August 5, 2022
To Our Unitholders:Daiwa Office Investment Corporation

6-2-1 Ginza, Chuo-ku, Tokyo
Representative: Seiya Miyamoto, Executive Director(Securities Code: 8976)

Notice of Convocation of the 12nd General Meeting of Unitholders
We hereby inform you that the 12nd General Meeting of Unitholders of Daiwa Office Investment
Corporation (the “Investment Corporation”) will be held in accordance with the following particulars, andyou are cordially invited to attend such meeting.
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 meetingin 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 theform will reach us by no later than 5:00 p.m. on Monday, August 25, 2022.
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” inArticle 14 of the current Articles of Incorporation.
Accordingly, please be aware that if you are not present at the General Meeting of Unitholders anddo 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<Excerpt from the Articles of Incorporation of the Investment Corporation>
Article 14 (Deemed Approval)
1. Any unitholder who does not attend a General Meeting of Unitholders and does not exercise his/hervoting rights shall be deemed to have approved the proposals presented to such General Meeting ofUnitholders (provided, however, that in cases where two or more proposals are presented and any
such proposal is in conflict with another proposal, both of such proposals shall be excluded from suchdeemed approval).
2. The number of voting rights held by the unitholder deemed to have approved the proposals inaccordance with the preceding Paragraph shall be counted in the number of voting rights of theunitholders in attendance.

1.
2.

3.

Details
August 26, 2022(Friday) at 10:00 a.m.
(The reception desk will open at 9:30 a.m.）
Venue:
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.)
Purpose of the General Meeting of Unitholders:AgendaProposal 1:
Amendments to the Articles of Incorporation
Proposal 2:
Appointment of One Executive Director
Proposal 3:
Appointment of One Substitute Executive Director
Rroposal 4:
Appointment of Two Supervisory Directors
The details of the proposals are as set forth in the following “Reference
Documents for the General Meeting of Unitholders.”
Date and Time:

1- End -

• If you attend the General Meeting of Unitholders in person, please submit the enclosed voting rights
exercise form to the receptionist at the venue.
• 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 theGeneral Meeting of Unitholders, to the matters included in the Reference Documents Concerning theGeneral Meeting of Unitholders will be posted on the Investment Corporation’s website(https://www.daiwa-office.co.jp/en/)• 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.daiwaoffice.co.jp/en/), so please check this as well.
• 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 yourvoting rights exercise form together with a document certifying the status of the proxy.
• If you redundantly exercise your voting rights by using the Exercise of Voting Rights Form, only the votelastly made shall be deemed to be effective.
• 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 ofAsset Management Report,” which is traditionally held after the conclusion of the General Meeting ofUnitholders. We ask for your understanding.

2

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 spreadof 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 theunderstanding and cooperation of all unitholders.

<Request to 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, andconsider exercising their voting rights by mailing the enclosed voting right exercise form in advance of themeeting.
・For unitholders who are considering attending the General Meeting of Unitholders, please note that thesafety of all unitholders is our top priority, and we ask that you pay attention to your own healthcondition, the situation of the novel coronavirus pandemic on the meeting date, and the status ofgovernment 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 healthconditions, please consider refraining from attending the General Meeting of Unitholders.

<Requests for Unitholders who will be in Attendance>
・On the day of the meeting, from the perspective of reducing the risk of novel coronavirus infections, weplan to increase the spacing between seats, which will mean we will have a lower capacity comparedwith previous years, and may not have a sufficient number of seats available. Please be advised inadvance 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., andprovide their cooperation by disinfecting their hands with sanitizer at the meeting reception desk. Pleasebe 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 afever of 37.5℃ or higher or a cough at the time of the measurement will be refused entry to theGeneral 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 unwellduring 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
3

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 ofUnitholders 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 Meetingof 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-office.co.jp/en/), so pleasealso be sure to check this.

4Reference Documents Concerning the General Meeting of Unitholders
Proposals and Reference Information:
Proposal 1: Amendments to the Articles of Incorporation
1. Reasons for Amending the Articles of Incorporation(1)The amended provisions stipulated in the proviso of Article 1 of the supplementary provisions of the“Act Partially Amending the Companies Act” (Act No. 70 of 2019) (this includes related amendments
to the Act on Investment Trusts and Investment Corporations and other relevant legislation) will be
enforced on September 1, 2022. Accordingly, in order to prepare for the introduction of the systemfor electronic provision of materials for general meetings of unitholders, the Articles of Incorporationof the Investment Corporation shall be amended as follows.
i.

