Issue of Equity

Fidelity Japanese Values PLC

Fidelity Japanese Values PLC announces that on 5 January 2011 the Company
issued and allotted 946 ordinary 25p shares with effect from 31 December 2010
in respect of shares arising on the exercise of the conversion rights attaching
to subscription shares.

The total issued ordinary share capital is now 95,684,520.

The conversion rights attaching to a total of 19,008,314 subscription shares
have not yet been exercised.

Rebecca Burtonwood

FIL Investments International, Company Secretary

01737 836869