Issue of Equity

Fidelity Special Values PLC announces that on 20 October 2003 the Company
allotted 45,226 ordinary 25p shares at a price of 316 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 2,036,543 shares now remain available for issue under the existing
authority.

The total number of ordinary 25p shares now in issue is 45,660,568.