs to unitholders who attend the General Meeting of Unitholders in person. We ask for your understanding.

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Action to Prevent the Spread of Novel Coronavirus Infections

The Investment Corporation, based on the infection status of the novel coronavirus within Japan, with the objective of ensuring the safety of all unitholders and preventing the spread of infections, and in reference to the "Q&A on the Operation of General Shareholders' Meetings" published by the Ministry of Economy, Trade and Industry and the Ministry of Justice on April 2, 2020 (includes subsequent updates thereto), plans to take the following action. We ask for the understanding and cooperation of all unitholders.

・As voting rights for the General Meeting of Unitholders can be exercised in writing, we ask that all shareholders refrain from attending the General Meeting of Unitholders to the extent possible, and consider exercising their voting rights by mailing the enclosed voting right exercise form in advance of the meeting.

・For unitholders who are considering attending the General Meeting of Unitholders, please note that the safety of all unitholders is our top priority, and we ask that you pay attention to your own health condition, the situation of the novel coronavirus pandemic on the meeting date, and the status of government action, as well as refrain from taking any risks.

・In particular, if you are elderly, have an underlying condition, are pregnant, or have any other health conditions, please consider refraining from attending the General Meeting of Unitholders.

・On the day of the meeting, from the perspective of reducing the risk of novel coronavirus infections, we plan to increase the spacing between seats, which will mean we will have a lower capacity compared with previous years, and may not have a sufficient number of seats available. Please be advised in advance that you may not be granted entry to the meeting venue if there are not enough seats available.

・Please be advised that candidate officers, candidate substitute officers, and general management staff will be wearing masks, etc., while taking part in the meeting; we ask for your understanding.

・We would like to ask that all unitholders in attendance arrive at the meeting wearing a mask, etc., and provide their cooperation by disinfecting their hands with sanitizer at the meeting reception desk. Please be advised that unitholders who do not cooperate may be refused entry to the venue.

・Body temperatures will be checked at the venue entrance. Unitholders who have symptoms such as a fever of 37.5℃ or higher or a cough at the time of the measurement will be refused entry to the General Meeting of Unitholders; we ask for your understanding.

・Please be advised that the event management staff may ask you to leave if you appear to be unwell during the General Meeting of Unitholders; we ask for your understanding.

・The measures described above may result in crowding in the reception area. The venue will open at 9:30 a.m. on the day, so please allow for plenty of time when coming to the venue.

・In addition to the above, from the perspective of maintaining the order of the General Meeting of Unitholders and preventing the spread of novel coronavirus infections, we may take other necessary measures; we kindly ask for your understanding.

It should be noted that depending on future changes to the situation and guidance and requests, etc., from government agencies, notifications concerning the postponement of the General Meeting of Unitholders, the changing of the venue, or the changing of the responses described above, etc., may be posted on the Investment Corporation's website (https://www.daiwa-securities-living.co.jp/), so please also be sure to check this.

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