Issue of Equity

Fidelity Special Values PLC announces that on 12 January 2005 the Company
allotted 4,370 ordinary 25p shares at a price of 404 pence per share (which
represents a premium in excess of 2% over the latest net asset value) in
respect of the Fidelity Share Plan and 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 64,737,841.

The total number of shares now available for issue under the Company's
authority is 5,792,585.