Fidelity Special Values Plc – Half-year Financial Report

Fidelity Special Values PLC

Half-Yearly Results for the six months ended 28 February 2026 (unaudited)

Financial Highlights:

· The Board of Fidelity Special Values PLC (the «Company») declares an interim
dividend of 3.49 pence per share, an increase of 3.9% from the prior year
interim dividend.
· During the six months ended 28 February 2026, the Company reported an
ordinary share price total return of +23.1% and Net Asset Value (NAV) total
return of +17.1%.

· Over the same period, the Benchmark, the FTSE All-Share Index, returned
+18.9%.

· Financials, select defensive positions and resources among top contributors.

· The Portfolio Managers believe UK market’s defensive sector composition
should offer some resilience compared with other regions.

Contacts

For further information, please contact:

Smita Amin

Company Secretary

01737 836347

FIL Investments International

Chair’s Statement

Overview and Performance

This is my first report to you as Chair of the Company, and also the first time
since February 2016 that we have included a statement from the Chair at the half
-year stage. It is a privilege to have taken on this role, and in an
increasingly fast-moving geopolitical and industry environment, my Board
colleagues and I felt it would be useful to take this opportunity to provide a
more frequent update to shareholders alongside your Portfolio Manager, Alex
Wright’s regular interim review.

Your Company has continued to perform well in the period under review, with NAV
and share price total returns of +17.1% and +23.1% respectively, compared with
the FTSE All-Share Index (Benchmark) return of +18.9%. This is despite the fact
that the performance of the UK equity market has continued to be driven
principally by the largest companies, with mid-sized and smaller companies,
which make up the greater part of your Company’s portfolio, lagging behind. (The
FTSE 100 Index returned +20.0% in the six months to 28 February 2026, while the
Mid-Cap FTSE 250 Index saw a total return of +11.5%). You can read more about
the drivers of performance in the Portfolio Manager’s Review below, but in
brief, the contributors to returns have included banks and defence stocks,
merger and acquisition (M&A) activity, and not owning some highly valued larger
companies such as Diageo and London Stock Exchange Group, which have performed
poorly.

It is encouraging to see Alex and his co-Portfolio Manager Jonathan Winton’s
value-orientated, contrarian approach continuing to keep up in an environment in
which UK equities have again outperformed other developed markets (and
particularly the US) in both sterling and US dollar terms. Your Company’s
investment strategy has been proven to perform across investment cycles, with
not only double-digit annualised returns over one, three, five and ten years,
but also excellent returns since launch in 1994, and throughout Alex’s tenure
from 2012. The Board continue to have confidence in this disciplined investment
strategy, which we believe has increasing relevance in the current uncertain
environment.

Dividends

While your Company’s investment approach is focused on long-term capital growth
rather than income generation, dividends have historically formed an important
part of the total shareholder return. The Board’s policy is to pay dividends
twice a year, in order to smooth the dividend payments for the Company’s
financial year.

The Company’s revenue return for the six months to 28 February 2026 was 2.48
pence per share (28.02.25: 3.51 pence), and the Board is recommending an interim
dividend of 3.49 pence per share (28.02.25: 3.36 pence) to be paid on 22 June
2026 to shareholders on the register at the close of business on 15 May 2026 (ex
-dividend date 14 May 2026). This represents an increase of 3.9% on the prior
period interim dividend.

Fidelity Special Values has a strong and consistent dividend history, with the
Board having maintained or grown the dividend in each of the past 16 years. The
Company has substantial revenue reserves (£32m or 9.9 pence per share at end of
February 2026) on which we have drawn only once, during the Covid pandemic in
2020. We remain committed to this track record of delivering income alongside
capital growth, a record that places the Company towards the top of the
Association of Investment Companies’ list of `next-generation dividend heroes’.

Discount Management and Share Issuance

Investment trust discounts remain wide, standing at an average of 13.4% on
28February 2026, compared with 14.1% on 31 August 20251. Against this backdrop
it is encouraging to note that your Company’s rating has remained appreciably
better than this, beginning the half-year period at a discount to NAV of 3.1%
and ending it at a premium of 1.8%.

