Subscription shares and subscription price

Fidelity Japanese Values PLC

Subscription Price

In connection with the Bonus Issue detailed in the Prospectus dated 15 October
2009, the Subscription Price of the Subscription Shares is equal to the
published NAV per Ordinary Share (with debt at fair value) as at 5.00pm on 10
November 2009, plus a 1% premium to such NAV per Ordinary Share, rounded up to
the nearest whole penny. The Subscription Price payable to exercise each
Subscription Share has been calculated to be 55 pence.

Allotment of Subscription Shares

The Board has today allotted 19,115,381 Subscription Shares.

Application has been made for admission of such Shares to the Official List and
to trading on the main market of the London Stock Exchange. Dealings in these
shares are expected to commence on 12 November 2009.

Following admission of these Shares there will be 95,577,453 Ordinary Shares
and 19,115,381 Subscription Shares in issue. No shares are held in treasury.

The dealing codes for the Subscription Shares will be as follows:

ISIN: GB00B4PF8J20

SEDOL: B4PF8J2

Ticker: FJVS

Timetable

Crediting of CREST stock accounts in respect of the Subscription Shares: 12
November 2009

Share certificates despatched in respect of the Subscription Shares: week
commencing 16 November 2009

Your attention is drawn to the "Definitions" section of the Prospectus dated 15
October 2009 in respect of the terms used in this announcement.

Enquiries:

Andrew Zychowski, Collins Stewart Europe Limited - 020 7523 8363

Rebecca Burtonwood, FIL Investments International, Company Secretary - 01737
836 869

Collins Stewart Europe Limited, which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting as corporate broker
to Fidelity Japanese Values PLC and is acting for no-one else in connection
with the contents of this announcement and will not be responsible to anyone
other than Fidelity Japanese Values PLC for providing the protections afforded
to clients of Collins Stewart Europe Limited nor for providing advice in
connection with any matter referred to herein.