Issue of Equity

Fidelity Special Values PLC

22 December 2003

The Board announces that the Company has today issued 9,351,136 shares at a
price of 315.1805 pence per share, being the price which was equivalent to
103.25% of the diluted net asset of the Company of 305.2596 pence per share
calculated as at the close of business on Friday 19 December 2003. The new
shares will rank pari passu with existing ordinary 25p shares.

Thse shares have been issued to the shareholders of Govett Strategic Trust plc
who elected to receive shares in the Company under the scheme of reconstruction
which became effective today. As a result of this issue, the Company has
55,377,428 shares in issue. The issue of these shares at the premium of 3.25%
has resulted in an uplift of some 0.4% to the Company's net asset value to be
announced later today.

Enquiries: Barbara Powley 01737 836883