Issue of Equity

Fidelity Special Values PLC announces that on 25 November 2004 the Company
allotted 8,248 ordinary 25p shares at a price of 394 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.

The total number of ordinary 25p shares now in issue is 63,977,637.

The total number of shares now available for issue under the Company's
authority is 169,325. A resolution to renew this authority will be proposed at
the forthcoming Annual General Meeting which is provisionally arranged for 9
December 2004.