Doc re half-yearly report

FIDELITY JAPANESE VALUES PLC AVAILABILITY OF THE HALF-YEARLY REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2009 Further to the disclosure of the Company's half-yearly report for the six months ended 30 June 2009 by way of an announcement dated 5 August 2009, in accordance with the Disclosure and Transparency Rules ("the Rules") 4.2 and 6.3.5 this announcement contains the text of the announcement dated 12August 2009 together with detail on the availability of the printed form of the report in compliance with the Rules. The Company's half-yearly report for the six months ended 30 June 2009 hasbeen filed with the UK Listing Authority Document Disclosure team and will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility which is situated at: Financial Services Authority 25 The North Colonnade CanaryWharf London E14 5HS Tel: 020 7676 1000 (Documents will usually be available for inspection within six normal business hours of this notice being given). The half-yearly report will shortly be available on the Company's website at www.fidelity.co.uk/its Rebecca Burtonwood, FIL Investments International, Company Secretary - 01737 836 869 20 August 2009 FIDELITY JAPANESE VALUES PLC Preliminary Announcement of Unaudited Half-Yearly Results for the six months ended 30 June 2009 Contents Investment Objective & Performance Summary Summary of Results Half-Yearly Report Directors' Responsibility Statement Top 20 Holdings 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 2009 6 months to 30 June 2009 Net asset value per share 51.66p -3.6% Share price 45.25p +8.4% Russell Nomura Mid/Small Cap Index (1) 1.667 -8.1% (1) Sterlingadjusted Standardised performance (on a total return basis) (%) 30/06/04to 30/06/05to 30/06/06to 30/06/07to 30/06/08to 30/06/05 30/06/06 30/06/07 30/06/08 30/06/09 Net asset value +0.6 +18.3 -23.0 -17.4 -16.4 per share Share price -1.3 +20.1 -23.9 -19.0 -16.6 Sources: Fidelity and Datastream Past performance is not a guide to future returns Summary of Results 30 June 31 December % 2008 2009 change Assets Total assets employed (1) £69.42m £75.17m -7.6 Shareholders' funds £49.38m £51.21m -3.6 Borrowings as % of shareholders' funds 40.6% 46.8% Borrowings less cash as % of shareholders' 32.5% 28.5% funds (2) Net asset value per share (NAV) 51.66p 53.58p -3.6 Stockmarket Data Russell Nomura Mid/Small Cap Index (3) 1.667 1.814 -8.1 Yen/£ exchange rate 158.63 132.72 -16.3 Share price period end 45.25p 41.75p +8.4 high 45.25p 62.00p low 29.50p 30.75p Discount period end 12.4% 22.1% high 31.0% 24.5% low 11.0% 3.6% Returns for the six months to 30 June 2009 2008 Capital loss per ordinary share (1.70p) (5.08p) Capital + revenue loss per ordinary share (1.92p) (5.15p) (1) Total assets less current liabilities, excluding fixed term loan liabilities (2) Cash includes cash held at bank and cash held as collateral with lender (3) Sterlingadjusted Sources: Fidelity and Datastream Past performance is not a guide to future returns Half-yearly report Performance The six months ending 30 June 2009 contained two distinctly different periods for the Japanese market. Stocks trended down sharply during the first two and a half months of the review period, setting fresh post-bubble lows, as deteriorating economic conditions and renewed concerns about financial system risk in the US and Europe unsettled investors. However, the adoption of fresh stimulus measures in Japan and overseas, as well as improving economic indicators, spurred a rally in the second half of the review period. Investors' appetite for risk markedly recovered in the belief that the worst of the global recession had passed and concerns about the financial system eased. The market rally that started in March was initially led by large-cap cyclicals that were oversold and trading with distressed valuations but, from May onwards, smaller companies, which offered more attractive valuations, reclaimed market leadership. At a sector level, security brokers and non-bank financials achieved the most significant gains, closely followed by real estate companies. Materials sectors including glass & ceramics, nonferrous metals and iron & steel also rebounded sharply. In contrast, defensive and domestic industries were conspicuous laggards. Overseas investors were net buyers for three consecutive months through June and individuals also displayed a more bullish stance towards equities. Over the review period in yen terms the index moved forward by some 12%, our stock-picking outperformance added a further 1.3% and gearing added 3.8%. However, over this period the yen materially weakened against the pound more than eliminating in pound terms the above gains. Overall, therefore, in pounds sterling our Company's net asset value declined by 3.6% although it outperformed