Daiwa Securities Living Investment : Notice Concerning Partial Revision to Management Guidelines of the Asset Manager

English Translation

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

June 21, 2022

To All Concerned Parties

REIT Issuer: Daiwa Securities Living Investment Corporation

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

Yoshio Urata, Executive Director

(Securities Code: 8986)

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

Yoshiki Nishigaki, President and Chief Executive Officer

Inquiries: Kentaro Azuzmi, General Manager, Corporate Division

Tel: [phone]

Notice Concerning Partial Revision to Management Guidelines of the Asset Manager

Daiwa Securities Living Investment Corporation (hereinafter referred to as the "Investment Corporation") hereby announces that Daiwa Real Estate Asset Management Co. Ltd. (hereinafter referred to as the "Asset Manager"), to which the Investment Corporation entrusts the management of its assets, has resolved at its board of directors' meeting held today to partially revise its internal rule (Management Guidelines) (hereinafter referred to as the "Change."). Details are as follows.

I. Reason for the Change

The Investment Corporation has been aiming to secure stable distributions into the future and achieve sustainable growth of its portfolio under the basic policy of conducting investment management based on the characteristics of rental housings, healthcare facilities, etc., with strict selection of region, size, etc., and flexible management in response to changes in the real estate market.

With an aim to clearly indicate its portfolio structuring strategy and investment assets acquisition strategy in the investment criteria consistent with the actual situation, it has been decided that the Management Guidelines of the Asset Manager shall be revised.

For details of the Change, please refer to the attached "Comparison Table of New and Old Management Guidelines."

• Effective Date of the Change

June 21, 2022

Ⅲ. Forecasts

The Change has no impact on the forecast performance of the Investment Corporation for the fiscal period ending September 2022 (33rd fiscal period).

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

English Translation

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

[Attachment]

Comparison Table of New and Old Management Guidelines (DLI)

(Changes are underlined)

	Current		After Revision
Chapter 2	Portfolio Structuring Strategy	Chapter 2	Portfolio Structuring Strategy
(3) Size		(3) Size

The investment targets of the Investment Corporation shall, in The investment targets of the Investment Corporation shall, in principle, be properties valued at JPY 100 million or moreper principle, be properties valued at JPY 500 million or moreper

property.property. However, if some of the properties that do not meet the criteria are included when acquiring multiple properties in a bulk, it is possible to invest in that particularproperty.

Chapter 3

Investment Assets Acquisition Strategy

Chapter 3

Investment Assets Acquisition Strategy

Paragraph 1-1 Investment Criteria for Investment Assets (Rental

Paragraph 1-1 Investment Criteria for Investment Assets (Rental

Housing Sector)

Housing Sector)

(2) Location

(2) Location

Investment ratio by investment area

Investment ratio by investment area

Investment area

Investment ratio based on

Investment area

Investment ratio based on

acquisition price

acquisition price

23 wards of Tokyo

30-70%

23 wards of Tokyo

30-70%

ThreeMajor Metropolitan

Three (roman numeral

Areas (the Kanto area,

changes to

Chinese

Chukyo area and Kinki area)

30-60%

character)Major Metropolitan

excluding the 23 wards of

Areas (the Kanto area,

30-60%

Tokyo

Chukyo area and Kinki area)

Ordinance-designated cities,

0-25%

excluding the 23 wards of

etc. (Note 3)

Tokyo

Ordinance-designated cities,

0-25%

etc. (Note 3)

[Newly added]

(4) Investment Size

The investment targets of the Investment Corporation shall, in

principle, be properties with 30 residential units or more per

property in the case of studio-type units and properties with 20

residential units or more per property in the case of family-type

units. However, if some of the properties that do not meet the

criteria are included when acquiring multiple properties in a bulk,

it is possible to invest in that particular property.