Change of portfolio manager

The Board of Fidelity Special Values PLC announces that it has been agreed with
Fidelity Investments International ("Fidelity"), the Manager of the Company,
that Sanjeev Shah is to be appointed as the successor to Anthony Bolton, the
current portfolio manager to the Company, when he steps down from portfolio
management at the end of 2007. Mr Shah has been with Fidelity since 1996 when
he joined as a research analyst. He became a portfolio manager in 2002; between
October 2002 and August 2005 he managed the Fidelity UK Aggressive Fund and,
since September 2005, he has managed Fidelity Funds European Aggressive Fund.
There will be a smooth transitional period, with Sanjeev Shah taking full
responsibility for the Company's portfolio on 1 January 2008.

15 May 2007

Contact for queries:

Stephen Westwood, Head of Investment Trusts,

Fidelity Investments International

Telephone: [phone]

Richard Miles, Director, Corporate Communications

Fidelity Investments International

Telephone: [phone]