its benchmark, the Russell Nomura Mid/Small Cap Index which fell by 8.1% (again in sterling terms). Your Company's outperformance relative to the benchmark index is largely attributable to successful stock selection in the TFT-LCD value chain. A cyclical upswing in the LCD industry, driven by inventory restocking, healthier than expected end demand, and signs of progress in cost cutting, fuelled gains in the share prices of associated companies. These companies are found amongst a range of sectors including chemicals, glass & ceramics and electrical machinery. In the glass & ceramics sector, Nippon Electric Glass was the largest contributor. In the chemicals sector, Daicel Chemicals saw a pickup in shipments of triacetyl cellulose films. In the electrical machinery sector, Japan's largest manufacturer of semiconductor and LED laser dicers, Disco, rose well. Stock selection was also rewarding in the automobile value chain. Investors' focus gradually shifted from large-cap automobile makers to small cap auto parts makers with niche technological advantages during the review period. In this environment, holdings in Takata, which makes seat belts and airbags, and TS TECH, which specialises in seats for cars and motorcycles, generated significant gains. Conversely, holdings in the food and retail trade sectors detracted from performance relative to the benchmark. In the food sector, an instant noodle maker, Toyo Suisan was hit by a report that Mexico will impose tariffs on instant noodles. As Toyo Suisan exports instant noodles to Mexico from its production base in the US, the news caused brokers to cut their earnings estimates. In the retail trade sector, star performers in 2008, such as sushi restaurant chain Kappa Create and shoe retailer Chiyoda, fell on profit-taking. At a stock level, the largest detractor was a consumer credit company Promise, which subsequently has been sold, whose share price remained under pressure on concerns about possible additional claims for reimbursement of excess interest charges. Net Asset Value @ 31 December 2008 53.58p Impact of change in the Russell Nomura Mid/Small Cap Index (in yen 7.09p terms) Impact of stock selection (in yen terms) 0.68p Impact of gearing (in yen terms) 1.92p Impact of currency -10.91p Impact of share repurchases 0.00p Impact of other costs -0.70p Net Asset Value @ 30 June 2009 51.66p GEARING As detailed in the Chairman's Statement in March, the Company's fixed term loans are due to mature on 13 August 2009 (yen 1,499,040,000) and 25 November 2009 (yen 1,680,000,000). Yen 400,000,000 is currently lodged with the bank to reduce the level of net gearing as required by the loan covenants. In addition cash is held by the Company to reduce the net gearing further. The Board has entered into an overdraft facility with JPMorgan for yen 750,000,000 which will be drawn down upon repaying the August fixed term loan thus broadly aligning the gross and net debt amounts. The Board continues to believe that, in the long term, gearing is in the interests of shareholders as a whole and consideration is being given to the most cost effective way of providing this gearing both in respect of the loan due for repayment in November and the overdraft facility. The Market & Outlook In recent months, indicators of global economic activity have started to move off their lows, suggesting that the worst of the worldwide downturn has passed. With growing signs of stability in the global economy and improvements in financial conditions, Japan's sharp contraction in the first half of 2009 appears likely to give way to modestly positive growth in the second half of the year. In fact, the Bank of Japan recently upgraded its assessment of the domestic economy for the first time in almost three years and the Organisation for Economic Cooperation and Development revised its growth outlook upwards. Leading indicators of Japanese exports, such as the Chinese Purchasing Managers' Index and the US Institute for Supply Management's New Orders Index, have continued to improve and lend weight to the view that global manufacturing activity has bottomed out in response to progress in inventory adjustments and greater stability in final demand. Japanese industrial output has risen for three consecutive months and forecast surveys suggest that production will increase further in June and July. Looking ahead a little, the economic stimulus measures enacted by the Government are widely expected to make a material contribution to growth over the next two quarters. Spending on public works has increased and the tax rebate paid out to households, coupled with subsidies for purchases of eco-friendly cars and electrical goods, has contributed to a mild pickup in consumption. Furthermore, the number of corporate bankruptcies has receded