Issue of Equity

Fidelity Special Values PLC announces that on 18 January 2005 the Company
allotted 204,831 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). Shares
purchased through the Fidelity ISA and the Fidelity Share Plan totalled 4,831
and shares issued to Apollo Nominees Limited totalled 200,000. The new shares
will rank pari passu with existing ordinary 25p shares.

The total number of ordinary 25p shares now in issue is 64,957,405.

The total number of shares now available for issue under the Company's
authority is 5,573,021.