Sale of Property

18 August 2014

Japan Residential Investment Company Limited

(the "Company")

Sale of Property - Branche Kanamecho IV

The Company announces the sale of Branche Kanamecho IV for ¥550 million (£3.2 million), a 34.1% premium to the latest valuation.

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".

The Fund today contracted for the sale of Branche Kanamecho IV (the "Property"), a 20 unit apartment building located in Toshima Ward, Tokyo. Completion is scheduled for 26 September 2014.

The sale price of ¥550 million (£3.2 million) excluding taxes and sales costs represents a 34.1% premium over the asset's latest valuation of ¥410 million (£2.4 million) as at 31 May 2014. The sale price under contract represents a 42.1% premium over the amount paid by the Fund for the Property in January 2008.

This transaction is part of the Fund's capital rotation strategy where select non-core assets are sold and proceeds reallocated to the purchase of high quality assets with greater prospects for income and capital growth.

Note: Sterling denominated values are based on an exchange rate of ¥170.95/£1.

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