Issue of Equity

Fidelity Special Values PLC
20 July 2001

Fidelity Special Values PLC announces that on 20 July 2001 the Company
allotted 55167 ordinary 25p shares at a price of 282 pence per share (which
represents a premium in excess of 2% over the latest diluted net asset value).
This was in respect of shares purchased through 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 37,301,793.

A block listing application for an additional 500,000 share has been made in
respect of the shares for the Fidelity ISA.