This document was prepared based on statements made at the earnings announcement meeting held June 22, 2016 andshould not be construed as a solicitation for investment in the Investment Corporation. Moreover, please understand that weshall not be held liable for omissions and errors of data and phrases used in this document. Furthermore, opinions andforecasts indicated in this document are the Investment Corporation’s judgments as of the time this document was prepared.
No assurances or promises can be given regarding the accuracy and completeness of this information, and it is subject tochange without prior notice.

Main Q&As at Financial Results Briefing for the Fiscal Period
Ended April 2016 (4th Fiscal Period) of Nippon Healthcare Investment
Corporation
Date and Time: June 22, 2016 (Wednesday) 15:30 – 16:25
Presenter: Akira Yamanouchi, President and Representative Director, Daiwa Real Estate Asset Management Co., Ltd.
*Questions are listed according to the order they were asked.

Q1. How is the current property acquisition environment? Have you recognized any changes suchas the surge in property prices subsiding?
(Answer)
The surge in property prices has subsided compared to a year ago. Competitors in property acquisition
are the same and their appetite for acquisition continues to be strong.

Q2. Has there been any progress in new developments of healthcare facilities?
(Answer)Yes, new developments are progressing but not significantly. One of the reasons would be that there
are few developments that can generate profit while the construction costs remain high. On the other
hand, nursing care operators are very eager for new developments. We have heard that someoperators are planning developments on their own.

Q3. Is there a difference in demand for healthcare facilities between those with fees in the higher
range and those with fees in the more standard lower range?
(Answer)
Facilities with fees in the 100,000 yen range or less, or around 100,000 yen are mostly sought.
Healthcare REITs try to acquire facilities with higher fees, in the medium to high range. With regard tofacilities with medium-range fees, some facilities in some areas are experiencing low occupancy rates
due to excessive supply. Facilities with high-range fees seem to be maintaining a certain level ofsupply-demand balance as the supply decreased amid rising construction costs.

Q4. How is the outlook of external growth? Has there been any change to the stated target ofachieving an asset size of 100 billion yen in the next 4 years?
(Answer)If we can expect to acquire hospitals going forward, etc., the target of “100 billion yen in 4 years” is1feasible. However, the current pipeline is not sufficient for reaching this target, and we do not think it isappropriate to commit to the target within a set timeframe at this point. We would like to continue
making selective acquisitions of prime properties rather than hurrying to achieve an asset size of 100
billion yen.

Q5. Page 31 of the presentation materials indicates the existence of a large demand for nursing
care type facilities in the medium-fee range. What percentage of such healthcare facilities areREITs able to acquire?
(Answer)
Most of such healthcare facilities, probably around 50%, are owned by individuals and there are notmany that REITs can acquire due to the hardware (facilities) aspects and such. Out of those, probably
about 20% to 30% are fit for acquisition by REITs considering cap rates and other factors.

Q6. There was government support such as political measures and guidelines for healthcare REITs
at the time of establishment. Since then, have you received any additional support or submitted
requests in cooperation with other REITs?
(Answer)
We have already received as much support as possible. We have not submitted any requests or suchin cooperation with other REITs at this time.

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