Final Results

FIDELITY SPECIAL VALUES PLC

Preliminary Announcement of Audited Results

For the year ended 31 August 2013



Chairman's Statement

RESULTS FOR THE YEAR ENDED                                                     
                                                                               
31 AUGUST 2013                                                                 
                                                                               
NAV:                                                                     +44.8%
                                                                               
SHARE PRICE:                                                             +63.1%
                                                                               
BENCHMARK:                                                               +18.9%
                                                                               
DIVIDEND:                                                                16.25p

PERFORMANCE

This financial year has been the first under the management of Alex Wright, who
took over the reins from Sanjeev Shah on 1 September last year. I am pleased to
report that it has been a very successful year for the Company, with the share
price up 63.1% since I reported to you last year. This is due both to a rise in
the Net Asset Value (NAV) of the Company, up 44.8%, well ahead of the
FTSE All-Share Index, which is up 18.9% over the period, combined with a
significant narrowing of the Company's discount to NAV (all figures on a total
return basis which includes reinvested income).

The last year has seen investors tentatively returning to equities as an asset
class. While there have been a number of events that have created some
volatility in the market, such as the US fiscal deadlock, or more recently,
further geopolitical instability in the Middle East, the overall economic
picture does seem to be improving and confidence returning. This has translated
into good performance for your Company, as many of the Company's contrarian
positions, such as those in the retail and media sectors, rose significantly as
the negative sentiment around these sectors improved. In addition, the
Company's minimal exposure to fashionable stocks with a high proportion of
earnings from emerging markets worked well, as investors questioned the value
in emerging markets compared to that which was available in developed markets.
On the whole, it was a good year to be a contrarian investor.

Part of the Board's underlying reasoning when deciding to appoint Alex Wright
as Portfolio Manager was our desire to make better use of the Company's
closed-ended structure by increasing the proportion of our capital allocated to
medium and smaller companies at those times when good value was identified in
these areas of the market. While less liquid than large companies, there is a
greater potential for a talented stock-picker to add value in this area of the
market, as many good opportunities are overlooked by other investors. Alex had
demonstrated his pedigree in this regard by taking the Fidelity UK Smaller
Companies Fund to the top of its peer group, and I am pleased to say that the
Company's increased exposure to this sector of the market has been of
significant benefit to Shareholders this year. What is doubly pleasing, though,
is that Alex has also demonstrated his skill in stockpicking larger companies,
with around one fifth of the Company's NAV outperformance generated in
companies with a market capitalisation of over £10 billion. The Company's
holdings today encompass a range of companies, with some of the world's largest
companies such as Royal Dutch Shell and HSBC sitting alongside medium sized
companies such as UDG Healthcare, and very small companies such as marketing
agency Creston, which has a market capitalisation of around just £60m.

OUTLOOK

The macroeconomic story has undoubtedly moved on since I wrote to you last
year. On the whole, confidence in developed markets is much better,
particularly in our domestic economy. The stimulus in the housing market seems
to have had the desired impact and stirred the economy into action. The
sustainability of this improvement, of course, remains to be seen. The trend
has been a positive one for our Company, because many of our holdings in mid
and small sized companies do much of their business in the UK.

Overseas, the big question has been whether the US political system can pull
itself together and move forwards. Whilst it has been painful to watch, US
legislators do now seem to have found some common ground to start from. If a
more long term solution can be found, markets will take this positively. The
other key development over the last year has been the underperformance of
emerging markets. It is possible that in time, if these markets continue to
perform poorly, they may present some interesting opportunities for a
contrarian investor. However, for the time being, the increasing confidence at
home, exemplified recently by the successful Royal Mail IPO, is creating enough
opportunities for the Company. Though markets have performed well, there has
been relatively little in terms of inflows into equity funds over the last
year. Should we see demand for equities picking up further among the general
public in 2014, this would be an indication that we are in the more mature
stages of a bull market.

