Fidelity Special Values PLC announces that on 23 July 2003 the Company allotted
1,784 ordinary 25p shares at a price of 278 pence per share (which represents a
premium in excess of 2% over the latest net asset value) in respect of the
Fidelity ISA. The new shares will rank pari passu with existing ordinary 25p
shares.

A total of 2,328,290 shares now remain available for issue under the existing
authority.

The total number of ordinary 25p shares now in issue is 45,368,821.



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