Half-yearly Report

FIDELITY JAPANESEVALUES PLC Half-Yearly Report For the 6 months ended 30 June 2011 Contents Investment Objective & Performance Summary Summary of Results Half-Yearly Report Directors' Responsibility Statement Twenty Largest Investments Financial Statements Investor Information Directory Investment Objective & Performance Summary The investment objective of the Company is to achieve long term capital growth from an actively managed portfolio of securities primarily of small and medium sized Japanese companies listed or traded on Japanese stockmarkets. Performance (on a total return basis) 30 June Six months to 30 June 2011 2011 Net asset value ("NAV") per share - undiluted 70.06p +2.4% NAV per share - diluted 67.79p +2.4% Ordinary share price 58.00p +1.3% Russell Nomura Mid/Small Cap Index (in 1.9125 -5.1% sterling terms) Standardisedperformance (on a total return basis) (%) 01/07/06 01/07/07 01/07/08 01/07/09 01/07/10 to 30/06/ to 30/06/ to 30/06/ to 30/06/ to 30/06/ 07 08 09 10 11 NAV per share - -23.0 -17.4 -16.4 +16.0 +16.9 undiluted Share price -23.9 -19.0 -16.6 +11.6 +14.9 Sources: Fidelity and Datastream Past performance is not a guide to future returns ­­Summary of Results 30 June 31 December % 2011 2010 change Assets Total assets employed (1) £68.21m £65.49m +4.2 Shareholders' funds £68.21m £65.49m +4.2 Contracts for Difference ("CFDs") exposure £20.36m £16.63m NAV per ordinary share - undiluted 70.06p 68.44p +2.4 NAV per ordinary share - diluted (2) 67.79p 66.21p +2.4 StockmarketData Russell Nomura Mid/Small Cap Index (in 1.9125 2.0158 -5.1 sterling terms) Yen/£ exchange rate 129.656 126.982 -2.1 Ordinary share price (3) period end 58.00p 57.25p +1.3 high 63.25p 57.25p low 47.75p 47.25p Discount - undiluted (3) period end 17.2% 16.4% high 19.5% 20.2% low 3.4% 12.7% Discount - diluted period end 14.4% 13.5% Subscription share price (3) period end 10.03p 11.75p high 14.75p 13.50p low 6.75p 5.25p Returns for the six months to 30 June 2011 2010 Revenue return/(loss) per ordinary share - 0.04p (0.12p) undiluted Capital return per ordinary share - undiluted 1.82p 4.49p Total return per ordinary share - undiluted 1.86p 4.37p 1. Total assets less current liabilities 2. The diluted NAV per ordinary share is included in this report since the NAV per ordinary share is greater than the exercise price of the subscription shares. Hence, if the subscription shares had converted at the period end date, the NAV per ordinary share in issue would have been diluted 3. The high and low figures relate to the six months ended 30 June 2011 and the year ended 31 December 2010 Sources: Fidelity and Datastream Past performance is not a guide to future returns Half-Yearly Report Performance The Japanese market began on a strong note in 2011, with the major indices continuing to rebound from their November 2010 lows. Improving global economic fundamentals, underpinned by signs of a pickup in the US, translated into a reacceleration in Japanese exports. The Great East Japan Earthquake on 11 March, however, drastically altered this landscape. Initial concerns about the direct effects of the earthquake on the economy and production gave way to fears about radiation leaks from the stricken Fukushima nuclear power plant. Thereafter, the Japanese market continued to decline. In addition, mounting concerns about the US economy, tightening monetary policy in emerging nations and fiscal problems in Europe depressed investor sentiment further. However, towards the end of the review period, the Japanese equity market staged a strong rebound, as better than expected domestic macroeconomic data underscored the resilience of Japanese companies in overcoming supply chain disruptions and restoring production. Nevertheless, despite the recent rebound, the Japanese equity market underperformed major indices in Europe and the US over the review period. After the earthquake, we saw a widening of the differential in returns between individual sectors and stocks. This reflected the steep declines suffered by power utilities and other companies directly impacted by the disaster, and the gains in those companies perceived to be beneficiaries of reconstruction demand. Tokyo Electric Power (TEPCO), operator of the stricken Fukushima nuclear plant, hit all-time lows. Against a backdrop of mounting political uncertainty, TEPCO's crisis threatened to impair the