April 4, 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 Concerning the Change of Directors at the Asset Management Company
This is a notification that at the Board of Directors’ meeting on March 15, 2013, Mitsui Fudosan Accommodations
Fund Management (“the Asset Management Company”), an Asset Management Company which has beencommissioned by Nippon Accommodations Fund Inc., ("NAF") to manage its assets, decided that the change ofDirectors representing the Asset Management Company will be put up for discussion at the Extraordinary General
Meeting of Unitholders planned for March 28, 2013.

1.

New Director (effective April 1, 2013)
Director (part-time)
Hiromu Yamanaka
Auditor (part-time)
Yasushi Akimoto※Please refer to the exhibit for the archival records.

2.

Exiting Director (effective March 31, 2013)
Director (part-time)
Masato Shikata
Auditor (part-time)
Toru Suzuki

This matter will be respectively reported to the Chief of Financial Services Agency in accordance with theFinancial Instrument Transaction Law, and the Minister of Ministry of Land, Infrastructure and Transportation inaccordance with conditions of authorization in relation to discretionary agent and also to the Governor of Tokyo inaccordance with the Real Estate Business Law.

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, Transportand Tourism.
NAF website: http://www.naf-r.jp/english/index.html

This English language notice is a translation of the Japanese language notice dated March 15, 2013.
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.

(Exhibit)
Title
Director(part-time)

Auditor(part-time)

NameHiromu
Yamanaka

Yasushi AkimotoCareer SummaryApril, 1984

Joined Mitsui Fudosan Co., Ltd.
Housing 2nd Division

April, 1990

Hiroshima Branch of the same;

October, 1992

Personnel Department of the same;

April, 1997

Hokkaido Branch of the same;

April, 2000

Transferred to Mitsui Fudosan Housing Service Co.,Ltd.

April, 2004

Mitsui Fudosan Co., Ltd. Yokohama Branch

October, 2006

Transferred to Mitsui Fudosan Residential Co., Ltd.

April, 2008

Transferred to Uniliving Co., Ltd. (present office)April, 1983

Joined Mitsui Fudosan Co., Ltd.
Housing 1st Division

April, 1985

Housing and Land Business Department of the same;

August, 1988

Resort Business Division of the same;

April, 1989

Resort Business Department of the same;

April, 1990

Sendai Branch of the same;

April, 1996

Corporate Communications Department of the same;

April, 1998

Transferred to Daiichi Engei Co., Ltd.

April, 2006

Mitsui Fudosan Co., Ltd, Office Building Division,
Strategy Planning and Administration Department

April, 2008

Transferred to Nippon Building Fund Management Ltd.
(present office)