April 19, 2021
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 FundManagement Co., Ltd.
Tateyuki Ikura, President and CEO
Inquiries: Tetsuji Kawakami, CFO and Director(TEL: +81-3-3246-3677)

Notification of Amendments to Articles of Incorporation and Election of Directors
This is a notification that at the Board of Directors’ meeting on April 19, 2021, Nippon Accommodations Fund, Inc.
(“NAF”) resolved that the following amendments to the Articles of Incorporation and election of directors will be put
up for discussion at the Tenth General Meeting of Unitholders planned for May 18, 2021.
The following items shall become effective upon their resolution and approval at said General Meeting ofUnitholders.
1. Summary of and Reasons for the Amendments to the Articles of Incorporation(1) Amend the Articles of Incorporation to change the description of calendar years from the Japanese calendar
notation to the Gregorian calendar notation (Article 9, Paragraph 3 and Article 15, Paragraph 1 of the current
Articles of Incorporation; Establishment/Revision History).
(2) Amend the Articles of Incorporation to newly establish a provision concerning the period during which theresolution on the election of substitute directors (meaning executive directors and supervisory directors) shallremain in effect, as a substitute supervisory director is to be elected in Proposal 4 (propose amendment ofArticle 17, Paragraph 3).
(3) Amend the Articles of Incorporation to align a provision concerning liability of executive directors andsupervisory directors to the company with the description found in the Act on Investment Trusts and Investment
Corporations (Article 19 of the current Articles of Incorporation).
2. Election of Directors
The terms of office of two Executive Directors (Takashi Ikeda and Tateyuki Ikura) and three Supervisory Directors(Tsunehisa Ota, Hiroaki Saito, and Mitsutoshi Masuda) will all end on May 20, 2021. Accordingly, NAF proposesthat two Executive Directors and three Supervisory Directors be elected at the General Meeting of Unitholders
planned for May 18, 2021.
In addition, a proposal will be submitted for the election of one Substitute Supervisory Director in the case theSupervisory Director of NAF vacates his or her position or if the number of Supervisory Directors falls below thestatutory minimum.
(1) Executive Director Candidates
Takashi Ikeda (in-service)
Tateyuki Ikura (in-service) (Note)(2) Supervisory Director Candidates
Mitsutoshi Masuda (in-service)
Mika Eto (newly elected)
Eiki Enomoto (newly elected)(3) Substitute Supervisory Director Candidates
Seiji Iwatani

(Note) Tateyuki Ikura, the above candidate for Executive Director, is President and CEO of Mitsui Fudosan
Accommodations Fund Management Co., Ltd. with which NAF has concluded a REIT Management
Agreement and General Administrative Service Agreement.
3. Scheduled Dates of Meetings, Etc.
April 19, 2021 Board of Directors’ meeting to approve agenda to be presented to the Tenth General
Meeting of Unitholders
April 26, 2021 Posting of “Notice of the Tenth General Meeting of Unitholders” (scheduled)
May 18, 2021 Tenth General Meeting of Unitholders (scheduled)*

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, the Japaneseoriginal shall prevail.