Drawdown and Repayment of Loan

The Board of Fidelity Japanese Values PLC announces that on 27 August 2002 an
amount of ¥1,499,040,000 has been drawn down under the Company's existing loan
facility with JP Morgan Chase. The proceeds of the drawdown have been used to
repay the loan for the same amount from Clydesdale Bank with effect from 27
August 2002.

The Company now has 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 1.05% for the period from 27 August 2002 to 13
August 2004 when the loan is repayable.

Enquiries: Barbara Powley 01737 836883