Issue of Equity

Fidelity Special Values PLC announces that on 5 October 2004 the Company
allotted 53,442 ordinary 25p shares at a price of 377 pence per share (which
represents a premium in excess of 2% over the latest net asset value) in
respect of the Fidelity ISA, Fidelity Share Plan and UBS Limited. The new
shares will rank pari passu with existing ordinary 25p shares.

The total number of ordinary 25p shares now in issue is 63,603,394.