Holding(s) in Company

TR-1: Notifications of Major Interests in Shares

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Japan Residential Investments

2. Reason for notification (yes/no)

An acquisition or disposal of voting rights

Yes

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached 

An event changing the breakdown of voting rights

Other (please specify): Reduction in issued Share Capital

3. Full name of person(s) subject to notification obligation:

Midas Capital Plc

4. Full name of shareholder(s) (if different from 3):

See section 9 below

5. Date of transaction (and date on which the threshold is crossed or reached if different):

30/01/2009

6. Date on which issuer notified:

03/02/2009

7. Threshold(s) that is/are crossed or reached:

Was 13.90%, Now 14.22%

8: Notified Details

A: Voting rights attached to shares

Class/type of shares

If possible use ISIN code

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of shares

Number of voting rights

Number of shares

Number of voting rights

Percentage of voting rights

Direct

Indirect

Direct

Indirect

GG00B1FB3X85

13,900,000

13,900,000

14,215,000

n/a

14,215,000

14.22%

B: Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/ conversion period/date 

No. of voting rights that may be acquired (if the instrument exercised/converted)

Percentage of voting rights

Total (A+B)

Number of voting rights

Percentage of voting rights

14,215,000

14.22%

9. Chain of controlled undertakings through which the voting rights and /or the financial instruments are effectively held, if applicable:

Miton Special Situations 

Miton Strategic Portfolio

Miton Arcturus

Bank of New York Nominees a/c 392474

Bank of New York Nominees a/c 391993

Bank of New York Nominees a/c 391998

8,215,000

4,000,000

2,000,000 

Proxy Voting:

10. Name of proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

Midas Capital Partners Ltd, Miton Asset Management Ltd and iimia plc are all subsidiaries of Midas Capital plc

14 Contact name:

John Bradley

15. Contact telephone name:

0151 906 2462