Issue of Equity

Fidelity Special Values PLC announces that on 10 December 2003 the Company
allotted 4,701 ordinary 25p shares at a price of 317.5 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 1,748,387 shares now remain available for issue under the existing
authority.

The total number of ordinary 25p shares now in issue is 45,948,724.