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Message from Executive Director

Executive Director: Hiroshi Fujioka We would like to express our deep gratitude to all our unitholders for your support of Nippon Healthcare Investment Corporation ("NHI").

NHI posted financial performance of 705 million yen in operating revenue, 281 million yen in operating income and 256 million yen in net income for the fiscal period ended April 2019 (10th Fiscal Period). Concerning distributions, NHI declared a distribution amount per unit of 3,437 yen and a distribution amount in excess of earnings per unit of 870 yen, bringing the total distribution amount per unit to 4,307 yen.

The asset size as of the end of the 10th Fiscal Period came to 19,712 million yen as a result of acquiring Irise Komae Bettei (30% quasi-co-ownership interest) (acquisition price: 394.5 million yen) during the period. NHI will aim to enhance portfolio value through investments in carefully selected properties going forward.

With the above acquisition, the number of operators of facilities owned by NHI at the end of the 10th Fiscal Period stands at 11. NHI has realized maintenance and improvement of portfolio stability by pressing forward diversification of operators and concluding long-term fixed rent lease agreements.

On the financial front, NHI will continue to work to further strengthen its financial standing while reducing refinancing risks in the future.

Going forward, NHI will strive to maximize unitholders’ value together with Daiwa Real Estate Asset Management Co. Ltd., the asset manager for NHI, Daiwa Securities Group Inc., the sponsor, and AIP Healthcare Japan GK, the advisor.

We wish for the continued success of our unitholders and ask for your continued support of NHI.