Half-yearly Report
FIDELITY JAPANESE VALUES PLC
Half-Yearly Report
For the 6 months ended 30 June 2010
Contents
Investment Objective & Performance Summary
Summary of Results
Half-Yearly Report
Directors' Responsibility Statement
Twenty Largest Investments
Financial Statements
Investor Information
Directory
Investment Objective
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
30 June 6 months to 30 June
2010 2010
Net asset value ("NAV") per share - 59.93p +7.9%
undiluted
NAV per share - diluted 59.12p +6.6%
Ordinary share price 50.50p +4.1%
Russell Nomura Mid/Small Cap Index(1) 1.8488 +8.8%
1 In sterling terms
Standardised performance (on a total return basis) (%)
30/06/05 30/06/06 30/06/07 30/06/08 30/06/09
to to to to to
30/06/06 30/06/07 30/06/08 30/06/09 30/06/10
Net asset value per share +18.3 -23.0 -17.4 -16.4 +16.0
Share price +20.1 -23.9 -19.0 -16.6 +11.6
Sources: Fidelity and Datastream
Past performance is not a guide to future returns
Summary of Results
30 June 31 December %
2010 2009 change
Assets
Total assets employed(1) £57.34m £53.10m +8.0
Shareholders' funds £57.34m £53.10m +8.0
Contracts For Difference ("CFDs") £16.58m £18.26m
exposure
NAV per ordinary share - undiluted 59.93p 55.56p +7.9
NAV per ordinary share - diluted(2) 59.12p 55.47p +6.6
Stockmarket Data
Russell Nomura Mid/Small Cap Index 1.8488 1.6994 +8.8
(3)
Yen/£ exchange rate 132.390 150.335 +13.6
Ordinary share price period 50.50p 48.50p +4.1
end
high 56.00p 52.00p
low 47.75p 29.50p
Discount - undiluted period 15.7% 12.7%
end
high 17.3% 31.0%
low 11.5% 10.6%
Discount - diluted period 14.6% 12.6%
end
Subscription share price period 8.88p 8.28p +7.2
end
high 13.50p 11.25p
low 8.25p 6.62p
Returnsfor the six months to 30 June 2010 2009
Revenue loss per ordinary share (0.12p) (0.22p)
Capital gain/(loss) per ordinary 4.49p (1.70p)
share
Total return per ordinary share 4.37p (1.92p)
1 total assets less current liabilities
2 the diluted NAV is included in this report because the NAV per ordinary share
exceeds the subscription exercise price of one of its subscription shares.
Hence, if the outstanding subscription shares were to convert at the period
end, the NAV per ordinary share in issue would be diluted
3 in sterling terms
Half-Yearly Report
PERFORMANCE
The Japanese equity market experienced two distinctly different investment
phases during the review period. Improving economic and corporate fundamentals,
coupled with diminished concerns about equity financing and sovereign credit
risk, fuelled a share price rally towards mid-April. Meanwhile, robust US
economic data and monetary easing by the Bank of Japan contributed to a
weakening of the yen, which provided a tailwind for exporters. After peaking in
mid-April, however, global equity markets declined sharply, and Japanese stocks
also underwent a sharp correction, hitting fresh year to date lows. A string of
weaker than expected economic indicators in the US and policy tightening in
China gave rise to doubts about the sustainability of the global recovery. At
the same time, mounting concerns about sovereign credit risk in Europe and a
sharp drop in the euro precipitated a flight from risk among overseas
investors.
While the resignation of Prime Minister Yukio Hatoyama and subsequent
appointment of Naoto Kan as his successor did little to stir the Japanese
equity market, reports of further capital raising in the banking sector renewed
concerns about equity supply and demand. Exporters, financials and
commodity-related stocks were notably weak against this backdrop. In contrast,
defensive sectors and beneficiaries of lower oil prices held up relatively
well, and domestic-oriented small caps were less affected than larger
companies.
Over the review period, your Company's net asset value increased by 4.37p per
share (7.9%) to 59.93p per share. The discount, although high, remained stable.
Gearing had a negative impact of 0.65p (calculated on a pre-exchange rate
basis) while a strengthening of the yen against sterling added 7.34p. Index
performance detracted from performance by 2.35p, but the portfolio manager's
stock selection contributed 0.31p. The Board is noticing the benefits of the
reduced interest costs of using Contacts For Difference for gearing purposes as
compared with traditional loans.
