Issue of Equity

Fidelity Special Values PLC announces that on 9 December 2004 the Company
allotted 8,662 ordinary 25p shares at a price of 390 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 64,144,133.

The Company's authority was renewed at the Annual General meeting held today
and the total remaining under that authority is now 6,386,338.