I would like to take this opportunity to express my sincere gratitude to you for your support and patronage of United Urban Investment Corporation ("United Urban").

Since its listing on the Real Estate Investment Trust section (J-REIT section) of the Tokyo Stock Exchange in December 2003, United Urban has adopted an investment policy of aiming to establish and develop a comprehensive investment portfolio, and it has dedicated its efforts accordingly by achieving consistent growth in the value of its assets and by enhancing the quality of its portfolio with the cooperation of its asset management company, Japan REIT Advisors Co., Ltd. ("JRA"), and JRA's sponsor companies. Under the said investment policy of aiming to establish and develop a comprehensive investment portfolio, that is diversified in terms of both type of use and area of location of the real estate in which it invests, United Urban is aiming to secure steady earnings over the medium to long term, as well as to build an optimal investment portfolio, by carefully watching the economic conditions, real estate market trends, and other circumstances from time to time, with any potential risks minimized.

While there have been consistent distributions of dividends since its listing, United Urban merged with Nippon Commercial Investment Corporation, another listed J-REIT, on December 1, 2010, based on the analysis that this merger would further facilitate the increased asset value, the enhanced portfolio quality based on the expanded asset value, and the reduced risks through further diversification to United Urban whereby the merger would serve to further boost its unitholders' value. As a result of the merger, United Urban will take a leading position among the listed J-REITs and become one of the largest J-REITs having comprehensive investment policy in the J-REIT market in terms of asset value.

United Urban will continue to practice its basic philosophy of "maximizing returns to unitholders by securing steady earnings over the medium to long term" pursuant to its investment policy of aiming to establish and develop a comprehensive investment portfolio. Moreover, as a listed J-REIT, United Urban will strive to provide transparency in its management through proactive information disclosure in view of achieving utmost trust from the market and investors.

We look forward to your continued support.

December, 2010
Yasuhiro Tanaka
Executive Officer
United Urban Investment Corporation

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