Issue of Equity

Fidelity Special Values PLC announces that on 16 December 2004 the Company
allotted 152,601 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). Shares
purchased through the Fidelity ISA and the Fidelity Share Plan totalled 2,601
and shares issued to Apollo Nominees Limited totalled 150,000. The new shares
will rank pari passu with existing ordinary 25p shares.

The total number of ordinary 25p shares now in issue is 64,438,348.

The total number of shares now available for issue under the Company's
authority is 6,092,078.