Year to 31 August               2013     2012     2011     2010     2009  5 years
NAV and Index total return                                                       
%                                                                                
                                                                                 
Fidelity Special Values PLC    +44.8    +15.0     -4.1     +1.3     +9.0    +76.5
                                                                                 
FTSE All-Share Index           +18.9    +10.2     +7.3    +10.6     -8.2    +42.6
                                                                                 
Difference                     +25.9     +4.8    -11.4     -9.3    +17.2    +33.9

OTHER MATTERS

Other relevant matters are detailed below.

Fund Manager

From January 2014 Alex will be taking on the management of the open ended,
Fidelity Special Situations Fund, in addition to his current responsibilities
within Fidelity. The Board has been assured that Alex has been provided with
sufficient additional resources in order to take on this extra responsibility
and also that Fidelity Special Values PLC will continue to retain its unique
portfolio construction which will be run by Alex independently from Special
Situations.

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 narrow the discount. The Board will continue to monitor this
closely and will consider taking further action where we feel it to be
effective.

Treasury shares

In order to assist in managing the discount and keeping it within a narrow
range close to the NAV, the Board has decided to seek Shareholder approval to
hold in Treasury any ordinary shares repurchased by the Company, rather than
cancelling them. The Treasury shares would carry no voting rights or rights to
receive a dividend and would have no entitlement in a winding up of the
Company. No more than 10% of the issued ordinary share capital of the Company
would be held in Treasury. Any shares held in Treasury would only be re-issued
at NAV per share or at a premium to NAV per share. This would ensure that the
net effect of repurchasing and then re-issuing the ordinary shares would
enhance NAV per share. The Board is seeking Shareholder approval to implement
these recommendations at the forthcoming Annual General Meeting.

Derivatives

Derivatives are used on a limited basis as a tool to meet the investment
objectives of the Company. They are used principally in the following ways:

1. As an alternative form of gearing to bank loans or bonds. The Company will
purchase long CFDs that achieve an equivalent effect to bank gearing but often
at lower financing costs.

2. To hedge equity market risks where the Portfolio Manager considers that
suitable protection can be purchased to limit the downside of a falling market
at a reasonable cost.

3. To enhance the investment returns by taking short exposures on stocks that
the Portfolio Manager considers to be over-valued.

The Board has created strict policies and exposure limits to manage derivatives
and their impacts on the different parts of the business and these are
monitored on a daily basis.

Gearing

The Company has increased its use of derivatives over the last year, and the
Board has agreed with the Portfolio Manager that if he is able to find
attractive opportunities in the market, then the Company's gearing should be
allowed to rise, and stay geared, as long as the opportunities remain. Gearing
averaged 7% over the 12 month period and stood at around 14% at the end of
August. This enhanced exposure to both Alex's strong stock selection and a
rising market has added close to 3% to the portfolio return over the last year.
I am confident that combined with Alex's contrarian and value-focused
investment philosophy, this should continue to add value for clients over the
long term.

Overall, the Board is pleased not only with the financial performance of the
Company over the last year, but also that it is making good use of its
structural advantages over its open-ended counterparts. Over the long term,
this extra flexibility should continue to translate into returns for our
Shareholders.

Dividend

The Board has decided to recommend a final dividend of 16.25 pence per share
for the year ended 31 August 2013, an increase of 25% over the 13.00 pence paid
for the year ended 31 August 2012. This dividend will be payable on 16 December
2013 to Shareholders on the register at close of business on 15 November 2013
(ex-dividend date 13 November 2013).

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.

Alternative Investment Fund Manager Directive

The Alternative Investment Fund Managers Directive ("AIFMD") is a European
Directive that affects many investment funds, including the Company, which are
managed or promoted within the European Union. The AIFMD was implemented with
effect from 22 July 2013, although the Financial Conduct Authority will permit
a transitional period of one year. The AIFMD will require the Company to
appoint an Alternative Investment Fund Manager ("AIFM") and a Depositary. The
Board has decided in principle that Fidelity will be appointed as its AIFM in
advance of the end of the transitional period on 22 July 2014. Notwithstanding
these changes, the Board has been advised that the AIFMD is unlikely to have
any material effect on the services provided by, or to, the Company. Whilst the
Company will incur additional expenses in order to comply with the AIFMD,
current indications are that these are unlikely to be significant.

