Amendment re Management Agreement

The Board of Fidelity Special Values PLC announces that following the annual
review of the Management and Secretarial Services Agreement dated 19 October
1994, between the Company and Fidelity Investments International (the
'Agreement'), the parties agreed on 6 February 2006 that the fee payable to the
Manager will change from a fee of 0.95% of total assets per annum to a fee of
0.875% of net assets per annum for investment management and £600,000 for
non-portfolio management services and that the notice period for termination of
the Agreement by either party should be reduced from twelve months to six
months.

The Board believes that these changes are in the interests of shareholders as a
whole.

7 February 2006

Contact for queries:

Alex Hammond-Chambers

Chairman

Fidelity Special Values PLC

Telephone: [phone]

Stephen Westwood, Head of Investment Trusts,

Fidelity investments International

Telephone: [phone]

Miss Tracey A Bennett, Senior Company Secretary

Fidelity Investments International

Telephone: [phone]