September 1, 2017
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
Takashi Ikeda(Code Number 3226)
Investment Trust Management Company
Mitsui Fudosan Accommodations Fund Management Co., Ltd.
President and CEO
Tateyuki Ikura
Contact CFO and Director
Satoshi Nohara(TEL. 03-3246-3677)

Notice Concerning Change in Specified Associated Corporation
Nippon Accommodations Fund Inc. (“NAF”) hereby provides notice of a change in a major associatedcorporation (specified associated corporation) of Mitsui Fudosan Accommodations Fund Management Co., Ltd.
(“the Asset Management Company”), to which NAF entrusts asset management services, as shown below.

1. Events leading up to the change
Mitsui Fudosan Residential Co., Ltd. will fall under the category of specified associated corporation(corporations that conduct transactions stipulated in Article 29-3, Paragraph 3, Item 1 of the Order for Enforcementof the Financial Instruments and Exchange Act), as the total amount NAF paid to Mitsui Fudosan Residential Co.,
Ltd. as consideration for its acquisitions of real estate during the past three years from the last day of the 23rd
Period (from March 1, 2017 to August 31, 2017) is equivalent to 20% or more of the sum total of the amount NAF
paid to or received from Mitsui Fudosan Residential Co., Ltd. as considerations for its acquisitions or dispositionsof real estate, etc. (real estate, land lease rights or superficies, the same applies hereinafter) or trust beneficiaryinterest in real estate, etc. during the same period.

2. Date of the change
September 1, 2017

3. Outline of the Changed Specified Associated CorporationName

Mitsui Fudosan Residential Co., Ltd.

Address

17-1, Ginza 6-chome, Chuo-ku, Tokyo

Representative

Koyotaka Fujibayashi, President and CEO

Description of principal operations

Housing sales and leasing operations, consignment sales
operations (sales of other companies’ properties), and new
operations (resort residence operations, overseas operations,etc.)

Capital¥40,000 million

Date of establishment

December 26, 2005

Relationship between NAF or the investment trust management company, and the specified associatedcorporation

Capital relationships

Personal relationships

Business relationships

Applicability to related parties

The company holds 3.21% of total NAF investment units issued
as of February 28, 2017. Also, it is a subsidiary of Mitsui
Fudosan Co., Ltd., which is the parent company of theinvestment trust management company.
There are no personal relationships to report between NAF or
the investment trust management company and the company.
Moreover, there are no personal relationships to report between
the related parties or associated companies of NAF or theinvestment trust management company, and the related parties
or associated companies of the company.
There are no business relationships to report between NAF or
the investment trust management company and the company.
Moreover, there are no business relationships to report between
the related parties or associated companies of NAF or theinvestment trust management company, and the related parties
or associated companies of the company.
The company does not fall under the category of related partiesof NAF. Also, the company is a subsidiary of Mitsui FudosanCo., Ltd., which is the parent company of the investment trustmanagement company.

4. Outlook
The change will have no impact on the forecasts of NAF’s financial results* The 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’s website: https://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.