Issue of Equity

Fidelity Special Values PLC announces that on 21 October 2004 the Company
allotted 252,363 ordinary 25p shares at a price of 372 pence per share (which
represents a premium in excess of 2% over the latest net asset value). Shares
purchased through the Fidelity ISA and the Fidelity Share Plan totalled 2,363
and shares issued to Apollo Nominees Limited totalled 250,000. The new shares
will rank pari passu with existing ordinary 25p shares.

The total number of ordinary 25p shares now in issue is 63,957,733.

The total number of shares now available for issue under the Company's
authority is 189,229. A resolution to renew this authority will be proposed at
the forthcoming Annual General Meeting which is provisionally arranged for 9
December 2004.