Information contained in the reference documents for the general meeting of unitholders, etc.
shall be provided electronically (proposed Article 9-2, Paragraph 1).

ii. A provision shall be established to limit the scope of matters to be included in the paper copy
to be sent to unitholders who have requested it (proposed Article 9-2, Paragraph 2).
iii. In line with the above amendments, the article in which a certain defined term is defined in thecurrent Articles of Incorporation shall be adjusted (Article 34, Paragraph 3 of the current
Articles of Incorporation).
iv. So that the newly established provisions described in i. and ii. above become effective on
September 1, 2022, which is the date of enforcement of the amended Act, a supplementaryprovision to this effect shall be established, which shall be deleted after the new provisions
have become effective (proposed Article 35).
(2) Notations of years shall be amended from the Japanese imperial calendar to the Westerncalendar (Article 9, Paragraph 3, Article 15, and establishment/amendment history of the current
Articles of Incorporation) (Changed in Japanese only; English unchanged).
(3) In conjunction with the application of Corporate Accounting Standard No. 10 “AccountingStandard 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 Proposed Amendments Appendix 2).
2. Details of the Amendments to the Articles of Incorporation
The details of the amendments are set forth below.
(Changed portions are underlined.)
Current Articles of Incorporation

Proposed Amendments

Article 9 (Convocation)
Article 9 (Convocation)
1～2. (Omitted)
1–2. (Unchanged)
3. The General Meeting of Unitholders of the 3.(Changed in Japanese only; English
Investment Corporation shall be convened unchanged)
on August 1, 2016 or after said date4.(Unchanged)
without delay and convened every two
years thereafter on August 1 or after said
date without delay. In addition, theInvestment Corporation may convene a
GeneralMeeting of Unitholders as needed whennecessary.
4. (Omitted)(New Provision)
Article 9-2 (Measures for Electronic
Provision, etc.)(New Provision)
1. The Investment Corporation shall, whenconvening a General Meeting of5

(New Provision)

Unitholders, provide information
contained in the reference documents
for the General Meeting of Unitholders,etc. electronically.
2. Among the matters to be provided
electronically, the Investment
Corporation may choose not to include
all or part of the matters stipulated in the
Ordinance for Enforcement of the Act on
Investment Trusts and Investment
Corporations (Prime Minister's Office
Ordinance No. 129 of November 17,
2000; including amendments thereto)(the “Investment Trusts Act Enforcement
Ordinance”) in the paper copy to be sent
to unitholders who have requested it by
the record date for voting rights.

Article 15 (Record Date)
Article 15 (Record Date)
In cases where the Investment(Changed in Japanese only; English
Corporation is to convene theunchanged)
General Meeting of Unitholders pursuant
to the provisions of the first sentence ofParagraph 3 of Article 9, the Investment
Corporation shall determine theunitholders or registered pledgees ofinvestment units stated or recorded in the
final register of unitholders on the last dayof May 2016 and the last day of May of
every two years thereafter as theunitholders or registered pledgees ofinvestment units who may exercise rights
at such General Meeting of Unitholders. In
addition, in cases where the Investment
Corporation is to convene the General
Meeting of Unitholders pursuant to theprovisions of the second sentence ofParagraph 3 of Article 9, the unitholders
or registered pledgees of investment units
who may exercise rights at such General
Meeting of Unitholders shall, in principle,
be the unitholders or registered pledgeesof investment units stated or recorded in
the final register of unitholders as of therecord date determined by the Investment
Corporation by resolution of the Board of
Directors and for which public notice isgiven in advance in accordance with laws
and regulations.
Article 34 (Entrustment of Business
Article 34 (Entrustment of Business
Affairs and Business)
Affairs and Business)
1～2. (Omitted)
1–2. (Unchanged)
3. Concerning business affairs related to
3. Concerning business affairs related tosolicitation of persons to subscribe forsolicitation of persons to subscribe forinvestment units and investment
investment units and investment
corporation bonds that the Investment
corporation bonds that the Investment
Corporation issues, preparation andCorporation issues, preparation andkeeping of the register of investment
keeping of the register of investment
corporation bonds and other businesscorporation bonds and other businessaffairs related to the register of investment
affairs related to the register of investment
corporation bonds, business affairs
corporation bonds, business affairs
related to issuance of investment
related to issuance of investment
securities and investment corporation
securities and investment corporationbond certificates, and business affairs
bond certificates, and business affairs
pertaining to creditors of investment
pertaining to creditors of investment
corporation bonds (meaning the businesscorporation bonds (meaning the businessaffairs provided in Item 4 and Item 5 ofaffairs provided in Item 4 and Item 5 ofParagraph 2 of Article 169 of theParagraph 2 of Article 169 of theInvestment Trusts Act Enforcement
Ordinance for Enforcement of the Act on
Investment Trusts and Investment
Ordinance), each of these business affairs
Corporations (Prime Minister’s Officeshall be entrusted to a general6

