Portfolio Update

Fidelity Special Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31 May
2006, announced in accordance with Listing Rule LR 15.4.11R(2).

Security Description                         % Gross Assets
                                                           
BP                                                      6.0
                                                           
GlaxoSmithKline                                         4.6
                                                           
Reed Elsevier                                           4.5
                                                           
Roche Holdings Genussscheine                            4.4
                                                           
ITV                                                     3.0
                                                           
Tesco                                                   2.7
                                                           
Astrazeneca (UK)                                        2.7
                                                           
Reuters                                                 2.4
                                                           
BG Group                                                2.3
                                                           
Standard Chartered                                      2.1
                                                           
Total                                                  34.7

Contact for queries:

Name: Julian Rhys, Fidelity Investments International

Telephone: [phone]