Issue of Equity

Fidelity Special Values PLC
2 July 2001

Fidelity Special Values PLC announces that on 2 July 2001 the Company allotted
41,505 ordinary 25p shares at a price of 295 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 36,815,517.