This document was prepared based on statements made at the earnings announcement meeting held on December 22, 2016
(Thursday) and should not be construed as a solicitation for investment in the Investment Corporation. Moreover, please
understand that we shall not be held liable for omissions and errors of data and phrases used in this document. Furthermore,opinions and forecasts 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 to change without prior notice.

Main Q&As at Financial Results Briefing for the Fiscal Period
Ended October 2016 (5th Fiscal Period) of Nippon Healthcare Investment
Corporation
Date and Time: December 22, 2016 (Thursday) 15:30-16:15
Presenter: Akira Yamanouchi, President and Representative Director, Daiwa Real Estate Asset Management Co. Ltd.
*Questions are presented in sequential order.

Q1. What are the reasons behind monthly rents of the four Alpha Living properties being lower
than those in the 4th fiscal period? (p.17 of the presentation materials)(Answer)
The lowering of operation/management fees and raising of rents in the 4th and 5th fiscal periods
resulted in the overall decline in the monthly rents (comprised of rent, operation/management fee andmeals) of the four properties. As we unified amounts for operation/management fees, which operators
receive from residents, for all facilities, monthly rents of some facilities have come to be lower thanbefore. However, adjustments such as changing the billing system for “daily assistance service fee,”
which constitutes part of a facility’s income, from fixed rate to pay-per-use (although not included inthe monthly rents) are being made so that the operators will not experience a decrease in overall
facility income.

Needless to say, there is no change in the rent amounts that the REIT receives fromthe operators.

Q2.

The rent-paying capacity pie chart on p.19 of the presentation materials shows an increase of“1.2x or less” in the ratio compared with that of the 4th fiscal period. Why?
(Answer)
The main reason is believed to be the two Minna-no-ie properties acquired in the 3rd fiscal period andthe four Alpha Living properties acquired in the 4th fiscal period, which were included in the portfolio
when the facilities had opened not so long ago and were in a state where their occupancy rates had
yet to rise. However, since the normal rent-paying capacity estimated by an appraisal company
assumes an average of 1.7 times, the unimproved occupancy rate is likely to be only temporary. It is
not the case that we have been acquiring structurally problematic properties, such as those withimproved occupancy rates and yet, are unprofitable, and face demands for rent reductions as a result.

Q3.

What are your views on the possibility of M&A between REITs?
(Answer)1

As to the effects of M&A, expansion of asset size can be considered as a positive factor forunitholders, but it is not likely to lead to a significant reduction of management costs. However, weintend to positively consider an M&A if it will bring benefits to unitholders.

End2