Loan agreement

Fidelity Japanese Values PLC
10 May 2001


Fidelity Japanese Values PLC announces that on 8 May 2001 the Company entered
into a revolving loan agreement with The Chase Manhattan Bank, London Branch.
This loan is for an amount of Y1,594,000,000, for a period of three years and
three months (repayment date 13 August 2004) and the Company has today entered
into an interest rate swap to fix the effective all in rate of the loan at
1.05% per annum for its duration. This loan will replace an existing loan for
the same amount with Clydesdale Bank PLC, which is due to be repaid on 15 May
2001.

As at 9 May 2001 the Company had gross gearing of  32.7% and net gearing (ie
net of cash held) of 26.3%.