Loan Agreement

Fidelity Special Values PLC announces that on 5 February 2003 the Company
entered into a loan agreement with The Royal Bank of Scotland plc. The loan is
for an amount of £5 million at a fixed rate of 4.91% for a period of five
years.  It is expected that the loan will be drawn down in full on 7 February
2003 and it will be repayable on 7 February 2008.  It is the Board's intention
that the proceeds of the loan will be invested in a manner consistent with the
Company's investment objective.

Contact for queries:                                         

Name:  Barbara Powley, Fidelity Investments International

Telephone: [phone]