Final Results

FIDELITY SPECIAL VALUES PLC

Preliminary Announcement of Audited Results

For the year ended 31 August 2010

Chairman's Statement

NAV: +1.3%

SHARE PRICE: -2.1%

BENCHMARK: +10.6%

DIVIDEND: 10.5P

I have pleasure in presenting my first Annual Report as Chairman of Fidelity
Special Values PLC.

PERFORMANCE

At the beginning of our accounting year a stock market recovery was well under
way as it appeared that action by many world governments had probably averted
an economic depression and that parts of the global economy - especially Asia -
were still achieving strong GDP growth. A stream of data indicating that the
major economies, including the UK, were growing again helped the rally in UK
shares to continue until almost the end of 2009. In early 2010, concerns over
the level of State indebtedness, particularly in some of the eurozone
countries, caused renewed stock market turmoil worldwide and impacted sentiment
in many sectors especially banks. Speculation about a potential double dip
recession re-emerged, and at the end of our financial year there was a great
deal of uncertainty over how the economy would perform in the year ahead.

Against this backdrop, the net asset value per share of Fidelity Special Values
PLC rose by 1.3% on a total return basis. Although a positive rise in absolute
terms, this was less than the FTSE All-Share Index, which rose by 10.6%. The
share price fell by 2.1% during the year. The relative underperformance
occurred in the first half of our year, when the NAV fell by 1.4% against the
benchmark index return of 10.1%. During this period the portfolio was changing
from its earlier successful alignment to cyclical stocks, which did well in the
period when investors in general were focussed on economic recovery, towards
being positioned in companies which have strong fundamentals and which can
produce good earnings growth in the more difficult economic environment which
we now anticipate. In addition, the best performing stocks in the market during
the first half tended to be those with less strong fundamentals, which we had
largely avoided. These included stocks in the mining and chemicals sectors as
investors looked to companies supplying developing economies such as China.

In the second half of our financial year the Company outperformed the market
benchmark with the NAV rising by 2.7% on a total return basis against a
benchmark return of 0.5%. The flat market reflected evidence that governments
in the major economies were intent on tackling their respective deficits, which
in turn would create uncertainty over the macroeconomic outlook. In the UK, the
General Election resulted in a coalition government, whose first Budget in June
2010 and the subsequent Comprehensive Spending Review confirmed significant
reductions in public expenditure and the likelihood of a low growth economic
environment for at least the next year. As a consequence, the portfolio began
to benefit from its earlier repositioning.

DIVIDEND

The Board has decided to recommend a final dividend of 10.50 pence per share
for the year ended 31 August 2010 (2009: 9.00 pence). This dividend will be
payable on 21 December 2010 to shareholders on the register at close of
business on 19 November 2010 (ex-dividend date 17 November 2010).

BOARD OF DIRECTORS

During the past twelve months we have had a number of changes to the Board of
Directors. Sir Richard Brooke retired following the 2009 Annual General Meeting
and the Chairman, Alex Hammond-Chambers, retired on 8 July 2010. Both had
served the Company since its launch in 1994 and their commitment and service to
the Company will be greatly missed.

I was appointed Chairman following Alex Hammond-Chambers' retirement and Ben
Thomson was appointed Senior Independent Director shortly thereafter.

During the year, after interviewing a strong list of candidates, we were
pleased to welcome Sharon Brown and Andy Irvine to the Board. As I was
appointed to the role of Chairman in July, it was necessary for me to
relinquish my role as Audit Committee Chairman and this was transferred to
Sharon Brown on 26 October 2010, after six months' introductory service on the
Board.

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

GEARING

On 26 January 2010 the Company repaid its fixed rate unsecured loan from
Barclays Bank PLC of £27,000,000 which matured on that date. In view of the
high level of interest rates that were quoted on replacement loans at the time,
the Board concluded that the utilisation of Contracts For Difference for
gearing purposes provided more flexibility for the Company's needs at a much
lower cost than traditional bank debt. At the time of writing the gross level
of gearing is somewhat below the 115% to 120% range we would consider "normal"
owing to the uncertain outlook, discussed below.

CONTINUATION VOTE

In accordance with the Articles of Association of the Company, an ordinary
resolution that the Company continue as an investment trust for a further three
years was passed at the 2007 Annual General Meeting. A further continuation
vote will take place at this year's Annual General Meeting.