1 Source: Winterflood Investment Trusts, Refinitiv

Just as your Board seeks to maximise value for shareholders by using share
buybacks to limit the discount when supply exceeds demand (and thereby enhance
NAV per share), we also look to maintain an orderly market by issuing shares
when excess demand pushes the price above the NAV per share. During the period
under review, no shares were repurchased. However, with the shares trading at a
premium to NAV from late January 2026 until the end of the reporting period,
during February the Board was able to reissue all of the shares held in Treasury
(1,050,000) as well as 250,000 new shares from its blocklisting. At the latest
practicable date of this report, the share price remained at a premium to NAV of
0.6%.

While continued strong performance has undoubtedly helped to maintain demand for
your Company’s shares, the Board would also like to note our appreciation of
Fidelity’s ongoing efforts to raise the profile of the strategy, and in
particular the time that both Alex and Jonathan take to promote the Company in
the media and at investor events.

Board Changes

As noted above, I took over as Chair of the Company following the Company’s
Annual General Meeting on 11 December 2025, succeeding Dean Buckley, who had
served on the Board for 10 years and as Chair since December 2022. My fellow
Directors and I thank him for his significant contribution and dedicated service
over his tenure and wish him well in his future endeavours. I look forward to
building on the strong foundations he and his predecessors have established, and
to working with the Board and Fidelity in the interests of all shareholders.

Christopher Casey, who joined the Board in January 2025, takes on my previous
roles as both Senior Independent Director and Chair of the Audit Committee.
Chris has a strong background in investment trusts and accountancy and will
bring rigour and accountability to both roles. We were also delighted to welcome
Hamish Baillie to the Board as a non-executive Director at the start of 2026.
Hamish brings a wealth of experience in investment trust management and closed
-ended fund governance, and his perspective will be a valuable addition to the
Board’s deliberations, further strengthening our collective expertise.

Board Strategy Day

In February 2026, the Board held its annual Strategy Day, which provides a
valuable opportunity to step back from our day-to-day oversight and consider
governance and strategy in a more top-down and forward-looking manner. We
undertake a comprehensive analysis of the strengths, weaknesses, opportunities
and threats facing the business, which can help to inform the Board’s priorities
over the coming year. As part of the day, we met with Fidelity’s risk team to
take a deeper dive into the opportunities and threats presented by artificial
intelligence (AI), as well as addressing the management of cyber-risk in the
broader business. The Strategy Day was also attended by a representative of our
new auditor, PricewaterhouseCoopers LLP.

Outlook

Recent developments in global trade policy and the war between the US, Israel
and Iran have further elevated ongoing geopolitical tensions and contributed to
increased volatility in commodity markets and supply chains, increasing
uncertainty around the global economy, and the trajectory of inflation and
interest rates on both sides of the Atlantic. However, your Company has
weathered many storms across more than thirty years, and we remain confident
that Alex and Jonathan’s patient and contrarian approach to identifying unloved
and undervalued companies, and their rigorous bottom-up investment process, will
continue to deliver attractive performance over the long-term notwithstanding
any shorter-term pressures for shareholders. As part of Fidelity, the managers
have a strong team behind them, and we as your Board remain committed to robust
governance and achieving long-term value for shareholders.

The success of the Company is borne out not only by its investment performance,
but also its long-term dividend record, and by the fact that strong investor
demand has meant that we have been able to issue new shares and grow the capital
base. This was further underlined by the three-yearly continuation vote held at
December’s AGM, in which 97.12% of those voting approved the continuation of the
Company as an investment trust. I would like to thank all shareholders for their
continued support, and I look forward to reporting further progress at the year
end.

Claire Boyle

Chair

28 April 2026

Portfolio Manager’s Half-Yearly Review

Performance

In the six month reporting period to 28 February 2026, the Company recorded
strong absolute returns with a net asset value («NAV») per share return of
+17.1% and a share price return of +23.1%, compared to a +18.9% return for the
FTSE All Share Index (the «Benchmark»), all on a total return basis. This report
seeks to summarise the period, highlight the key drivers of performance and set
out the Portfolio Manager’s forward-looking views.