Net Asset Value (undiluted) @ 31 December 2009 55.56p
Impact of the Index (in yen terms) -2.35p
Impact of Index income (in yen terms) 0.49p
Impact of exchange rate 7.34p
Impact of stock selection 0.31p
Impact of gearing -0.65p
Impact of share issues(1) -0.04p
Impact of other costs -0.73p
Net Asset Value (undiluted) @ 30 June 2010 59.93p
1 On exercise of subscription share rights - with a dilutive effect
Performance for the six months to 30 June 2010
In sterling terms
Sources: Fidelity and Datastream
Although in the period the net gain from stock selection was modest, the focus
on fast growing internet-related businesses was beneficial. The leading
contributor was M3, which provides marketing support services based around its
internet communications tool linking doctors and pharmaceutical companies in
Japan and overseas. M3's quarterly sales growth has been stronger than expected
with a solid increase in its average annual revenue per user for the ten top
clients. Holdings in leading social networking service operators, including
Gree and DeNA, also performed strongly as the surging popularity of their
social games fuelled expectations that growth in user activity would boost
their earnings. In addition, strong quarterly earnings growth and an increase
in dividend boosted investors' confidence in Bit-Isle, which operates internet
data centres.
Elsewhere, a holding in Asahi Diamond Industrial aided performance. Its share
price rose on the expectation of the increased application of electroplated
diamond wire in solar cell and LED markets and this bodes well for the company.
A generic drug maker Sawai Pharmaceutical also ranked among the top performers
following the government directive to promote the use of generic drugs.
Conversely, Toyota Motor's product recall in the USweighed on investor
sentiment towards auto parts makers Toyota Boshoku and Takata. Adding to their
woes were renewed concerns about the outlook for the global recovery and the
negative impact of a stronger yen on earnings. We have retained these stocks
because we believe that the negative news flows have been reflected in the
share price. We maintain the overweight position in LEC, a producer of plastic
goods for the household products industry, despite recent share price weakness
as the company's fundamentals remain solid with healthy sales growth.
Meanwhile, the weak performance of Panasonic Electric Works reflected
disappointment over the company's conservative earnings guidance for fiscal
2010.
THE MARKET & OUTLOOK
In recent weeks, global markets have become increasingly volatile, as the
ramifications of the debt crisis in the Eurozone are felt right across the
world. However, it is not just the sovereign debt problems that have unsettled
markets. While the summer months typically usher in a period of reduced trading
volumes and constrained market movements, conditions are likely to remain
turbulent for the time being and we may see a further retreat from higher risk
assets. On the upside, better than expected corporate earnings could provide a
lift to market sentiment. In the wake of the financial crisis, Japanese
companies cut costs aggressively in order to protect their profit margins. This
pre-emptive action has left many companies operationally geared into improving
top-line growth and could produce a string of earnings upgrades for the quarter
ended 30 June 2010.
Over the coming months, the pace of the economic recovery is likely to
moderate, which is consistent with decelerating but positive trends in exports
and production. Although this signals a slowdown over the near term, recent
data is not indicative of a hard landing. Generally strong economic growth in
Asia, which accounts for around 55% of Japanese export trade, should continue
to support the export-led recovery.
While the sovereign debt crisis in Europe is a concern in terms of the impact
on global financial markets, the Eurozone itself accounts for only 11% of
Japanese exports.
Of greater concern is the effect of currency fluctuations on the
competitiveness of Japanese exports, particularly in key sectors such as
electronic equipment, materials and autos, and thus corporate earnings. The
Bank of Japan has been easing monetary policy in an attempt to combat
deflation, weaken the yen and therefore render Japanese exports more
competitive. However, events elsewhere seem to have neutralised the effects of
that policy for the time being. A stronger yen may diminish investors'
confidence in the ability of Japanese companies to grow earnings in the near
term. However, we think the wider global economy, propelled to a large extent
by Asia, can continue to sustain a stable recovery regardless of the situation
in Europe and that bodes well for corporate Japan.
