Loan

The Board of Fidelity Japanese Values PLC announces that on 10 August 2004 the
Company entered into a facility with The Royal Bank of Scotland plc for an
amount of ¥1,499,040,000 which is expected to be drawn down in full on 13
August 2004 and is repayable on 13 August 2009. It is the Board's intention
that the proceeds of the drawdown will be used to repay the loan for the same
amount from JPMorgan Chase Bank.

The Company will then have the following loans in place:-

Â¥1,680,000,000 at 2.155% repayable on 25 November 2004

Â¥1,499,040,000 at approximately 1.565% for the period from 13 August 2004 to 13
August 2009 when the loan is repayable.

Enquiries: Vicky Francis, Fidelity Investments International, 01737 837929