(Securities Code: 8986)
December 1, 2021

Dear Unitholders:
6 - 2 - 1 ,G i n z a ,C h u o - k u ,T o k y oDaiwa 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 Meetingof 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 arerequested to carefully examine the attached “Reference Documents Concerning the General Meeting ofUnitholders” 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 numberof 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 paragraphshall 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 thisdocument.)

3.

Purpose of the General Meeting of Unitholders:
Resolutions
Resolution 1

Amendments to the Articles of Incorporation- 1 -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
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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 ofUnitholders:
Please note that any revisions that are required to be made, by the date preceding the date of the General Meeting ofUnitholders, 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 basedon 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 theGeneral 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.

- 2 -Action to Prevent the Spread of Novel Coronavirus Infections
The Investment Corporation, based on the infection status of the novel coronavirus within Japan, withthe objective of ensuring the safety of all unitholders and preventing the spread of infections, and inreference 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.
<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, 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 situationof the novel coronavirus pandemic on the meeting date, and the status of government action, as well as refrainfrom 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.
<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, we plan toincrease 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 thatunitholders 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 ofUnitholders; 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 theGeneral 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., fromgovernment agencies, notifications concerning the postponement of the General Meeting of Unitholders, thechanging 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.

- 3 -Reference Documents Concerning the General Meeting of Unitholders
Resolution and Reference Items
Resolution 1: Amendments to the Articles of Incorporation
1. Reasons for Amending the Articles of Incorporation(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 convocationand chair of meetings of the Board of Directors of the Investment Corporation (related to Article 30 of the current
Articles of Incorporation).
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 14. (Methods, Standards and Calculation

Article 14 (Methods, Standards and Calculation

Date of Appraisal of Assets)

Date of Appraisal of Assets)

1. (Omitted)(1), (2) (Omitted)(3) Real Estate Backed Securities set
forth in Article 11, Paragraph 3 andsecurities set forth in Article 11,
Paragraph 4, Items (3) and (4) above:
If there is a market price for the
relevant Real Estate Backed
Securities or securities, appraisals
shall be made at the value based on
the market price (the price on afinancial instruments exchange, theprice publicly announced by the
securities dealers’ association andothers, or the transaction priceconcluded on the similar transaction
system where purchases, sales andcash conversions are made from time
to time; hereinafter the same) or if nomarket price exists, the value
calculated using a reasonable method;
provided, however, that, in the caseof preferential shares set forth in
Article 2 of the Asset Liquidation
Act, if there is no value calculated
based on the market price or a value
calculated using a reasonable method,
as described above appraisals may bemade at the acquisition price.

1. (Unchanged)(1)～(2) (Unchanged)(3) Real Estate Backed Securities set forthin Article 11, Paragraph 3 andsecurities set forth in Article 11,
Paragraph 4, Items (3) and (4) above:
In the case of being classified as a held tomaturity bond, appraisal shall be conductedbased on the acquisition cost. However, in theevent of the bond having been acquired at alower or higher price than the bond amount, if
the nature of the difference between theacquisition price and bond amount can berecognized to be an interest rate adjustment, theappraisal shall be conducted based on the pricecalculated by the amortized cost method. Ifclassified as another form of marketablesecurity, the appraisal shall be conducted basedon the market value. However, shares, etc., that
do not have a market price shall be appraised
based on the acquisition price.