Ordinance No. 129 of 2000; including
amendments thereto) (the “Investment
Trusts Act Enforcement Ordinance”)),
each of these business affairs shall be
entrusted to a general administrator
specified by the Board of Directors as
appropriate

administrator specified by the Board of
Directors as appropriate(New Provision)

Chapter 11 Supplementary Provisions
Article 35 (Entry into Force of Revisions)
The revision pertaining to new
establishment of Article 9-2 shall become
effective on September 1, 2022. This
chapter shall be deleted after the said
revision becomes effective.
Establishment and Revision History(Changed in Japanese only; English
unchanged)(New Provision)

Establishment and Revision History
establishment July 7, 2005
revision September 1, 2005
revision September 9, 2005
revision June 27, 2007
revision October 31, 2008
revision August 20, 2010
revision August 20, 2012
revision August 19, 2014
revision August 19, 2016
revision August 20, 2018
revision December 1, 2018
(New Provision)

revision August 26, 2022

Appendix 2
Appendix 2
Methods, Standards and Record Date for Methods, Standards and Record Date for
Asset Valuation
Asset Valuation
1. (Omitted)
1.(Unchanged)(1)～(2) (Omitted)(1)–(2) (Unchanged)(3) Real estate-backed securities(3) Real estate-backed securities and
The valuation shall use the value
securities (limited to those set forth inbased on the market price in cases
Item 7 of Paragraph 4 of (Targets of
where the relevant real estate-backed
Asset Management) in Appendix 1)
securities have a market price (theIn cases of classification as a hold-toquoted price on a financial instruments
maturity bond, the valuation shall use
exchange or price published by Japanthe acquisition value. However, in
Securities Dealers Association, etc., orcases where a bond has been
similar trading price agreed upon in aacquired at a value that is lower ortrading system that allows trading,higher than the bond amount, whereencashment, etc. at any time;
the nature of the difference between
hereinafter the same). In cases where
the acquisition value and the bondthere is no market price, valuation may
amount is recognized as an interest
be in the acquisition value.
rate adjustment, the valuation shalluse the value calculated by theamortized cost method. In cases ofclassification as other securities, thevaluation shall use fair value.
However, for stocks, etc. that have nomarket price, the valuation shall be in
the acquisition value.
(4) Securities (limited to those set forth in(Deleted)
Item 7 of Paragraph 4 of (Targets ofAsset Management) in Appendix 1)
The valuation shall use the value basedon market price where the relevant
securities have a market price. In
addition, in cases where there is nomarket price, the valuation shall be in areasonably estimated value. However,in cases where there is no reasonably
estimated value, valuation may be in
the acquisition value.
(5) Monetary claims (Omitted)(4) Monetary claims (Unchanged)(6) Rights to derivative transactions(5) Rights to derivative transactions
The valuation of claims and
The valuation of net claims andobligations arising from derivative
obligations arising from derivative