The objective of the Company is to achieve long term capital growth from an
actively managed portfolio of special situation investments. We have always
stated to our shareholders that when assessing this objective, we consider a 5
year time span to be the most appropriate. The net asset value total return
performance for the last individual and annualised five years and also the
corresponding market benchmark returns are shown below, along with Sanjeev
Shah's performance since taking on the management of the portfolio on 1 January
2008 and the performance since launch in 1994. Sanjeev's performance is well
ahead of the market benchmark during his tenure over what has been a very
difficult period for the market. The 5 year record remains well in excess of
both the returns on cash and the market for this period.

The Board continues to be confident in the Manager's approach to achieving the
Company's objective and we hope that you will agree that the medium and long
term performance continues to justify this conclusion. Therefore your Board
recommends that shareholders vote in favour of the continuation vote. A further
continuation vote will take place at the Annual General Meeting in 2013.

NAV and share price performance % NAV           Share Price  Index    
(total return basis)                                                  
                                                                      
Year to 31 August 2006            +19.4         +16.0        +16.8    
                                                                      
Year to 31 August 2007            +15.9         +14.3        +11.8    
                                                                      
Year to 31 August 2008            -9.8          -17.6        -8.7     
                                                                      
Year to 31 August 2009            +9.0          +19.4        -8.2     
                                                                      
Year to 31 August 2010            +1.3          -2.1         +10.6    
                                                                      
Sanjeev Shah's tenure 1 January   +2.5          +2.6         -8.7     
2008 to 31 August 2010                                                
                                                                      
Five years to 31 August 2010      +38.0         +27.7        +21.0    
                                                                      
Launch to 31 August 2010          +622.5        +563.9       +186.2   

CORPORATE GOVERNANCE

As detailed in the Corporate Governance Statement in the Annual Report, the
Board follows the approach recommended by the Association of Investment
Companies in its Code of Corporate Governance. The Board has always taken
corporate governance seriously and welcomes feedback from shareholders.

Corporate governance guidelines are changed and updated continually and,
although these are reviewed and adopted by the Board as appropriate, the Board
aims to ensure its governance is of benefit to the Company and is aimed at
enhancing shareholder value rather than being adopted purely to satisfy the
requirements of corporate governance "box-tickers".

THE ANNUAL GENERAL MEETING: WEDNESDAY 15 DECEMBER 2010 AT 11.30AM

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 15 December 2010
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 to come and join us for the
occasion. Sanjeev Shah will be making his annual presentation to shareholders,
highlighting the achievements and challenges of the year past and the prospects
for the year to come.

OUTLOOK: STILL UNCERTAIN

The past year was characterised by market optimism during the first half,
followed by a return to uncertainty in the second half. The main reasons for
that uncertainty will probably remain with us for some while, and include the
level of government debt and whether governments will trigger inflation by
printing money to reduce the monetary burden of this debt; the impact of cuts
in public spending; rises in taxation; and weak economic growth. The market
volatility over the past year and the change from investor optimism to
uncertainty have produced an environment in which there are many interesting
investment opportunities. We expect the uncertain environment to favour stocks
with strong balance sheets, good cash generation, fair valuations and prospects
of good long term earnings growth even in a tough economy. The portfolio is
positioned in line with this outlook, emphasising careful stock selection and
continuing to seek opportunities across large, medium and small sized
companies.

Lynn Ruddick

Chairman

5 November 2010

Enquiries:

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

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

Rebecca Burtonwood - Company Secretary, FIL Investment International, - 01737
836 869

FIDELITY SPECIAL VALUES PLC

Income Statement for the                                                       
year ended31 August 2010                                                       
                                                                               
                                     2010                       2009           
                                                                               
                            revenue capital  total     revenue capital  total  
                                                                               
                            £'000   £'000    £'000     £'000   £'000    £'000  
                                                                               
Gains on investments        -       3,613    3,613     -       8,423    8,423  
designated at fair value                                                       
through profit or loss                                                         
                                                                               
(Losses)/gains on           -       (5,219)  (5,219)   -       10,756   10,756 
derivative instruments held                                                    
at fair value through                                                          
profit or loss                                                                 
                                                                               
