Issue of Equity

Fidelity Special Values PLC announces that on 14 July 2003 the Company allotted
40,411 ordinary 25p shares at a price of 278 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 2,438,273 shares now remain available for issue under the existing
authority.

The total number of ordinary 25p shares now in issue is 45,258,838.