Portfolio Occupancy and Strategic Review

14 November 2012

Japan Residential Investment Company Limited ("the Company")

Portfolio Occupancy and Strategic Review

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".

On 31 October 2012 the Fund portfolio occupancy rate was 96.5%, increasing 2.6% from that of the same date one year prior.

Average occupancy for the year ending 31 Oct 2012 increased to 95.2%from 94.9% for the same period, one year prior.

The strong October occupancy figures reflect seasonal demand as well as improved uptake in Osaka and other regional cities. Limited new supply and strong investor demand is placing upward pressure on multifamily residential property prices. The Company has received a second unsolicited approach for the property portfolio and is reviewing this as well as other strategic options in light of the continuation vote next year. The Investment Advisor believes that the current market environment of stable rents and continued downward pressure on property yields bodes well for achieving the Fund's current objective of steady income and capital growth.

-ENDS-

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