Loan

Fidelity Special Values PLC announces that with effect from 22 October 2004 the
Company will enter into a loan facility with Barclays Bank PLC. The facility is
for an amount of £27 million and has been made available by way of two
tranches: The Company will borrow under Tranche A by way of up to four separate
drawdowns, each for a minimum amount of £1,000,000 or a multiple of £1,000,000.
Tranche B is available for drawdown in one single tranche, the anticipated
drawdown date being 26 January 2005. The facility will be repayable on 26
January 2010.

It is the Board's intention that the proceeds of Tranche A (£7 million) will be
invested in a manner consistent with the Company's investment objective and
that the proceeds of Tranche B (£20 million) will be used to repay the loans
totalling £20 million with JPMorgan Chase Bank which are repayable on 26
January 2005.

Contact for queries:

Name: Barbara Powley, Fidelity Investments International

Telephone: [phone]