Issue of Equity

Fidelity Special Values PLC announces that on 2 January 2004 the Company issued
and allotted a further 2,554,135 ordinary 25p shares in respect of shares
arising on the exercise of warrants, with effect from 1 January 2004. The total
issued share capital is now 57,990,151.

In accordance with the terms of the Trust Deed the Company shall within seven
days appoint a trustee who, provided that in his opinion the net proceeds of
sale after deduction of all costs and expenses incurred by him will exceed the
costs of subscription, shall within the period of fourteen days following 1
January 2004, either (i) exercise all the subscription rights which have not
been exercised on the terms on which the same could have been exercised on the
final subscription date of 1 January 2004 and sell in the market the ordinary
shares acquired on such subscription; or (ii) (if it appears to the trustee
that doing so is likely to realise greater net proceeds for Warrantholders)
accept any offer available to Warrantholders for the purchase of the Warrants.
The trustee shall distribute pro rata the proceeds less such subscription costs
and such other costs and expenses to the persons entitled thereto, provided
that entitlements of less than £3.00 shall be retained for the benefit of the
Company. If the trustee does not exercise the subscription rights the
outstanding warrants will lapse on 15 January 2004.

A total of 755,225 warrants have not been exercised.