This document was prepared based on statements made at the earnings announcement meeting held December 21, 2015
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 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 October 2015 (3rd Fiscal Period) of Nippon Healthcare Investment
Corporation
Date and Time: December 21, 2015 (Monday) 17:00 – 18:00
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. As to rent-paying capacity, although it is said to have decreased to 1.4 times with the recent
public offering and secondary offering, the data for the end of the 3rd fiscal period on page 33of the presentation materials indicates it as 1.5 times. Is this difference due to not including
properties acquired through the public offering and secondary offering in the data for the endof the 3rd fiscal period?
(Answer)Yes, that is correct.

Q2. What is the reason for the decrease in rent-paying capacity to 1.5 times from 1.8 times in theprevious fiscal period?
(Answer)
The decrease is the effect of those, among existing properties, which saw occupancy rates fall, as well
as of those, among properties acquired in the 3rd fiscal period, which bear large cost burdens.

Q3. The parent company of Watami No Kaigo Co., Ltd. was recently changed. Will the leaseagreements with backup operators of facilities which had been operated by Watami No Kaigo
be changed in line with this change?
(Answer)
It is not necessary to change the contents of the agreements with backup operators just because theparent company of an operator was changed. If the management status of the facilities is good, it ispossible that other operators may take over. Or if the credibility of the new parent company is low, there
could be rent negotiations.

Q4. Can we expect rent-paying capacity to improve going forward?
(Answer)Yes, that is correct.
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Q5. What asset size of healthcare REIT is needed for the asset management company to gain
profits?
(Answer)
As an example, if the asset size is 50 billion yen and the asset management fee is 50bp, profits will bearound 250 million yen. An asset size of such a scale would be enough to bring profits.

Q6. Are you withdrawing the target of “achieving an asset size of 100 billion yen in three years”
upheld at the time of IPO? Or is it going to be pursued going forward? What is the status ofdiscussions regarding the acquisition of hospitals?
(Answer)
The target of “achieving an asset size of 100 billion yen in three years” has been withdrawn. The
reasons include,(1) the number of candidate properties for acquisition that did not pass due diligence in terms of thefacility’s hardware was greater than expected; and(2) the number of competitors for property acquisition, including operating companies, has increased.

We would like to acquire properties aiming for an asset size of 100 billion yen in the next four years.
However, we will not acquire just any property, but will also carefully make acquisitions to create aplatform for the country.

As for hospitals, we are discussing possible acquisitions of properties that are on sale, securitizedproperties and such. However, we are first focusing on deepening the understanding of the REIT bypeople at medical institutions. By explaining the merits and demerits of the REIT and communicatingwith medical institutions, we believe we should be able to acquire hospitals in the future. However, thesituation is not one in which we will have acquired a hospital in six months.

Q7. Is there a difference between negotiating for the acquisition of homes for the elderly and for
hospitals?
(Answer)
Since operators of homes for the elderly are often listed companies or subsidiaries of listed companies,
they have sufficient understanding of finance. On the other hand, as medical institutions do not yet
have thorough understanding of diversified finance, we try to explain in more detail than when
explaining to operators of homes for the elderly.

Q8. Although there do not seem to be any particular regional disparities, what are your opinions on
the cap rates? What do you emphasize as the determining factors for cap rates?
(Answer)
We believe the important points are that the facility suits the area in which it is located and that thefacility matches the marketing of the area. As long as the operator can conduct operations suitable for2

the area, it is acceptable even if the cap rate is low to a certain extent.

Q9. Ratios of distribution in excess of earnings to depreciation were 38% in the previous fiscalperiod and 32% for the current fiscal period. Is there consistency in the distribution policy?
(Answer)
Distribution in excess of earnings is obtained by subtracting CAPEX from depreciation and referring to
the leverage status to calculate a distributable amount. After such calculations, the actual amount ofdistribution in excess of earnings is determined. We may raise the ratio to 40% or higher in the future,
but that would be only temporary.

Q.10. Is the operation of healthcare REITs greatly difficult considering the degree of operational
expertise required and organizational structure? Photos of the faces of the management teamare included in the presentation materials of DOI. What level of experience does the Healthcare
Management Team possess?
(Answer)
The challenging part of healthcare REIT operation is different from that of office REIT operation. In
operating office REITs, leasing and sourcing are probably the most challenging. On the other hand,communicating well with operators is one of the most difficult aspects of healthcare REIT operation
since operators are partners that will be worked with over the long term.

The Healthcare Management Team is currently gaining experience by conducting asset management
in collaboration with AIP Healthcare Japan. We believe such accumulation of knowhow will bringadvantages to NHI in the future.

Q. 11.You previously answered that a low cap rate is acceptable as long as the operation suits thearea. Do you view the appraisal value in the same way?
(Answer)
Cap rates varying in accordance with the times applies to other types of assets as well. From a relative
perspective, such a way of thinking applies to the appraisal value as well. Appraisal value could be
more conscious of business investment. But we believe appraisal value is also affected by implied cap
rates of existing healthcare facilities.

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Q12. Concerning page 20 of the presentation materials, the arising of problems at operators seems
to be caused by the exhaustion of workers on site. Are the interviews at facilities conductedwith all workers?
(Answer)
The interviews are not conducted with all workers, and we have no plans to do such. It is not certainthat we receive honest replies even if we directly ask them questions. Rather, there must be something
we can sense by actually seeing the sites while at the same time interviewing the facility directors. We
would like to brush up our sense of operation to be able to catch issues from the atmosphere of thefacility and such.
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