Issue of Equity

Fidelity Japanese Values PLC announces that on 6 May 2004 the Company issued
and allotted a further 1,200 ordinary 25p shares in respect of shares arising
on the exercise of warrants, with effect from 30 April 2004. The total issued
share capital is now 98,207,453.

In accordance with the terms of the Trust Deed the Company shall within seven
days appoint a trustee who, provided that in his opinion the net proceeds of
sale after deduction of all costs and expenses incurred by him will exceed the
costs of subscription, shall within the period of fourteen days following 30
May 2004, either (i) exercise all the subscription rights which have not been
exercised on the terms on which the same could have been exercised on the final
subscription date of 1 January 2004 and sell in the market the ordinary shares
acquired on such subscription; or (ii) (if it appears to the trustee that doing
so is likely to realise greater net proceeds for Warrantholders) accept any
offer available to Warrantholders for the purchase of the Warrants. The trustee
shall distribute pro rata the proceeds less such subscription costs and such
other costs and expenses to the persons entitled thereto, provided that
entitlements of less than £3.00 shall be retained for the benefit of the
Company. If the trustee does not exercise the subscription rights the
outstanding warrants will lapse on 14 May 2004.

A total of 20,395,347 warrants have not been exercised. Based on the current
share price of 72p it is not expected that the trustee will exercise the
subscription rights.