Interim Management Statement

FIDELITY CHINA SPECIAL SITUATIONS PLC - INTERIM MANAGEMENT STATEMENT 
                       FOR THE QUARTER ENDED 30 JUNE 2011                                                      
                                                                                
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 (Sterling Equivalent)                                          
                                                                                
Review of Period (total return)                                                 
                                                                                
During the period:                                                              
                                                                                
- the NAV decreased by 4.22% (debt at par) against a 2.05% decrease by the      
benchmark.                                                                      
                                                                                
- the share price decreased by 6.82%                                            
                                                                                
- main portfolio changes are detailed in the top ten holdings below             
                                                                                
Gearing exposure was 125.22% on 30 June 2011.                                   
                                                                                
Material transactions                                                           
                                                                                
On 28 February 2011, the Company issued 166,250,000 C Shares which were         
subsequently converted into 157,654,480 new Ordinary Shares on 1 March 2011.    
                                                                                
On 13 April 2011, the Company issued 6,250,000 ordinary shares at 112.3p per    
share.                                                                          
                                                                                
On 19 April 2010, the Company entered into a 364 day revolving credit facility  
for HK$ 775,000,000. This facility was renegotiated on 1 April 2011, into a 364 
day revolving credit facility for US$ 150,000,000                               
                                                                                
Material Events                                                                 
                                                                                
The Company issued a Prospectus to shareholders in relation to the C Share open 
offer and placing on 7 January 2011.                                            
                                                                                
The Annual Report as at 31 March 2011 was published on 27 June 2011.            
                                                                                
The first Annual General Meeting of the Company was held on 29 July 2011 at     
which all resolutions were passed.                                              
                                                                                
Additional Information                                                          
                                                                                
Details of the Company                               Dealing Information        
                                                                                
Fund Mana  Anthony Bolton                            Listed:        London Stock
ger:                                                                Exchange    
                                                                                
Enquiries: 08457 100 456                             Broker:        Cenkos      
                                                                                
WWW        www.fidelity.co.uk/its                    Price Quoted:  Financial   
Address:                                                            Times       
           Copies of major                                                      
           announcements and                                                    
           documentation relating                                               
           to the Company may be                                                
           found on the website                                                 
                                                                                
Launch     19 April 2010                             Reuters Code:  FCSS        
Date:                                                                           
                                                                                
           As at 30 June 2011      As at 18 August   SEAQ Code:     B62Z3C7     
                                   2011                                         
                                                                                
Ordinary   662,654,480             662,654,480       ISIN:          GB00B62Z3C74
Shares In                                                                       
Issue:                                                                          
                                                                                
Share      2.71% Premium           5.08% Discount    Registered                 
price                                                office                     
premium/                                                                        
discount                                                                        
to NAV:                                                                         
                                                                                
Total      £754.9m                 £670.6m           Beech Gate                 
Assets:                                                                         
                                                     Millfield Lane             
                                                                                
Loan:      £93.8m                  £91.2m            Lower                      
                                                     Kingswood                  
                                                                                
Total Net  £661.1m                 £579.4m           Tadworth                   
Assets:                                                                         
                                                     Surrey KT20                
                                                     6RP                        
Gross      125.22%                 128.97%                                      
Exposure :                                                                      
                                                                                
                                                                                
The Company's net asset value per share is announced daily and may be found on  
the Stock Exchange website www.londonstockexchange.com                          
                                                                                
                             Portfolio Breakdowns                               
                                                                                
Industry      As at 30   As at 31     Largest 10       As at 30     As at 31    
Breakdown     June 2011  March 2011   Holdings (%      June 2011    March 2011  
                                      total assets)                             
(% total                                                                        
gross assets)                                                                   
                                                                                
Consumer      25.7       20.9         China Unicom     4.7          4.9         
Discretionary                         (Hong Kong)                               
                                                                                
Financials    24.8       24.3         Ping An          4.2          2.2         
                                      Insurance                                 
                                      (Group) Company                           
                                      of China                                  
                                                                                
Health Care   10.0       8.9          Tencent Holdings 3.5          3.2         
                                                                                
IT            10.0       9.2          Gome Electrical  3.1          2.7         
                                      Appliances                                
                                      Holdings                                  
                                                                                
Consumer      9.6        9.4          TVB              2.6          -           
Staples                                                                         
                                                                                
Telecom       7.2        8.9          Zhaojin Mining   2.5          2.8         
Services                              Industry Company                          
                                                                                
Materials     5.6        7.5          Bank of China    2.4          4.9         
                                      Hong Kong                                 
                                                                                
Industrials   4.6        6.5          Brilliance China 2.4          -           
                                      Automotive                                
                                      Holdings                                  
                                                                                
Energy        0.4        1.2          HSBC Holdings    2.3          3.9         
                                      (Hong Kong                                
                                      listed)                                   
                                                                                
Utilities     0.0        0.0          China Merchants  2.2          2.2         
                                      Bank                                      
                                                                                
Cash & Others 2.1        3.2          Softbank         -            2.2         
                                                                                
                                      United           -            2.1         
                                      Laboratory                                
                                      International                             
                                      Holdings                                  
                                                                                
Total         100        100                                                    
                                                                                

                      Performance Record (total return %)                      

                   Price at 30 June  Quarter to 30   Quarter to 31 1 Year to 30
                   2011 (p)          June 2011       March 2011    June 2011   
                                                                               
NAV (debt at par)  99.80             -4.22           -7.01         6.53        
                                                                               
Ordinary Share     102.5             -6.82           -7.33         3.80        
price                                                                          
                                                                               
Benchmark Index    n/a               -2.05           0.49          4.83        
                                                                               

As at 18 August 2011 the Company's NAV per share was 87.44p (debt at par) and
the Company's share price was 83.00p per share.

By order of the Board

Christopher Pirnie

For and on behalf of FIL Investments International

Company Secretary

19 August 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 30 June 2011.
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.