Director Shareholding

SCHEDULE 11                                  

         NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS          

1) Name of company


Fidelity Special Values PLC


2) Name of director

Sir Richard Brooke


3) Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18 or in respect of a non-beneficial
interest

Individual holder


4) Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them (if notified)


Sir Richard Brooke 4,800 shares

Sir Richard Brooke's pension account 7,200 shares

5) Please state whether notification relates to a person(s) connected with the
Director named in 2 above and identify the connected person(s)

Sir Richard Brooke


6) Please state the nature of the transaction. For PEP transactions please
indicate whether general/single co PEP and if discretionary/non discretionary


Exercise of warrants


7) Number of shares/amount of stock acquired

2,000 made up of:

800 in Sir Richard Brooke's own name

1,200 through Sir Richard Brooke's pension account


8) Percentage of issued class


0.00%

9) Number of shares/amount of stock disposed


Nil

10) Percentage of issued class


N/A

11) Class of security


Ordinary 25p shares


12) Price per share

2,000 shares @ 100.00p per share

13) Date of transaction

2,000 shares with effect from 1 January 2004


14) Date company informed


12 February 2004


15) Total holding following this notification


12,000 shares


16) Total percentage holding of issued class following this notification


0.02%

If a director has been granted options by the company please complete the
following boxes

17) Date of grant


18) Period during which or date on which exercisable


19) Total amount paid (if any) for grant of the option


20) Description of shares or debentures involved: class, number


21) Exercise price (if fixed at time of grant) or indication that price is to
be fixed at time of exercise

22) Total number of shares or debentures over which options held following this
notification

23) Any additional information


24) Name of contact and telephone number for queries


Rebecca Burtonwood

Fidelity Investments International

01737 836 869


25) Name and signature of authorised company official responsible for making
this notification

Rebecca Burtonwood for and on behalf of Fidelity Investments International


Date of Notification 13 February 2004