Issue of Equity

Fidelity Special Values PLC announces that on 24 July 2003 the Company allotted
5,513 ordinary 25p shares at a price of 281 pence per share (which represents a
premium in excess of 2% over the latest net asset value) in respect of the
Fidelity ISA. The new shares will rank pari passu with existing ordinary 25p
shares.

A total of 2,322,777 shares now remain available for issue under the existing
authority.

The total number of ordinary 25p shares now in issue is 45,374,334.