Portfolio Update

Fidelity Special Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31
August 2007, announced in accordance with Listing Rule LR 15.4.11R(2).

Security Description                         % Gross Assets
                                                           
Vodafone Group                                          5.9
                                                           
British Sky Broadcasting (BSkyB)                        4.3
                                                           
Tesco                                                   4.0
                                                           
Reed Elsevier                                           3.8
                                                           
Bayer                                                   3.4
                                                           
Glaxosmithkline                                         3.0
                                                           
Statoil Asa                                             2.9
                                                           
Nokia                                                   2.2
                                                           
Premier Foods                                           2.2
                                                           
Electricite de France                                   2.2
                                                           
Total                                                  33.9

Contact for queries:

Name: Mrs Tracey A Cousins, Fidelity Investments International

Telephone: [phone]