December 9, 2020
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities:
Nippon Accommodations Fund Inc.
Takashi Ikeda, Executive Director(TSE Code: 3226)
Investment Trust Management Company:
Mitsui Fudosan Accommodations
Fund Management Co., Ltd.
Tateyuki Ikura, President and CEO
Inquiries: Tetsuji Kawakami, CFO and Director(TEL: +81-3-3246-3677)

Notification Concerning the Decision on Prices etc. with Regard toIssuance of New Investment Units and Secondary Offering of Investment Units
Nippon Accommodations Fund Inc. (“NAF”) hereby provides notice of the decision by resolution at the Board ofDirectors’ meeting held on December 9, 2020 concerning the issue price and the offer price, etc. with regards tothe issuance of new investment units and secondary offering of investment units, which was adopted at the Boardof Directors’ meeting held on December 1, 2020.
1. Issuance of new investment units by public offering(1)Issue price(2)

Total issue price(3)

Amount to be paid in (issue value)(4)

Total amount to be paid in (issue value)(5)

Subscription period(6)

Payment date

Per unit¥537,225¥9,670,050,000

Per unit¥519,593¥9,352,674,000

December 10, 2020 (Thu) – December 11, 2020 (Fri)
December 15, 2020 (Tue)(Note) The underwriters purchase and underwrite at the paid-in amount (issue value) and conduct the public offering
at the stated issue price.

2. Secondary offering of investment units by overallotment(1)

Number of units to be offered(2)

Offer price(3)

Total offer price(4)

Subscription period(5)Delivery date

950 units
Per unit¥537,225¥510,363,750

December 10, 2020 (Thu) – December 11, 2020 (Fri)
December 16, 2020 (Wed)<Caution> This document is a press release intended for general publication regarding NAF’s issuance of new investment units andsecondary offering of investment units and is not for purposes of soliciting investment. When investing, we ask that investors exercise
their own judgment taking full responsibility after having read carefully the new investment unit issuance and secondary offering
prospectus, or any corrections thereof (if made), prepared by NAF.

1

3. Issuance of new investment units by third-party allocation(1)

Amount to be paid in (issue value)(2)Total amount to be paid in (issue value) (maximum)

Per unit¥519,593(3)

Subscription period (subscription date)

January 12, 2021 (Tue)(4)

Payment date

January 13, 2021 (Wed)¥493,613,350<Reference>
1. Calculation of issue price and offer price(1)

Calculation date and price(2)

Discount rate

December 9, 2020 (Wed)¥551,000

2.50%

2. Syndicate cover transaction period
December 12, 2020 (Sat) – January 6, 2021 (Wed)

3. Use of the procured funds
The approximate net balance for this public offering and third-party allocation (maximum¥9,846,287,350) shall be allocated for the acquisition of specified properties to be purchased by NAF (asmentioned in “Notification Concerning Acquisition of Domestic Real Estate Properties (Park Cube Oimachi
Residence and other 3 properties)” released on December 1, 2020). Remaining balance shall be kept as
funds on hand and used for future acquisitions of specified properties or repayments of borrowings.

NAF’s website: https://www.naf-r.jp/english/<Caution> This document is a press release intended for general publication regarding NAF’s issuance of new investment units andsecondary offering of investment units and is not for purposes of soliciting investment. When investing, we ask that investors exercise
their own judgment taking full responsibility after having read carefully the new investment unit issuance and secondary offering
prospectus, or any corrections thereof (if made), prepared by NAF.

2