FIDELITY JAPAN TRUST PLC — Fund Information / Factsheet 2012

Jun 30, 2012

FIDELITY INVESTMENT TRUSTS 30 JUNE 2012

FIDELITY JAPANESE VALUES PLC FOCUSING ON LONG-TERM GROWTH

Fidelity Japanese Values PLC aims to achieve long-term capital growth by investing primarily in small and medium-sized Japanese companies. The portfolio's benchmark is the Russell/Nomura Mid Small Cap Price Index. For liquidity reasons, the portfolio may also be invested in larger companies.

FIDELITY JAPANESE VALUES PLC DETAILS TO 30.06.12

Share price:	52.5p
NAV:	63.11p
Discount:	16.81%
Gearing Exposure:	120.23%
Ordinary shares in	97,205,877
issue:
Launch date:	15/03/1994
Portfolio Manager:	Shinji Higaki
Appointed to trust:	01/07/2007
Years at Fidelity:	9
Investment available via ISA and Share Plan

PORTFOLIO MANAGER

In June, the broad-based TOPIX regained a large part of grounds lost in May, as statements from monetary authorities raised expectations of coordinated global easing and fears of a Greek exit from the eurozone receded. Domestic-oriented sectors registered the strongest gains, led by high-beta financials. In contrast, oil exploration firms mirrored a downtrend in crude oil prices and concerns about planned power outages weighed on electric utilities. Stocks appear oversold and many quantitative indicators point to a rebound, but the pervasive risk aversion spurred by the crisis in Europe is likely to persist. As a result, I believe that it will take some time for investors to refocus on fundamentals.

Shinji Higaki, Portfolio Manager

INVESTMENT HIGHLIGHTS

The Company's NAV rose by 3.9% and outperformed the benchmark. Holdings in internet-related names, which fell sharply in May, recovered and contributed to performance. The single largest contributor was social networking service provider Cyber Agent. Other internet-related names such as Kakaku.Com and M3 also regained lost ground. Elsewhere, better-than-expected sales & earnings growth boosted investors' confidence in building material producer Lixil Group and computers and electronic devices company Hitachi High Technologies. On the other hand, data storage service provider Bit-Isle and retailers Honeys and Fast Retailing fell on profit taking.

FIVE YEAR PERFORMANCE COMPARISON

SINGLE YEAR PERFORMANCE (5 YEARS ENDING JUNE)

	Jun 08	Jun 09	Jun 10	Jun 07- Jun 08- Jun 09- Jun 10- Jun 11- Jun 11	Jun 12
Share Price		-19.0% -16.6%	11.6%	14.9%	-9.5%
Price Record	Jun 08	Jun 09	Jun 10	Jun 11	Jun 12
Share Price (pence)	54.25	45.25	50.50	58.00	52.50

PERFORMANCE RECORD

Cumulative Growth	YTD	1mth	6mths	1 yr	3 yrs	5 yrs	10 yrs	Since 15.03.94
Share Price	0.0%	4.2%	0.0%	-9.5%	16.0%	-21.6%	1.0%	-41.8%
NAV	-1.7%	3.9%	-1.7%	-9.9%	22.2%	-15.7%	4.0%	-34.1%
Russ Nom Mid/small cap index	-1.4%	2.8%	-1.4%	-5.7%	8.2%	-3.2%	30.4%	-20.5%

Source of performance: Fidelity/Datastream, cumulative growth, total return as at 30 June 2012. bid-bid with net income reinvested. These figures do not include an initial charge.

Please remember that past performance is not a guide to what may happen in the future. The value of investments can go down as well as up and you may not get back the amount you invested. Overseas investments may be subject to currency fluctuations. Please remember the eligibility to invest in an ISA depends on individual circumstances and tax rules may be subject to change.

TOP 10 POSITIONS AS AT 30.06.12

	%
SEKISUI CHEMICAL	3.9
M3	3.6
TAKATA	3.5
KAKAKU.COM	3.3
MARUWA CERAMIC	2.9
GMO PAYMENT GATEWAY	2.7
CYBERAGENT	2.4
BIT-ISLE	2.3
LIXIL GROUP	2.3
HITACHI HIGH TECHNOLOGIES	2.2

All data in the above includes any derivative exposures as an economically equivalent position in the underlying asset. Source: FIL Limited, 30 June 2012

INDUSTRY BREAKDOWN AS AT 30.06.12

Includes present exposure of cash and equities (other). Source: FIL Limited, 30 June 2012

DEALING INFORMATION

Listed: London Stock Exchange

Quoted: London Stock Exchange Financial Times The Times The Daily Telegraph The Independent Reuters Code: FJV.L SEAQ Code: 51054

GLOSSARY

NAV

The total value of a company's assets less the total value of its liabilities is its net asset value (NAV). For valuation purposes it is common to divide net assets by the number of shares in issue to give the net assets per share. If the NAV per share is higher than the price each of these shares or securities are 'in the money'. NAV calculations can include or exclude current financial year income. For the purposes of this factsheet, they are valued with assets including income and costs and with debt valued at the market.

DISCOUNT

If the share price of an investment company is lower than the net asset value (NAV) per share, the company is said to be trading at a discount. The discount is shown as a percentage of the NAV.

GEARING EXPOSURE

Investment trusts have the ability to borrow additional money to invest, known as gearing. The trust has the ability to use bank loans, bank overdrafts and Contracts for Difference (CFDs) to increase its exposure to stocks. CFDs are used as a way of gaining exposure to the price movements of shares without buying the underlying shares directly.

OVERWEIGHT/UNDERWEIGHT

If a stock is deemed "overweight" this indicates that the portfolio has a higher exposure to a stock compared to its benchmark. If a stock is deemed "underweight" this indicates that portfolio has a lower exposure to a stock compared to its benchmark.

TOP 10 POSITIONS

The 10 largest investments are shown as a % of the total market exposure of the investment portfolio, including exposure to investments through derivatives.

SECTOR/GEOGRAPHICAL BREAKDOWNS

These are expressed as a percentage of total portfolio and cash.

FAIR VALUE

The fair value of the listed investments is measured at bid prices or last prices quoted, depending on the convention of the exchange on which they are listed. Where permitted, unlisted investments, where there is not an active market, are valued using an appropriate valuation technique so as to establish what the transaction price would have been and derivative instruments are valued at the quoted trade price for the contract.

Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. Investors should also note that the views expressed may no longer be current and may have already been acted upon by Fidelity. This information does not constitute investment advice and should not be used as the basis for any investment decision nor should it be treated as a recommendation for any investment. If you are unsure of the suitability of an investment, please contact a financial adviser.

For more information contact us on 0800 41 41 10, 9am – 6pm Monday to Saturday or go to www.fidelity.co.uk/japanesevalues