Final Results

FIDELITY SPECIAL VALUES PLC

Preliminary Announcement of Audited Results

For the year ended 31 August 2012



Chairman's Statement

RESULTS FOR THE YEAR ENDED                                                     
                                                                               
31 AUGUST 2012                                                                 
                                                                               
NAV:                                                                     +15.0%
                                                                               
SHARE PRICE:                                                              +9.2%
                                                                               
BENCHMARK:                                                               +10.2%
                                                                               
DIVIDEND:                                                                13.00p

I have pleasure in presenting the Annual Report for Fidelity Special Values
PLC.

CHANGE OF PORTFOLIO MANAGER

On 9 July 2012, the Board announced that Alex Wright had been appointed as
Portfolio Manager of the Company, with effect from 1 September 2012. This
reflected the Board's desire to take greater advantage of opportunities for
capital growth available from dynamic smaller and mid-cap companies, as well as
large companies. This is not a change of policy; it is a broadening of the
opportunity set in which to find special value investments. The Company's
performance will continue to be measured against both cash (over the long term)
and the FTSE All-Share Index. Alex has demonstrated considerable success in
smaller companies and across the broader market.

Alex has managed the Fidelity UK Smaller Companies Fund since its inception in
February 2008, and since its launch, Alex has been the number one performing
fund manager in his IMA peer group. Alex has also managed a pilot All Cap fund
since May 2010, investing in large, medium and small cap companies. Since
inception and to 31 August 2012 this fund had returned 40.9% versus a return of
23.7% for the FTSE All-Share Index (net).

Alex has a contrarian investment style, buying out-of-favour stocks with
downside protection and unrecognised growth potential. This, combined with a
search for value across the market capitalisation spectrum, makes his
investment approach an ideal fit for the Company.

This change allows 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 from 1 January 2008 to 31 August 2012, Sanjeev delivered a return of
13.0% for the NAV of the Company versus 7.9% for the FTSE All-Share Index (both
on a total return basis).

PERFORMANCE

Throughout the Company's financial year, the Company's investments were managed
by Sanjeev Shah.

The reporting year to 31 August 2012 has seen a marked improvement in the
performance of Fidelity Special Values PLC with a Net Asset Value total return
of +15.0% (compared to a total return of +10.2% from the FTSE All-Share Index).
The five year total return is +9.9%, broadly matching the FTSE All-Share Index
total return of +9.5% for the same period. Discounts widened over the period,
so the share price return was +9.2% and -0.1% over one and five years
respectively.

Sentiment and market direction during the year to end of August 2012 was driven
by the ongoing sovereign debt crisis in Europe and macroeconomic data in China
and the US. UK equities corrected sharply at the beginning of the Company's
financial year as investors became increasingly concerned over a possible
break-up of the Eurozone.

We saw a significant improvement in sentiment at the end of 2011 thanks to
improving US economic data and the European Central Bank's long term
refinancing operation ("LTRO") announcement. Equities continued to rally well
into March before correcting sharply on renewed fears of a Greek exit from the
Eurozone and a slowdown in global growth.

More recently, we witnessed a significant increase in policymaker commitment to
do `whatever it takes' to keep the Eurozone together, to which markets reacted
positively thinking that the risk of a Eurozone break-up had abated, at least
in the medium term. However, sentiment continues to ebb and flow, so the
outcome remains uncertain.

While the UK equity market continues to be overshadowed by macroeconomic and
political news, we have begun to see a renewed focus on company fundamentals
during the Company's year which was reflected in the Company's improved
performance.

Throughout the year, Sanjeev took advantage of market volatility to increase
exposure to unloved areas of the market which he felt were undervalued. This
included banks, housebuilders and retailers. The Company benefited from a
significant pick-up in merger and acquisition activity over the period, with
corporate buyers recognising the value Sanjeev identified in Logica and Aegis
amongst others. In addition the turnaround opportunities that Sanjeev
identified across a variety of different sectors have started to deliver.


Year to 31 August               2012     2011     2010     2009    2008  5 years
NAV and Index total return                                                      
%                                                                               
                                                                                
Fidelity Special Values PLC    +15.0     -4.1     +1.3     +9.0    -9.8     +9.9
                                                                                
FTSE All-Share Index           +10.2     +7.3    +10.6     -8.2    -8.7     +9.5
                                                                                
Difference                      +4.8    -11.4     -9.3    +17.2    -1.1     +0.4



OUTLOOK

Recent actions by central banks across the globe initially contributed to a
more positive outlook for equity markets generally and the future of the
Eurozone more specifically. That said, the Eurozone crisis is clearly far from
being solved, concerns remain over growth in China and the US fiscal cliff (as
a result of the introduction of the terms of the Budget Control Act 2011 coming
into effect at the end of 2012) is approaching. Markets are likely to remain
volatile in the near term as a result, but such volatility will continue to
present opportunities to identify companies whose value is not fully
appreciated by the market.

OTHER MATTERS

Other relevant matters are detailed below.

Discount

The Board is very mindful of the importance of the level of discount to our
Shareholders and we have conducted a number of share repurchases during the
year to help prevent the discount from widening further. The Board will
continue to monitor this closely and will consider taking further action where
we feel it to be effective.

Gearing

The Board believes that using Contracts For Difference for gearing purposes
continues to provide more flexibility for the Company's needs at a much lower
cost than traditional bank debt.

Dividend

The Board has decided to recommend a final dividend of 13.00 pence per share
for the year ended 31 August 2012, an increase of 15.6% over the 11.25 pence
paid for the year ended 31 August 2011. This dividend will be payable on 17
December 2012 to Shareholders on the register at close of business on 16
November 2012 (ex-dividend date 14 November 2012).

Board of Directors

It is my belief that the Board has the relevant skills and experience to serve
the Company well into the future. In common with our practice since 2004, all
Directors are subject to annual re-election and their biographical details are
included in the Annual Report to assist Shareholders when considering their
votes.

Retail Distribution Review ("RDR")

With effect from 31 December 2012, independent financial advisers will be
required to offer advice to investors after considering a full range of
investment options. Commission for advice will not be payable and fees will
have to be agreed with the client rather than commission based payments being
used.

RDR should open up the opportunity to a greater number of private investors to
invest in investment trusts when these have not been considered previously due
in part to lack of commission, limited availability of investment trusts on
fund platforms and less understanding within the IFA industry.

The Annual General Meeting: Thursday 13 December 2012 at 11.00am

The Annual General Meeting will be held at Fidelity's offices at 25 Cannon
Street, London EC4M 5TA (St Paul's or Mansion House tube stations) on Thursday
13 December 2012 at 11.00am.

It is the most important meeting that we, the Directors of your Company, have
each year. Alex Wright, the newly appointed Portfolio Manager, will be making a
presentation to Shareholders. We urge as many of you as possible to come and
join us for this occasion.

Lynn Ruddick
Chairman

6 November 2012

Enquiries:

Susan Platts-Martin - Head of Investment Trusts, FIL Investments International
- 01737 836916

Keren Holland - Corporate Communications, FIL Investments International - 0207
074 5262

Christopher Pirnie - Company Secretary, FIL Investment International, - 01737
837929



Income Statement for the year ended 31 August 2012

                                          2012                     2011           
                                                                                  
                                 revenue capital  total  revenue capital   total  
                                                                                  
                                  £'000   £'000   £'000   £'000   £'000    £'000  
                                                                                  
Gains/(losses) on                      -  35,457  35,457       - (17,846) (17,846)
investments designated at                                                         
fair value through profit                                                         
or loss                                                                           
                                                                                  
Gains/(losses) on long                 -     557     557       -  (6,642)  (6,642)
CFDs held at fair value                                                           
through profit or loss                                                            
                                                                                  
Gains on options and short             -      36      36       -    5,147    5,147
CFDs held at fair value                                                           
through profit or loss                                                            
                                                                                  
UK dividends                       9,513       -   9,513   4,413        -    4,413
                                                                                  
UK scrip dividends                   908       -     908   5,499        -    5,499
                                                                                  
Overseas dividends                   857       -     857     178        -      178
                                                                                  
Income form REIT                      92       -      92     481        -      481
investments                                                                       
                                      42       -      42      41        -       41
Interest received on short                                                        
CFDs                                 447       -     447     727        -      727
                                                                                  
Dividends received on long            66       -      66      57        -       57
CFDs                                                                              
                                   (341)       -   (341)   (452)        -    (452)
Deposit interest                                                                  
                                   (502)       -   (502)   (427)        -    (427)
Interest paid on long CFDs                                                        
                                                                                  
Dividends paid on short                                                           
CFDs                                                                              
                                                                                  
Investment management fee        (3,412)       - (3,412) (3,711)        -  (3,711)
                                                                                  
Other expenses                     (547)       -   (547)   (562)        -    (562)
                                                                                  
Exchange (losses)/gains on             -   (117)   (117)       1     (67)     (66)
other net assets                                                                  
                                                                                  
Net return/(loss) on               7,123  35,933  43,056   6,245 (19,408) (13,163)
ordinary activities before                                                        
taxation                                                                          
                                                                                  
Taxation on return/(loss)            228       -     228     250        -      250
on ordinary activities(¹)                                                         
                                                                                  
Net return/(loss) on               7,351  35,933  43,284   6,495 (19,408) (12,913)
ordinary activities after                                                         
taxation for the year                                                             
                                                                                  
Return/(loss) per ordinary        13.25p  64.78p  78.03p  11.43p (34.17p) (22.74p)
share                                                                             

(¹) This relates to overseas taxation only.

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 continuing
operations. No operations were acquired or discontinued in the year.

Balance Sheet as at 31 August 2012

                                                               2012     2011  
                                                                              
                                                              £'000    £'000  
                                                                              
Fixed assets                                                                  
                                                                              
Investments designated at fair value through profit           326,618  301,931
or loss                                                                       
                                                                              
Current assets                                                                
                                                                              
Derivative assets held at fair value through profit             3,839    1,553
or loss                                                                       
                                                                              
Debtors                                                         5,247    3,077
                                                                              
Amounts held at futures clearing houses and brokers             1,236    5,359
                                                                              
Cash at bank                                                    8,451    7,716
                                                                              
                                                               18,773   17,705
                                                                              
Creditors - amounts falling due within one year                               
                                                                              
Derivative liabilities held at fair value through             (5,115)  (4,881)
profit or loss                                                                
                                                                              
Other creditors                                               (1,652)  (2,234)
                                                                              
                                                              (6,767)  (7,115)
                                                                              
Net current assets                                             12,006   10,590
                                                                              
Total net assets                                              338,624  312,521
                                                                              
Capital and reserves                                                          
                                                                              
Share capital                                                  13,594   14,131
                                                                              
Share premium account                                          95,767   95,767
                                                                              
Capital redemption reserve                                      3,194    2,657
                                                                              
Other non-distributable reserve                                 5,152    5,152
                                                                              
Capital reserve                                               212,058  186,987
                                                                              
Revenue reserve                                                 8,859    7,827
                                                                              
Total equity Shareholders' funds                              338,624  312,521
                                                                              
Net asset value per ordinary share                            622.71p  552.85p

Reconciliation of Movements in Shareholders' Funds for the year ended 31 August
2012

                               share   capital    other non-                            
                       share  premium redemption distributable capital  revenue  total  
                      capital account  reserve      reserve    reserve  reserve  equity 
                                                                                        
