Update on Net Asset Value

13 October 2015

Japan Residential Investment Company Limited

(the "Company")

Update on Net Asset Value

Japan Residential Investment Company Limited (AIM: JRIC) is a closed-ended Guernsey incorporated company established to make and hold investments in residential property in Japan.

The Net Asset Value ("NAV") for the Company as of 31 August 2015 (unaudited) was 58.0　pence per share (¥107.9 per share) compared to 56.3 pence per share (¥106.8 per share) as at 31 May 2015. This NAV reflects increases of 0.8 pence from underlying profit and 1.1 pence of net foreign exchange gains which was offset by decreases of 0.1 pence from net loss on fair value adjustments and 0.1 pence from loss on one-time adjustments. The calculation of NAV is based on the most recent external valuation of investment properties as at 31 May 2015.

The NAV in Sterling is determined using the Yen: Sterling exchange rate of JPY186.014, which　was the prevailing rate as at 31 August 2015 (31 May 2015: JPY189.840).

Enquiries:

KK Halifax Management Limited

Manager Edward Barrow +65 6593 8904

KK Halifax Asset Management

Investment Adviser Alec Menikoff +81 (0)3 5563 8771

Smith & Williamson Corporate Finance Limited

Nominated Adviser Azhic Basirov

David Jones +44 (0)20 7131 4000

Jefferies Hoare Govett

Joint Broker Max Jones +44 (0)20 7029 8000

Liberum Capital Limited

Joint Broker Richard Bootle +44 (0)20 3100 2222