7

transactions listed on a financialtransactions shall be in fair value.
instruments exchange shall use theNotwithstanding the foregoing, hedge
accounting may be applied to those
final price on the relevant financial
where hedge accounting is recognized
instruments exchange (the closing
to be applicable in accordance withprice; if there is no closing price, thengenerally accepted accounting
the indicative price (the lowest
principles and practices. Further,indicative offer price or highest
special treatment for interest swaps
indicative bid price published; if both of
may be applied to those that satisfy
these are published, then the mid
the requirements of special treatment
price of these)). In cases where there
for interest swaps set forth in theis no final price on the same date, the
Accounting Standard for Financial
valuation shall use the most recent
Instruments.
final price prior to that date.
The valuation of claims andobligations arising from unlisted
derivative transactions with no market
price on a financial instruments
exchange shall be in the value
reasonably estimated as being
equivalent to market price if suchvalue can be obtained. In the case ofderivative transactions where a fairvaluation is recognized to be
extremely difficult, the valuation shallbe in the acquisition value.
Notwithstanding the foregoing, hedge
accounting may be applied to thosewhere hedge accounting is recognized
to be applicable in accordance withgenerally accepted accounting
principles and practices. Further,
special treatment for interest swaps
may be applied to those that satisfy
the requirements of special treatment
for interest swaps set forth in the
Accounting Standard for Financial
Instruments.
(7) Moneys and other beneficial interests (6) Moneys and other beneficial interestsof a trustof a trust
The valuation shall be in the total
The valuation shall be in the total
amount of the valuations of individual
amount of the valuations of individual
assets that comprise a trust property
assets that comprise a trust property
according to (1) through (6) above andaccording to (1) through (5) above and(8) below.
(7) below.
(8) Other assets(7) Other assets
Concerning assets not stipulatedConcerning assets not stipulated under
under (1) through (7) above, the(1) through (6) above, the valuation
valuation shall be in the amount ofshall be in the amount of valuation
valuation given in accordance withgiven in accordance with generally
generally accepted accounting
accepted accounting principles andprinciples and practices.
practices.
2. (Omitted)
2.
(Unchanged)
3. The record date for valuation of assets 3. The record date for valuation of assets
shall, in principle, be the fiscal year-end.
shall, in principle, be the fiscal year-end.
However, for assets set forth in Item (3)However, for assets set forth in Item (3)and (4) of Paragraph 1 for which theof Paragraph 1 for which the value
value based on market price may bebased on market price may be used forused for valuation, the record date shallvaluation, the record date shall be thebe the last day of each month.
last day of each month.

8

Proposal 2:
Appointment of One Executive Director
As the term of office of the incumbent Executive Director Seiya Miyamoto will end upon the
conclusion of the upcoming General Meeting of Unitholders, it is proposed to newly appoint one
Executive Director.
By application of Article 99, Paragraph 2 of the Investment Trusts Act and the proviso to the first
sentence of Article 18, Paragraph 2 of the Articles of Incorporation of the Investment Corporation,
the term of office of the Executive Director based on this proposal shall begin upon theappointment on August 26, 2022 and end upon the conclusion of the General Meeting ofUnitholders with appointment of Executive Director as a proposed agenda that is to be held within
30 days of the day following the day on which 2 years have elapsed from the appointment.
Please note that this proposal concerning appointment of Executive Director is one that has been
submitted based on the unanimous consent of the Supervisory Directors at the meeting of theBoard of Directors held on July 21, 2022.
The candidate for Executive Director is as follows:
Name(Date of birth)

Career summary and status of significant concurrent positions
Apr. 1983

Joined Daiwa Securities Co. Ltd. (currently, Daiwa Securities
Group Inc.)
Nagoya Corporate Clients Marketing Dept II.

Jul. 1996

Ikebukuro Nishiguchi Branch Manager, Daiwa Securities Co.

May. 2000

Takasaki Branch Manager, Daiwa Securities Co. Ltd.

Jun. 2002

Managing Director, Retail Marketing Strategy Dept., Daiwa

Jun. 2003

Area Manager, Head Office and Head manager, Daiwa

Ltd.

Securities Co. Ltd.
Securities Co. Ltd.
Apr. 2006

Senior Managing Director, Unit II and Investment Banking

Nov. 2007

Senior Managing Director, Sales and Investment Banking

Division II, Daiwa Securities Co. Ltd.

Keiichi Sakai(July 15, 1960)

Sales, Daiwa Securities Co. Ltd.
Apr. 2009

Executive Managing Director, Retail Marketing Strategy

Apr. 2011

Executive Managing Director, Sales Dept, Daiwa Securities

Dept, Daiwa Securities Co. Ltd.
Co. Ltd.
Apr. 2012

Director, Daiwa Asset Management Co.Ltd.（currently,
Daiwa Asset Management Co.Ltd.）
Executive Managing Director and Deputy Director ofMarketing, Daiwa Securities Co. Ltd.

Apr. 2016

Director and Senior Managing Executive Director and Deputy
Director of Marketing, Daiwa Asset Management Co.Ltd.

Apr. 2018

Senior Managing Director and Deputy President, Retela Crea
Securities Co.,Ltd.

Number ofinvestment units of
the Investment
Corporation held

1.

Jun. 2018

President, Retela Crea Securities Co.,Ltd.

Jun. 2021

Adviser, Retela Crea Securities Co.,Ltd.

Mar. 2022

Retired from Retela Crea Securities Co.,Ltd.

