This document was prepared based on statements made at the earnings announcement meeting held on June
19, 2018 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 thisdocument. Furthermore, opinions and forecasts indicated in this document are the Investment Corporation’s
judgments as of the time at which 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 April 2018 (8th Fiscal Period) of Nippon Healthcare Investment Corporation
Date and Time: June 19, 2018 (Tuesday) 14:00-15:00
Presenter: Akira Yamanouchi, President and Representative Director, Daiwa Real Estate Asset Management Co. Ltd.
* Questions are presented in sequential order.

Q1. What is NHI’s acquisition policy for properties owned by bridge funds?
(Answer)
The LTV level will be a factor to consider after consulting lenders, but we believe it ispossible to discuss gradual acquisition with debt financing. We also regard acquisition withequity financing in the same manner. As a precondition, we believe in financing thatmaintains or improves DPU, and if acquisition is allowed, we will be deciding on the timing
while sufficiently communicating with investors.
Q2. If changes to the asset management fee system are approved, the annual
management fee will be reduced to nearly 100 million yen. Will that not create aproblem in asset management services?
(Answer)Management fees will be reduced, but that will not pose a problem to asset management
services. We intend to provide high-quality management services over the period of 5 or 10
years by placing suitable personnel at appropriate positions as we have done to date.
Q3. Amid the stagnation of external growth, have you been communicating with thegovernment to urge them to take measures for expansion of asset size, such as those
implemented at the time of listing?
(Answer)
We are maintaining communication with governmental agencies responsible for healthcare
REITs so we do not miss the timing of policy changes that would lead to external growth.

Q4. Is there a possibility that the asset management fee system may be revised again in
the future?
(Answer)
We will consider revising the system as needed, taking into account requests from investors,
changes in the environment, etc.
Q5. It was made public by the operator of a facility owned by NHI that a former employeeof the operator was sent to the prosecutor’s office on charge of professional
negligence resulting in death in February. How do you view this incident as an ownerof the facility, including the facility governance? Also, was there any request for rent
reduction from the operator after the announcement?
(Answer)
It truly was a regrettable incident and we have been receiving reports on the situation fromthe operator through the proper procedures. We found no problems with the facility’s
governance including its reporting system in our monitoring. Following the incident, there
has been substantial discussion including that on future preventative measures. We
received no request for rent reduction from the operator.
Q6. If equity financing is to be executed, what would be the appropriate timing to do so?
(Answer)
We believe that executing equity financing that is likely to result in maintenance/increase in
DPU is of utmost importance. Furthermore, given that the figure for total assets is relatively
low at present and causing fixed expenses to weigh heavily, the timing wherein equity
financing is judged to lead to enhancement of portfolio quality, including expansion of total
assets from the perspective of bringing down costs, is considered as appropriate.
Q7. What is your view on acquisition of hospitals?
(Answer)
Although we continue to receive information on deals and discuss the subject, we have not
performed any acquisitions.
Q8. You have said that you would give the highest priority to maintenance of DPU uponequity financing. How about NAV per unit?
(Answer)
It would be ideal if we could execute equity financing that can realize maintenance/increaseof NAV per unit alongside maintenance/increase of DPU. However, our stance is to prioritize
maintenance/increase of DPU.

Q9. Have you been discussing acquisition of own investment units?
(Answer)
We are not very keen to discuss acquisition of own investment units considering NHI’s asset
size is rather small and returns to unitholders are carried out using distribution in excessof earnings.
Q10. Has there been any change to your approach on M&As? You’ve stated that it would
be considered if it were to benefit investors?
(Answer)
Our stance of willing to consider M&As if they serve to benefit unitholders is unchanged. At
the moment, however, we are not considering any merger with investment corporations
investing in other property types.

End