Issue of Equity

Fidelity Special Values PLC announces that on 29 January 2003 the Company
allotted 1,063 ordinary 25p shares at a price of 221 pence per share (which
represents a premium in excess of 2% over the latest net asset value) in
respect of the Fidelity Share Plan and Fidelity ISA. The new shares will rank
pari passu with existing ordinary 25p shares.

A total of 3,060,713 shares now remain available for issue under the existing
authority.

The total number of ordinary 25p shares now in issue is 43,550,238


  ND