The Annual General Meeting: Thursday 12 December 2013 at 11.30 am

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
12 December 2013 at 11.30 am.

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

Lynn Ruddick
Chairman
4 November 2013


Enquiries:

Glenn Williamson - Head of Investment Trusts, 
FIL Investments International - 01732 777577

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 2013

                                    2013                       2012            
                                                                               
                           revenue  capital  total    revenue  capital  total  
                                                                               
                           £'000    £'000    £'000    £'000    £'000    £'000  
                                                                               
 Gains on investments      -        120,875  120,875  -        35,457   35,457 
                                                                               
 Gains on long CFDs        -        25,387   25,387   -        557      557    
                                                                               
 (Losses)/gains on short   -        (6,740)  (6,740)  -        36       36     
 CFDs, futures and options                                                     
                                                                               
 UK dividends              9,454    -        9,454    9,513    -        9,513  
                                                                               
 UK scrip dividends        737      -        737      908      -        908    
                                                                               
 Overseas dividends        1,049    -        1,049    857      -        857    
                                                                               
 Overseas scrip dividends  1,194    -        1,194    -        -        -      
                                                                               
 Income from REIT          -        -        -        92       -        92     
 investments                                                                   
                                                                               
 Dividends received on     3,209    -        3,209    447      -        447    
 long CFDs                                                                     
                                                                               
 Interest received on      43       -        43       42       -        42     
 short CFDs                                                                    
                                                                               
 Deposit interest          24       -        24       66       -        66     
                                                                               
 Interest paid on long     (789)    -        (789)    (341)    -        (341)  
 CFDs                                                                          
                                                                               
 Dividends paid on short   (734)    -        (734)    (502)    -        (502)  
 CFDs                                                                          
                                                                               
 Investment management fee (4,269)  -        (4,269)  (3,412)  -        (3,412)
                                                                               
 Other expenses            (635)    -        (635)    (547)    -        (547)  
                                                                               
 Exchange gains/(losses)   -        19       19       -        (117)    (117)  
 on other net assets                                                           
                                                                               
 Net return on ordinary    9,283    139,541  148,824  7,123    35,933   43,056 
 activities before                                                             
 taxation                                                                      
                                                                               
 Taxation on return on     (44)     -        (44)     228      -        228    
 ordinary activities(¹)                                                        
                                                                               
 Net return on ordinary    9,239    139,541  148,780  7,351    35,933   43,284 
 activities after taxation                                                     
 for the year                                                                  
                                                                               
 Return per ordinary share 17.02p   257.01p  274.03p  13.25p   64.78p   78.03p 
                                                                               

(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 2013
Company number 2972628

                                                       2013        2012
                                                                          
                                                       £'000       £'000
                                                                          
 Fixed assets                                                             
                                                                          
 Investments                                           424,387     326,618
                                                                          
 Current assets                                                           
                                                                          
 Derivative assets                                     31,333      3,839  
                                                                          
 Debtors                                               2,515       5,247  
                                                                          
 Amounts held at futures clearing houses and brokers   -           1,236  
                                                                          
 Cash at bank                                          25,715      8,451  
                                                                          
                                                       59,563      18,773 
                                                                          
 Creditors                                                                
                                                                          
 Derivative liabilities                                (1,864)     (5,115)
                                                                          
 Other creditors                                       (3,626)     (1,652)
                                                                          
                                                       (5,490)     (6,767)
                                                                          
 Net current assets                                    54,073      12,006 
                                                                          
 Total net assets                                      478,460     338,624
                                                                          
 Capital and reserves                                                     
                                                                          
 Share capital                                         13,532      13,594 
                                                                          
 Share premium account                                 95,767      95,767 
                                                                          
 Capital redemption reserve                            3,256       3,194  
                                                                          
 Other non-distributable reserve                       5,152       5,152  
                                                                          
 Capital reserve                                       349,724     212,058
                                                                          
 Revenue reserve                                       11,029      8,859  
                                                                          
 Total equity Shareholders' funds                      478,460     338,624
                                                                          
 Net asset value per ordinary share                    883.93p     622.71p
                                                                          



Reconciliation of Movements in Shareholders' Funds
for the year ended 31 August 2013

                share    share    capital     other non-     capital  revenue   total
                capital  premium  redemption  distributable  reserve  reserve   equity
                         account  reserve     reserve     