Franked investment income   3,671   -        3,671     2,477   -        2,477  
                                                                               
UK scrip dividends          5,531   -        5,531     5,340   -        5,340  
                                                                               
Overseas dividends          764     -        764       628     -        628    
                                                                               
Overseas scrip dividends    320     -        320       736     -        736    
                                                                               
Income from REIT            273     -        273       574     -        574    
investments                                                                    
                                                                               
Deposit interest            18      -        18        134     -        134    
                                                                               
Income from Fidelity        -       -        -         28      -        28     
Institutional Liquidity                                                        
Fund plc                                                                       
                                                                               
Interest on VAT recovered   -       -        -         407     -        407    
on investment management                                                       
fees                                                                           
                                                                               
Underwriting commission     28      -        28        97      -        97     
                                                                               
Net derivative income/      261     -        261       (375)   -        (375)  
(expenses)                                                                     
                                                                               
Investment management fee   (3,515) -        (3,515)   (2,862) -        (2,862)
                                                                               
VAT recovered on investment -       -        -         6       -        6      
management fees                                                                
                                                                               
Other expenses              (587)   -        (587)     (513)   -        (513)  
                                                                               
Exchange (losses)/gains on  (4)     (117)    (121)     -       123      123    
other net assets                                                               
                                                                               
Net return/(loss) before    6,760   (1,723)  5,037     6,677   19,302   25,979 
finance costs and taxation                                                     
                                                                               
Interest paid on loans      (591)   -        (591)     (1,637) -        (1,637)
                                                                               
Net return/(loss) on        6,169   (1,723)  4,446     5,040   19,302   24,342 
ordinary activities before                                                     
taxation                                                                       
                                                                               
Taxation on return/(loss)   (56)    -        (56)      (57)    -        (57)   
on ordinary activities(¹)                                                      
                                                                               
Net return/(loss) on        6,113   (1,723)  4,390     4,983   19,302   24,285 
ordinary activities after                                                      
taxation for the year                                                          
                                                                               
Return/(loss) per ordinary  10.74p  (3.03p)  7.71p     8.76p   33.92p   42.68p 
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
continued operations. No operations were acquired or discontinued during the
year.

FIDELITY SPECIAL VALUES PLC

Balance Sheet as at 31 August 2010

                                                           2010            2009
                                                                               
                                                          £'000           £'000
                                                                               
Fixed assets                                                                   
                                                                               
Investments designated at fair value through            323,663         355,379
profit or loss                                                                 
                                                                               
Current assets                                                                 
                                                                               
Derivative assets held at fair value through              1,995           4,186
profit or loss                                                                 
                                                                               
Debtors                                                   2,451           9,135
                                                                               
Amounts held at futures clearing houses and               2,470             843
brokers                                                                        
                                                                               
Cash at bank                                             11,165           8,087
                                                                               
                                                         18,081          22,251
                                                                               
Creditors - amounts falling due within one                                     
year                                                                           
                                                                               
Derivative liabilities held at fair value               (4,180)         (1,238)
through profit or loss                                                         
                                                                               
Fixed rate unsecured loan                                     -        (27,000)
                                                                               
Other creditors                                         (3,781)        (14,874)
                                                                               
                                                        (7,961)        (43,112)
                                                                               
                                                                               
                                                                               
Net current assets/(liabilities)                         10,120        (20,861)
                                                                               
Total net assets                                        333,783         334,518
                                                                               
Capital and reserves                                                           
                                                                               
Share capital                                            14,234          14,234
                                                                               
Share premium account                                    95,767          95,767
                                                                               
Capital redemption reserve                                2,554           2,554
                                                                               
Other non-distributable reserve                           5,152           5,152
                                                                               
Capital reserve                                         208,765         210,488
                                                                               
Revenue reserve                                           7,311           6,323
                                                                               
Total equity shareholders' funds                        333,783         334,518
                                                                               
Net asset value per ordinary share                      586.21p         587.50p

FIDELITY SPECIAL VALUES PLC

Reconciliation of Movements in Shareholders' Funds for the year ended 31 August
2010

                 share   share   capital    other             capital revenue  total  
                 capital premium redemption non-distributable reserve reserve  equity 
                         account reserve    reserve                                   
                                                                                      