None

The above-referenced candidate for Executive Director does not hold any investment
units of the Investment Corporation.
92．The Investment Corporation shall execute an officer, etc., liability insurance contract asprescribed in Article 116-3, Paragraph 1 of the Act on Investment Trusts and Investment
Corporations with an insurance company, and damage such as compensation fordamages and litigation expenses, etc., borne as a result of having become subject to aclaim for compensation for damages due to an act performed by a covered person in
relation to their work as an officer of the Investment Corporation shall be covered by said
insurance contract. In the event of the above-referenced candidates for Supervisory
Directors being appointed as Supervisory Directors, they shall be included in the persons
covered by said insurance contract. In addition, the Investment Corporation plans to
execute a further contract with the same content upon the expiration of the term of said
insurance contract.

10

Proposal 3: Appointment of One Substitute Executive Director
In preparation for any vacancy in the position of Executive Director of the Investment
Corporation or any shortfall in the number of Executive Directors of the Investment Corporation
legally required, it is proposed to appoint one substitute Executive Director in advance.
Pursuant to the provisions of the third sentence of Article 18, Paragraph 2 of the Articles ofIncorporation of the Investment Corporation, the provisions of Article 99, Paragraph 2 of theInvestment Trusts Act and the proviso to the first sentence of Article 18, Paragraph 2 of the
Articles of Incorporation of the Investment Corporation shall also apply to the term of office in theevent that the substitute Executive Director appointed based on this proposal becomes Executive
Director.
Pursuant to the provisions of Article 18, Paragraph 3 of the Articles of Incorporation of theInvestment Corporation, the period that the resolution concerning appointment of substituteExecutive Director based on this proposal remains effective shall be until the end of the term ofoffice of the Executive Director under Proposal 2.
Please note that this proposal concerning appointment of substitute Executive Director is one
that has been submitted based on the unanimous consent of the Supervisory Directors at themeeting of the Board of Directors held on July 21, 2022.
The candidate for substitute Executive Director is as follows:
Name(Date of birth)

Career summary and status of significant concurrent positions
Apr. 1989
Jun. 2009
Jul. 2009
Nov. 2009
Apr. 2011
Oct. 2012
Dec. 2012

Jan. 2014
Yuji
Aug. 2014
Shinotsuka(Apr. 30, 1964)
Apr. 2016
Apr. 2017
Oct. 2018
Apr. 2019
Aug. 2019
Apr. 2021

Joined Daiwa Securities Co. Ltd. (currently, Daiwa Securities
Group Inc.)
Managing Director of Corporate Planning Department, Daiwa
Securities Co. Ltd.
Transferred to Daiwa Real Estate Asset Management Co. Ltd
General Manager of Investor Relations General Planning
Department, Daiwa Real Estate Asset Management Co. Ltd.
Vice President, Representative Director and General Manager ofCorporate Planning Department, Daiwa Real Estate AssetManagement Co. Ltd.
Vice President, Representative Director and General Manager ofCorporate Planning Department and Finance Department, Daiwa
Real
Estate Asset Management Co. Ltd.
Vice President, Representative Director and General Manager ofCorporate Planning Department, Daiwa Real Estate AssetManagement Co. Ltd.
Executive Director of Daiwa Residential Private Investment
Corporation
Executive Director of Nippon Healthcare Investment Corporation
Retired from Executive Director of Nippon Healthcare Investment
Corporation
Vice President, Representative Director and General Manager ofCorporate Planning Department, Daiwa Real Estate AssetManagement Co. Ltd. (Transferred)
Vice President, Representative Director, Chief Division Officer ofCorporate Division and General Manager of Corporate Planning
Department
Director (non-executive) of Daiwa ACA Healthcare Inc. (current
position)
Vice President, Representative Director and Chief Division Officerof Corporate Division, Daiwa Real Estate Asset Management Co.
Ltd.
Director of Daiwa Real Estate Asset Management Co. Ltd.
(current position) and Vice President and Representative Director,
Good Time Living Co. Ltd. (current position)
Vice President and Representative Director, Daiwa Real Estate
Asset Management Co. Ltd. (present) and Director, Good Time
Living Co. Ltd. (present) and Director (non-executive), Daiwa
Securities Realty Co.Ltd. (present)11Number ofinvestment
units of theInvestment
Corporation
held

None

1.