Despite gathering evidence of a near term peak in growth in the global
manufacturing cycle, there are a number of positive factors supporting a modest
uptrend in domestic demand. Against a backdrop of improving corporate earnings,
working hours are increasing and households are benefiting from a pickup in
wage and bonus payments. There are also encouraging signs that a positive spill
over from the production recovery is boosting sentiment in non-manufacturing
industries. Meanwhile, the government's new support measures are helping
families and the relaxation of visa restrictions for Chinese citizens should
provide a boost to the retail and services sectors. Although the effects of
policy stimulus implemented in the wake of the financial crisis will start to
fade, domestic demand should maintain a moderate upward trend.
Since the start of the year, Japanese stocks have outperformed their global
peers on a common currency basis. The firmer trend in foreign investors buying
Japanese stocks since the turn of the year suggests that some investors have
already begun to increase allocations to Japanese stocks. They have been drawn
to the attractive valuations, and an expected reversal in the headwinds holding
back the market: yen strength can be expected to wane given Prime Minister
Kan's support of a weaker currency, while the balance of equity supply and
demand is expected to improve from both sides now that capital raisings appear
to be largely complete.
CONTRACTS FOR DIFFERENCE
The portfolio manager has continued to use Contracts For Difference ("CFDs") to
increase the potential exposure to investments. As at the time of writing the
gross exposure was 123.6%. No "traditional" forms of gearing are currently
held.
SUBSCRIPTION SHARES
Further to the issue of subscription shares to ordinary shareholders in
November 2009, some subscription shareholders have exercised the rights
attached to those subscription shares in return for ordinary shares. A total of
86,865 ordinary shares have been allotted following these exercises at the end
of each month from February 2010.
PRINCIPAL RISKS AND UNCERTAINTIES
The Board believes that the principal risks and uncertainties faced by the
Company continue to fall into two broad categories. The first, external risks,
being stockmarket, share price and currency and the second, internal risks,
being 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 2009.
By order of the Board
FIL Investments International
2 August 2010
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 2010 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 Auditor.
The Half-Yearly financial report was approved by the Board on 2 August 2010 and
the above responsibility statement was signed on its behalf by William Thomson,
Chairman.
Twenty Largest Investments (including derivatives) as at 30 June 2010
Exposure Fair %(1)
£'000 Value £
'000
M3 (CFD) 2,449 571 3.3
Medical related internet service provider
Takata (CFD) 2,088 (30) 2.8
Develops and manufactures safety products for
automobiles
FP (CFD) 2,016 192 2.8
Manufactures polystyrene and synthetic resins
Kakaku.com (CFD) 1,994 376 2.7
Provides price comparison services and product
information
Sekisui Chemical (CFD) 1,751 157 2.4
Engaged in housing construction, housing materials,
high-performance plastic segments and flat panel
displays
Saizeriya (CFD) 1,498 155 2.0
Involved in the restaurant and food business
Panasonic Electric Works (CFD) 1,442 (241) 2.0
Provides lighting, information equipment, wiring, home
appliances, building, electronic, plastic materials and
automation control products
Toyoda Boshoku 1,315 1,315 1.8
Manufactures automotive components
Daikokutenbussan 1,147 1,147 1.6
Engaged in the supermarket and food business
LEC 1,088 1,088 1.5
Manufactures household products
Nippon Denko 1,051 1,051 1.4
Manufactures metal and chemical products
Mitsui Chemicals 1,037 1,037 1.4
Manufactures chemical products and automotive and
industrial materials
Exedy 992 992 1.4