entire industry's ability to procure funding. On the other hand, defensive segments, notably consumer staples, held up well, as did retailers successfully implementing restructuring or overseas expansion strategies. In the consumer discretionary sector, mid-cap automobile and parts companies also outperformed. Over the review period, your Company's net asset value increased by 1.62p per share (2.4%) to 70.06p per share, as can be seen in the Attribution Analysis table below, and the discount to NAV remained stable. The Manager's stock selection made significant contributions to your Company's net asset value. The emphasis on internet-related businesses was particularly rewarding. Last year's leading contributor M3, continued to perform strongly, as robust growth in its US operations lifted investors' confidence. A holding in CyberAgent, which had been a relative laggard among internet-related stocks, also paid off. Its blog service called Ameba has proved to be highly profitable and penetration of smartphones in Japan is expected to accelerate its top line growth. In addition, a holding in Bit-Isle, an operator of internet data centres, added value. Bit-Isle's strong quarterly earnings growth and an increase in dividends drove its share price higher. An operator of a price comparison website, Kakaku.com, continued to hit fresh highs as rising demand for price comparisons and restaurant search services highlighted its growth potential. Attribution Analysis (pence) NAV (undiluted) at 31 December 2010 68.44 Impact of the Index (in yen terms) -2.14 Impact of Index Income (in yen terms) 0.75 Impact of Stock Selection 4.66 Impact of Gearing 0.80 Impact of the Exchange Rate -1.38 Impact of Charges -0.69 Cash/Residual -0.38 NAV (undiluted) at 30 June 2011 70.06 A titanium smelter, Osaka Titanium Technologies, added value. Its share price performance reflected rising titanium prices. Another major contributor was Maruwa, manufacturer of electronic ceramic components used for smartphones, automobiles, digital cameras, etc. It posted strong earnings growth for fiscal 2010 and is expected to maintain robust growth momentum into fiscal 2011 due to improving product mix. Conversely, stocks selected in the electrical machinery sector struggled. Electronic component producers including Mitsumi Electric, MegaChips and Meiko Electronics, fared poorly due to weakening end demand for PCs and disappointing sales of Nintendo's 3DS. The Manager sold out of positions in Mitsumi Electric and Meiko Electronics, but he maintained overweight positions in MegaChips, which is expected to benefit from Nintendo's new game console "Wii U". In the real estate sector, Sumitomo Real Estate Sales detracted from relative performance. The Manager sold out the position in April as its earnings outlook was overshadowed by weak retail brokerage business amid poor consumer sentiment after the earthquake. The Market & Outlook In Japan, companies have moved quickly to resolve supply chain disruptions and, as a result, production is recovering at a faster than expected pace. Whilst corporate earnings are set to contract sharply in the first half of fiscal 2011 (April to September), consensus forecasts point towards a strong rebound in the second half and robust growth in fiscal 2012. As concerns about a US economic slowdown, the Greek debt crisis and inflation risks in emerging nations have come to dominate the investment agenda, Japanese stocks are yet to reflect the anticipated recovery in earnings and although the market may be range-bound for the time being, the mid term outlook for Japanese stocks remains positive. The Great East Japan Earthquake dealt a significant one-time blow to production activities across various sectors. In contrast to the global financial crisis, however, supply-side factors triggered the current adjustment and latent demand remains firm. As a result, aggregate production is expected to return to pre-quake levels around the third quarter. Importantly, output in the key automobile industry, which was hardest hit by supply chain disruptions, is normalising quickly. This should have positive knock-on effects for other sectors such as upstream materials and intermediate goods. Furthermore, the Bank of Japan's latest Tankan survey indicated that companies are not making substantial cuts to either employment or capital investment. Whilst domestic risk factors (the nuclear crisis, power constraints and political uncertainty) pose a risk to Japan's recovery, external developments arguably represent a greater hurdle to investor sentiment. In particular, the extent of the soft patch in the US economy, tightening monetary policy in emerging nations and the debt crisis in Europe represent major headwinds for share prices. Although markets may see some retrenchment over the near term, valuations offer downside support. The price-to-book ratio for the Japanese market currently stands at around par, with more than 60% of the benchmark universe trading below book value. Furthermore, a forward price-to-earnings ratio of 13 times offers attractive future upside. GEARING The Company gears through the use of CFDs. Total exposure was £86.33m as at 30 June 2011, equating to gearing of 26.6%. THE BOARD AND ITS COMMITTEES David Robins was appointed to the Board and Audit Committee on 1 February 2011. Sir Laurie Magnus was appointed as Chairman of the Audit Committee at the conclusion of the Annual General Meeting on 12 May 2011. SUBSCRIPTION SHARES The rights attaching to a total of 1,670,697 subscription shares were exercised during the period from 1 January 2011 to 30 June 2011, at which point the total number of subscription shares remaining in issue was 17,337,617. PRINCIPAL RISKS AND UNCERTAINTIES The Board, with the assistance of the Manager, has developed a risk matrix which, as part of the internal controls process, identifies the key risks that the Company faces. The key risks identified within this matrix continue to be market, share price, currency, investment management, governance/regulatory, financial and operational administration. Information on each of these is given in the Business Review section of the Annual Report for the year ended 31 December 2010. By order of the Board FIL Investments International 29 July 2011 Directors' Responsibility Statement The Directors confirm to the best of their knowledge that: a) the condensed set of financial statements contained within the Half-Yearly financial report has been prepared in accordance with the UK Accounting Standards Board's Statement 'Half-Yearly Financial Reports'; b) the Half-Yearly report narrative on pages 3, 4 and 5 (constituting the interim management report) includes a fair review of the information required by Rule 4.2.7R of the FSA's Disclosure and Transparency Rules and their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year; and c) in accordance with Disclosure and Transparency Rule 4.2.8R there have been no related parties transactions during the six months to 30 June 2011 and therefore nothing to report on any material effect by such a transaction on the financial position or the performance of the Company during that period; and there have been no changes in this position since the last Annual Report that could have a material effect on the financial position or performance of the Company in the first six months of the current financial year. The Half-Yearly financial report has not been audited or reviewed by the Company's Independent Auditor. The Half-Yearly financial report was approved by the Board on 1 August 2011 and the above responsibility statement was signed on its behalf by William Thomson, Chairman. Twenty Largest Investments (including derivatives) as at 30 June 2011 Total Exposure Fair Value Exposure % £'000 (1) £'000 (2) Sekisui Chemical (CFD) Engaged in housing construction and materials, high performance plastic segments and flat panel displays 2,905 681 3.4 Takata(CFD) Develops and manufactures safety products for automobiles 2,698 334 3.1 Kakaku.com (CFD) Provides price comparison services and product information 2,245 530 2.6 FP (CFD) Manufactures polystyrene and synthetic resins 2,208 324 2.6 M3 (CFD) Medical related internet service provider 2,014 944 2.3 CyberAgent Internet media company 1,959 1,959 2.3 Bit-Isle Information technology company 1,809 1,809 2.1 GMO Payment Gateway Engaged in the provision of payment processing services 1,744 1,744 2.0 Maruwa Manufacturer of ceramic electronic components 1,612 1,612 1.9 Toyota Boshoku Manufactures automotive components 1,516 1,516 1.8 Mitsui Manufactures chemical products 1,509 1,509 1.7 Sumitomo Mitsui Financial Group (CFD) Diversified financial company 1,445 (343) 1.7 Fast Retailing (CFD) Holding company primarily engaged in the clothing business 1,390 (113) 1.6 Daikokutenbussan Engaged in the supermarket and food business 1,378 1,378 1.6 LEC Manufactures household products 1,332 1,332 1.5 Aisin Seiki Production and sales of automotive parts 1,323 1,323 1.5 Sony Commercial Network Digital entertainment provider 1,247 1,247 1.4 Terumo (CFD) Manufacture and sale of medical products and equipment 1,183 (55) 1.4 MegaChips Designs and manufactures large scale integration systems and products 1,179 1,179 1.4 Osaka Titanium Technologies Produces titanium and silicone products 1,171 1,171 1.3 Twenty largest investments 33,867 20,081 39.2 Other investments 50,416 46,078 58.4 Cash and other net current assets 2,052 2,052 2.4 86,335 68,211 100.0 1. Fair value represents the carrying value in the Balance Sheet on page 12 2. % based on total exposure which is the fixed asset investments plus the exposure of the underlying securities within the CFD Income Statement for the six months ended for the year ended for the six months ended Notes 30.06.11 unaudited 31.12.10 audited 30.06.10 unaudited revenue capital total revenue capital total revenue capital total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments designated at fair value through profit or loss - 315 315 - 10,584 10,584 - 4,452 4,452 Net gains/ (losses) on derivative instruments held at fair value through profit or loss - 1,417 1,417 - 1,562 1,562 - (477) (477) Income 2 767 - 767 1,088 - 1,088 589 - 589 Investment management fee (415) - (415) (760) - (760) (383) - (383) Other expenses (241) - (241) (458) - (458) (240) - (240) Exchange gains/ (losses) on other net assets 5 36 41 (24) 466 442 (6) 322 316 Net return/ (loss) before finance costs and taxation 116 1,768 1,884 (154) 12,612 12,458 (40) 4,297 4,257 Finance costs on long CFDs (39) - (39) (75) - (75) (41) - (41) Net return/ (loss) on ordinary activities before taxation 77 1,768 1,845 (229) 12,612 12,383 (81) 4,297 4,216 Taxation on return/ (loss) on ordinary activities3 (41) - (41) (58) - (58) (32) - (32) Net return/ (loss) on ordinary activities after taxation for the period 36 1,768 1,804 (287) 12,612 12,325 (113) 4,297 4,184 Return/ (loss) per ordinary share Undiluted 4 0.04p 1.82p 1.86p (0.30p) 13.19p 12.89p (0.12p) 4.49p 4.37p Diluted 4 0.04p 1.81p 1.85p n/a n/a n/a n/a n/a n/a A Statement of Total Recognised Gains and Losses has not been prepared as there are no gains and losses other than those reported in this Income Statement. The total column of the Income Statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. These financial statements have been prepared in accordance with the AIC Statement of Recommended Practice ("SORP") issued in January 2009. Reconciliation of Movements in Shareholders' Funds share capital share premium redemption other capital revenue total capital account reserve reserve reserve reserve equity £'000 £'000 £'000 £'000 £'000 £'000 £'000 Opening shareholders' funds: 1 January 2010 24,850 44 2,437 57,955 (19,033) (13,149) 53,104 Net recognised capital return on ordinary activities after taxation for the period - - - - 4,297 - 4,297 Exercise of rights attached to subscription shares and conversion into ordinary shares 22 - - 26 - - 48 Net revenue loss on ordinary activities after taxation for the period - - - - - (113) (113) Closing shareholders' funds: 30 June 2010 24,872 44 2,437 57,981 (14,736) (13,262) 57,336 Opening shareholders' funds: 1 January 2010 24,850 44 2,437 57,955 (19,033) (13,149) 53,104 Net recognised capital return on ordinary activities after taxation for the year - - - - 12,612 - 12,612 Exercise of rights attached to subscription shares and conversion into ordinary shares (5) 5 - - - - - Issue of ordinary shares on exercise of rights attached to subscription shares 27 32 - - - - 59 Net revenue loss on ordinary activities after taxation for the year - - - - - (287) (287) Closing shareholders' funds: 31 December 2010 24,872 81 2,437 57,955 (6,421) (13,436) 65,488 Net recognised capital return on ordinary activities after taxation for the period - - - - 1,768 - 1,768 Exercise of rights attached to subscription shares and conversion into ordinary shares (84) 84 - - - - - Issue of ordinary shares on exercise of rights attached to subscription shares 418 501 - - - - 919 Net revenue return on ordinary activities after taxation for the period - - - - - 36 36 Closing shareholders' funds: 30 June 2011 25,206 666 2,437 57,955 (4,653) (13,400) 68,211 Balance Sheet 30.06.11 31.12.10 30.06.10 unaudited audited unaudited Note £'000 £'000 £'000 Fixed assets Investments designated at fair value through profit or loss 63,925 62,564 55,902 Current assets Derivative assets held at fair value through profit or loss 2,973 2,339 1,451 Debtors 306 191 294 Cash at bank 3,042 1,237 1,201 6,321 3,767 2,946 Creditors Derivative liabilities held at fair value through profit or loss (739) (363) (832) Other creditors (1,296) (480) (680) (2,035) (843) (1,512) Net current assets 4,286 2,924 1,434 Total net assets 68,211 65,488 57,336 Capital and reserves Share capital 25,206 24,872 24,872 Share premium account 666 81 44 Capital redemption reserve 2,437 2,437 2,437 Other reserve 57,955 57,955 57,981 Capital reserve (4,653) (6,421) (14,736) Revenue reserve (13,400) (13,436) (13,262) Total equity shareholders' funds 68,211 65,488 57,336 Net asset value per ordinary share Undiluted 5 70.06p 68.44p 59.93p Diluted 5 67.79p 66.21p 59.12p Cash Flow Statement 30.06.11 31.12.10 30.06.10 unaudited audited unaudited £'000 £'000 £'000 Operating activities Overseas dividends received 540 780 412 Dividends on long CFDs received 166 238 26 Investment management fee paid (423) (733) (374) Directors' fees paid (71) (104) (49) Other cash payments (106) (405) (172) Net cash inflow/(outflow) from operating activities 106 (224) (157) Servicing of finance Interest paid on long CFDs (40) (80) (48) Net cash outflow from servicing of finance (40) (80) (48) Financial investment Purchase of investments (35,134) (76,205) (42,012) Disposal of investments 34,757 74,025 40,399 Net cash outflow from financial investment (377) (2,180) (1,613) Derivative activities Proceeds of long CFD positions closed 1,159 1,176 495 Net cash inflow from derivative activities 1,159 1,176 495 Net cash inflow/(outflow) before financing 848 (1,308) (1,323) Financing Exercise of rights attached to subscription shares 916 58 47 Net cash inflow from financing 916 58 47 Increase/(decrease) in cash 1,764 (1,250) (1,276) Reconciliation of net cash movements to movement in net funds Net funds at the beginning of the period 1,237 2,403 2,403 Net cash inflow/(outflow) 1,764 (1,250) (1,276) Exchange movements 41 84 74 Change in net funds 1,805 (1,166) (1,202) Net funds at the period end 3,042 1,237 1,201 Notes to the Financial Statements 1 Accounting Policies The Half-Yearly financial statements have been prepared on the basis of the accounting policies set out in the Company's annual report and financial statements for the year ended 31 December 2010. 2 Income 30.06.11 31.12.10 30.06.10 unaudited audited unaudited £'000 £'000 £'000 Income from investments designated at fair value through profit or loss Overseas dividends 579 838 456 Income from derivative instruments held at fair value through profit or loss Dividends on long CFDs 188 250 133 ________ ________ ________ Total income 767 1,088 589 3 Taxation On Return/(Loss) On Ordinary Activities 30.06.11 31.12.10 30.06.10 unaudited audited unaudited £'000 £'000 £'000 Overseas taxation 41 58 32 4 Return/(Loss) Per Ordinary Share 30.06.11 31.12.10 30.06.10 unaudited audited unaudited Undiluted Revenue 0.04p (0.30p) (0.12p) Capital 1.82p 13.19p 4.49p ________ ________ ________ Total 1.86p 12.89p 4.37p Diluted Revenue 0.04p n/a n/a Capital 1.81p n/a n/a ________ ________ ________ Total 1.85p n/a n/a Returns/(losses) per ordinary share are based on the net revenue return/(loss) on ordinary activities after taxation in the period, the net capital return in the period and the total net return in the period and the weighted average number of ordinary shares in issue during the period. 30.06.11 31.12.10 30.06.10 unaudited audited unaudited £'000 £'000 £'000 Net return/(loss) on ordinary activities after taxation - undiluted and diluted Revenue 36 (287) (113) Capital 1,768 12,612 4,297 Total 1,804 12,325 4,184 Weighted average number of ordinary shares in issue Undiluted 97,024,603 95,653,233 95,629,636 Diluted 97,511,524 n/a n/a There were no diluted returns/(losses) per ordinary share in the periods ended 31.12.10 and 30.06.10 because the average ordinary share price for these periods was below the exercise price of the rights attaching to the subscription shares. 