Issue of Equity

Fidelity Special Values PLC announces that on 1 July 2003 the Company allotted
1,139 ordinary 25p shares at a price of 265 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 the Fidelity ISA. The new shares will rank pari passu
with existing ordinary 25p shares.

A total of 2,516,746 shares now remain available for issue under the existing
authority.

The total number of ordinary 25p shares now in issue is 45,180,365.


 END