Loan

Fidelity Special Values PLC announces that with effect from 16 January 2004 the
Company will enter into a loan agreement with The Royal Bank of Scotland plc.
The loan is for an amount of £8 million at a fixed rate of 5.655% for a period
of five years. It is expected that the loan will be drawn down in full on 16
January 2004 and it will be repayable on 16 January 2009. It is the Board's
intention that the proceeds of the loan will be invested in a manner consistent
with the Company's investment objective.

Contact for queries:

Name: Barbara Powley, Fidelity Investments International

Telephone: [phone]