AGM Statement

Fidelity Special Values PLC
12 December 2001



At the Company's Annual General Meeting held on 12 December 2001, all
resolutions were duly passed.

The resolutions passed under Special Business were as follows:

- The Directors' authority to allot a limited number of currently unissued
ordinary shares for cash without first offering such shares to existing
ordinary shareholders pro-rata to their existing holdings has been renewed.
The Directors have been authorised to issue up to 10% of the nominal value of
the issued share capital as at 29 October 2001.

- The Company's authority to purchase up to 14.5% of its own shares in issue,
as at 29 October 2001, for cancellation has been renewed. The maximum number
of shares to be purchased is 5,500,000 ordinary shares.

- The Company is to continue as an investment trust.