Issue of Equity

Fidelity Japanese Values PLC

Fidelity Japanese Values PLC announces that on 2 March 2011 the Company issued
and allotted 197,852 ordinary 25p shares with effect from 28 February 2011 in
respect of shares arising on the exercise of the conversion rights attaching to
subscription shares.

The total issued ordinary share capital is now 97,297,029

The conversion rights attaching to a total of 17,395,805 subscription shares
have not yet been exercised.

Ben McMechan

FIL Investments International, Company Secretary

01737 836883