Top 10 and holdings over 5%

Fidelity Japanese Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31
December 2003, announced in accordance with Listing Rule 21.20 (l) (ii).

Security Description                                         % Gross Assets
                                                                           
PACIFIC METALS                                                          1.7
                                                                           
ARRK                                                                    1.6
                                                                           
FUJIKURA                                                                1.5
                                                                           
CHIYODA INTEGRE                                                         1.5
                                                                           
SODICK                                                                  1.3
                                                                           
DOSHISHA                                                                1.3
                                                                           
DON QUIJOTE                                                             1.3
                                                                           
GOODWILL GROUP                                                          1.2
                                                                           
LAWSON                                                                  1.2
                                                                           
USS                                                                     1.2
                                                                           
TOTAL                                                                  14.0