Repayment of Debt

17 November 2010

Japan Residential Investment Company Limited ("the Company")

Repayment of Debt

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".

Further to the announcement of 9 November 2010, the Fund has arranged for a voluntary, partial pay down of JPY 3.0 billion (GBP 22.5 million) of the current JPY 10.0 billion (GBP 75.0 million) in debt outstanding to Orix Corporation and DB Trust Bank (the "Pay Down"). The Pay Down is scheduled to take place on 22 November 2010. The remaining JPY 7.0 billion (GBP 52.5 million) of debt owed to Orix Corporation and DB Trust Bank, which matures in May 2012, will have a loan-to-value ratio ("LTV") of 60.4%, based on values as at 31 May 2010. The average interest rate remains unchanged at 1.59%.

As a result of the Pay Down, the Fund portfolio LTV will be reduced to 54.1%, based on values as at 31 May 2010.

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