Issue of Equity

Fidelity Special Values PLC
1 August 2001

Fidelity Special Values PLC announces that on 1 August 2001 the Company
allotted 23,457 ordinary 25p shares at a price of 280.5 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
Fidelity ISA. The new shares will rank pari passu with existing ordinary 25p
shares.

A total of 22,381 shares now remain available for issue under the existing
authority. An EGM will be convened in the near future with a view to renewing
the authority to issue shares.

The total number of ordinary 25p shares now in issue is 37,550,012.

Block listing applications for an additional 1,500,000 shares have been made
in respect of the shares for the Fidelity Share Plan and the Fidelity ISA.