Update on Interim Dividend

1 August 2014

Japan Residential Investment Company Limited

(the "Company")

Update on Interim Dividend

As announced on 30 July 2014 in the Company's unaudited consolidated financial results for the six months ended 31 May 2014, the Board of the Company has approved an interim dividend of 1.8 pence per ordinary share in respect of the first six months of the financial year ended 31 May 2014.

The dividend will be paid on 8 September 2014 to holders of ordinary shares on the Company's register as at the close of business on 8 August 2014, and not 6 August 2014 as previously announced.

The Company will also be offering a scrip dividend alternative under which shareholders 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 and form of election will be sent to shareholders on or around 11 August 2014 and will be available on the Company's website from the date of posting. 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 expected timetable for the payment of the interim dividend is set out below:

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