February 22, 2011
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities
1-1, Nihonbashi-Muromachi 2-chome, Chuo-ku, Tokyo 103-0022
Nippon Accommodations Fund Inc.
Representative Executive Director Yuji Yokoyama(Code number 3226)
Investment Trust Management Company
Mitsui Fudosan Accommodations Fund Management Co., Ltd.
Representative President and CEO Kosei Murakami
Contact CFO and Director Morio Shibata(TEL 03-3246-3677)

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 of
Directors’ Meeting held on February 22, 2011 concerning the issue price and the offer price, etc. with regards to theissuance of new investment units and secondary offering of investment units, which was adopted at the Board of
Directors’ Meeting held on February 10, 2011. The details of this decision are as follows.

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¥593,872¥22,270,200,000

Per unit¥574,380¥21,539,250,000

February 23, 2011 (Wed) – February 24, 2011 (Thu)March 1, 2011 (Tue)(Note) The underwriter purchases and underwrites at the paid-in amount (issue value) and conducts thepublic 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

2,500 units
Per unit¥593,872¥1,484,680,000

February 23, 2011 (Wed) – February 24, 2011 (Thu)March 2, 2011 (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 secondaryoffering prospectus, or any corrections thereof, prepared by NAF.

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

Amount to be paid in (issue value)

Per unit(2)

Total amount to be paid in (issue value) (maximum)(3)

Subscription period (subscription date)(4)

Payment date

¥574,380¥1,435,950,000
March 25, 2011 (Fri)March 28, 2011 (Mon)<Reference>
1. Calculation of issue price and offer price(1)

Calculation date and price(2)

Discount rate (Note)

February 22, 2011 (Tue)¥623,000

2.50%(Note) The discount rate is based on the amount obtained by deducting ¥13,900, the projecteddistribution amount for the 10th Period (September 1, 2010 to February 28, 2011), from theinvestment unit price (closing price) of the calculation date.
2. Syndicate cover transaction period
February 25, 2011 (Fri) – March 18, 2011 (Fri)

3. Use of the procured funds
The approximate net balance for this public offering and third-party allocation (maximum¥22,975,200,000） shall be allocated for part of the acquisition of specified properties to be purchased
by NAF in and after March 2011 (as mentioned in “Notification Concerning Acquisition of Domestic
Real Estate Properties and Domestic Real Estate Trust Beneficiary Interest” released on February 10,2011).

The Japanese original document was distributed to press clubs within the Tokyo Stock Exchange(Kabuto Club) and the Ministry of Land, Infrastructure, Transport and Tourism, and to the press club of
the construction trade newspaper of the Ministry of Land, Infrastructure, Transport and Tourism.

NAF website: http://www.naf-r.jp/english/index.html

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, theJapanese original shall prevail.

<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 secondaryoffering prospectus, or any corrections thereof, prepared by NAF.