                       £'000   £'000    £'000          £'000    £'000    £'000   £'000  
                                                                                        
Opening                14,234  95,767      2,554         5,152  208,765   7,311  333,783
Shareholders'                                                                           
funds:                                                                                  
1 September 2010                                                                        
                                                                                        
Repurchase of           (103)       -        103             -  (2,370)       -  (2,370)
ordinary shares                                                                         
                                                                                        
Net (loss)/return           -       -          -             - (19,408)   6,495 (12,913)
on ordinary                                                                             
activities after                                                                        
taxation for the                                                                        
year                                                                                    
                                                                                        
Dividend paid to            -       -          -             -        - (5,979)  (5,979)
Shareholders                                                                            
                                                                                        
Closing                14,131  95,767      2,657         5,152  186,987   7,827  312,521
Shareholders'                                                                           
funds:                                                                                  
31 August 2011                                                                          
                                                                                        
Repurchase of           (537)       -        537             - (10,862)       - (10,862)
ordinary shares                                                                         
                                                                                        
Net return on               -       -          -             -   35,933   7,351   43,284
ordinary                                                                                
activities after                                                                        
taxation for the                                                                        
year                                                                                    
                                                                                        
Dividend paid to            -       -          -             -        - (6,319)  (6,319)
Shareholders                                                                            
                                                                                        
Closing                13,594  95,767      3,194         5,152  212,058   8,859  338,624
Shareholders'                                                                           
funds:                                                                                  
31 August 2012                                                                          

Cash Flow Statement for the year ended 31 August 2012

                                                            2012        2011   
                                                                               
                                                            £'000      £'000   
                                                                               
Operating activities                                                           
                                                                               
Investment income received                                    10,480      4,093
                                                                               
Net derivative expenses                                        (354)       (54)
                                                                               
Deposit interest received                                         67         57
                                                                               
Investment management fee paid                               (4,325)    (2,790)
                                                                               
Directors' fees paid                                           (160)      (121)
                                                                               
Other cash payments                                            (666)      (367)
                                                                               
Net cash inflow from operating activities                      5,042        818
                                                                               
Taxation                                                                       
                                                                               
Overseas taxation recovered                                      249        290
                                                                               
Taxation recovered                                               249        290
                                                                               
Financial investment                                                           
                                                                               
Purchase of investments                                    (147,520)  (197,893)
                                                                               
Disposal of investments                                      157,186    204,937
                                                                               
Net cash inflow from financial investment                      9,666      7,044
                                                                               
Derivative activities                                                          
                                                                               
Premium paid on options                                        (281)      (810)
                                                                               
Premium received on options                                      263      2,134
                                                                               
Payments on CFDs                                             (1,441)    (1,676)
                                                                               
Movements on amounts held at futures clearing                  4,123    (2,889)
houses and brokers                                                             
                                                                               
Net cash inflow/(outflow) from derivative                      2,664    (3,241)
activities                                                                     
                                                                               
Dividend paid to Shareholders                                (6,319)    (5,979)
                                                                               
Net cash inflow/(outflow) before financing                    11,302    (1,068)
                                                                               
Financing                                                                      
                                                                               
Repurchase of ordinary shares                               (10,450)    (2,370)
                                                                               
Net cash outflow from financing                             (10,450)    (2,370)
                                                                               
Increase/(decrease) in cash                                      852    (3,438)

The above statements have been prepared on the basis of the accounting policies
as set out in the annual financial statements to 31 August 2012. This
preliminary statement, which has been agreed with the Auditor, was approved by
the Board on 6 November 2012. It is not the Company's statutory financial
statements.  The statutory financial statements for the financial year ended 31
August 2011 have been delivered to the Registrar of Companies. The statutory
financial statements for the financial year ended 31 August 2012 have been
approved and audited but have not yet been filed. The statutory financial
statements for the financial years ended 31 August 2011 and 31 August 2012
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 13
November 2012.