JAPAN RES INV CO : TR-1 Notification of Major Interests in Shares

NEWS RELEASE

Japan Residential Inv. Co. Ltd

22 February 2008

Japan Residential Investment Company Limited ("the Company")

TR-1NOTIFICATION OF MAJOR INTERESTS IN SHARES

(1) Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

JAPAN RESIDENTIAL INVESTMENT COMPANY LIMITED

(2) Reason for the notification (please state Yes/No):

An acquisition or disposal of voting rights (YES)

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached: (NO)

An event changing the breakdown of voting rights: (NO)

Other (please specify): (NO)

(3) Full name of person(s) subject to the notification obligation:

Carrousel Fund Ltd Investment Manager

(4) Full name of shareholder(s) (if different from (3)):

The Carrousel Fund Ltd

The Carrousel Fund II Ltd

(5) Date of the transaction and date on which the threshold is crossed or reached (if different):

19 February 2008

(6) Date on which issuer notified:

21 February 2008

(7) Threshold that is crossed or reached:

3%

(8) Notified details:

A: Voting rights attached to shares

Class/type of	Situation previous to the
shares	Triggering transaction		Resulting situation after the triggering transaction
		Number of
using the	Number of	Voting	Number of	Number of Voting
ISIN code	Shares	Rights	Shares	Rights		% of voting rights
			Direct	Direct	Indirect	Direct	Indirect
ORDINARY SHARES GG00B1FB3X85	Below 3%	Below 3%	6,700,000	6,700,000		6.7%

B: Financial instruments

Resulting situation after the triggering transaction
Type of Financial	Expiration	Exercise /	Number of	% of voting
Instrument	Date	Conversion	voting rights	Rights
		Period /	that may be
		Date	acquired is the
			instrument is
			exercised /
			converted
N/A

Total (A+B)

Number of voting rights	% of voting rights
6,700,000	6.70%

(9) Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:

Carrousel Capital Ltd prime brokers hold the shares in nomineesaccounts.

The prime brokers are Bear Stearns and Citigroup

Proxy Voting:

(10) Name of the proxy holder:

(11) Number of voting rights proxy holder will cease/acquire to hold:

(12) Date on which proxy holder will cease/acquire to holding voting rights:

(13) Additional information:

(14) Contact name:

Jasmine Yennekor Bruno Sangle-Ferriere

(15) Contact number:

020 7529 5986 or 020 7529 5981

Enquiries:
K.K. Halifax Asset Management	Fairfax I.S. PLC	Smith & Williamson Corporate Finance Limited
Alec Menikoff	John Korwin-Szymanowski	AzhicBasirov
[phone]	[phone]	[phone]