as measures to improve financing have benefited small and medium-sized enterprises. The prospects of a sustained recovery in private domestic demand remain cloudy. A fall in corporate earnings and very low rates of capacity utilisation are likely to depress capital investment for the time being. Once the Government's fiscal stimulus measures run their course, worsening employment and income conditions could depress consumption again. Since bottoming in early March, Japanese stocks have performed favourably relative to other developed markets. This is a trend that we have witnessed during past recoveries and stems from the predominance of cyclical stocks in the Japanese market and the country's sensitivity to global economic activity. While the release of fiscal 2009 first quarter results and upcoming Lower House elections will be closely watched, the outlook for share prices will depend largely upon the direction of economic and corporate fundamentals in Japan and other leading economies. If we see signs of a cyclical rebound taking hold, overseas investors, the vast majority of whom remain underweight in Japanese equities and are mindful of the risks of remaining so during a global recovery, could build upon their recent forays into the market and generate further upside. Given the pace and scale of the recent gains, however, share price valuations for the broad market appear to have moved ahead of fundamentals and the market could have a period of correction. However, valuations for small companies remain supportive, with many small-cap stocks trading at levels that were last seen in or around 2002. Policy initiatives have also brightened the outlook for smaller companies; the enlargement of the Government's emergency credit guarantee system and tentative signs of improvement in the credit cycle should provide a further boost. 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 2008. By order of the Board FIL Investments International 12August 2009 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 2009 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 12August 2009 and the above responsibility statement was signed on its behalf by William Thomson, Chairman. Top 20 Holdings as at 30 June 2009 Holding Fair % Value (1) £'000 Daicel Chemicals 1,613 2.3 Chemical manufacturer Tsumura 1,438 2.1 Manufactures and sells pharmaceutical and household goods Sekisui Chemical 1,233 1.8 Engaged in housing construction, housing materials, high-performance plastic segments and flat panel displays Nichiiko Pharmaceutical 1,212 1.7 Pharmaceutical product manufacturer So-net M3 1,211 1.7 Medical related internet service provider Toyoda Boshoku 1,162 1.7 Manufactures and sells automotive components EPS 1,067 1.5 Provider of medical related services TS TECH 990 1.4 Manufactures and sells seats and interior products for vehicles Asahi Glass 989 1.4 Glass manufacturer FP Corporation 989 1.4 Manufactures polystyrene and synthetic resins Rakuten 954 1.4 Engaged in e-commerce, credit payment, portal media, travel, securities and sports businesses Fast Retailing 939 1.4 Manufactures and sells clothing in the domestic and overseas market Cyber Agent 938 1.4 Information technology company Sanden 887 1.3 Manufactures and sells automotive equipment and distribution systems Kakaku.Com 866 1.3 Provides price comparison services and product information Takata 862 1.2 Develops, manufactures and sells safety products for automobiles NHK Spring 832 1.2 Manufactures and sells automobile related products Toyo Suisan 774 1.1 Instant noodle manufacturer Omron 752 1.1 Manufactures and sells electric and electronics applied machinery and precision and medical equipment OsakaGas 751 1.1 Involved in the energy sectors Top 20 holdings 20,459 29.5 (1) % total assets less current liabilities, excluding fixed term loan liabilities Enquiries: Chris Davies - Head of Investment Trusts, FIL Investments International - 01737 837 723 Rebecca Burtonwood - FIL Investments International, Company Secretary - 01737 836869 Copies of the half-yearly report will be posted to shareholders as soon as practicable. Copies will also be available to the public from the Company's registered office, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP. FIDELITY JAPANESE VALUES PLC Income Statement for the six months for the year ended for the six months ended ended 30.06.09 31.12.08 30.06.08 unaudited audited unaudited revenue capital total revenue capital total revenue capital total Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Losses on - (4,203) (4,203) - (5,946) (5,946) - (4,478) (4,478) investments Income 2 511 - 511 1,288 - 1,288 623 - 623 Investment (336) - (336) (719) - (719) (363) - (363) management fee Other (199) - (199) (338) - (338) (172) - (172) expenses Exchange 1 (1,338) (1,337) 