Lapse of warrants

Fidelity Japanese Values PLC announces that the Company's final subscription
date for any outstanding warrant to exercise to Ordinary Shares was 3.00pm on
30 April 2004 and that it has received notice from Capita IRG Trustees Limited,
the appointed trustees, that they have reviewed the options available and, as
the price of the Ordinary Shares is below the subscription price, they will not
exercise the option to sell the Ordinary Shares on behalf of shareholders and
the warrants will therefore lapse.

A total of 20,395,347 warrants were not exercised and have now lapsed.