Issue of Equity

19 September 2003

                         Fidelity Special Values PLC -                         

  Participation in the proposed Reconstruction of Govett Strategic Trust plc   

The Board of Fidelity Special Values PLC ('FSV') is pleased to announce that
FSV has been selected to participate in the reconstruction of Govett Strategic
Trust plc ('GST') announced earlier today (the 'Proposals').

The Proposals provide for GST to be wound up with GST shareholders being given
the option to receive shares in FSV and/or cash. Shares in FSV will only be
issued to those GST shareholders who have positively elected to receive them
while those GST shareholders who make no election will receive cash.

The principal features of the Proposals are as follows:

  * FSV shares will be issued to electing GST shareholders at a premium of
    3.25% to the diluted net asset value of FSV.
   
  * Electing GST shareholders will subscribe for FSV shares at 99.75% of the
    formula asset value ('FAV') of a GST Share.
   
  * FSV and GST will each bear its own costs but Fidelity Investments has
    agreed to pay FSV a sum equal to 0.75% of the aggregate sum subscribed by
    GST shareholders as a contribution.
   
FSV's dividend timetable will remain unchanged. The Board of FSV is expected to
announce the final dividend on 23 October 2003, which is expected to be paid on
16 December 2003 by reference to the record date 7 November. The FSV shares
will begin trading ex-dividend on 5 November. Shares issued as part of the
reconstruction will not carry the right to this final dividend.

The Board of FSV , as advised by UBS, believes that the Proposals have the
following advantages for FSV shareholders and warrant holders.

  * The issue of FSV shares is expected to result in an uplift to FSV's fully
    diluted NAV.
   
  * The gross assets of FSV will be increased by the sums subscribed by
    electing GST shareholders, so reducing FSV's annual expense ratio.
   
The Board of FSV will shortly be sending details of the Proposals to its
shareholders, including a circular containing a notice convening an
Extraordinary General Meeting. At the Meeting, Resolutions will be proposed to
approve the Proposals and to grant the Board authority to issue FSV shares.

This authority, if granted, will permit the Board to issue more FSV shares than
are expected to be issued to GST shareholders under the Proposals. This will
allow the Board to continue to make routine issues of shares to meet demand
under ISA/PEP and other regular saving schemes as well as to applicants under
the arrangements which have been in place since last year. The authority will
also enable the Board to take advantage of other opportunities to add value for
FSV Shareholders for example by participating in similar reconstructions.

Alex Hammond-Chambers, Chairman of Fidelity Special Values PLC said 'We are
honoured and delighted to have been chosen by Govett Strategic Trust to be its
rollover investment trust in its reconstruction and regard it as a vote of
confidence in Fidelity Special Values, Fidelity and in Anthony Bolton who has
managed the portfolio so successfully since its launch in 1994'.

Enquiries

For further information please contact:

Fidelity Special Values PLC

Alex Hammond-Chambers 01737 836883

Barbara Powley 01737 836883

UBS Investment Bank

Will Rogers 020 7568 2939

John Korwin-Szymanowski 020 7568 4219

Leanne Gordon-Kagan 020 7568 2067

UBS is acting for FSV and no one else in connection with the Proposals and will
not be responsible to anyone other than FSV for providing the protections
offered to clients of UBS nor for providing advice in relation to the
Proposals. In this letter 'UBS' or UBS Investment Bank means UBS Limited, a
wholly owned subsidiary of UBS AG.