Result of Equity Issue

Fidelity Japanese Values PLC
11 May 2000


On 11 May 2000 Fidelity Japanese Values PLC issued and allotted a further
49,676 ordinary shares, in respect of shares arising on exercise of warrants,
with effect from 2 May 2000. The total issued share capital is now 104,922,726
and the number of warrants outstanding is 20,400,074.