Loan Facility Takes Gearing to 15%

Fidelity Japanese Values PLC
25 November 1999

The Board of Fidelity Japanese Values PLC announces that on 25 November 1999
it drew down for value on 29 November 1999 a fixed rate loan facility of the
yen equivalent of £10million (yen 1.68 billion) at an interest rate of 2.155%
per annum, repayable after 5 years.  This results in total gearing of
approximately 15%.

Enquiries: Barbara Powley - Fidelity Investments International - 01737 836883