5 Net Asset Value Per Ordinary Share The undiluted net asset value per ordinary share is based on net assets of £ 68,211,000 (31.12.10: £65,488,000; 30.06.10: £57,336,000) and on 97,355,217 (31.12.10: 95,684,520; 30.06.10: 95,664,318) ordinary shares, being the number of ordinary shares in issue at the period end. The diluted net asset value per ordinary share has been calculated on the assumption that the rights attaching to the outstanding subscription shares of 17,337,617 at 30 June 2011 (31.12.10: 19,008,314; 30.06.10: 19,028,516) were exercised at that date. This basis of calculation is in accordance with guidelines laid down by the Association of Investment Companies and details of the exercises are provided to the London Stock Exchange. 6 Investment Transaction Costs Transaction costs are incurred in the acquisition and disposal of investments. These are included in the gains on investments designated at fair value through profit or loss in the capital column of the Income Statement and are summarised below: 30.06.11 31.12.10 30.06.10 unaudited audited unaudited £'000 £'000 £'000 Purchases 37 79 44 Sales 36 76 40 73 155 84 7 Share Issues The following ordinary shares were issued on exercise of the conversion rights attached to the subscription shares: 30.06.11 31.12.10 30.06.10 unaudited audited unaudited Number of ordinary shares issued 1,670,697 107,067 86,865 Exercise price per share 55p 55p 55p Total consideration £918,883 £58,887 £47,776 The rights attaching to a total of 1,670,679 subscription shares were exercised during the period from 1 January 2011 to 30 June 2011, at which point the total number of subscription shares in issue was 17,337,617. 8 Going Concern The Board receives regular reports from the Manager and the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the financial statements as outlined in the Annual Report for the year ended 31 December 2010. 9 Unaudited Financial Statements The results for the six months to 30 June 2011 and 30 June 2010, which are unaudited, constitute non-statutory accounts within the meaning of s435 of the Companies Act 2006. The figures and financial information for the year ended 31 December 2010 are extracted from the latest published financial statements. These financial statements, on which the Independent Auditor gave an unqualified report, have been delivered to the Registrar of Companies. Investor Information CONTACT INFORMATION Private investors: Call free to 0800 41 41 10 9am to 6pm, Monday to Saturday. Financial advisers: Call free to 0800 41 41 81 8am to 6pm, Monday to Friday. www.fidelity.co.uk/its Existing shareholders who have a specific query regarding their holding or need to provide updated information, for example a change of address, should contact the appropriate administrator. Holders of ordinary shares Capita Registrars, Registrars to Fidelity Japanese Values PLC, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU. Telephone: 0871 664 0300 (calls cost 10p per minute plus network extras. Lines are open 8.30am - 5.30pm Monday to Friday). Email: ssd@capitaregistrars.com Details of individual shareholdings and other information can also be obtained from the Registrars' website: www.capitaregistrars.com Fidelity Share Plan investors Fidelity Investment Trust Share Plan, Block C, Western House, Lynchwood Business Park, Peterborough PE2 6BP. Telephone: 0845 358 1107 (calls to this number are charged at 4p per minute from a BT landline. Other telephone service providers' costs may vary). Fidelity ISA investors Fidelity, using the freephone number given opposite, or by writing to: UK Customer Service, Fidelity International, Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN11 9DZ. www.fidelity.co.uk/its Fidelity ShareNetwork: www.fidelity.co.uk/sharenetwork General enquiries should be made to Fidelity, the Investment Manager and Secretary, at the Company's registered office: FIL Investments International, Investment Trusts, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP. Telephone: 01732 361 144 Fax: 01737 836 892 www.fidelity.co.uk/its FINANCIAL CALENDAR 30 June 2011 - Half-Yearly period end 2 August 2011 - announcement of Half-Yearly results Mid August 2011 - publication of Half-Yearly report 31 December 2011 - financial year end March/April 2012 - publication of Annual Report May 2012 - Annual General Meeting Directory BOARD OF DIRECTORS William Thomson (Chairman) Sir Laurie Magnus (Audit Committee Chairman) Nicholas Barber, CBE (Senior Independent Director) Simon Fraser Philip Kay David