Loan agreement

The Board of Fidelity Japanese Values PLC announces that on 19 November 2004
the Company entered into a facility with The Royal Bank of Scotland plc for an
amount of ¥1,680,000,000 which will be drawn down in full on 25 November 2004
and is repayable on 25 November 2009. It is the Board's intention that the
proceeds of the drawdown will be used to repay the loan for the same amount
from JPMorgan Chase Bank.

The Company will then have the following loans in place:-

Â¥1,680,000,000 at 1.34% repayable on 25 November 2009

Â¥1,499,040,000 at 1.565% repayable on 13 August 2009.

Enquiries: Barbara Powley, Fidelity Investments International, 01737 836883