The above-mentioned candidate for the substitute Executive Director currently serves asVice President and Representative Director of Daiwa Real Estate Asset Management Co.,
Ltd., which is the asset manager of the Investment Corporation. The candidate is also a
Director of Good Time Living Co.Ltd. and Director (part-time) of Daiwa Securities Realty
Co. Ltd. (with which the asset manager has concluded a basic agreement concerning
pipeline support, etc. and from which it receives information about properties, etc.).
2. Other than the above, there are no special interests between the above-referenced
candidate for substitute Executive Director and the Investment Corporation。
3. The above-referenced substitute Executive Director may have their appointment canceledby resolution of the Board of Directors of the Investment Corporation prior to taking office.
4. The Investment Corporation shall execute an officer, etc., liability insurance contract asprescribed in Article 116-3, Paragraph 1 of the Act on Investment Trusts and Investment
Corporations with an insurance company, and damage such as compensation fordamages and litigation expenses, etc., borne as a result of having become subject to aclaim for compensation for damages due to an act performed by a covered person in
relation to their work as an officer of the Investment Corporation shall be covered by said
insurance contract. In the event of the above-referenced candidates for Supervisory
Directors being appointed as Supervisory Directors, they shall be included in the persons
covered by said insurance contract. In addition, the Investment Corporation plans to
execute a further contract with the same content upon the expiration of the term of said
insurance contract.

12

Proposal 4: Appointment of Two Supervisory Directors
As the term of office of the incumbent Supervisory Directors Takayuki Hiraishi and Hiroshi
Sakuma will end upon the conclusion of the upcoming General Meeting of Unitholders, it is
proposed to appoint two Supervisory Directors.
By application of Article 99, Paragraph 2 of the Investment Trusts Act that applies mutatis
mutandis pursuant to Article 101, Paragraph 2 of the Investment Trusts Act and the proviso to thefirst sentence of Article 18, Paragraph 2 of the Articles of Incorporation of the Investment
Corporation, the term of office of the Supervisory Directors appointed based on this proposal shallbegin upon the appointment on August 26, 2022 and end upon the conclusion of the General
Meeting of Unitholders with appointment of Supervisory Directors as a proposed agenda that is tobe held within 30 days of the day following the day on which 2 years have elapsed from theappointment.
The candidates for Supervisory Directors are as follows:
CandidatenumberName(Date of birth)
Daisuke Eki(Mar. 21, 1977)

1

Number ofinvestment units of
the Investment
Corporation held

Career summary and status of significant concurrent positions
Oct. 2003

None
Apr. 1997
Nov. 2005
Jul. 2009
Mar. 2010
May. 2011

Koichiro Ito(Sep. 26, 1972)

Feb. 2017
Jun. 2018
Feb. 2020

2

Admitted to practice law
Joined Ishii Law Office (current position)

Jun. 2020
Oct. 2020
Jun. 2022

Joined Goldman Sachs Japan
Joined tax corporation Chuo Aoyama (currently,
PwC Tax Japan）
Registered as a certified public accountant
Registered as a certified public tax accountant
Ito International Accounting and Taxation Officerepresentative（present）
Auditor, VISITS Technologies Inc.（present）
Director, Audit and Supervisory Committee
Member, SMS Co., Ltd.
Director, ACT Holdings, Inc.（present）
Auditor, Jibannet Holdings（present）
Auditor, moi Corporation（present）
Outside Director, Audit and Supervisory
Committee Member, e-Seikatsu Co., Ltd.
（present）

Number ofinvestment units of
the Investment
Corporation held

None

1.

Other than the above, there are no special interests between the above-referenced
candidates for Supervisory Directors and the Investment Corporation
2. The Investment Corporation shall execute an officer, etc., liability insurance contract asprescribed in Article 116-3, Paragraph 1 of the Act on Investment Trusts and Investment
Corporations with an insurance company, and damage such as compensation fordamages and litigation expenses, etc., borne as a result of having become subject to aclaim for compensation for damages due to an act performed by a covered person in
relation to their work as an officer of the Investment Corporation shall be covered by said
insurance contract. In the event of the above-referenced candidates for Supervisory13

Directors being appointed as Supervisory Directors, they shall be included in the persons
covered by said insurance contract. In addition, the Investment Corporation plans to
execute a further contract with the same content upon the expiration of the term of said
insurance contract.

14

Reference Information
If any of the proposals submitted to the upcoming General Meeting of Unitholders are in conflict witheach other, the provisions concerning “deemed approval” provided for in Article 93, Paragraph 1 of
the Act on Investment Trusts and Investment Corporations and in Article 14, Paragraph 1 andParagraph 2 of the Articles of Incorporation of the Investment Corporation shall not apply to any ofsuch proposals.
Proposals 1 through 4 above include no conflicting proposals.
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