Issue of Equity

Fidelity Special Values PLC announces that on 8 March 2004 the Company allotted
271,038 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 21,038 and shares
issued to Apollo Nominees Limited totalled 250,000. The new shares will rank
pari passu with existing ordinary 25p shares.

The total number of ordinary 25p shares now in issue is 62,634,128.