Issue of Equity

Fidelity Special Values PLC announces that on 25 March 2004 the Company
allotted 16,377 ordinary 25p shares at a price of 348 pence per share (which
represents a premium in excess of 2% over the latest net asset value) in
respect of the Fidelity ISA. The new shares will rank pari passu with existing
ordinary 25p shares.

The total number of ordinary 25p shares now in issue is 62,805,023.