Manufactures manual and automatic transmission-related
automobile components
Bit-Isle 991 991 1.4
Information technology company
Hogy Medical 953 953 1.3
Engaged in the manufacture of consumable medical
products
Otsuka 866 866 1.2
Engaged in system integration, construction and
insurance business and management of information
MegaChips 854 854 1.2
Manufactures system large scale integration and system
machinery
Mitsumi Electric 854 854 1.2
Produces communication and digital audio visual
equipment
Yahoo Japan 843 843 1.1
Provides internet search services
Shizuoka Bank 828 828 1.0
Banking, leasing and operation management consultation
businesses
Twenty largest investments 26,057 13,999 35.5
Other derivative instruments (CFDs) 3,346 (561) 4.6
Other investment holdings 43,083 43,083 58.8
Cash and other net current assets 815 815 1.1
73,301 57,336 100.0
1 % based on total exposure which is the fixed asset investments plus the fair
value of the underlying securities within the CFDs
FIDELITY JAPANESE VALUES PLC
Income Statement
for the six months for the year ended for the six months
ended ended
30.06.10 31.12.09 30.06.09
unaudited audited unaudited
revenue capital total revenue capital total revenue capital total
Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains/ - 4,452 4,452 - (668) (668) - (4,203) (4,203)
(losses) on
investments
designated
at fair
value
through
profit or
loss
Net (losses) - (477) (477) - 1,694 1,694 - - -
/gains on
derivative
instruments
held at fair
value
through
profit or
loss
Income 2 589 - 589 926 - 926 511 - 511
Investment (383) - (383) (682) - (682) (336) - (336)
management
fee
Other (240) - (240) (639) - (639) (199) - (199)
expenses
Exchange (6) 322 316 2 (1,419) (1,417) 1 (1,338) (1,337)
(losses)/
gains on
other net
assets
Exchange - - - - 2,980 2,980 - 3,912 3,912
gains on
loans
Net (loss)/ (40) 4,297 4,257 (393) 2,587 2,194 (23) (1,629) (1,652)
return
before
finance
costs and
taxation
Interest 3 (41) - (41) (239) - (239) (151) - (151)
payable on
CFDs and
loans
Net (loss)/ (81) 4,297 4,216 (632) 2,587 1,955 (174) (1,629) (1,803)
return on
ordinary
activities
before
taxation
Taxation on 4 (32) - (32) (64) - (64) (35) - (35)
(loss)/
return on
ordinary
activities
Net (loss)/ (113) 4,297 4,184 (696) 2,587 1,891 (209) (1,629) (1,838)
return on
ordinary
activities
after
taxation for
the period
(Loss)/ 5 (0.12p) 4.49p 4.37p (0.73p) 2.71p 1.98p (0.22p) (1.70p) (1.92p)
return per
ordinary
share
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.
These financial statements have been prepared in accordance with the AIC
Statement of Recommended Practice ("SORP") issued in January 2009.
FIDELITY JAPANESE VALUES PLC
Reconciliation of Movements in Shareholders' Funds for the period ended 30 June
2010
share capital
share premium redemption other capital revenue total
capital account reserve reserve reserve reserve equity
Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000
Opening shareholders' 23,894 44 2,437 58,911 (21,620) (12,453) 51,213
funds: 1 January 2009
Net recognised - - - - (1,629) - (1,629)
capital losses for
the period
Net revenue loss - - - - - (209) (209)
after taxation for
the period
Closing shareholders' 23,894 44 2,437 58,911 (23,249) (12,662) 49,375
funds: 30 June 2009
Opening shareholders' 23,894 44 2,437 58,911 (21,620) (12,453) 51,213
funds: 1 January 2009
Net recognised - - - - 2,587 - 2,587
capital gains for the
year
Bonus issue of 956 - - (956) - - -
subscription shares
Net revenue loss - - - - - (696) (696)
after taxation for
the year
Closing shareholders' 24,850 44 2,437 57,955 (19,033) (13,149) 53,104
funds: 31 December
2009
Net recognised - - - - 4,297 - 4,297
capital gains for the
period
Exercise of rights 8 22 - - 26 - - 48
attaching to
subscription shares
and conversion into
ordinary shares
Net revenue loss - - - - - (113) (113)
after taxation for
the period
Closing shareholders' 24,872 44 2,437 57,981 (14,736) (13,262) 57,336
funds: 30 June 2010
FIDELITY JAPANESE VALUES PLC
Balance Sheet
