Loan

Fidelity Special Values PLC announces that on 25 October 2004 Tranche A of a
facility of £27 million from Barclays Bank PLC was drawn down in full. Tranche
A (£7 million) of the facility and Tranche B (£20 million) are both at a fixed
rate of 5.435%. Tranche B will be drawn down in full on 26 January 2005. The
facility will be repayable in full on 26 January 2010. It is the Board's
intention that the proceeds of Tranche A of the facility will be invested in a
manner consistent with the Company's investment objective and that the proceeds
of Tranche B of the facility 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]