Interim Results - CORRECTION

The following announcement replaces an original submission forwarded to the market at 13:42 on August 15th 2003. The original submission was made public under the company name Fidelity Investments International and did not properly populate into search pages for Fidelity Japanese Values. This has now been rectified. The original release text is unamended. * * * * * * * * * * * * * * * * * * * * * * * * * FIDELITY JAPANESE VALUES PLC Preliminary Announcement of Unaudited Interim Results for the six months ended 30 June 2003 INTERIM REPORT Performance During the first three months of this half-year period, stock markets in Japan declined in the wake of the war in Iraq, of new nuclear threats from North Korea and of the emergence of SARS in East Asia; however in the last three months the stock markets recovered quite significantly following the lead from Wall Street. It is pleasing to note a rise in the net asset value of 2.2p per share or 5.2% to 45.04p per share which is most welcome after a period of declining values. The bare statistics are shown in the table below: Jan - Mar 2003 Apr - Jun 2003 1st Half 2003 Gross Assets Less Current -4.1% +7.1% +2.7% Liabilities Net Asset Value -6.5% +12.5% +5.2% Benchmark -1.5% +9.2% +7.6% During the half-year period the markets contributed circa 5p to the performance and the gearing added another c1.1p but the stock selection and the currency reduced these gains by c2.2p and c1.6p respectively. The Company's own performance followed the trends of the markets but regrettably did not match that of the new benchmark index that was adopted last year - the Russell Nomura Mid-Small Index. As is usually the case in such circumstances there were parts of the benchmark index that are not represented in the portfolio - particularly the low priced, less liquid stocks - which did well whereas the slightly larger mid-cap stocks typical of the portfolio did rather less well. During the six months the top twenty holdings - the prospects for which were highlighted in the Chairman's statement in the annual report - were largely unchanged with two new holdings introduced - Nissen and Riso Kagaku - although there were other new names in the list representing holdings which were already held but lower down the year end portfolio list. The manager continues to have confidence in the earnings growth for these companies and indeed for the other companies represented lower down the portfolio list. The recent market rally mirrors a recovery in corporate earnings and profit margins, which was largely due to cost-cutting efforts by individual companies. Given the tiny profit margins on which Japanese companies operate this could lead to a considerable increase in corporate profits and such speculation has helped fuel the market rebound. The Market and its Outlook Despite the recent stock market rally, there is little evidence to suggest the re-emergence of sustained economic growth in the near future. Export growth remains weak, consumption continues to deteriorate and corporate capital investment is still trending lower. Furthermore the prospects of the necessary reforms, particularly in the banking sector, are as elusive as ever. Although the outlook for the Japanese economy and stock markets remain uncertain, there are reasons to be rather more encouraged at the corporate level. There is an increasing number of companies in Japan that are undergoing restructuring. Substantial cost-cutting at Japanese companies helped to produce a 26% rise in operating profits for the year ended March 2003, even though sales remained flat. Furthermore an increasing number of companies are now shifting their focus from cost-cutting to managing for growth and starting to take commercial risks. Cost restraints alone may not serve to enhance a company's prospects, whereas corporate investment, such as capital expenditure, mergers & acquisitions and research & development all could provide stimulants to growth - all of which is beginning to happen. Recent developments at the corporate level, referred to above, has led to an increasing number of investment opportunities emerging at attractive prices. Nevertheless the key to success will continue to lie in careful stock picking; the Manager continues to look for reasonably valued shares of companies whose increasing competitive strength can be expected to sustain their earnings growth over the longer term. Indeed we believes that those companies whose shares make up the Company's portfolio are examples of such investment opportunities and that therefore - in time - the Company's net asset value should benefit from their progress. By order of the Board Fidelity Investments International 15 August 2003 Enquiries: Barbara