Issue of Equity

Fidelity Special Values PLC

5 January 2004

The Board announces that the Company has today issued 2,806,948 shares at a
price of 323.4861 pence per share, being the price which was equivalent to
103.25% of the diluted net asset of the Company of 313.30 pence per share
calculated as at midday on Monday 5 January 2004. The new shares will rank pari
passu with existing ordinary 25p shares.

These shares have been issued to the shareholders of Derby Trust plc who
elected to receive shares in the Company under the scheme of reconstruction. As
a result of this issue, the Company has 60,797,099 shares in issue.

Enquiries: Barbara Powley 01737 836883