Interim Management Statement

FIDELITY CHINA SPECIAL SITUATIONS PLC - INTERIM MANAGEMENT STATEMENT FOR THE     
QUARTER ENDED 31 DECEMBER 2010                                                   
                                                                                 
Issued pursuant to the requirements of Chapter 4 of the Disclosure and           
Transparency Rules                                                               
                                                                                 
Objective                                                                        
                                                                                 
Fidelity China Special Situations PLC is focused on the long-term growth         
potential of China. The portfolio is made up primarily of securities issued by   
companies listed in China or Hong Kong and Chinese companies listed elsewhere.   
It may also invest in listed companies with significant interests in China and   
Hong Kong.                                                                       
                                                                                 
Benchmark                                                                        
                                                                                 
MSCI China Index                                                                 
                                                                                 
Review of Period (total return)                                                  
                                                                                 
During the period:                                                               
                                                                                 
- the NAV increased by 5.05% (debt at par) against a 1.35% increase by the       
benchmark.                                                                       
                                                                                 
- the share price increased by 4.86%.                                            
                                                                                 
- main portfolio changes are detailed in the top ten holdings below              
                                                                                 
Gearing exposure was 110.94% on 31 December 2010.                                
                                                                                 
Material transactions                                                            
                                                                                 
On 11 November 2010, the Company issued 4,250,000 ordinary shares at 126.00p     
per share.                                                                       
                                                                                 
On 20 December 2010, the Company issued 9,050,000 ordinary shares at 119.00p     
per share.                                                                       
                                                                                 
Material Events                                                                  
                                                                                 
On 30 November 2010, the Board announced that the Company planned to issue C     
Shares via an open offer to all existing shareholders, and an offer for          
subscription and placing.                                                        
                                                                                 
On 7 January 2011, the Company published a revised Prospectus in preparation     
for the issue of C Shares via an open offer to all existing shareholders, and    
an offer for subscription and placing.                                           
                                                                                 
Details of the Company                                  Dealing Information      
                                                                                 
Fund Manager: Anthony Bolton                            Listed:      London Stock
                                                                     Exchange    
                                                                                 
Enquiries:    08457 100 456                             Broker:      Cenkos      
                                                                                 
WWW Address:  www.fidelity.co.uk/its                    Price        Financial   
                                                        Quoted:      Times       
              Copies of major                                                    
              announcements and                                                  
              documentation relating                                             
              to the Company may be                                              
              found on the website                                               
                                                                                 
Launch Date:  19 April 2010                             Reuters      FCSS        
                                                        Code:                    
                                                                                 
              As at 31 December 2010  As at 16 February SEAQ Code:   B62Z3C7     
                                      2011                                       
                                                                                 
Ordinary      498,750,000             498,750,000       ISIN:        GB00B62Z3C74
Shares In                                                                        
Issue:                                                                           
                                                                                 
Share price   5.99%                   4.29%             Registered               
premium to                                              office                   
NAV:                                                                             
                                                                                 
Total Assets: £625.9m                 £584.9m           Beech Gate               
                                                                                 
                                                        Millfield                
Loan:         £64.8m                  £61.9m            Lane                     
                                                                                 
                                                        Lower                    
Total Net     £561.1m                 £523.0m           Kingswood                
Assets:                                                                          
                                                        Tadworth                 
                                                                                 
Gearing       110.94%                 121.57%           Surrey KT20              
Exposure :                                              6RP                      
                                                                                 
                                                                                 
The Company's net asset value per share is announced daily and may be found on   
the Stock Exchange website www.londonstockexchange.com                           
                                                                                 
Industry      As at 31     As at 30     Largest 10       As at 31    As at 30    
Breakdown (%  December     September    Holdings (%      December    September   
total assets) 2010         2010         total assets)    2010        2010        
                                                                                 
Consumer      24.4         23.6         Bank of China    5.9         4.5         
Discretionary                           Hong Kong                                
                                                                                 
Financials    24.1         26.2         China Unicom     4.9         4.8         
                                        Hong Kong                                
                                                                                 
Telecom       9.9          9.8          China Mobile     3.8         4.5         
Services                                                                         
                                                                                 
Materials     8.6          7.7          Zhaojin Mining   3.1         -           
                                        Industry `H' **                          
                                                                                 
Information   8.3          8.9          HSBC Holdings    3.0         3.3         
Technology                              (HK)                                     
                                                                                 
Health Care   8.0          9.1          Ping An          3.0         3.0         
                                        Insurance A                              
                                        (ELN)                                    
                                                                                 
Consumer      7.8          5.7          China Merchants  3.0         3.5         
Staples                                 Bank A (ELN)                             
                                                                                 
Industrials   6.4          5.2          United           2.5         2.8         
                                        Laboratory                               
                                        International                            
                                        Holdings                                 
                                                                                 
Energy        0.9          0.3          Brilliance China 2.4         3.9         
                                        Auto Holding                             
                                                                                 
Utilities     0.4          0.4          Gome Electrical  2.3         -           
                                        Appliances                               
                                        Holdings **                              
                                                                                 
Cash          1.0          3.1          Tencent Holdings -           3.2         
                                        *                                        
                                                                                 
Total         100          100          Hang Lung        -           2.9         
                                        Properties *                             
                                                                                 
                                        * Not currently in the top 10 holdings   
                                                                                 
                                        ** Not in the top 10 holdings as at 30   
                                        September 2010                           

                      Performance Record (total return %)                      

                   Price at 31         Quarter to 31       Quarter to 30       
                   December 2010 (p)   December 2010       September 2010      
                                                                               
NAV (debt at par)  111.99              5.05                       13.94        
                                                                               
Ordinary Share     118.70              4.86                       14.63        
price                                                                          
                                                                               
Benchmark Index                        1.35                        5.09        
                                                                               

As at 16 February 2011 the Company's NAV per share was 104.90p (debt at par)
and the Company's share price was 109.40 per share.

By order of the Board

Christopher Pirnie

For and on behalf of FIL Investments International

Company Secretary

17 February 2011

Past performance is not a guide to future returns. The value of investments can
go down as well as up. For funds that invest in overseas markets, changes in
currency exchange rates may affect the value of an investment. Investments in
small and emerging markets can be more volatile than other more developed
markets. Source of performance: Fidelity and Datastream as at 31 December 2010.
Basis: bid-bid with net income reinvested. Fidelity only gives information
about its own products and services and does not provide investment advice
based on individual circumstances.