Posting of Half-Yearly Report and Scrip Circular

11 August 2014

Japan Residential Investment Company Limited

(the "Company")

Posting of Half-Yearly Report and Scrip Dividend Circular

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 announces that its unaudited half-yearly report for the six months ended 31 May 2014 has today been posted to shareholders.

As announced on 1 August 2014, the Company is offering a scrip dividend alternative to the interim cash dividend of 1.8 pence per ordinary share (in respect of the first six months of the financial year ended 31 May 2014) under which shareholders on the register on 8 August 2014 may elect to receive new ordinary shares in lieu of the cash dividend. The price of a new ordinary share to be issued under the scrip dividend alternative will be calculated as the higher of (i) the prevailing net asset value per ordinary share; and (ii) the average of the Company's closing middle market price of an ordinary share for the five consecutive dealing days commencing on the ex-dividend date of 6 August 2014. The reference price of the scrip ordinary shares in respect of the interim dividend will be calculated and published on 13 August 2014.

A circular describing the scrip dividend alternative has today been posted to shareholders together with a form of election. Shareholders who wish to receive all or part of the interim dividend by way of ordinary shares in the Company should complete and return the form of election that will be provided to them with the circular by 5.00pm on 26 August 2014.

The Company's unaudited half-yearly report for the six months ended 31 May 2014 and the scrip dividend circular are available on the Company's website at www.jricl.com.

The expected timetable for the payment of the interim dividend is set out below:

Enquiries: