Final Results

FIDELITY SPECIAL VALUES PLC

Preliminary Announcement of Audited Results

For the year ended 31 August 2009

Chairman's Statement

Changed Times: Fifteen Years since Launch

On 17 November 1994 Fidelity Special Values was launched in a time of somewhat
turbulent stock markets so that investment trust investors would have a vehicle
which would invest alongside Fidelity's Special Situations, a unit trust (as it
was then) managed by Anthony Bolton - already a rising star in the world of
portfolio management. The price at the time of the launch was £1 per share but
the new shareholders also received a warrant to acquire another share for every
five they bought - at the same price. By the time that Anthony bowed out as the
portfolio manager - on 31 December 2007 - £100 invested had become worth £549 -
a return of circa 13¾% per annum over those 13 plus years. I am happy to report
that further progress has been made since then with Sanjeev Shah taking on
Anthony's portfolio management role, much like the proverbial duck to water.

Back in 1994 the world's economy was emerging from a financial crisis (not
unlike today's but of much less severity); it was enjoying the economic
benefits of Thatcherism and Reaganism, including good growth, low inflation and
sound national finances, of the baby boomers' consumer spending and of the
emergence of global capitalism following the fall of the Berlin Wall. The stock
market barometer was set "very fair" and indeed it turned out that its reading
was entirely accurate. Between our launch and the end of 1999 the FTSE
All-Share Index rose by 109% to 3,242. It seems however to be human nature that
people get carried away in good times; fuelled with easy money, excessive debt
creation, insatiable greed and incompetent government, it all turned into an
out-of-control boom followed by the inevitable bust: the financial crisis with
which we are now all too familiar erupted.

The Investment Policy

The point of reminding ourselves of the economic and financial course of events
(above) is that, between the launch of the Company and now, things have changed
enormously; no longer can it be said that the stock market barometer is "set
fair" - certainly not for Great Britain at least. Your Board of Directors, as
is the duty of an investment trust board, has undertaken a thorough review of
the investment policy to consider whether, in the light of different
circumstances, it should be changed in order to give us a better chance of
earning really good returns - if possible to match those that have been earned
in the past fifteen years. We know that it is a big ask - to use a modern idiom
- but it has always been our goal to strive for excellence, most particularly
in the returns that we earn for our shareholders.

At both our annual away day and at another specially convened meeting, working
with Cenkos (our investment banker) and with Fidelity, the Board of Directors
considered different possible future investment policies. After much thought,
discussion and debate we concluded that the latter option would suit
shareholders best and that it should be capable of producing the excellent
returns we aim to earn because:

  * the vast majority of our shareholders have invested in the shares of
    Fidelity Special Values in part because of its exposure to the UK stock
    market;
   
  * the UK stock market itself is dominated by companies whose sales and
    profits are earned largely overseas;
   
  * we have considerable confidence that, in Sanjeev Shah, we have a talented
    portfolio manager, capable of earning good returns from stocks and shares
    quoted on the London Stock Exchange; furthermore his style of investment is
    suited to investment in derivatives (see below);
   
  * and finally we believe that Fidelity's skills in the area of derivatives
    gives us the chance to put that icing on the cake which will allow us to
    reproduce those excellent returns that we have earned in the past.
   
And so it is that our investment policy remains that of investment in mispriced
conventional stocks and shares (the main body of the portfolio) with two
additional but much smaller components - investment outside the UK where there
may be more attractive investments within a particular mispriced sector (for
instance our holding in Carnival, the American cruise liner company) and
investment in derivatives, both of which form a much smaller commitment and
help to put the icing on the cake to which I referred earlier.

Investing in Derivatives

Although we have written at length in the past about investment in mispriced
stocks and shares both here in the UK and, to a much smaller extent, outside
the UK, we have not articulated our approach to investing in derivatives
before; so I thought it worthwhile to say something about it. It is important
to understand that it is but a small component of the portfolio and, more
importantly, it is just another way of investing in mispriced stocks.

The investment style that Sanjeev uses in order to achieve the appreciation of
capital that is our corporate objective - in other words positive returns - is
the identification of mispriced stocks. He has identified those areas in which
he looks for such opportunities - undervalued corporate assets, for instance -
at the same time as identifying a catalyst which might correct the mispricing.
It is a style involving shorter-term return objectives, the share price
appreciation coming from a revaluation of the shares within a relatively short
period of time - typically a year or so; the turnover of the portfolio during
the past year, for instance, was 98%. The point of highlighting his approach to
investing is that it is one that is very compatible with that of making
successful investment in derivatives, themselves investments of a shorter-term
nature. Investors with much longer time scales often find making successful
shorter-term derivative investments difficult. To repeat what I said earlier,
it is our view that Sanjeev, with his investment style, is well suited to make
derivative investments and thereby carrying out the investment policy.

It is important to understand why the Board believes that investment in
derivatives makes sense for Fidelity Special Values. Such investments give us
the chance to add value to our investment returns without changing the
investment policy. They allow us:

  * to gear the returns that we make, being alternative to straight borrowing;
   
  * to take advantage of the revaluation of mispriced stocks - both up and
    down;
   
  * it allows us to protect the portfolio if we become concerned about stock
    market levels generally.
   
Gearing, investment in mispriced stocks and protecting the portfolio are all
things we do in the normal course of managing the portfolio, have done in the
past and will continue to do so in the future. It should be emphasised that
investment is not made in any derivatives other than those that are relevant to
and directly enhance the Company's investment policy.

Investment in derivatives is not new to the portfolio but we have been
increasing our commitment in recent years, most noticeably in the last two
years. We have strict guidelines on what can be invested in and how much - just
as we do for investment in conventional stocks and shares. Finally I am happy
to report that these investments have been adding value to the returns we make
for shareholders - having added circa £12 million to the net asset value over
the last year and circa £8½ million in the previous financial year - very
worthwhile returns we believe.

The Year's Results:                             
                                     
NAV:               587.5p   + 4.5%   
                                     
Share price:       550.0p   + 14.2%  
                                     
Benchmark:                  - 12.1%  
                                     
Dividend:          9.0p              

This past year has proved to be quite extraordinary. It started off with
arguably the worst financial crisis in 80 years. Stock markets crashed as
sectors all over the world had to be rescued by their respective governments;
during the first half of our financial year the British stock market lost
approximately one third of its value, as indeed did Fidelity Special Values'
net assets.

However governments and central bankers worked overtime on plans to rescue
their banks and thence their economies by - in effect - getting their tax
payers to underwrite the creditworthiness of the banks and by pumping
"squillions" of dollars, pounds, euros, yen etc into the global financial
system. For now at least economies have been stabilised and global stock
markets have rebounded - in huge relief that the worst is over, for the moment
at least. The British stock market rose by circa 30% over the course of our
second half. The chart below illustrates the tale of two halves. (Please note
that the chart is not included in this announcement but will appear in the
Chairman's statement in the Annual Report for 31 August 2009)

The real story for shareholders is that our own net asset value recovered quite
magnificently - rising by no less than 56½% in the six month period, leaving
the net asset value 4½% ahead of where it was a year ago. Given that interest
on a bank account earned most depositors next to nothing, the rise in the net
asset value is certainly worthwhile; given that our benchmark declined by circa
12% it can be said that Sanjeev Shah did a fabulous job of managing the
portfolio in very difficult circumstances and in his first full year at the
portfolio management helm. Well done Sanjeev.

Better still news is that the share price staged an even better recovery. At
the end of last year it stood at 481½p, selling at a discount of circa 14¼% to
the underlying net asset value. As the year wore on, as the markets began to
recover their poise and importantly as Sanjeev became better known to both
shareholders and to investors generally, the market began to recognise the
excellence of the returns being earned; investors started to buy, many thereby
becoming new shareholders and the discount started to narrow. By the end of the
year the share price had risen to 550p and the discount had narrowed to circa 6
½%. These results are the sort of results that earn the attribute of excellent,
being what we aim to earn for shareholders.

It is worth observing that the discount narrowed during the year - despite the
fact that we bought back very few shares and indeed we were able to issue some
shares at a premium to the underlying net asset value - for a net addition to
the number of shares of circa 150,000. The fact is that all the buying back of
shares will not protect the discount of poorly performing investment trusts,
whereas buybacks are not normally necessary if the returns being earned are
good. While we will buy back shares if there is advantage to long-term
shareholders to do so - the increase in the net asset value - it should not be
necessary to do so if we are doing a good job.

The tables on page 17 in the annual report illustrate where last year's returns
came from. Most particularly they illustrate the tremendous contribution made
by Sanjeev's stock picking. Rather strangely two of the three best returns came
from holdings in bank shares (the Royal Bank of Scotland + 8½p and Standard
Chartered +5½p) and likewise two of the worst returns (HBOS -19p and Barclays
-6p).

Dividend

The level of income earned during the year fell from £13.8 million to £10.4
million. This was because the portfolio did not generate as much income - in
part because it was a different portfolio, in part as we did not receive a VAT
repayment this year and in part because stocks suffered from dividend cuts. As
I have mentioned many times in the past, the objective of Fidelity Special
Values is to generate positive returns for shareholders, so that the income
generated will be a function of the portfolio and its yield during the course
of the year. Nevertheless enough was earned to be able to recommend a dividend
of 9p per share to shareholders, itself the second highest ever paid.

While I have used statistics which refer to the change in the net asset value
only, the dividend paid to shareholders makes a contribution to the overall
returns that shareholders receive. Over the longer term it probably won't be
that significant when compared with that of the capital return but in any given
year it can make a meaningful difference. It certainly did last year when we
paid a dividend of 17p per share while losing money on our capital account.
This year the 9p dividend is in addition to an increase in the share price of
68½p - so it is still very welcome.

Year    Share Price  Dividend  Total      
        Gain/Loss              Return *   
                                          
 2008      -18.7%      +2.9%     -15.8%   
                                          
 2009      +14.2%      +1.9%     +16.1%   

*NB Simple return (dividends not reinvested)

Statistics elsewhere refer to the "total return", which assume that
shareholders reinvest their dividends back into the Company's shares at the
time that they are received. Some shareholders do, others do not.

The Long term Returns (over five                            
years):                                                     
                                                            
                                     NAV:         + 71.8%   
                                                            
                                     Share price: + 58.0%   
                                                            
                                     Benchmark:   + 13.8%   

I have tried to emphasise in my statement each year that Fidelity Special
Values is in business to make money for shareholders over the longer term. That
means making positive returns - money that can be spent. But because the nature
of stock markets is volatile and because the reinvestment of corporate profits
takes time to bear fruit, I have stressed that we regard "long-term" as being
at least five years. So I thought I would look at the five year record that the
Company has produced since its inception - both the net asset value and the
share price (plus the dividends received). The chart below illustrates that
record and I think it is fair to say that - given that in most cases the five
year returns are over 10% per annum (above the green horizontal line) for most
of the Company's life - the long-term objectives have been achieved and that we
can pat our Manager, Fidelity, on the back and say "well done". These long term
returns are indeed excellent and on behalf of shareholders - thank you,
Fidelity. (Please note that the chart is not included in this announcement but
will appear in the Chairman's statement in the Annual Report for 31 August
2009)

I would like also to commend those at Fidelity for their hard work and
excellent administration, not least of all compiling this annual report. Again
thank you.

The Annual General Meeting: Wednesday 16th December at 11.30 am

The Annual General Meeting will be held at Fidelity's offices at 25 Cannon
Street (St Paul's or Mansion House tube stations) on Wednesday 16 December 2009
at 11.30am. It is the most important meeting that we, the Directors of your
Company, have each year and we do urge as many of you as possible come and join
us for the occasion. Sanjeev Shah will be making his annual presentation to
shareholders, highlighting the achievements of the year past and the prospects
for the year to come. The meeting provides shareholders with the opportunity to
ask questions, make comments and recommendations; most importantly it gives the
Board of Directors the chance to meet you and get to know your own views and
concerns.

At the launch of the Company in 1994 five Directors were appointed to the
Board. Three of those Directors still serve the Company and - without speaking
for myself - I can say that their length of service, as well as their own
performances as Directors, has made an important contribution to the successful
governance of the Company over the fifteen years. We have been addressing the
task of renewing and refreshing the Board over the last few years - with the
appointments of Nicky McCabe, Lynn Ruddick and Ben Thomson in recent times.
Very sadly Sir Richard Brooke feels that it is time for him to step down and he
will not be seeking re-election at the forthcoming AGM. He is a wonderfully
wise person and, with his great knowledge and experience of the financial world
generally and of investment trusts particularly, he has made an important
contribution to the success of the Company during his tenure as a Director. A
huge thank you is also due to him.

We are in the process of appointing at least one more Director to the Board.
During the course of next year, I will step down as a Director of the Company
and indeed as Chairman of the Board of Directors; the Directors - other than
myself - will decide upon who it is that will succeed me. I have been greatly
honoured to serve as both a Director and as Chairman and indeed most fortunate
to have been associated with some wonderful people - my fellow Directors and
many people at Fidelity, including the talented and successful Anthony Bolton.
Part of working with great people is that the work is fun and the last fifteen
years - despite one or two downs to go with the many ups - it has been;
successful governance is team work and should be fun; if not, it is unlikely to
be successful. While I can claim little individual credit for the great long
term success of Fidelity Special Values, being part of the team that made it
has made it wonderfully worthwhile.

Corporate Governance

There seems to be a never-ending stream of new corporate governance guidelines
and rules and regulations that boards have to deal with each year. This year
there are additional requirements emanating from the

European Union's Disclosure and Transparency Rules Requirements (" the DTR")
Much of it is not about the principles and practice of good governance but
rather information about facts and statistics pertaining to the year in
question which have always formed part of the Directors' Report. We have
continued to provide that information in the Directors' Report but, at the end
of the Corporate Governance Statement, we have cross referenced that
information which the DTR requires.

I would like to make an important point about corporate governance and the
statements that are traditionally made about compliance - namely concerning a
board's determination to apply the highest of governance standards. Compliance
with guidelines and rules and regulations does not of itself result in high
standards of governance; it merely sets a minimum base. It is the success or
otherwise of the leadership of a board in directing and guiding management in
the pursuit of the goals of the business that ultimately sets the standards of
the best governance. An old quote, attributed to anonymous, says it all:

                    Management is about doing things right.                    

                  Leadership is about doing the right things.                  

As a board of directors, we have always tried to do the right things and I
would like to think that the success of Fidelity Special Values over the years
is in a small part due to that.

Outlook and Prospects: Difficult to tell

I am not going to dwell at length on the prospects for the British stock market
or for that of Fidelity Special Values because - in all truth - it is very
difficult to make any sort of forecast with a great deal of certainty. While in
the past there has always been some sense of unanimity about what lies ahead, I
detect that opinions are quite divided. It is difficult to believe that the
most severe financial crisis in almost 80 years is suddenly over in a matter of
months and that there are not going to be some longer-term consequences of the
mess we found ourselves in. The history of banking crises does not suggest that
it will.

However the banking system has now been put under the care of the tax payers -
whether he or she likes it or not. Huge quantities of money have been thrown
into the financial system and into the economy in an effort to avert a
depression. The cost of avoiding the necessary changes that a crisis usually
brings about means the major causes of the catastrophe - regulatory
incompetence, insatiable greed and living beyond our means appear to me to be
alive and well. Still the likelihood is that in time we will adopt better ways
- perhaps a change of government will see to that - and that a healthier
financial system will emerge, that we will start to save more as a nation and
that our individual ambitions will be satisfied a little less avariciously. We
do eventually learn from our mistakes.

The reason for buying shares in an investment trust company is that the
professional management brought to bear on the management of the portfolio and
the guidance and governance of a board of directors will earn shareholders a
proper return that they might not otherwise be able to do for themselves. It
seems to me that between the Board of Directors and Fidelity - there is an
excellent team which should be capable of earning those excellent returns I
have been referring to in this statement. The much longer term prospects would
therefore seem bright.

Alex Hammond-Chambers

Chairman

3 November 2009

Enquiries:

Chris Davies - Head of Investment Trusts, FIL Investments International - 01737
837 723

Anne Read - Corporate Communications, FIL Investments International - 0207 961
4409

Christopher Pirnie - Company Secretary, FIL Investment International, - 01737
837 929

Issued by FIL Investments International. Authorised and regulated by the
Financial Services Authority.

FIDELITY SPECIAL VALUES PLC

Income Statement for the                                                       
year end 31 August 2009                                                        
                                                                               
                                     2009                       2008           
                                                                               
                            revenue capital total     revenue capital  total   
                                                                               
                            £'000   £'000   £'000     £'000   £'000    £'000   
                                                                               
Gains/(losses) on           -       8,423   8,423     -       (55,293) (55,293)
investments designated at                                                      
fair value through profit                                                      
and loss                                                                       
                                                                               
Gains on derivative         -       10,756  10,756    -       8,486    8,486   
instruments held at fair                                                       
value through profit and                                                       
loss                                                                           
                                                                               
Franked investment income   2,477   -       2,477     5,051   -        5,051   
                                                                               
UK unfranked investment     -       -       -         60      -        60      
income                                                                         
                                                                               
UK scrip dividends          5,340   -       5,340     6,009   -        6,009   
                                                                               
Overseas dividends          628     -       628       1,144   -        1,144   
                                                                               
Overseas scrip dividends    736     -       736       275     -        275     
                                                                               
Property income             574     -       574       197     -        197     
distribution                                                                   
                                                                               
Other income                -       -       -         38      -        38      
                                                                               
Deposit interest            134     -       134       632     -        632     
                                                                               
Income from Fidelity        28      -       28        352     -        352     
Institutional Cash Fund plc                                                    
                                                                               
Interest on VAT recovered   407     -       407       -       -        -       
on investment management                                                       
fees(²)                                                                        
                                                                               
Underwriting commission     97      -       97        -       -        -       
                                                                               
Net derivative expense      (375)   -       (375)     -       -        -       
                                                                               
Investment management fee   (2,862) -       (2,862)   (3,507) -        (3,507) 
                                                                               
VAT on investment           6       -       6         2,300   -        2,300   
management fee recovered                                                       
                                                                               
Other expenses              (513)   -       (513)     (490)   -        (490)   
                                                                               
Exchange gains/(losses) on  -       123     123       -       (46)     (46)    
other net assets                                                               
                                                                               
Net return/(loss) before    6,677   19,302  25,979    12,061  (46,853) (34,792)
finance costs and taxation                                                     
                                                                               
Interest payable            (1,637) -       (1,637)   (2,033) -        (2,033) 
                                                                               
Net return/(loss) on        5,040   19,302  24,342    10,028  (46,853) (36,825)
ordinary activities before                                                     
taxation                                                                       
                                                                               
Taxation on return/(loss)   (57)    -       (57)      (121)   -        (121)   
on ordinary activities(¹)                                                      
                                                                               
Net return/(loss) on        4,983   19,302  24,285    9,907   (46,853) (36,946)
ordinary activities after                                                      
taxation for the year                                                          
                                                                               
Return/(loss) per ordinary  8.76p   33.92p  42.68p    17.13p  (81.03p) (63.90p)
share                                                                          

(¹) This relates to overseas taxation only.

(²) This interest received on VAT on investment management fees reclaimed
following the decision of the European Court of Justice in the JPMorgan
Claverhouse Investment Trust case (C-365/05)

A Statement of Total Recognised Gains and Losses has not been prepared as there
are no gains and losses other than those reported in this Income Statement. The
total column of the Income Statement is the profit and loss account of the
Company. All revenue and capital items in the above statement derive from
continued operations. No operations were acquired or discontinued during the
year.

FIDELITY SPECIAL VALUES PLC

Balance Sheet for the year end 31 August 2009

                                                           2009            2008
                                                                               
                                                          £'000           £'000
                                                                               
Fixed assets                                                                   
                                                                               
Investments designated at fair value through            355,379         331,312
profit or loss                                                                 
                                                                               
Current assets                                                                 
                                                                               
Derivative assets held at fair value through              4,186               -
profit or loss                                                                 
                                                                               
Debtors                                                   9,135           6,994
                                                                               
Amounts held at futures clearing houses and                 843           1,573
brokers                                                                        
                                                                               
Fidelity Institutional Cash Fund plc                          -           9,091
                                                                               
Cash at bank                                              8,087          14,994
                                                                               
                                                         22,251          32,652
                                                                               
Creditors - amounts falling due within one                                     
year                                                                           
                                                                               
Derivative liabilities held at fair value               (1,238)               -
through profit or loss                                                         
                                                                               
Fixed rate unsecured loans                             (27,000)         (8,000)
                                                                               
Other creditors                                        (14,874)         (9,707)

                                                                               
                                                       (43,112)        (17,707)
                                                                               
                                                                               
                                                                               
Net current (liabilities)/assets                       (20,861)          14,945
                                                                               
Total assets less current liabilities                   334,518         346,257
                                                                               
Creditors - amounts falling due after more                                     
than one year                                                                  
                                                                               
Fixed rate unsecured loans                                    -        (27,000)
                                                                               
Total net assets                                        334,518         319,257
                                                                               
Capital and reserves                                                           
                                                                               
Called up share capital                                  14,234          14,198
                                                                               
Share premium account                                    95,767          95,058
                                                                               
Capital redemption reserve                                2,554           2,545
                                                                               
Other non-distributable reserve                           5,152           5,152
                                                                               
Capital reserve                                         210,488         191,309
                                                                               
Revenue reserve                                           6,323          10,995
                                                                               
Total equity shareholders' funds                        334,518         319,257
                                                                               
Net asset value per ordinary share                      587.50p         562.13p

FIDELITY SPECIAL VALUES PLC

Reconciliation of Movements in Shareholders' Funds for the year ended 31 August
2009

                  called    share    capital             other  capital revenue   total   
                 up share premium redemption non-distributable  reserve reserve  equity  
                 capital  account    reserve           reserve                                    
                                                                                        
                    £'000   £'000      £'000             £'000    £'000   £'000    £'000
                                                                                        
Opening            14,926  95,058      1,817             5,152  254,123   5,514  376,590
shareholders'                                                                           
funds: 1                                                                                
September 2007                                                                          
                                                                                        
Net recognised          -       -          -                 - (46,853)       - (46,853)
capital losses                                                                          
for the year                                                                            
                                                                                        
Repurchase of       (728)       -        728                 - (15,961)       - (15,961)
ordinary shares                                                                         
                                                                                        
Net revenue             -       -          -                 -        -   9,907    9,907
return after                                                                            
taxation for the                                                                        
year                                                                                    
                                                                                        
Dividend paid to        -       -          -                 -        - (4,426)  (4,426)
shareholders                                                                            
                                                                                        
Closing            14,198  95,058      2,545             5,152  191,309  10,995  319,257
shareholders'                                                                           
funds: 31 August                                                                        
2008                                                                                    
                                                                                        
Net recognised          -       -          -                 -   19,302       -   19,302
capital gains                                                                           
for the year                                                                            
                                                                                        
Issue of               45     709          -                 -        -       -      754
ordinary shares                                                                         
                                                                                        
Repurchase of         (9)       -          9                 -    (123)       -    (123)
ordinary shares                                                                         
                                                                                        
Net revenue             -       -          -                 -        -   4,983    4,983
return after                                                                            
taxation for the                                                                        
year                                                                                    
                                                                                        
Dividend paid to        -       -          -                          - (9,655)  (9,655)
shareholders                                                                            
                                                                                        
Closing            14,234  95,767      2,554             5,152  210,488   6,323  334,518
shareholders'                                                                           
funds: 31 August                                                                        
2009                                                                                    

FIDELITY SPECIAL VALUES PLC

Cash Flow Statement for the year ended 31 August 2009

                                                               2009        2008
                                                                               
                                                              £'000       £'000
                                                                               
Operating activities                                                           
                                                                               
Investment income received                                    4,232       5,639
                                                                               
Net derivative expenses paid                                  (374)           -
                                                                               
Underwriting commission received                                 97           -
                                                                               
Deposit interest received                                       216         947
                                                                               
Investment management fee paid                                (497)     (3,704)
                                                                               
Directors' fees paid                                          (112)       (108)
                                                                               
Other cash payments                                           (684)       (620)
                                                                               
Net cash inflow from operating activities                     2,875       2,154
                                                                               
Returns on investments and servicing of finance                                
                                                                               
Interest paid                                               (1,692)     (2,057)
                                                                               
Net cash outflow from returns on investments and            (1,692)     (2,057)
servicing of finance                                                           
                                                                               
Taxation                                                                       
                                                                               
Overseas taxation recovered                                      38          13
                                                                               
Taxation recovered                                               38          13
                                                                               
Financial investment                                                           
                                                                               
Purchase of investments                                   (263,308)   (318,920)
                                                                               
Disposal of investments                                     254,390     338,703
                                                                               
Net cash (outflow)/inflow from financial investment         (8,918)      19,783
                                                                               
Derivative activities                                                          
                                                                               
Premium received on options                                   3,441           -
                                                                               
Premium paid on options                                     (1,365)           -
                                                                               
Proceeds of derivative instruments                            7,999           -
                                                                               
Net cash inflow from derivative activities                    9,425           -
                                                                               
Dividend paid to shareholders                               (9,655)     (4,426)
                                                                               
Net cash (outflow)/inflow before use of liquid              (9,353)      15,467
resources and financing                                                        
                                                                               
Net cash inflow from management of liquid resources           9,091       1,251
                                                                               
Net cash (outflow)/inflow before financing                    (262)      16,718
                                                                               
Financing                                                                      
                                                                               
Issue of ordinary shares                                        754           -
                                                                               
Repurchase of ordinary shares                                 (124)    (16,442)
                                                                               
5.655% fixed rate unsecured loan repaid                     (8,000)           -
                                                                               
4.91% fixed rate unsecured loan repaid                            -     (5,000)
                                                                               
Net cash outflow from financing                             (7,370)    (21,442)
                                                                               
Decrease in cash                                            (7,632)     (4,724)

The above statements have been prepared on the basis of the accounting policies
as set out in annual financial statements to 31 August 2009. This preliminary
statement, which has been agreed with the auditor, was approved by the Board on
3 November 2009. It is not the Company's statutory financial statements.  The
statutory financial statements for the financial year ended 31 August 2008 have
been delivered to the Registrar of Companies. The statutory financial
statements for the financial year ended 31 August 2009 have been approved and
audited but have not yet been filed. The statutory financial statements for the
financial years ended 31 August 2008 and 31 August 2009 received unqualified
audit reports, did not include a reference to any matters to which the auditor
drew attention by way of emphasis without qualifying the report and did not
contain statements under section 498 (2) and (3) of the Companies Act 2006. The
annual report and financial statements will be posted to shareholders as soon
as is practicable and in any event no later than 16 November 2009.