Directors' Authority to Issue Shares

The Board of Fidelity Special Values PLC announces that it plans to extend its
current practice, of issuing shares, when requested, to the Fidelity Investment
Trust Share Plan and the Fidelity ISA at a price based on market price provided
that the price represents a premium to net asset value in excess of 2%. Shares
may therefore be issued to other persons authorised by the Financial Services
Authority to carry on regulated activities, including market makers, retail
brokers and other ISA and share plan managers.

Shares will be issued at the discretion of the Board and will be subject to a
maximum of 250,000 per applicant on any day. Furthermore no more than 500,000
shares will be issued on any day. The issue price will be calculated by
reference to the market price.

FSA authorised persons who wish to consider applying should contact the Company
Secretary for further details as to how and on what terms applications may be
made.

The Board currently has authority to issue up to 1.67m shares in this manner
without shareholder consent. An extraordinary general meeting will be convened
in the near future to renew this authority.

Enquiries:

Fidelity Investments International Barbara Powley 01737 836883

Julie Bamford 01737 837345

UBS Warburg Will Rogers 0207 568 2939