Powley - Fidelity Investments International 01737 836883 FIDELITY JAPANESE VALUES PLC Statement of Total Return (incorporating the revenue account) For the six months ended 30 June 2003 for the six months for the year ended for the six months ended ended 31.12.02 30.06.03 30.06.02 audited unaudited unaudited revenue capital total Revenue capital total revenue capital total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains/ - 2,064 2,064 - (9,805) (9,805) - 8,077 8,077 (losses) on investments Income - 389 - 389 677 - 677 411 - 411 dividends - interest 4 - 4 6 - 6 3 - 3 Investment (287) - (287) (657) - (657) (371) - (371) management fee Other (115) - (115) (204) - (204) (70) - (70) expenses Exchange - (267) (267) - (61) (61) - 110 110 (losses)/ gains Net (loss)/ (9) 1,797 1,788 (178) (9,866) (10,044) (27) 8,187 8,160 return before finance costs and taxation Exchange - 572 572 - 150 150 - (753) (753) gains/ (losses) on loans Interest (140) - (140) (384) - (384) (194) - (194) payable (Loss)/ (149) 2,369 2,220 (562) (9,716) (10,278) (221) 7,434 7,213 return on ordinary activities before taxation Tax on (39) - (39) (119) - (119) (64) - (64) ordinary activities (Loss)/ (188) 2,369 2,181 (681) (9,716) (10,397) (285) 7,434 7,149 return on ordinary activities after tax for the period, attributable to equity shareholders (Loss)/ return per ordinary share Basic (0.19p) 2.41p 2.22p (0.69p) (9.83p) (10.52p) (0.28p) 7.40p 7.12p Fully (0.16p) 2.01p 1.85p - - - (0.24p) 6.17p 5.93p diluted These accounts have been prepared in accordance with the AITC Statement of Recommended Practice (SORP) issued in January 2003. FIDELITY JAPANESE VALUES PLC Balance Sheet As at 30 June 2003 30.06.03 31.12.02 30.06.02 audited unaudited unaudited £'000 £'000 £'000 Fixed assets Investments 54,795 55,492 74,419 Current assets Debtors 292 548 250 Cash at bank 5,867 2,921 3,169 6,159 3,469 3,419 Creditors - amounts falling due within one year Fixed rate unsecured loan - - (8,228) Other creditors (672) (288) (790) (672) (288) (9,018) Net current assets / 5,487 3,181 (5,599) (liabilities) Total assets less current 60,282 58,673 68,820 liabilities Creditors - amounts falling due after more than one year Fixed rate unsecured loans (16,048) (16,620) (9,221) Total net assets 44,234 42,053 59,599 Capital and reserves Called up share capital 24,551 24,551 24,551 Capital redemption reserve 1,780 1,780 1,780 Share premium account 40 40 40 Other reserves Other reserve 60,369 60,639 60,369 Warrant exercise reserve 2 2 2 Warrant reserve 10,198 10,198 10,198 Capital reserve - realised (12,277) (7,193) (183) Capital reserve - unrealised (31,550) (39,003) (28,863) Revenue reserve (8,879) (8,691) (8,295) Total equity shareholders' 44,234 42,053 59,599 funds Net asset value per ordinary share Basic 45.04p 42.82p 60.69p FIDELITY JAPANESE VALUES PLC Cash Flow Statement For the six months ended 30 June 2003 30.06.03 31.12.02 30.06.02 unaudited audited unaudited £'000 £'000 £'000 Operating activities Investment income 342 557 341 received Deposit interest 4 6 3 received Investment management (284) (712) (350) fee paid Directors' fees paid (24) (54) (38) Other cash payments (84) (237) (200) Net cash outflow from (46) (440) (244) operating activities Returns on investments and servicing of finance Interest paid (141) (389) (187) Net cash outflow from (141) (389) (187) returns on investments and servicing of finance Financial investment Purchase of (8,026) (16,682) (5,206) investments Exchange (losses)/ (34) (377) 5 gains Disposals of 11,427 20,409 8,686 investments Net cash inflow/ 3,367 3,350 3,485 (outflow) from financial investment Net cash inflow/ 3,180 2,521 3,054 (outflow) before financing Financing Repurchase of ordinary - (1,470) (1,470) shares 1.05% fixed rate - 8,300 - unsecured loan drawn down 2.16% fixed rate - (8,226) unsecured loan repaid Net cash outflow from - (1,396) (1,470) financing Increase in cash 3,180 1,125 1,584 The results for the six months to 30 June 2003 and 30 June 2002, which are unaudited, constitute non-statutory accounts within the meaning of s240 of the Companies Act 1985. The figures and financial information for the year ended 31 December 2002 have been extracted from the latest published accounts of the Company and do not constitute the statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the report of the auditors, which was unqualified and did not contain a statement under either sections 237(2) or 237(3) of the Companies Act 1985. Copies of the interim report will be posted to shareholders as soon as practicable. Copies will also be available to the public at the Company's registered office Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP.

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