January 15, 2014
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities
1-1, Nihonbashi-Muromachi 2-Chome, Chuo-Ku,
Tokyo 103-0022
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 Split of Investment Units andPartial Amendment to the Articles of Incorporation
Nippon Accommodations Fund Inc. (“NAF”) hereby provides notice of the resolution adopted at its Board ofDirectors’ Meeting held today to conduct a split of investment units and make a partial amendment to the Articles ofIncorporation.
1. Purpose of Split
With the introduction of the individual savings account system of Japan (“NISA”) on January 1, 2014, NAF has
decided to reduce the amount of each investment unit through the split of investment units. NAF expects anincrease of long-term investors while expanding the investor base by creating an environment for investors tomake investments more easily through the split of investment units.
2. Overview of Split(1) Method of Split
As of February 28, 2014 as the record date, NAF will implement a two-for-one split of investment units owned
by unitholders registered or recorded in the final unitholders registry on this date.
(2) Number of Investment Units to be Increased through Split, etc.
1. Number of investment units issued and outstanding before split
2. Number of investment units to be increased through split
3. Number of investment units issued and outstanding after split
4. Total number of investment units authorized after split(3) Schedule of Split
1. Public announcement date of record date
2. Record date
3. Effective date
4. New registration date::::::::

230,711 units
230,711 units
461,422 units
4,000,000 units

February 3, 2014 (scheduled)February 28, 2014
March 1, 2014
March 3, 2014

3. Partial Amendment to the Articles of Incorporation(1) Reason for Amendment
NAF will amend Article 6 Paragraph 1 of its Articles of Incorporation in order to increase the total number ofinvestment units authorized in proportion to the ratio of split of investment units under the provisions of Article
81-3 Paragraph 2 of the Act on Investment Trusts and Investment Corporations, which is applied mutatis
mutandis pursuant to the provisions of Article 184 Paragraph 2 of Companies Act.
(2) Contents of Amendment
Contents of amendment are as follows.
(Underlined part will be changed)
Before Amendment
Article 6. (Total Number of Units authorized to
Be Issued by the Company)
1. The total number of units authorized to beissued by the Company shall be two million(2,000,000) units.

After Amendment
Article 6. (Total Number of Units authorized toBe Issued by the Company)
1. The total number of units authorized to beissued by the Company shall be four million(4,000,000) units.

(3) Schedule of Amendment
March 1, 2014
4. Future Prospects
No revision will be made to distribution per unit of 14,400 yen indicated in “Notification Concerning Revision toFinancial Results Forecast for the Period Ending February 28, 2014 (16th Period)” dated October 17, 2013 as
the amount is subject to units before the effective date of the split of investment units.
Japanese original document was distributed to the press clubs within Tokyo Stock Exchange (KabutoClub) and the press club of the Ministry of Land, Infrastructure, Transport and Tourism, and to the pressclub for construction publications of the Ministry of Land, Infrastructure, Transport and Tourism.
NAF website: http://www.naf-r.jp/english/index.html

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.