February 19, 2013
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.
Executive Director
Yuji Yokoyama(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 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 February 19, 2013 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 February 7, 2013.

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¥644,816¥21,923,744,000

Per unit¥623,652¥21,204,168,000

February 20, 2013 (Wed) – February 21, 2013 (Thu)March 1, 2013 (Fri)(Note) The underwriters purchase and underwrite at the paid-in amount (issue value) and conduct the public offering at thestated 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

2,000 units
Per unit¥644,816¥1,289,632,000

February 20, 2013 (Wed) – February 21, 2013 (Thu)March 4, 2013 (Mon)

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¥623,652¥1,247,304,000(3)Subscription period (subscription date)

March 25, 2013 (Mon)(4)

Payment date

March 26, 2013 (Tue)<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.

<Reference>
1. Calculation of issue price and offer price(1)

Calculation date and price(2)

Discount rate (Note)

February 19, 2013 (Tue)¥676,000

2.50%(Note) The discount rate is based on the amount obtained by deducting ¥14,650, the projected distribution amount forthe 14th Period (September 1, 2012 to February 28, 2013), from the investment unit price (closing price) of thecalculation date.

2. Syndicate cover transaction period
February 22, 2013 (Fri) – March 18, 2013 (Mon)

3. Use of the procured funds
The approximate net balance for this public offering and third-party allocation (maximum¥22,451,472,000） shall be allocated for part of the acquisition of specified properties to be purchased
by NAF in and after March 2013 (as mentioned in “Notification Concerning Acquisition of Domestic
Real Estate Properties and Domestic Real Estate Trust Beneficiary Interest” released on February 7,2013). Any remaining balance shall be kept as funds on hand and used for future acquisitions ofspecified properties or repayments of borrowings.

•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 informationpurposes. 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.