Miller, OBE David Robins MANAGER, SECRETARY AND REGISTERED OFFICE FIL Investments International Beech Gate, Millfield Lane Lower Kingswood Tadworth Surrey KT20 6RP FINANCIAL ADVISERS AND STOCKBROKERS Collins Stewart Europe Limited 88 Wood Street London EC2V 7QR INDEPENDENT AUDITOR Grant Thornton UK LLP Chartered Accountants and Registered Auditor 30 Finsbury Square London EC2P 2YU BANKERS AND CUSTODIAN JPMorgan Chase Bank (London Branch) 125 London Wall London EC2Y 5AJ REGISTRARS Capita Registrars The Registry 34 Beckenham Road Beckenham Kent BR3 4TU LAWYERS Slaughter and May One Bunhill Row London EC1Y 8YY Speechly Bircham LLP 6 New Street Square London EC4A 3LX WARNING TO SHAREHOLDERS - "BOILER ROOM" SCAMS Many companies are aware that their shareholders have received unsolicited phone calls or correspondence concerning investment matters. These are typically from overseas based 'brokers' who target UK shareholders, offering to sell them what often turn out to be worthless or high risk shares in US or UK investments. These operations are commonly known as 'boiler rooms'. These 'brokers' can be very persistent and extremely persuasive, and a 2006 survey by the Financial Services Authority (FSA) has reported that the average amount lost by investors is around £20,000. It is not just the novice investor that has been duped in this way; many of the victims had been successfully investing for several years. Shareholders are advised to be very wary of any unsolicited advice, offers to buy shares at a discount or offers of free company reports. If you receive any unsolicited investment advice: • Make sure you get the correct name of the person and organisation • Check that they are properly authorised by the FSA before getting involved by visiting www.fsa.gov.uk/register • Report the matter to the FSA either by calling 0845 606 1234 or visiting www.moneymadeclear.fsa.gov.uk • If the calls persist, hang up. If you deal with an unauthorised firm, you will not be eligible to receive payment under the Financial Services Compensation Scheme. The FSA can be contacted by completing an online form at www.fsa.gov.uk/pages/doing/regulated/ law/alerts/overseas.shtml Details of any share dealing facilities that the Company endorses will be included in company mailings. More detailed information on this or similar activity can be found on the FSA website www.moneymadeclear.fsa.gov.uk The Fidelity Individual Savings Account ("ISA") is offered and managed by Financial Administration Services Limited. The Fidelity Investment Trust Share Plan is managed by FIL Investments International. Both companies are authorised and regulated by the Financial Services Authority. The Fidelity Investment Trust Share Plan is administered by BNP Paribas Securities Services and shares will be held in the name of Puddle Dock Nominees Limited. The value of savings and eligibility to invest in an ISA will depend on individual circumstances and all tax rules may change in the future. Fidelity investment trusts are managed by FIL Investments International. Fidelity only gives information about its own products and services and does not provide investment advice based on individual circumstances. Should you wish to seek advice, please contact a Financial Adviser. Please note that the value of investments and the income from them may fall as well as rise and the investor may not get back the amount originally invested. Past performance is not a guide to future returns. For funds that invest in overseas markets, changes in currency exchange rates may affect the value of your investment. Investing in small and emerging markets can be more volatile than other more developed markets. Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. Investees should also note that the views expressed may no longer be current and may have already been acted upon by Fidelity. The content of websites referenced in the document does not form part of this document. Fidelity, Fidelity International and the Pyramid Logo are trademarks of FIL Limited. Issued by Fidelity Japanese Values PLC. Enquiries: Chris Davies, FIL Investments International - 01737 837 723 Ben McMechan, FIL Investments International, Company Secretary - 01737 836 883 For Press Enquiries, please contact Anne Read on 020 7961 4409 or 07850 549839

Companies

Fidelity Japan Trust (FJV)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today