Loan drawdown

Fidelity Special Values PLC announces that on 16 January 2004 a loan of £8
million from The Royal Bank of Scotland plc was drawn down in full. The loan is
at a fixed rate of 5.655% for a period of five years and 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]