Issue of Equity

Fidelity Special Values PLC announces that on 10 July 2003 the Company allotted
5,449 ordinary 25p shares at a price of 276 pence per share (which represents a
premium in excess of 2% over the latest net asset value) in respect of the
Fidelity Share Plan and ISA. The new shares will rank pari passu with existing
ordinary 25p shares.

A total of 2,481,995 shares now remain available for issue under the existing
authority.

The total number of ordinary 25p shares now in issue is 45,215,116.