Portfolio Update

Fidelity Japanese Values PLC

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

Security Description                                         % Gross Assets
                                                                           
Mitsubishi Estate                                                       2.4
                                                                           
Sumitomo Realty and Development                                         2.2
                                                                           
Daiwa House Industry                                                    2.0
                                                                           
Sumco                                                                   1.7
                                                                           
Mitsui                                                                  1.7
                                                                           
Ryohin Keikaku                                                          1.7
                                                                           
Fancl                                                                   1.6
                                                                           
Yaskawa Elec                                                            1.6
                                                                           
Sodick                                                                  1.6
                                                                           
Otsuka                                                                  1.5
                                                                           
TOTAL                                                                  18.0
                                                                           

Contact for queries:

Name: Rebecca Burtonwood, Fidelity Investments International

Telephone: [phone]