Interim Management Statement

FIDELITY CHINA SPECIAL SITUATIONS PLC - INTERIM MANAGEMENT STATEMENT FOR THE    
QUARTER ENDED 31 DECEMBER 2011                                                  
                                                                                
Issued pursuant to the requirements of Chapter 4 of the Disclosure and          
Transparency Rules                                                              
                                                                                
Objective                                                                       
                                                                                
Fidelity China Special Situations PLC is focused on the long-term growth        
potential of China. The portfolio is made up primarily of securities issued by  
companies listed in China or Hong Kong and Chinese companies listed elsewhere.  
It may also invest in listed companies with significant interest in China and   
Hong Kong.                                                                      
                                                                                
Benchmark                                                                       
                                                                                
MSCI China Index (Sterling Equivalent)                                          
                                                                                
Review of Period (total return)                                                 
                                                                                
During the period:                                                              
                                                                                
- the NAV increased by 3.49% (debt at par) against a 8.36% increase by the      
benchmark.                                                                      
                                                                                
- the share price decreased by 2.65%                                            
                                                                                
- main portfolio changes are detailed in the top ten holdings below             
                                                                                
Gearing exposure was 126.07% on 31 December 2011.                               
                                                                                
Material transactions                                                           
                                                                                
- During the quarter 450,000 shares were repurchased for cancellation.          
                                                                                
- Since the quarter end 750,000 shares have been repurchased for cancellation.  
                                                                                
Material Events                                                                 
                                                                                
  * The Company repaid US$50m of the US$150m Revolving Credit Facility with JP  
    Morgan Chases and entered into an additional US$50m of gearing through the  
    use of Contracts for Difference at a reduced cost on 7 October 2011.        
                                                                                
  * Elisabeth Scott was appointed to the Board on 1November 2011                
                                                                                
  * Interim Results for the Company for the 6 months ended 30 September 2011    
    were released on 14 November 2011.                                          
                                                                                
Additional Information                                                          
                                                                                
Details of the Company                               Dealing Information        
                                                                                
Fund Mana  Anthony Bolton                            Listed:      London Stock  
ger:                                                              Exchange      
                                                                                
Enquiries: 08457 100 456                             Broker:      Cenkos        
                                                                                
WWW        www.fidelity.co.uk/its                    Price        Financial     
Address:                                             Quoted:      Times         
           Copies of major                                                      
           announcements and                                                    
           documentation relating                                               
           to the Company may be                                                
           found on the website                                                 
                                                                                
Launch     19 April 2010                             Reuters      FCSS          
Date:                                                Code:                      
                                                                                
           As at 31 December 2011  As at 15 February SEAQ Code:   B62Z3C7       
                                   2012                                         
                                                                                
Ordinary   662,204,480             662,204,480       ISIN:        GB00B62Z3C74  
Shares In                                                                       
Issue:                                                                          
                                                                                
Share      3.93%                   0.54%             Registered                 
price                                                office                     
discount                                                                        
to NAV:                                                                         
                                                                                
Total      £571.1m                 £636.9m           Beech Gate                 
Assets:                                                                         
                                                     Millfield                  
                                                     Lane                       
Loan:      £64.4m                  £63.7m                                       
                                                     Lower                      
                                                     Kingswood                  
Total Net  £506.7m                 £573.2m                                      
Assets:                                              Tadworth                   
                                                                                
                                                     Surrey KT20                
Gearing    126.07%                 120.10%           6RP                        
Exposure:                                                                       
                                                                                
                                                                                
The Company's net asset value per share is announced daily and may be found on  
the Stock Exchange website www.londonstockexchange.com                          

                             Portfolio Breakdowns                               
                                                                                
Industry      As at 31     As 30        Largest 10     As at 31       As at 30  
Breakdown (%  December     September    Holdings (%    December 2011  September 
total assets) 2011         2011         total assets)                 2011      
                                                                                
Consumer      28.4         25.9         China Unicom   5.7            7.2       
Discretionary                           (Hong Kong)                             
                                                                                
Financials    25.4         26.1         HKT Trust and  3.1            -         
                                        HKT Limited**                           
                                                                                
Telecom       11.9         11.3         HSBC Holdings  3.9            4.9       
Services                                PLC                                     
                                                                                
Consumer      8.8          8.8          AIA Group      2.7            2.8       
Staples                                                                         
                                                                                
Health Care   8.7          9.4          TVB            2.7            2.9       
                                                                                
IT            7.0          9.2          China Minsheng 2.7            2.7       
                                        Banking                                 
                                        Corporation                             
                                                                                
Materials     4.4          4.2          Bank of China  3.6            4.1       
                                        Hong Kong                               
                                                                                
Industrials   2.9          2.8          China          2.6            -         
                                        Construction                            
                                        Bank (Option)*                          
                                        *                                       
                                                                                
Energy        0.5          0.1          Zhaojin Mining 2.3            -         
                                        Industry                                
                                        Company**                               
                                                                                
Cash          2.0          2.2          PCCW Limited                  3.1       
                                                                                
                                        Ping An        4.6            4.4       
                                        Insurance                               
                                        (Group)                                 
                                        Company of                              
                                        China*                                  
                                                                                
                                        Tencent        -              3.7       
                                        Holdings*                               
                                                                                
                                        Citic          -              2.9       
                                        Securities                              
                                        Company*                                
                                                                                
Total         100          100                                                  
                                                                                
                                        * Not currently in the top 10 holdings  
                                                                                
                                        ** Not in the top 10 holdings as at 30  
                                        September 2011                          

                   Price at 31  Quarter to 31   Quarter to 30   1 Year to 31
                   December     December 2011   September 2011  December    
                   2011 (p)                                     2011        
                                                                            
NAV (debt at par)  76.51        3.49                -25.73         -31.51   
                                                                            
Ordinary Share     73.50        -2.65               -26.15         -37.92   
price                                                                       
                                                                            
Benchmark Index    n/a          8.36                -22.93         -17.80   
                                                                            

As at 15 February 2012 the Company's NAV per share was 86.67p (debt at par) and
the Company's share price was 86.20p per share.

By order of the Board

Christopher Pirnie

For and on behalf of FIL Investments International

Company Secretary

16 February 2012

Past performance is not a guide to future returns. The value of investments can
go down as well as up. For funds that invest in overseas markets, changes in
currency exchange rates may affect the value of an investment. Investments in
small and emerging markets can be more volatile than other more developed
markets. Source of performance: Fidelity and Datastream as at 31 December 2011.
Basis: bid-bid with net income reinvested. Fidelity only gives information
about its own products and services and does not provide investment advice
based on individual circumstances.