Issue of Equity

Fidelity Special Values PLC announces that on 9 July 2004 the Company allotted
1,922 ordinary 25p shares at a price of 357 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 63,285,440.