Issue of Equity

Fidelity Special Values PLC announces that on 23 May 2003 the Company allotted
253,053 ordinary 25p shares at a price of 250 pence per share (which represents
a premium in excess of 2% over the latest net asset value). Shares purchased
through the Fidelity Share Plan totalled 3,053 and shares issued to Apollo
Nominees Limited totalled 250,000. The new shares will rank pari passu with
existing ordinary 25p shares.

A total of 3,109,037 shares now remain available for issue under the existing
authority.

The total number of ordinary 25p shares now in issue is 44,588,074.