Issue of Equity

Fidelity Special Values PLC announces that on 25 July 2003 the Company allotted
10,953 ordinary 25p shares at a price of 282 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 ISA. The new shares will rank pari passu with existing
ordinary 25p shares.

A total of 2,311,824 shares now remain available for issue under the existing
authority.

The total number of ordinary 25p shares now in issue is 45,385,287.