Exercise of Warrants

Fidelity Japanese Values PLC
2 May 2001

Fidelity Japanese Values PLC announces that, on 30 April 2001, 3,527 of the
Company's warrants were exercised resulting in the issue and allotment of
3,527 ordinary 25p shares on the same date. The total number of ordinary 25p
shares in issue is now 102,476,253.