September 29, 2014
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities
4-1, Nihonbashi 1-chome, Chuo-Ku,
Tokyo 103-0027
Nippon Accommodations Fund Inc.
Executive Director
Nobumi Tobari(Code Number 3226)
Investment Trust Management Company
Mitsui Fudosan Accommodations Fund Management Co., Ltd.
President and CEO
Kosei Murakami
Contact CFO and Director
Satoshi Nohara(TEL. 03-3246-3677)

Notification of Borrowing Funds and Early Repayment of Borrowing Funds
This is a notification that Nippon Accommodations Fund Inc. (“NAF”) decided to borrow funds and make an earlyrepayment of its existing borrowing as shown below.
1. Details of Loans
LenderLoan amountInterest rate

Mitsubishi UFJ Trust and Banking
Corporation

2 billion yen

0.53250%

Mitsubishi UFJ Trust and Banking
Corporation

3 billion yen

0.62125%

Loan type&
Repayment method
Unsecured &unguaranteed,
Bullet repayment
Unsecured &unguaranteed,
Bullet repayment

Date of Loan

Date of Maturity

October 1, 2014

October 1, 2021

October 1, 2014

October 3, 2022

2. Use of Funds
To apply the funds toward the early repayment of long-term loan (*1) of ¥5 billion concluded on September 1, 2011.
(*1) For details on early repayment, please refer to 3 and 4.

3. Details of Loans for Early Repayment
LenderLoanAmountInterest Rate

Mitsubishi UFJ Trust and BankingCorporation

5 billion
yen(*1)0.45636%(*2)

Loan Type&Repayment Method
Unsecured &unguaranteed,
Bullet repayment

Date of Loan

Date of Maturity

September 1,
2011

September 3,2018(*1) The loan amount is the balance of loans before the early repayment.
Please refer to “Notification of Partial Early Repayment of Borrowing Funds” dated July 18, 2014 for details of relevant loans.
(*2) The interest rate is applied from September 1, 2014 to September 30, 2014.
For further details of the loans, please refer to the “Notification of Borrowing Funds” dated August 30, 2011.

4. Outline of Early Repayment
Lender

Early Repayment Amount

Balance after EarlyRepayment

Repayment Date

Mitsubishi UFJ Trust and BankingCorporation

5 billion yen―October 1, 2014

5. Status of Interest-bearing Debt After this Event(Unit: billion yen)
Before this Event(*1)

After this Event

ChangeShort-term debt

4.04.0－Long-term debt

135.5135.5－

Investment corporation bonds

17.0

17.0－

Total interest-bearing debt

156.5

156.5

－

Interest-bearing debt ratio

55.5%

55.5%

－Long term interest-bearing debt ratio

97.4%

97.4%

－(*1) The following formula was used to calculate the interest-bearing debt ratio:(interest bearing debt ratio) = (interest bearing debt) ÷ (interest bearing debt + unitholders’ capital) X 100
The unitholders’ capital as of today (125,686,793 thousand yen) was used.
(*2) (long term interest bearing debt ratio) = (long term debt + investment corporation bonds) ÷ (interest bearing debt) X 100(*3) All calculations of ratios were rounded to one decimal place.

6. Others
Regarding the loan repayment risk, there is no important change to the “Investment risks” description in the latest
securities report submitted on May 28, 2014.
Japanese original document was distributed to press clubs within the Tokyo Stock Exchange (Kabuto Club)and the press club of the Ministry of Land, Infrastructure, Transport and Tourism and to the press club forconstruction publications of the Ministry of Land, Infrastructure, Transport and Tourism.
NAF website: http://www.naf-r.jp/english/

Please note that this English translation of the Japanese original document is provided solely for information purposes.
In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shallprevail.