30.06.10 31.12.09 30.06.09
unaudited audited unaudited
Notes £'000 £'000 £'000
Fixed assets
Investments designated at fair 55,902 49,743 66,114
value through profit or loss
Current assets
Derivative assets held at fair 1,451 1,692 -
value through profit or loss
Debtors 294 926 84
Cash at bank 1,201 2,403 1,465
Cash collateral with lender - - 2,522
2,946 5,021 4,071
Creditors - amounts falling
due within one year
Derivative liabilities held at (832) (101) -
fair value through profit or
loss
Fixed rate unsecured loans - - (20,041)
Other creditors (680) (1,559) (769)
(1,512) (1,660) (20,810)
Net current assets/ 1,434 3,361 (16,739)
(liabilities)
Total net assets 57,336 53,104 49,375
Capital and reserves
Share capital 24,872 24,850 23,894
Share premium account 44 44 44
Capital redemption reserve 2,437 2,437 2,437
Other reserve 57,981 57,955 58,911
Capital reserve (14,736) (19,033) (23,249)
Revenue reserve (13,262) (13,149) (12,662)
Total equity shareholders' 57,336 53,104 49,375
funds
Net asset value per ordinary
share
Basic 59.93p 55.56p 51.66p
6
Diluted 59.12p 55.47p n/a
6
FIDELITY JAPANESE VALUES PLC
Cash Flow Statement
30.06.10 31.12.09 30.06.09
unaudited audited unaudited
£'000 £'000 £'000
Operating activities
Investment income received 412 906 495
CFD dividends received 26 - -
Investment management fee paid (374) (696) (352)
Directors' fees paid (49) (94) (45)
Other cash payments (172) (489) (195)
Net cash outflow from operating activities (157) (373) (97)
Returns on investments and servicing of
finance
Interest paid on CFDs and loans (48) (273) (158)
Net cash outflow from returns on investments (48) (273) (158)
and servicing of finance
Financial investment
Purchase of investments (42,012) (90,680) (50,935)
Disposal of investments 40,399 106,195 47,067
Net cash (outflow)/inflow from financial (1,613) 15,515 (3,868)
investment
Derivative activities
Proceeds of derivative instruments 495 103 -
Net cash inflow from derivative activities 495 103 -
Net cash (outflow)/inflow before financing (1,323) 14,972 (4,123)
Financing
Exercise of rights attached to subscription 47 - -
shares
1.565% fixed rate unsecured loan repaid - (9,475) -
1.34% fixed rate unsecured loan repaid - (11,497) -
Cash collateral held with lender - 7,045 4,524
Net cash inflow/(outflow) before financing 47 (13,927) 4,524
(Decrease)/increase in cash (1,276) 1,045 401
30.06.10
unaudited
£'000
Reconciliation of net cash flow movement
Net cash at bank at beginning of the period 2,403
Decrease in cash (1,276)
Unrealised foreign exchange movement on 74
other net assets
Net cash at bank at end of the period 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 dated 31 December 2009.
As a result of technical guidance issued by the Institute of Chartered
Accountants in England and Wales in TECH 01/08: "Distributable Profits",
changes in fair value of investments which are readily convertible to cash,
without accepting adverse terms at the balance sheet date, can be treated as
realised. As a result of the new SORP, capital reserves realised and unrealised
are shown in aggregate as capital reserve in the Reconciliation of Movements in
Shareholders' Funds and the Balance Sheet. At the balance sheet date all
investments held by the Company were listed on a recognised stock exchange and
were considered to be readily convertible to cash.
2 INCOME
30.06.10 31.12.09 30.06.09
unaudited audited unaudited
£'000 £'000 £'000
Income from investments designated at fair
value through profit or loss
Overseas dividends 456 920 511
Income from derivative instruments held at
fair value through profit or loss
Dividends on long Contracts For Difference 133 6 -
Total Income 589 926 511
3 INTEREST PAYABLE
30.06.10 31.12.09 30.06.09
unaudited audited unaudited
£'000 £'000 £'000
Interest on long Contracts for Difference 41 8 -
Interest on fixed rate unsecured loans* - 231 151
41 239 151
* The fixed rate unsecured loans from the Royal Bank of Scotland PLC were
repaid on 13 August 2009 and 25 November 2009.