The Company’s NAV underperformance against the Benchmark was primarily driven by
the performance divergence between large and mid-cap stocks in the UK market.
This was reflected in the FTSE 100’s gain of 20.0% compared with the FTSE 250’s
rise of 11.5%. Given the Company’s substantial exposure to mid-cap stocks, this
large-cap driven market environment weighed on relative returns, although this
was partly mitigated by strong stock selection within large-cap companies.

Market Review

The reporting period for this investment review is 1 September 2025 to 28
February 2026. As a result, the performance review and positioning update relate
to this period and therefore precede the events taking place in the Middle East
since early March 2026. We have, however, incorporated a forward-looking
perspective in the outlook section to reflect more recent developments. As this
remains a rapidly developing situation, the investment team’s views are subject
to change as events evolve.

UK equities delivered strong performance, supported by attractive relative
valuations, diversification by international investors and a gradually improving
global monetary backdrop. The period began with cautiousness ahead of the UK
Autumn Budget, as fiscal uncertainty weighed on investor sentiment, particularly
in domestically focused stocks. Mixed signals over possible revenue measures
added to the speculation. However, the final announcement revealed fewer near
-term fiscal surprises and reassured markets. Global central banks continued to
ease their policy stance, with both the US Federal Reserve and the Bank of
England delivering rate cuts before the end of the year.

2026 started on a strong note, supported by an improving growth narrative and
continued rotation towards more value-oriented areas of the market. Performance
was broad-based, with gains across the market-cap spectrum, led by mid and small
-caps. However, this was short lived, as February’s rally was driven strongly by
large-cap stocks, given its favourable sector mix and rotation away from
artificial intelligence («AI») companies. Global geopolitics remained an
important theme, contributing to volatility in energy and metals prices. For the
UK market this proved broadly supportive, given its sizeable exposure to oil
majors and mining companies, which benefited from firmer commodity pricing.

From a sector perspective, market gains were primarily led by basic materials,
utilities and health care, supported by a constructive environment for commodity
prices, while defensive sectors benefited from earnings resilience and a more
favourable growth backdrop. Technology was the only sector to post negative
returns, reflecting market concerns around AI disruption, notably in software
and information services companies. Against this backdrop, both value and growth
segments advanced, but value outperformed by a significant margin. Similarly,
large-cap stocks were the strongest performers, as investors favoured greater
international revenue exposure, while mid and small-cap stocks underperformed.

Portfolio Review

Over the period, the Company’s NAV delivered strong absolute returns but
underperformed its Benchmark.

Beverages company C&C Group declined against a challenging backdrop for the
hospitality sector. The company reported results below expectations, primarily
due to weaker performance in its distribution channels, reflecting softness in
wine and spirits and evidence of customers trading down across product
categories. However, its branded business (Tennent’s and Bulmers) delivered
robust growth, and the company is actively strengthening distribution channels
and product categories to improve profitability.

Elsewhere, shares in staffing companies Hays and PageGroup were a source of
weakness. Both companies were weighed down by weak underlying recruitment
markets, reflecting caution among both corporates and candidates when it comes
to undertaking job searches. Investor concerns have also centred around the
potential for disintermediation and job displacement from AI. We believe these
concerns are overstated and have yet to see clear evidence that AI has
structurally impaired these businesses. Current challenges appear largely
cyclical, and we are already seeing signs of improvement in staffing activity in
certain markets, such as the US, where AI adoption is the most advanced.

Within the consumer discretionary sector, our holdings in media agency WPP and
digital media company Future declined. WPP’s performance has been weaker than
expected, as we had believed the company was further along in its turnaround
journey following its previous restructuring. The company has since lost
meaningful market share, driven by client account losses and a cyclical downturn
in advertising spending. Concerns around potential disruption from AI have also
weighed on its shares. However, WPP remains an interesting turnaround
opportunity and its shares are trading at very attractive levels. The company is
under new management and has seen recent improvements in client account wins.
Future’s underperformance was driven by a valuation de-rating, reflecting
concerns over the impact of AI on its web traffic. The company has taken steps
to mitigate this, improving the diversification and monetisation of its content,
including a shift towards more direct, owned distribution channels. Its shares
are trading on low single-digit multiples, with the valuation underpinned by its
price comparison business. The company is highly cash generative and is carrying
out significant share buybacks, which is highly accretive to its earnings power.

