| Cash Distributions Forecast for the Ninth Fiscal | ||||||
| Term Ending September 30, 2010 | ||||||
| 517※yen per unit ※after the Unit Split | ||||||
| The Ninth fiscal term commences on April 1, 2010, and carries through to September 30, 2010 | ||||||
| The aforementioned forecast and calculations are based on certain assumptions as of May 24,2010 | ||||||
| Accordingly, the actual cash distribution may differ from the forecast due to the future acquisition | ||||||
| and disposition of properties, changes in the real estate market and other conditions confronting | ||||||
| Japan Rental Housing Investments Inc.. We do not guarantee payment of the forecast cash distribution | ||||||
| per unit. | ||||||
| Unitholders on record as of September 30, 2010 are eligible for the receipt of cash distributions. | ||||||
| The final trading day on the Tokyo Stock Exchange for cash distribution eligibility is September 27 2010. | ||||||
| Cash Distributions Determined for the Eighth Fiscal Term Ended March 31, 2010 | ||||||
| 2,910 yen per unit | ||||||
| TheEighth fiscal term is from October 1, 2009 to March 31, 2010 | ||||||
| The payment of cash distribution will start from June 21, 2010 | ||||||
| Unitholders on record as of March 31, 2010 are eligible for the receipt of cash distributions. | ||||||
| The final trading day on the Tokyo Stock Exchange for cash distribution eligibility was March 26, 2010. | ||||||
| Results of Actual Cash Distribution per Unit | ||||||
| The First Fiscal Term Ended September 30, 2006 10,650 yen per unit | ||||||
| (Caluculation Period : October 7, 2005 to September
30, 2006, Actual Asset management Period : December 15, 2005 to September 30, 2006) | ||||||
| The Second Fiscal Term Ended March 31, 2007 14,426 yen per unit | ||||||
| (Caluculation Period : October 1, 2006 to March 31, 2007) | ||||||
| The Third Fiscal Term Ended September 30, 2007 14,994 yen per unit | ||||||
| (Caluculation Period : April 1, 2007 to September 30, 2007) | ||||||
| The Fourth Fiscal Term Ended March 31, 2008 14,312 yen per unit | ||||||
| (Caluculation Period : October 1, 2007 to March 31, 2008) | ||||||
| The Fifth Fiscal Term Ended September 30, 2008 6,052 yen per unit | ||||||
| (Caluculation Period : April 1, 2008 to September 30, 2008) | ||||||
| The Sixth Fiscal Term Ended March 31, 2009 4,527 yen per unit | ||||||
| (Caluculation Period : October 1, 2008 to March 31, 2009) | ||||||
| The Seventh Fiscal Term Ended September 30, 2009 2,870 yen per unit | ||||||
| (Caluculation Period : April 1, 2009 to September 30, 2009) | ||||||
