Issue of Equity

Fidelity Special Values PLC announces that on 22 July 2004 the Company allotted
3,394 ordinary 25p shares at a price of 354 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.

The total number of ordinary 25p shares now in issue is 63,337,442.