- 4 -Current Articles of Incorporation

Proposed Amendments(4) Rights relating to derivative transactions
set forth in Article 11, Paragraph 4, Item(5) above:
Receivables and debts that arise fromtransactions listed on a financial instruments
exchange shall be of the price calculated basedon the final price of the applicable financial
instruments exchange (the closing price, and if
there is no closing price, the quoted price [thelowest published selling price or the highest
published buying price, or if both of these are
published, the average of these]). If there is no
final price on the applicable day, the price shallbe calculated based on the final price on theimmediately preceding day.
Regardingreceivables and debts that arise from unquoted
transactions on financial instrument exchanges,
if a value equivalent to the market price can bereasonably calculated, the price shall be treatedas said value. For transactions for which it isrecognized that the calculation of a fair appraisal
amount would be incredibly difficult, theappraisal shall be conducted at the acquisition
price. Hedge accounting may be applied totransactions that can be recognized to be hedgetransactions based on generally accepted
accounting standards or other corporate
accounting practices. In addition, interest swap
special treatment may be applied to that whichmeets the requirements for interest swap special
treatment as prescribed in the AccountingStandards for Financial Instruments.
(5)～(7) (Omitted)
2～4. (Omitted)
Article 30 (Convocation of Board of Directors
Meeting and Meeting Chair)
1. A meeting of the Board of Directors, withthe exception of where otherwiseprescribed by laws and ordinances, in thecase of there being one Executive
Director, shall be convened and chairedby said Executive Director, and in thecase of there being two or more Executive
Directors, shall be convened and chairedby one Executive Director in accordancewith the order determined beforehand at
the Board of Directors.
2. The convocation of a meeting of the Boardof Directors shall be performed throughthe issuance of a convocation notice toeach officer at least three days prior to theBoard of Directors meeting date.
However, with the consent of all officers,
the convocation period may be reduced,
or a meeting may be held without thefollowing of the convocation procedures.
(New Provision)(4) Rights relating to derivative transactions
set forth in Article 11, Paragraph 4,
Item (5) above:
Net receivables and debts that arise fromderivative transactions shall be appraised
at market value. Hedge accounting may
be applied to transactions that can berecognized to be hedge transactions
based on generally accepted accounting
standards or other corporate accounting
practices. In addition, interest swap
special treatment may be applied to thatwhich meets the requirements for interest
swap special treatment as prescribed in
the Accounting Standards for Financial
Instruments.

(5)～(7) (Unchanged)
2～4. (Unchanged)
Article 30 (Convocation of Board of Directors
Meeting and Meeting Chair)
1. A meeting of the Board of Directors, withthe exception of where otherwiseprescribed by laws and ordinances, in thecase of there being one Executive
Director, shall be convened by said
Executive Director, and in the case of
there being two or more Executive
Directors, shall be convened by one
Executive Director in accordance with theorder determined beforehand at the Boardof Directors.
2. A notification of convocation of a meetingof the Board of Directors shall be issued
to all Executive Directors andSupervisory Directors at least three days
prior to the Board of Directors meetingdate. However, with the consent of all
Executive Directors and Supervising
Directors, a meeting may be held without
the following of the convocation
procedures.
3. The chair of a meeting of the Board of
Directors shall be one person out of the
Executive Directors and Supervising
Directors, in accordance with the order
determined beforehand at the Board of
Directors.

- 5 -Resolution 2: Appointment of One (1) Executive Director
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 notedthat the tenure of Executive Directors in this proposal shall be subject to the provisions of Article 99, Paragraph 2of the Investment Trust Act and the proviso of Article 28, Paragraph 1 of the Articles of Incorporation, and shallbe 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.
In addition, this proposal was submitted with the consent of all Supervising Directors of the Investment
Corporation at the meeting of the Board of Directors held on November 17, 2021.
The candidate for Executive Director is as set forth below.
Nam e(Date of Birth)

Yoshio Urata(Se pte mber 2, 196 0)

1.

P r o f e s si o n a l H i st o r y a n d S i g n i fi c a n t
C o n c u r r e n t P o s i t i o n s
April 1983
Joined Daiwa Securities Co., Ltd. (currently, Daiwa
Securities Group Inc.)
July 2004
Head of Institutional Sales Department of Daiwa
Securities SMBC Co. Ltd. (currently, Daiwa
Securities Co. Ltd.)
April 2007
Executive Officer (Equity Sales Officer) of Daiwa
Securities SMBC Co. Ltd.
January 2010
Executive Officer (Global Equity Sales Officer &Deputy Global Markets Administration Officer) of
Daiwa Securities Capital Markets Co. Ltd.
(currently, Daiwa Securities Co. Ltd.)
April 2011
Executive Managing Director (Asia/Oceania Officer& Chairman of the Board of Daiwa Capital Markets
Hong Kong Limited) of Daiwa Securities CapitalMarkets Co. Ltd.
January 2012
Executive Managing Director (Asia/Oceania Officer& Chairman of the Board of Daiwa Capital Markets
Hong Kong Limited & Chairman of the Board of
Daiwa Capital Markets Singapore Limited) of
Daiwa Securities Group Inc.
April 2013
Senior Executive Managing Director (Operations
Officer & trading Officer) of Daiwa SB Investments
Ltd.
April 2018
Senior Executive Managing Director (RiskManagement Officer & IT Management Officer) of
Daiwa SB Investments Ltd.
April 2019
Senior Executive Managing Director of Sumitomo
Mitsui DS Asset Management Company, Limited
March 2021
Resignation from Sumitomo Mitsui DS AssetManagement Co., Ltd.

