Issue of Equity

Fidelity Special Values PLC announces that on 19 October 2004 the Company
allotted 3,839 ordinary 25p shares at a price of 378 pence per share (which
represents a premium in excess of 2% over the latest net asset value) in
respect of the Fidelity ISA and the Fidelity Share Plan. The new shares will
rank pari passu with existing ordinary 25p shares.

The total number of ordinary 25p shares now in issue is 63,705,370.