Gearing

The Board of Fidelity Japanese Values PLC announces that on 25 November 2009
the Company repaid the fixed rate unsecured loan from The Royal Bank of
Scotland PLC of yen 1,680,000,000 which matured on that date.

The credit line utilised under the yen 750,000,000 overdraft facility with
JPMorgan has been paid down.

The Company is now utilising contracts for difference to continue to provide an
exposure to Japanese equities on a geared basis.

Enquiries:

Rebecca Burtonwood, FIL Investments International, Company Secretary 01737 836
869

26 November 2009