Portfolio Update

Fidelity Special Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 28
February 2005, announced in accordance with Listing Rule 21.20 (l) (ii).

Security Description                         % Gross Assets
                                                           
BP                                                      5.1
                                                           
BG Group                                                3.8
                                                           
Standard Chartered                                      3.5
                                                           
Cairn Energy                                            3.1
                                                           
ITV                                                     3.1
                                                           
Shell Transport & Trading                               2.6
                                                           
Hilton Group                                            2.5
                                                           
Statoil ASA                                             2.0
                                                           
BT Group                                                1.9
                                                           
Allied Irish Banks                                      1.9
                                                           
TOTAL                                                  29.5

Contact for queries:

Name: Rebecca Burtonwood, Fidelity Investments International

Telephone: [phone]