Portfolio Update

Fidelity Special Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31 May
2005, announced in accordance with Listing Rule 21.20 (l) (ii).

Security Description                         % Gross Assets
                                                           
Standard Chartered                                      4.2
                                                           
BG Group                                                4.0
                                                           
ITV                                                     3.8
                                                           
Shell Transport & Trading                               3.3
                                                           
British Land                                            3.0
                                                           
Cairn Energy                                            3.0
                                                           
Statoil Asa                                             2.9
                                                           
BP                                                      2.6
                                                           
Hilton Group                                            2.3
                                                           
Land Securities                                         2.2
                                                           
TOTAL                                                  31.3

Contact for queries:

Name: Rebecca Burtonwood, Fidelity Investments International

Telephone: [phone]