Conversion of rights attaching to Subscription ...

Fidelity Japanese Values PLC (the “Company”)

Conversion of rights attaching to Subscription Shares and Final Exercise Date

4 May 2016

The Company announces that it is issuing and allotting 13,296,938 ordinary shares of 25p each in the capital of the Company (“Ordinary Shares”), subject to listing.  Such issuance is being made following the exercise of 13,296,938 subscription shares, each of which confers the right to subscribe for one Ordinary Share at a price of 86.5p (the “Exercise Price”) per share (“Subscription Shares”) in the period to 29 April 2016 (the “Final Exercise Date”). 

Application has been made for the new Ordinary Shares to be admitted to the premium segment of the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange. It is expected that dealings in the new Ordinary Shares will commence at 8.00 a.m. on 9 May 2016.

Outstanding Subscription Shares

Friday 29 April 2016 was the final exercise date for the Subscription Shares.  As at close of business on the Final Exercise Date, 9,199,422 Subscription Shares remained unexercised.  In accordance with the terms and conditions on which the Subscription Shares were issued (as set out in the prospectus published by the Company on 22 July 2014), the Company has appointed a final subscription trustee (“Trustee”).  If the Trustee determines that there would be net proceeds (having taken account of the Exercise Price payable to the Company and all costs and expenses of exercise from the sale of Ordinary Shares arising on the exercise of the Subscription Rights), then the Trustee will exercise all such unexercised Subscription Rights.  The Trustee will distribute the net proceeds of any such sale (after deduction of the costs and expenses) to holders of unexercised Subscription Rights by no later than 24 June 2016, save that, in accordance with the Articles of Association, aggregate entitlements per holder of less than £5.00 shall be retained for the benefit of the Company.

If the Trustee does not exercise the Subscription Rights conferred by the outstanding Subscription Shares by 12 May 2016, all Subscription Rights conferred by the Subscription Shares will lapse with nil value.  The Trustee’s decision is final and binding on all outstanding Subscription Shareholders.

Contact for queries:

Natalia de Sousa

FIL Investments International

Company Secretary

Telephone: [phone]