                   £'000   £'000      £'000             £'000   £'000    £'000   £'000
                                                                                      
Opening           14,198  95,058      2,545             5,152 191,309   10,995 319,257
shareholders'                                                                         
funds: 1                                                                              
September 2008                                                                        
                                                                                      
Net recognised         -       -          -                 -  19,302        -  19,302
capital losses                                                                        
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                                                                                  
                                                                                      
Net recognised         -       -          -                 - (1,723)        - (1,723)
losses for the                                                                        
year                                                                                  
                                                                                      
Net revenue            -       -          -                 -       -    6,113   6,113
return after                                                                          
taxation for the                                                                      
year                                                                                  
                                                                                      
Dividend paid to       -       -          -                 -       -  (5,125) (5,125)
shareholders                                                                          
                                                                                      
Closing           14,234  95,767      2,554             5,152 208,765    7,311 333,783
shareholders'                                                                         
funds: 31 August                                                                      
2010                                                                                  

FIDELITY SPECIAL VALUES PLC

Cash Flow Statement for the year ended 31 August 2010

                                                               2010        2009
                                                                               
                                                              £'000       £'000
                                                                               
Operating activities                                                           
                                                                               
Investment income received                                    4,823       4,232
                                                                               
Net derivative income/(expenses)                                236       (377)
                                                                               
Underwriting commission received                                 28          97
                                                                               
Deposit interest received                                        17         216
                                                                               
Investment management fee paid                              (3,518)     (2,797)
                                                                               
VAT recovered on investment management fees paid                  -       2,300
                                                                               
Directors' fees paid                                          (122)       (112)
                                                                               
Other cash receipts/(payments)                                   52       (684)
                                                                               
Net cash inflow from operating activities                     1,516       2,875
                                                                               
Returns on investments and servicing of finance                                
                                                                               
Interest paid                                                 (736)     (1,692)
                                                                               
Net cash outflow from returns on investments and              (736)     (1,692)
servicing of finance                                                           
                                                                               
Taxation                                                                       
                                                                               
Overseas taxation recovered                                      25          38
                                                                               
Taxation recovered                                               25          38
                                                                               
Financial investment                                                           
                                                                               
Purchase of investments                                   (187,551)   (263,308)
                                                                               
Disposal of investments                                     223,444     254,390
                                                                               
Net cash inflow/(outflow) from financial investment          35,893     (8,918)
                                                                               
Derivative activities                                                          
                                                                               
Premium received on options                                   1,111       3,441
                                                                               
Premium paid on options                                     (1,390)     (1,365)
                                                                               
Proceeds of derivative instruments                              406       5,923
                                                                               
Movements on amounts held at futures clearing houses        (1,627)       (843)
and brokers                                                                    
                                                                               
Net cash (outflow)/inflow from derivative activities        (1,500)       7,156
                                                                               
Dividend paid to shareholders                               (5,125)     (9,655)
                                                                               
Net cash inflow/(outflow) before use of liquid               30,073    (10,196)
resources and financing                                                        
                                                                               
Net cash inflow from management of liquid resources               -       9,091
                                                                               
Net cash inflow/(outflow) before financing                   30,073     (1,105)
                                                                               
Financing                                                                      
                                                                               
Issue of ordinary shares                                          -         754
                                                                               
Repurchase of ordinary shares                                     -       (124)
                                                                               
5.435% fixed rate unsecured loan repaid                    (27,000)           -
                                                                               
5.655% fixed rate unsecured loan repaid                           -     (8,000)
                                                                               
Net cash outflow from financing                            (27,000)     (7,370)
                                                                               
Increase/(decrease) in cash                                   3,073     (8,475)

The above statements have been prepared on the basis of the accounting policies
as set out in the annual financial statements to 31 August 2010. This
preliminary statement, which has been agreed with the Auditor, was approved by
the Board on 5 November 2010. It is not the Company's statutory financial
statements.  The statutory financial statements for the financial year ended 31
August 2009 have been delivered to the Registrar of Companies. The statutory
financial statements for the financial year ended 31 August 2010 have been
approved and audited but have not yet been filed. The statutory financial
statements for the financial years ended 31 August 2009 and 31 August 2010
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 15
November 2010.