15 2,871 2,886 (1) 299 298 gains/ (losses) on other net assets Exchange - 3,912 3,912 - (9,612) (9,612) - (702) (702) gains/ (losses) on loans Net (loss)/ (23) (1,629) (1,652) 246 (12,687) (12,441) 87 (4,881) (4,794) return before finance costs and taxation Interest (151) - (151) (269) - (269) (112) - (112) payable Net loss on (174) (1,629) (1,803) (23) (12,687) (12,710) (25) (4,881) (4,906) ordinary activities before taxation Taxation on 3 (35) - (35) (89) - (89) (44) - (44) loss on ordinary activities Net loss on (209) (1,629) (1,838) (112) (12,687) (12,799) (69) (4,881) (4,950) ordinary activities after taxation for the period Loss per 4 (0.22p) (1.70p) (1.92p) (0.12p) (13.23p) (13.35p) (0.07p) (5.08p) (5.15p) 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 2009 called share capital other capital capital revenue total up premium redemption reserve reserve reserve reserve equity share account reserve realised unrealised capital £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Opening 24,256 44 2,075 59,591 (8,140) (793) (12,341) 64,692 shareholders' funds: 1 January 2008 Net recognised - - - - (5,670) 789 - (4,881) capital (losses )/ gains for the period Repurchase of (362) - 362 (679) - - - (679) ordinary shares Net revenue - - - - - - (69) (69) loss after taxation for the period Closing 23,894 44 2,437 58,912 (13,810) (4) (12,410) 59,063 shareholders' funds: 30 June 2008 Opening 24,256 44 2,075 59,591 (8,140) (793) (12,341) 64,692 shareholders' funds: 1 January 2008 Net recognised - - - - (15,647) 2,960 - (12,687) capital (losses)/gains for the year Repurchase of (362) - 362 (680) - - - (680) ordinary shares Net revenue - - - - - - (112) (112) loss after taxation for the year Closing 23,894 44 2,437 58,911 (23,787) 2,167 (12,453) 51,213 shareholders' funds: 31 December 2008 Transfer - - - - 9,190 (9,190) - - between reserves* Net recognised - - - - (4,304) 2,675 - (1,629) capital (losses)/gains for the period Net revenue - - - - - - (209) (209) loss after taxation for the period Closing 23,894 44 2,437 58,911 (18,901) (4,348) (12,662) 49,375 shareholders' funds: 30 June 2009 * In accordance with 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, are included in realised capital reserves rather than unrealised capital reserves. The balances on both reserves have been amended by a balance transfer to reflect this change. At the balance sheet date all investments held by the Company were considered to be readily convertible to cash. The balance remaining in capital reserve unrealised represents the net exchange losses on the loans and cash held by the Company. FIDELITY JAPANESE VALUES PLC Balance Sheet 30.06.09 31.12.08 30.06.08 unaudited audited unaudited Notes £'000 £'000 £'000 Fixed assets Investments at fair value through 66,114 65,324 73,305 profit or loss Current assets Debtors 84 1,124 1,512 Cash at bank 1,465 2,301 395 Cash collateral with lender 2,522 7,045 - 4,071 10,470 1,907 Creditors - amounts falling due within one year Fixed rate unsecured loans 7 (20,041) (23,952) - Other creditors (769) (629) (1,106) (20,810) (24,581) (1,106) Net current (liabilities)/assets (16,739) (14,111) 801 Total assets less current 49,375 51,213 74,106 liabilities Creditors - amounts falling due after more than one year Fixed rate unsecured loans 7 - - (15,043) Total net assets 49,375 51,213 59,063 Capital and reserves Called up share capital 23,894 23,894 23,894 Share premium account 44 44 44 Capital redemption reserve 2,437 2,437 2,437 Other reserve 58,911 58,991 58,912 Capital reserve - realised (18,901) (23,787) (13,810) Capital reserve - unrealised (4,348) 2,167 (4) Revenue reserve (12,662) (12,453) (12,410) Total equity shareholders' funds 49,375 51,213 59,063 Net asset value per ordinary share 5 51.66p 53.58p 61.80p FIDELITY JAPANESE VALUES PLC Cash Flow Statement 30.06.09 31.12.08 30.06.08 unaudited audited unaudited £'000 £'000 £'000 Operating activities Investment income 495 1,175 received 563 Deposit interest received - 4 2 Investment management fee (352) (690) (339) paid Directors' fees paid (45) (81) (39) Other cash payments (195) (263) (158) Net cash (outflow)/inflow (97) 145 29 from operating activities Returns on investments and servicing of finance Interest paid (158) (252) (111) Net cash outflow from (158) (252) (111) returns on investments and servicing of finance Financial investment Purchase of investments (50,935) (97,886) (48,198) Disposal of investments 47,067 106,226 48,436 Net cash (outflow)/inflow (3,868) 8,340 238 from financial investment Net cash (outflow)/inflow (4,123) 8,233 156 before financing Financing Repurchase of ordinary - (680) (679) shares Cash collateral held with 4,524 (7,045) - lender Net cash inflow/(outflow) 4,524 (7,725) (679) from financing Increase/(decrease) in 401 508 (523) cash