Issue of Equity

Fidelity Special Values PLC announces that on 21 May 2003 the Company allotted
2,447 ordinary 25p shares at a price of 247 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 the Fidelity ISA. The new shares will rank pari passu
with existing ordinary 25p shares.

A total of 3,362,090 shares now remain available for issue under the existing
authority.

The total number of ordinary 25p shares now in issue is 44,335,021.


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