The above-referenced candidate for Executive Director does not hold any investment units of the Investment
Corporation.

2.

There are no special interests between the above-referenced candidate for Executive Director and the Investment
Corporation.

3.

The Investment Corporation shall execute an officer, etc., liability insurance contract as prescribed in Article 1163, Paragraph 1 of the Act on Investment Trusts and Investment Corporations with an insurance company, and- 6 -damage such as compensation for damages and litigation expenses, etc., borne as a result of having become subject
to a claim 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 abovereferenced candidate for Executive Director being appointed as Executive Director, he 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.

- 7 -Resolution 3: Appointment of One (1) Substitute Executive Director
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 2of 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 substituteExecutive Director shall have effect, based on the provisions of Article 28, Paragraph 2 of the Articles ofIncorporation, shall be until the expiration of the tenure of the Executive Director in Proposal 2.
In addition, this Proposal was submitted with the consent of all Supervisory Directors of the Investment
Corporation at the meeting of the Board of Directors held on November 17, 2021.
The candidate for substitute Executive Director is as set forth below.
Name(Da t e o f B ir t h)

Yoshiki Nishiga ki(January 28, 1969)

1.

Professional History and Significant Concurrent
P
o
s
i
t
i
o
n
s
April 1992
Joined City Trust Bank Co., Ltd.
May 2004
Joined daVinci Advisors Co., Ltd.
February 2006
Transferred to daVinci Select Co., Ltd. (currently, Daiwa
Real Estate Asset Management Co., Ltd.)March 2007
General Manager of IR General Planning Department of
daVinci Select Co., Ltd. (currently, Daiwa Real Estate
Asset Management Co., Ltd.)March 2008
President and Representative Director of daVinci SelectCo., Ltd. (currently, Daiwa Real Estate AssetManagement Co., Ltd.)
November 2008 Executive Director of Daiwa Office Investment
Corporation
May 2010
Vice President and Representative Director of Daiwa
Real Estate Asset Management Co., Ltd.
February 2011
Vice President and Representative Director, General
Manager of the Advisory Business Department of Daiwa
Real Estate Asset Management Co., Ltd.
April 2012
Vice President and Representative Director, General
Manager of Fund Management Department of Daiwa
Real Estate Asset Management Co., Ltd.
October 2013
Vice President and Representative Director, General
Manager of Sales Promotion Department and General
Manager of Fund Management Department of Daiwa
Real Estate Asset Management Co., Ltd.
April 2017
Vice President and Representative Director, General
Manager of Fund Division, and General Manager ofFund Management Department of Daiwa Real Estate
Asset Management Co., Ltd.
April 2019
Vice President and Representative Director, and General
Manager of Fund Division of Daiwa Real Estate AssetManagement Co., Ltd.
June 2021
Vice President and Representative Director, General
Manager of Fund Division, and Manager of the
Sustainability Promotion Office of Daiwa Real Estate
Asset Management Co., Ltd. (present)

The above-referenced candidate for substitute Executive Director does not hold any investment units of the- 8 -Investment Corporation.
2.

The above-referenced candidate for substitute Executive Director is the Vice President and Representative
Director, General Manager of Fund Division, and Manager of the Sustainability Promotion Office of Daiwa Real
Estate Asset Management Co., Ltd., which is an asset management company of the Investment Corporation.

3.

