Issue of Equity

Fidelity Special Values PLC announces that on 24 February 2004 the Company
allotted 215,039 ordinary 25p shares at a price of 360 pence per share (which
represents a premium in excess of 2% over the latest net asset value). Shares
purchased through the Fidelity Share Plan and the Fidelity ISA totalled 15,039
and shares issued to Apollo Nominees Limited totalled 200,000. The new shares
will rank pari passu with existing ordinary 25p shares.

The total number of ordinary 25p shares now in issue is 62,318,975.