                 £'000   £'000    £'000       £'000          £'000    £'000     £'000                  
                                                                                        
 Opening        13,594   95,767   3,194       5,152          212,058   8,859    338,624 
 Shareholders'                                                                          
 funds:                                                                                 
 1 September                                                                            
 2012                                                                                   
                                                                                        
 Repurchase of  (62)     -        62          -              (1,875)   -        (1,875) 
 ordinary                                                                               
 shares                                                                                 
                                                                                        
 Net return on  -        -        -           -              139,541   9,239    148,780 
 ordinary                                                                               
 activities                                                                             
 after                                                                                  
 taxation for                                                                           
 the year                                                                               
                                                                                        
 Dividend paid  -        -        -           -              -         (7,069)  (7,069) 
 to                                                                                     
 Shareholders                                                                           
                                                                                        
 Closing        13,532   95,767   3,256       5,152          349,724   11,029   478,460 
 Shareholders'                                                                          
 funds:                                                                                 
 31 August                                                                              
 2013                                                                                   
                                                                                        
 Opening        14,131   95,767   2,657       5,152          186,987   7,827    312,521 
 Shareholders'                                                                          
 funds:                                                                                 
 1 September                                                                            
 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  -        -        -           -              -         (6,319)  (6,319) 
 to                                                                                     
 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 2013

                                                       year          year
                                                      ended         ended
                                                     31.08.13      31.08.12
                                                                            
                                                     £'000         £'000
                                                                            
  Operating activities                                                      
                                                                            
  Investment income received                         10,335        10,480   
                                                                            
  Net derivative income/(expenses)                   1,596         (354)    
                                                                            
  Deposit interest received                          22            67       
                                                                            
  Investment management fee paid                     (4,064)       (4,325)  
                                                                            
  Directors' fees paid                               (137)         (160)    
                                                                            
  Other cash payments                                (617)         (666)    
                                                                            
  Net cash inflow from operating activities          7,135         5,042    
                                                                            
  Taxation                                                                  
                                                                            
  Overseas taxation recovered                        27            249      
                                                                            
  Taxation recovered                                 27            249      
                                                                            
  Financial investments                                                     
                                                                            
  Purchase of investments                            (369,725)     (147,520)
                                                                            
  Disposal of investments                            400,121       157,186  
                                                                            
  Net cash inflow from financial investments         30,396        9,666    
                                                                            
  Derivative activities                                                     
                                                                            
  Payments on CFDs                                   (7,778)       (1,441)  
                                                                            
  Movements on amounts held at futures clearing      1,236         4,123    
  houses and brokers                                                        
                                                                            
  Payments on futures                                (4,415)       -        
                                                                            
  Premium paid on options                            -             (281)    
                                                                            
  Premium received on options                        -             263      
                                                                            
  Net cash (outflow)/inflow from derivative          (10,957)      2,664    
  activities                                                                
                                                                            
  Dividend paid to Shareholders                      (7,069)       (6,319)  
                                                                            
  Net cash inflow before financing                   19,532        11,302   
                                                                            
  Financing                                                                 
                                                                            
  Repurchase of ordinary shares                      (2,287)       (10,450) 
                                                                            
  Net cash outflow from financing                    (2,287)       (10,450) 
                                                                            
  Increase in cash                                   17,245        852      
                                                                            

The above statements have been prepared on the basis of the accounting policies
as set out in the annual financial statements to 31 August 2013. This
preliminary statement, which has been agreed with the Auditor, was approved by
the Board on 4

November 2013. It is not the Company's statutory financial statements.  The
statutory financial statements for the financial year ended 31 August 2012 have
been delivered to the Registrar of Companies. The statutory financial
statements for the financial year ended 31 August 2013 have been approved and
audited but have not yet been filed. The statutory financial statements for the
financial years ended 31 August 2012 and 31 August 2013 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 2013.