Change of Portfolio Manager

Fidelity Special Values PLC

Change of Portfolio Manager

The Board of Fidelity Special Values PLC announces today that Alex Wright has
been appointed as portfolio manager of Fidelity Special Values PLC ("the
Company"). This reflects the wish of the Board to use more fully the
flexibility afforded to it with its current investment strategy, including
being able to invest a greater proportion of the portfolio in smaller and
mid-cap stocks, and allows the Company's current portfolio manager, Sanjeev
Shah, to focus solely on managing the open-ended Fidelity Special Situations
Fund in accordance with his wishes.

Alex Wright has over 10 years' investment experience at Fidelity, initially as
a research analyst and more recently as a portfolio manager. He has managed the
Fidelity UK Smaller Companies Fund since its inception in February 2008. Since
launch, Alex is the number one performing fund manager in his IMA peer group*.
He has a contrarian investment style, buying out-of-favour stocks with downside
protection and unrecognised growth. This, combined with a preference for
smaller and medium sized companies, makes his investment approach an ideal fit
for the Company.

Commenting on the changes, Lynn Ruddick, Chairman of Fidelity Special Values
PLC said: "The Board is keen to take greater advantage of opportunities for
capital growth available from dynamic smaller and mid-cap companies and this is
an area where Alex has demonstrated considerable success. The investment
strategy and the Company's benchmark remain unchanged.

We are excited at the opportunity for the Company to broaden its appeal to a
wider group of shareholders who are seeking the security of quality large cap
stocks as well as the potentially higher growth of carefully-researched smaller
companies."

Ms Ruddick continued, "We respect the wishes of Sanjeev Shah to focus
exclusively on his open-ended fund and the Board would like to thank him for
his diligent management of the portfolio in what has been a particularly
challenging period in equity markets. Over his tenure to the end of June,
Sanjeev has delivered a return of 8.1%** for the NAV of the Company vs. 4.1%**
for the FTSE All-Share Index."

The change of portfolio manager is effective from 1 September 2012 and there
will be an orderly handover of the portfolio over the coming weeks.

Rebecca Burtonwood

For and on behalf of FIL Investments International

Company Secretary

9 July 2012

Contact for enquiries: Anne Read - 0207 961 4409

*IMA UK Smaller Companies peer group, to 30 June 2012

**Figures calculated on a total return basis