Recommended Reconstruction of Derby Trust plc

21 November 2003

                         Fidelity Special Values PLC -                         

           Participation in the recommended Reconstruction of Derby            

The Board of Fidelity Special Values PLC ('FSV') is pleased to announce that
FSV has been selected to participate in the reconstruction of Derby Trust plc
('Derby') announced today (the 'Proposals'). Derby is an investment trust
which, subject to Derby shareholder approval, will be placed into members'
voluntary liquidation on 31 December 2003. Derby currently has net assets of
approximately £108.5 million which are invested primarily in a portfolio of UK
equities. The portfolio will be realigned immediately prior to liquidation so
that it consists of gilts and cash when the liquidation commences.

The Proposals provide for Derby to be wound up with both the Income and Capital
classes of Derby shareholders being given the option to receive shares in FSV
and/or cash and/or shares in a number of sub-funds of Fidelity Investment Funds
('FIF') and/or units in two authorised units trusts. FIF and the unit trusts
are managed by Fidelity.

Shares in FSV will only be issued to Derby shareholders who positively elect to
receive them and Derby shareholders who make no election will receive cash. FSV
will only make available, for Derby shareholders, a maximum number of FSV
shares equivalent to 10% of the issued share capital of FSV after FSV shares
have been issued to the shareholders of Govett Strategic Trust plc ('GST')
under the proposals described in the circular sent to GST shareholders on 17
November 2003.

The principal features of the Proposals are as follows:

  * FSV shares will be issued to electing Derby shareholders at a premium of
    3.25% to the net asset value (fully diluted) of FSV on 5 January 2004.
   
  * It is expected that this will result in a small increase in the net asset
    value per FSV share, but this will depend on how many Derby shareholders
    elect for FSV shares. Fidelity has agreed to contribute to the
    professional, advisory and printing costs of FSV to the extent necessary to
    ensure that there is no reduction in the net asset value per FSV share on
    implementation of the Proposals.
   
The issue of FSV shares under the Proposals is conditional on (i) the Proposals
being approved by Derby shareholders at Extraordinary General Meetings of Derby
that have been convened for 15 December 2003 and 30 December 2003 and (ii) the
resolutions to be proposed at the Extraordinary General Meeting of FSV convened
for 11 December 2003 being passed.

EXPECTED TIMETABLE

1st EGM Derby……………………………………………………..15 December 2003

2nd EGM and commence of winding-up of Derby ………………...30 December 2003

Transfer of cash and gilts to FSV and issue of FSV shares…………..5 January 2004

Enquiries:

For further information please contact:

UBS Investment Bank Will Rogers 020 7568 2939

Fidelity Special Values Barbara Powley 01732 361 144