Other than the above, there are no special interests between the above-referenced candidate for substituteExecutive Director and the Investment Corporation.

4.

The above-referenced substitute Executive Director may have their appointment canceled by resolution of theBoard of Directors of the Investment Corporation prior to taking office.

5.

The Investment Corporation shall execute an officer, etc., liability insurance contract as prescribed in Article 1163, Paragraph 1 of the Act on Investment Trusts and Investment Corporations with an insurance company, anddamage such as compensation for damages and litigation expenses, etc., borne as a result of having become subject
to a claim 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 abovereferenced candidate for substitute Executive Director being appointed as Executive Director, he shall be includedin the persons covered by said insurance contract. In addition, the Investment Corporation plans to execute afurther contract with the same content upon the expiration of the term of said insurance contract.

- 9 -Resolution 4: Appointment of Two (2) Supervisory Directors
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, theInvestment Corporation requests the appointment of two Supervisory Directors at the General Meeting ofUnitholders.
It should be noted that the tenure of Supervisory Directors in this proposal shall be subject to the provisions ofArticle 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 theappointment of a Supervisory Director has been proposed and which is held within 30 days after the day followingthat on which two years have passed since appointment.
The candidates for Supervisory Directors are as set forth below.
Candidate
NumberName(Date of Birth)

Professional History and Significant
Concurrent Positions
April 1995

1

2

1.

Akimitsu Takai(June 5, 1968)

Chizuko Nakata(September 29, 1956)

June 1999
September
2010
June 2016

Joined Asahi Law Office (currently, Asahi Law
Office, Nishimura & Asahi Law Office)
Joint Partner, Sudo and Takai Law Office
Auditor of Japan Cycle Co., Ltd. (present)

Outside Auditor of Take and Give Needs Co., Ltd.
(present)
Representative of Takai Law Office (present)
June 2017
Outside Auditor of NEW ART HOLDINGS Co., Ltd.
(present)
NovemberOutside Director (Audit, etc., Committee Member) of2020
Kojima Co., Ltd. (present)
February 2021 Outside Director of Noda Corporation (present)
November 1981 Joined Coopers & LybrandRegistered as a certified public accountant
March 1984
Representative of Nakata CPA Firm (present)
Representative
Director,
NakataBusiness
July 1996
Consulting LLC (currently, Nakata Business
Consulting Co., Ltd.) (present)
Registered as a certified public tax accountant
May 2000
Supervisory
Director,
NipponHealthcare
August 2014
Investment Corporation
December 2015 Auditor, Nihon Nohyaku Co., LTD.
Supervisory Director, the Investment Corporation
April 2020(present)
June 2020
Outside Director (Audit, etc., Committee Member),Nihon Nohyaku Co., LTD. (present)

None of the above-referenced candidates for Supervisory Directors hold investment units of the Investment
Corporation.

2.

Among the candidates, Chizuko Nakata is currently supervising the general operations of the Investment
Corporation by its Executive Directors as a Supervisory Director of the Investment Corporation.

3.

Other than the above, there are no special interests between the above-referenced candidates for Supervisory
Directors and the Investment Corporation.

4.

The Investment Corporation shall execute an officer, etc., liability insurance contract as prescribed in Article 116- 10 -

3, Paragraph 1 of the Act on Investment Trusts and Investment Corporations with an insurance company, anddamage such as compensation for damages and litigation expenses, etc., borne as a result of having become subject
to a claim 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 abovereferenced candidates for Supervisory Directors being appointed as Supervisory Directors, they shall be includedin the persons covered by said insurance contract. In addition, the Investment Corporation plans to execute afurther contract with the same content upon the expiration of the term of said insurance contract.

- 11 -

Reference Items
In cases where two or more proposals are submitted to the General Meeting of Unitholders and one proposal is in
conflict in its nature with another proposal, both of such proposals shall be excluded from “deemed approval”
prescribed in Article 24 of the current Articles of Incorporation pursuant to Article 93, Paragraph 1 of the Act
Concerning Investment Trusts and Investment Corporations.
With respect to Resolution 1 through Resolution 4 above, none of them fall under the category of conflicting
proposals.
END- 12 -