February 18, 2015
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 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 18, 2015 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 6, 2015.

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¥443,868¥9,765,096,000

Per unit¥429,300¥9,444,600,000

February 19, 2015 (Thu) – February 20, 2015 (Fri)March 2, 2015 (Mon)(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

1,100 units
Per unit¥443,868¥488,254,800

February 19, 2015 (Thu) – February 20, 2015 (Fri)March 3, 2015 (Tue)

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¥429,300¥472,230,000(3)

Subscription period (subscription date)

March 23, 2015 (Mon)(4)

Payment date

March 24, 2015 (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 (if made), prepared by NAF.

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

Calculation date and price(2)

Discount rate (Note)

February 18, 2015 (Wed)¥463,000

2.50%(Note) The discount rate is based on the amount obtained by deducting ¥7,750, the projected distribution amount for the18th Period (September 1, 2014 to February 28, 2015), from the investment unit price (closing price) of thecalculation date.

2. Syndicate cover transaction period
February 21, 2015 (Sat) – March 17, 2015 (Tue)3. Use of the procured funds
The approximate net balance for this public offering and third-party allocation (maximum¥9,916,830,000） shall be allocated for part of the acquisition of specified properties to be purchased
by NAF in and after March 2015 (as mentioned in “Notification Concerning Acquisition of Domestic
Real Estate Properties” released on February 6, 2015). Any remaining balance shall be kept as funds
on hand and used for future acquisitions of specified properties or repayments of borrowings.

Japanese original document was distributed to press clubs within the Tokyo Stock Exchange (KabutoClub) and the press club of the Ministry of Land, Infrastructure, Transport and Tourism and to the pressclub construction publications of the Ministry of Land, Infrastructure, Transport and Tourism.

NAF’s 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, 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 (if made), prepared by NAF.