4 TAXATION ON LOSS ON ORDINARY ACTIVITIES
30.06.10 31.12.09 30.06.09
unaudited audited unaudited
£'000 £'000 £'000
Overseas taxation 32 64 35
5 (LOSS)/RETURN PER ORDINARY SHARE
30.06.10 31.12.09 30.06.09
unaudited audited unaudited
Revenue (0.12p) (0.73p) (0.22p)
Capital 4.49p 2.71p (1.70p)
Total 4.37p 1.98p (1.92p)
(Losses)/returns per ordinary share are based on the net revenue loss on
ordinary activities after taxation of £113,000 (31.12.09: £696,000; 30.06.09: £
209,000), the capital return in the period of £4,297,000 (31.12.09: return £
2,587,000; 30.06.09: loss £1,629,000) and the total return in the period of £
4,184,000 (31.12.09: return £1,891,000; 30.06.09: loss £1,838,000) and on
95,629,636 ordinary shares (31.12.09: 95,577,453; 30.06.09: 95,577,453), being
the weighted average number of ordinary shares in issue during the period.
6 NET ASSET VALUE PER ORDINARY SHARE
The basic net asset value per ordinary share is based on net assets of £
57,336,000 (31.12.09: £53,104,000; 30.06.09: £49,375,000) and on 95,664,318
ordinary shares (31.12.09: 95,577,453; 30.06.09: 95,577,453), being the number
of ordinary shares in issue at the period.
The diluted net asset value per ordinary share has been calculated on the
assumption that the outstanding subscription shares of 19,028,516 at 30 June
2010 (31.12.09: 19,115,381; 30.06.09: nil) were exercised on that date. This
basis of calculation is in accordance with guidelines laid down by the
Association of Investment Companies and is provided to the London Stock
Exchange on an ongoing basis.
7 COSTS OF INVESTMENT TRANSACTIONS
Included in the gains/(losses) on investments are the following costs of
investment transactions:
30.06.10 31.12.09 30.06.09
unaudited audited unaudited
£'000 £'000 £'000
Purchases expenses 44 118 70
Sales expenses 40 114 65
84 232 135
8 SHARE ISSUES
The following ordinary shares were issued on exercise of the conversion rights
attached to the subscription shares:
30.06.10 31.12.09 30.06.09
unaudited audited unaudited
Number of ordinary shares issued 86,865 - -
Exercise price per share 0.55p - -
Total consideration £47,776 - -
9 UNAUDITED FINANCIAL STATEMENTS
The results for the six months to 30 June 2010 and 30 June 2009, 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 2009 are extracted from the latest published financial statements.
These financial statements, on which the Auditor gave an unqualified report,
have been delivered to the Registrar of Companies.
Investor Information
CONTACT INFORMATION
Private investors can call free on 0800 41 41 10 9am to 6pm, Monday to
Saturday.
Financial advisers can call free on 0800 41 41 81 8am to 6pm, Monday to Friday.
www.fidelity.co.uk/its
Existing shareholders who have specific queries 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, Northern House,
Woodsome Park, Fenay Bridge, Huddersfield, West Yorkshire HD8 0GA.
Telephone: 0871 664 0300 (calls cost 10p per minute plus network extras)
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, BNP Paribas Securities Services, Block C,
Western House, LynchwoodBusinessPark, PeterboroughPE2 6BP.
Telephone: 0845 358 1107 (calls to this number are charged at 3.95p per minute
from a BT landline, dependent on the tariff. 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 FIL Investments International, 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 36 11 44
Fax: 01737 83 68 92
www.fidelity.co.uk/its
FINANCIAL CALENDAR
30 June 2010 - Half-Yearly period end
2 August 2010 - announcement of Half-Yearly results
Mid August 2010 - publication of Half-Yearly report
31 December 2010 - financial year end
March/April 2011 - publication of Annual Report
May 2011 - Annual General Meeting
Directory
BOARD OF DIRECTORS
William Thomson (Chairman)
Nicholas Barber, CBE (Senior Independent Director)
Simon Fraser
Philip Kay
David Miller, OBE
MANAGER, SECRETARY AND REGISTERED OFFICE
FIL Investments International
Beech Gate, Millfield Lane
Lower Kingswood
Tadworth
Surrey KT20 6RP
FINANCIAL ADVISERS AND STOCKBROKERS
Collins Stewart
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
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
West Yorkshire HD8 0GA
LAWYERS
Slaughter and May
One Bunhill Row
London EC1Y 8YY
WARNING TO SHAREHOLDERS - BOILER ROOM SCAMS
Many companies have become 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.
Fidelity, Fidelity International and the Pyramid Logo are trademarks of FIL
Limited.
Issued by Fidelity Japanese Values PLC.
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