April 19, 2023
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.
Hiroshi Kojima, 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 today, Nippon Accommodations Fund Inc. (“NAF”)
resolved that the following amendments to the Articles of Incorporation and election of directors will be put up fordiscussion at the Eleventh General Meeting of Unitholders planned for May 16, 2023.
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) With the amended provisions prescribed in Item 3 of the Supplementary Provisions of the Act on
Arrangement of Relevant Acts Incidental to the Enforcement of the Act Partially Amending the Companies
Act (Act No. 71 of 2019) coming into effect on September 1, 2022, newly establish related provisions toprovide to the effect that measures for electronic provision are taken for the information contained inreference documents for a general meeting of unitholders and other documents and that, of the matters forwhich measures for electronic provision are taken for the information contained in reference documents fora general meeting of unitholders and other documents, the scope of matters to be included in thedocuments to be delivered to the unitholders who have requested delivery of the documents be in paper
format may be limited to the scope prescribed in the Regulation for Enforcement of the Act on Investment
Trusts and Investment Corporations (Order of the Prime Minister’s Office No. 129 of 2000) (proposedamendment of Article 9-2).
(2) NAF provides in Article 14 of the current Articles of Incorporation, pursuant to Article 93, Paragraph 1 of theAct on Investment Trusts and Investment Corporations, to the effect that any unitholder who does notattend a general meeting of unitholders and does not exercise his/her voting rights shall be deemed to bein favor of any proposal submitted to such general meeting of unitholders (provided, however, that in caseswhere two or more proposals are submitted and any such proposal is in conflict with another proposal,
both of such proposals shall be excluded from such deemed approval) (so-called deemed approvalsystem).
However, for proposals that could have substantial impact on the interests of unitholders, the investment
corporation’s governance structure, etc. for which submission of conflicting proposals at a general meetingof unitholders is difficult by nature, in order to more directly reflect the intent of the unitholders who haveactually exercised their voting rights, amend the Articles of Incorporation to provide for matters for which
the deemed approval system prescribed in Article 14 of the current Articles of Incorporation and Article 93,Paragraph 1 of the Act on Investment Trusts and Investment Corporations does not apply (proposedamendment of Article 14, Paragraph 3).

1(3) In line with the method of fair value measurement for securities and rights pertaining to derivatives
transactions changing with events, including the announcement of Accounting Standards Board of Japan(ASBJ) Statement No. 30 “Accounting Standard for Fair Value Measurement” and ASBJ Statement No. 10“Accounting Standard for Financial Instruments” (including related newly established or revised accounting
standards, guidance, etc.), amend the related provisions (proposed amendment of Article 32, Paragraph1).
2. Election of Directors
Requests have been received to resign for adjustment of the terms of office from one Executive Director(Takashi Ikeda) and two Supervisory Directors (Mika Etoh and Eiki Enomoto) and to resign upon the closing of
the General Meeting of Unitholders from one Supervisory Director (Mitsutoshi Masuda). Accordingly, NAF
proposes that one Executive Director and three Supervisory Directors be elected at the General Meeting ofUnitholders planned for May 16, 2023.
In addition, a proposal will be submitted for the election of two Substitute Executive Directors in case theExecutive Director of NAF vacates his or her position.
(1) Executive Director Candidate
Takashi Ikeda (in-service)(2) Substitute Executive Director Candidates
Hiroshi Kojima (Note 1)
Tetsuji Kawakami (Note 2)(3) Supervisory Director Candidates
Mika Etoh (in-service)
Eiki Enomoto (in-service)
Seiji Iwatani (newly elected)(Note 1) Hiroshi Kojima, the above candidate for Substitute Executive Director, is President and CEO of Mitsui
Fudosan Accommodations Fund Management Co., Ltd. with which NAF has concluded a REITManagement Agreement and General Administrative Service Agreement.
(Note 2) Tetsuji Kawakami, the above candidate for Substitute Executive Director, is CFO and Director ofMitsui Fudosan Accommodations Fund Management Co., Ltd. with which NAF has concluded a REITManagement Agreement and General Administrative Service Agreement.
3. Scheduled Dates of Meetings, Etc.
April 19, 2023

Board of Directors’ meeting to approve agenda to be presented to the Eleventh General
Meeting of Unitholders

April 26, 2023

Dispatch of “Notice of the Eleventh General Meeting of Unitholders” (scheduled)

May 16, 2023

Eleventh General Meeting of Unitholders (scheduled)*

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.

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