Portfolio Update

Fidelity Japanese Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 30 June
2007, announced in accordance with Listing Rule LR 15.4.11R(2).

Security Description                                         % Gross Assets
                                                                           
Itochu                                                                  2.1
                                                                           
Mitsui                                                                  2.0
                                                                           
Senshukai                                                               1.9
                                                                           
Marubeni                                                                1.8
                                                                           
Yamada Denki                                                            1.7
                                                                           
Fancl                                                                   1.6
                                                                           
Chiba Bank                                                              1.6
                                                                           
Sumitomo                                                                1.5
                                                                           
Nishio Rent All                                                         1.5
                                                                           
Shimamura                                                               1.5
                                                                           
TOTAL                                                                  17.2
                                                                           

Contact for queries:

Name: Miss Tracey A Bennett, Fidelity Investments International

Telephone: [phone]