April 17, 2013
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
Yuji Yokoyama(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 of Amendments of Articles of Incorporation and Election of Directors
This is a notification that at the Board of Directors’ meeting on April 17, 2013, Nippon Accommodations Fund, Inc.
(“NAF”) resolved that the following amendments of the Articles of Incorporation and election of directors will be put
up for discussion at the Sixth General Meeting of Unitholders planned for May 17, 2013.
This proposal will become effective upon approval at the above General Meeting of Unitholders.
1. Summary of, and Reasons for, the Amendments of the Articles of Incorporation(1) Amend Articles of Incorporation to make necessary amendments to text in line with amendments made to
the Order for Enforcement of the Act on Special Measures Concerning Taxation (Cabinet Order No. 43 of1957; including all amendments made to date), which stipulates the requirement that offerings of investment
units be conducted primarily in Japan as part of the requirements for receiving the special tax treatment forinvestment corporations, stipulated by the Act on Special Measures Concerning Taxation (Law No. 26 of1957; including all amendments made to date).
(2) Amend Articles of Incorporation to clarify that the “amount of income,” which shall be the basis of
calculation of Management Fee 1, includes dividends from investments in anonymous partnership equity
interests, etc. with respect to the investment assets when such investment assets are anonymous
partnership equity interests or real estate-backed securities.
(3) Amend Articles of Incorporation to simplify and clarify the basis of calculation of Management Fee 2 bydefining the “Amount Available for Distribution,” which shall be the basis of calculation of Management Fee 2,
as income before income taxes, before excluding Management Fee 1 and 2, calculated in accordance withgenerally accepted accounting principles. However, since gain on negative goodwill in case of any merger ofNAF has no connection with Management Fee 2, it shall be excluded from the basis of calculation.
(4) Other than above, amend Articles of Incorporation to make necessary amendments to text and to unify
expressions with the Financial Instruments and Exchange Act, as well as to reflect the reorganization of The
Investment Trusts Association, Japan into a general incorporated association on January 4, 2013.

2. Election of Directors
The elected terms of all Executive Directors (2) and all Supervisory Directors (3) will end on May 20, 2013.
Accordingly, NAF proposes that two Executive Directors and three Supervisory Directors be elected at theGeneral Meeting of Unitholders planned for May 17, 2013.
(1) Executive Director Candidates
Nobumi Tobari(newly elected)
Kosei Murakami(in-service)(2) Supervisory Director Candidates
Takeo Tomita(in-service)
Michihiko Takabe (in-service)
Hiroyuki Sodeyama (in-service)
3. Scheduled Dates of Meetings, etc.
April 17, 2013 Resolution of Board of Directors’ Meeting for holding the Sixth General Meeting of Unitholders
April 26, 2013 Posting of the “Notice of the Sixth General Meeting of Unitholders” (scheduled)
May 17, 2013 Sixth General Meeting of Unitholders (scheduled)Japanese original document was distributed to the press clubs within 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 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, theJapanese original shall prevail.