Portfolio Update

Fidelity Japanese Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31
March 2007, announced in accordance with Listing Rule LR 15.4.11R(2).

Security Description                                         % Gross Assets
                                                                           
Daiwa House Industry                                                    2.3
                                                                           
Senshukai                                                               2.0
                                                                           
Mitsui                                                                  1.5
                                                                           
Mitsubishi Estate                                                       1.5
                                                                           
Chiba Bank                                                              1.5
                                                                           
Doshisha                                                                1.5
                                                                           
Itochu                                                                  1.5
                                                                           
Fancl                                                                   1.5
                                                                           
Yamada Denki                                                            1.5
                                                                           
Sumitomo Realty and Development                                         1.5
                                                                           
TOTAL                                                                  16.3
                                                                           

Contact for queries:

Name: Rebecca Burtonwood, Fidelity Investments International

Telephone: [phone]