Main Market Update

 12 December 2014

Japan Residential Investment Company Limited

(the "Company")

Main Market Update

Japan Residential Investment Company Limited (AIM: JRIC) is a closed-ended Guernsey registered company established to make and hold investments in residential property in Japan. The Company, its subsidiaries and entities in which it has a beneficial interest are referred to collectively as the "Fund".

In June 2014, the Company announced its intention to migrate the quotation of its ordinary shares from AIM to the premium listing segment of the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange. In conjunction with preparation for this move, and in light of increased regulatory and compliance demands on collective investment schemes as well as the practical requirements of managing a multi-jurisdictional investment structure, the Company has been engaged with its advisers in a wide-ranging review of its structure and investment management arrangements.

Significant progress has been achieved, however further work is needed to ensure that the Fund is well-positioned for its next growth phase with a robust and efficient operating structure. The Company remains committed to making the move to the Main Market, which it now expects to be achieved in the first quarter of 2015, and continues to believe that the Main Market is a more appropriate platform and will help to raise the profile of the Company and increase its appeal to a broader range of investors, whilst also enhancing liquidity.

A further announcement will be made in due course.

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