April 18, 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
Nobumi Tobari(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)

Notification of Amendments to Articles of Incorporation and Election of Directors
This is a notification that at the Board of Directors’ meeting on April 18, 2017, 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 Eighth General Meeting of Unitholders planned for May 19, 2017.
The following items shall become effective upon their resolution and approval at the said General Meeting ofUnitholders.
1. Summary of, and Reasons for, the Amendments to the Articles of Incorporation(1) Amend the Articles of Incorporation to revise a provision to enable investments in Real Estate-Related Assetsthat is primarily used or may be primarily used as hotels, in addition to Real Estate-Related Assets that is
primarily used as residences, the main investment target of NAF (propose amendment of Article 27
Paragraph 2).
(2) Amend the Articles of Incorporation to delete a provision that became unnecessary as the requirements forreceiving application of the special tax treatment for investment corporations has changed due to theamendment of the Ordinance for Enforcement of the Act on Special Measures Concerning Taxation (currentArticles of Incorporation Article 27 Paragraph 6).
(3) Amend the Articles of Incorporation to revise a provision to align expressions with the contents of The
Investment Trusts Association, Japan’s rules on definition of distribution amount (propose amendment ofArticle 34 Paragraph 1 Item 1).
(4) Amend the Articles of Incorporation to newly establish a provision concerning the merger fee in case NAF
conducts merger (propose amendment of Article 36 Item 5).

2. Election of Directors
The elected terms of the two Executive Directors (Nobumi Tobari and Tateyuki Ikura) and the three Supervisory
Directors (Hiroyuki Sodeyama, Tsunehisa Ota and Hiroaki Saito) will all end on May 20, 2017. Accordingly, NAF
proposes that two Executive Directors and three Supervisory Directors be elected at the General Meeting ofUnitholders planned for May 19, 2017.

(1) Executive Director Candidates
Takashi Ikeda (newly elected)
Tateyuki Ikura (in-service)(2) Supervisory Director Candidates
Tsunehisa Ota (in-service)
Hiroaki Saito (in-service)
Mitsutoshi Masuda (newly elected)

3. Scheduled Dates of Meetings, etc.
April 18, 2017 Board of Directors’ meeting to approve agenda to be presented to the Eighth General
Meeting of Unitholders
April 25, 2017 Posting of the “Notice of the Eighth General Meeting of Unitholders” (scheduled)
May 19, 2017 Eighth General Meeting of Unitholders (scheduled)**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 for construction publications of the Ministry of Land, Infrastructure, Transport andTourism.
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.