To Our Unitholders

Advance Residence Investment Corporation (issue abbreviation: ADR, securities code: 3269), would like to offer its sincerest gratitude for your continued support, which has been integral in the remarkable growth we have achieved to our portfolio of residential properties since our initial listing.

On March 1, 2010, the former Advance Residence Investment Corporation merged with Nippon Residential Investment Corporation to create a new company under the same name, Advance Residence Investment Corporation. The new ADR relisted on March 2, 2010 on the Tokyo Stock Exchange REIT Section. The newly merged investment corporation has a well diversified portfolio and is the largest residential J-REIT in terms of asset size. Through achieving various synergies between the two companies we believe we will be able to provide investors with stable dividends in the medium to long term.

Along with providing competitive and comprehensive living services to tenants, we will achieve steady growth in assets over the longterm and generate stable profits to maximize unitholders’ equity.

These efforts are all critical to our commitment to satisfy investors and tenants alike.

We humbly ask for your continued support.

Sincerely yours,

Takeshi Takano, Executive Director
Advance Residence Investment Corporation