Director Shareholding

    SCHEDULE 11                                  
                                                                               
         NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS          

1) Name of company

Fidelity Special Values PLC

2) Name of director

Robert Alexander Hammond-Chambers

3) Please state whether notification indicates that it is in respect of
holding of the shareholder named in 2 above or in respect of a non-beneficial
interest or in the case of an individual holder if it is a holding of that
person's spouse or children under the age of 18 or in respect of a
non-beneficial interest

Individual holder

4) Name of the registered holder(s) and, if more than one holder, the
number of shares held by each of them (if notified)

Not known

5) Please state whether notification relates to a person(s) connected
with the Director named in 2 above and identify the connected person(s)

Robert Alexander Hammond-Chambers

6) Please state the nature of the transaction. For PEP transactions
please indicate whether general/single co PEP and if discretionary/non
discretionary

Sale of warrants

7) Number of shares/amount of
stock acquired

Nil

8) Percentage of issued class

N/A


9) Number of shares/amount
of stock disposed

1,000 warrants


10) Percentage of issued class

N/A

11) Class of security

Warrants


12) Price per share

1,000 warrants at 213.00p each.

13) Date of transaction

1,000 warrants on 19 December 2003


14) Date company informed

19 December 2003


15) Total holding following this notification

20,000 ordinary shares of 25p each (of which 15,000 shares are non-beneficially
owned)

3,000 warrants (all non-beneficially owned)


16) Total percentage holding of issued class following this notification

0.04% of issued share capital


If a director has been granted options by the company please complete the
following boxes

17) Date of grant



18) Period during which or date on which exercisable



19) Total amount paid (if any) for grant of the option



20) Description of shares or debentures involved: class, number



21) Exercise price (if fixed at time of grant) or indication that price
is to be fixed at time of exercise



22) Total number of shares or debentures over which options held
following this notification



23) Any additional information



24) Name of contact and telephone number for queries

Rebecca Burtonwood

Fidelity Investments International

01737 836 869

25) Name and signature of authorised company official responsible for
making this notification

Rebecca Burtonwood for and on behalf of Fidelity Investments International


Date of Notification 19 December 2003



END