Notes to the Financial Statements 1. Accounting policies The half-yearly financial statements for the period ending 30 June 2009 have been prepared in accordance with the AIC Statement of Recommended Practice ("SORP") issued in January 2009. Comparatives for prior reporting periods are on the basis of the accounting policies set out in the Company's annual report and financial statements dated 31 December 2008. As a result of the new SORP, changes in the fair value of investments held at the period end which are readily convertible to cash without accepting adverse terms at the balance sheet date are now included in capital reserve realised rather than capital reserve unrealised. The balances on both reserves at 1 January 2009 have been amended by a reserve transfer to reflect this change. In all other respects the accounting policies remain unchanged from those stated in the Company's annual report and financial statements dated 31 December 2008. 2. Income 30.06.09 31.12.08 30.06.08 unaudited audited unaudited £'000 £'000 £'000 Overseas dividends 511 1,284 622 Deposit interest - 4 1 511 1,288 623 3. Taxation on loss on ordinary activities 30.06.09 31.12.08 30.06.08 unaudited audited unaudited £'000 £'000 £'000 Overseas taxation 35 89 44 4. Loss per ordinary share 30.06.09 31.12.08 30.06.08 unaudited audited unaudited Revenue (0.22p) (0.12p) (0.07p) Capital (1.70p) (13.23p) (5.08p) Total (1.92p) (13.35p) (5.15p) Losses per ordinary share are based on the net revenue loss on ordinary activities after taxation of £209,000 (31.12.08: £112,000; 30.06.08: £69,000), the capital loss in the period of £1,629,000 (31.12.08: £12,687,000; 30.06.08: £4,881,000) and the total loss in the period of £1,838,000 (31.12.08: £ 12,799,000; 30.06.08: £4,950,000) and on 95,577,453 ordinary shares (31.12.08: 95,878,956; 30.06.08: 96,183,772), being the weighted average number of ordinary shares in issue during the period. 5. Net asset value per ordinary share The net asset value per ordinary share is based on net assets of £49,375,000 (31.12.08: £51,213,000; 30.06.08: £59,063,000) and on 95,577,453 ordinary shares (31.12.08: 95,577,453; 30.06.08: 95,577,453), being the number of ordinary shares in issue at the period end. 6. Costs of investment transactions Included in the losses on investments are the following costs of investment transactions: 30.06.09 31.12.08 30.06.08 unaudited audited unaudited £'000 £'000 £'000 Purchase expenses 70 128 65 Sales expenses 65 140 66 135 268 131 7. Loan facilities The fixed rate unsecured loan from The Royal Bank of Scotland PLC of yen 1,499,040,000 was drawn down on 13 August 2004 for a period of five years at a fixed rate of 1.565% per annum. The loan is repayable on 13 August 2009. The fixed rate unsecured loan from The Royal Bank of Scotland PLC of yen 1,680,000,000 was drawn down on 25 November 2004 for a period of five years at a fixed rate of 1.34% per annum. The loan is repayable on 25 November 2009. The Company has entered into an arrangement with The Royal Bank of Scotland PLC, whereby if total borrowings exceed 39% of the Company's assets, sufficient money is placed in a charged account with the bank to reduce borrowings to below 39%. As at 30 June 2009, there were cash deposits with the bank subject to a charge in favour of The Royal Bank of Scotland PLC of yen 400,000,000 (31.12.08: yen 935,102,905; 30.06.08: nil). The release of the charge is contingent on the borrowing ratio of the Company being reduced to 37% for a period of five consecutive business days. As at the date of this report cash deposits subject to the charge amounted to yen 400,000,000. 8. Share repurchases The following share repurchases were made in the period: 30.06.09 31.12.08 30.06.08 unaudited audited unaudited Number of ordinary shares repurchased - 1,450,000 1,450,000 Average price per ordinary share - 46.90p 46.90p Total cost including stamp duty and commission - £680,000 £680,000 9. Unaudited financial statements The results for the six months to 30 June 2009 and 30 June 2008, 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 2008 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, BNPParibas 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 numbers given above, 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 2009 - half-yearly period end 12August 2009- announcement of half-yearly results Mid August 2009 - publication of half-yearly report 31 December 2009 - financial year end March 2010 - publication of annual report May 2010 - 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 Over the last year, 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, authorised and regulated by the Financial Services Authority. 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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