Stock selection among large-cap companies contributed positively to performance,
driven by our lack of exposure to expensive `quality’ companies. Several of
these companies were impacted by market fears of AI disruption, such as RELX,
Experian, Compass and London Stock Exchange Group. Collectively, they witnessed
a sharp de-rating from their stretched valuation multiples. In addition, not
holding Diageo and 3i Group contributed positively, as both companies came under
pressure from weaker earnings, and in Diageo’s case, structural concerns around
future demand for spirits.

Integrated utility company SSE was the top owned contributor to relative
performance. Its shares rose after it announced a multi-year investment plan
focused on regulated networks and renewables. In November, the company unveiled
a £33 billion five-year investment programme, including a £2 billion equity
raise, as it seeks to upgrade the UK’s regulated electricity networks, bolster
its renewables business and strengthen its balance sheet. Geotechnical
engineering company Keller also outperformed, supported by a continued run of
earnings upgrades. The business has become more streamlined and is benefiting
from strong demand linked to data centre activity and infrastructure-related
projects in the US.

Gold miners have benefited from the continued shift in central bank reserves
away from US Treasuries, as well as strong retail demand for precious metals,
both of which underpinned the rally in the commodity price. South Africa-focused
gold miner Pan African Resources advanced against this backdrop, alongside
delivering strong production updates and the ramp up of its new mine.

Defence remained a key market theme, supporting our holdings in defence
contractor Babcock and outsourcing company Serco. Babcock’s highly specialised
operations, growing international order book and ongoing self-help initiatives
continued to support share price performance. Serco, which has around 40%
revenue exposure to defence, gained from securing major contract wins and
renewals in both the US and the UK, helping to offset headwinds from the loss of
the Australian immigration contract. Elsewhere, the position in Mitie rallied
after the company delivered a robust half-year trading update, beating revenue
expectations and highlighting strong pipeline momentum. This strength has been
driven by growth in energy efficiency and data-centre related projects as well
as greater opportunities in the public-sector.

Within the banking sector, Standard Chartered was among the top contributors,
following a strong trading update in October 2025 that highlighted robust growth
in its global banking and wealth divisions. Not holding a position in HSBC
detracted from relative performance. However, we prefer Standard Chartered as
its wealth management business starts from a lower base and offers stronger
growth prospects.

Portfolio Positioning

We have actively recycled capital from areas of strong performance and leaned
into unloved businesses with attractive turnaround potential. While the
investment process is driven by bottom-up stock selection, we group the market
into four super sectors – financials, resources, defensives and other GDP
sensitive companies.

Financials remain our largest absolute sector weight, but this is highly
diversified across a variety of sub-sectors, geographies and business models. We
maintain a positive view on banks and continue to see value across our holdings.
These include emerging market-focused Standard Chartered, domestic lenders
Lloyds Banking Group, NatWest Group and Close Brothers, Irish banks AIB Group
and Permanent TSB Group Holdings, as well as a couple of smaller banking
positions. Over the period, we recycled part of our NatWest holding into Lloyds.
Our insurance exposure moderated as we took profits, while the Just Group
position acts as a cash proxy following the takeover bid from Brookfield Wealth
Solutions. We also selectively added to asset managers Jupiter and Man Group,
where valuations looked particularly attractive. Both companies subsequently
made further progress in their turnarounds.

Defensive companies generally performed well, and we have opportunistically
taken profits in several positions. These included consumer goods company
Reckitt Benckiser, tobacco companies Imperial Brands and British American
Tobacco, regulated grid operator National Grid and defence-related businesses
Babcock and Serco. In contrast, we added to our DCC position. The company has
shifted focus towards its core energy business with the disposal of its health
care business last year and planned sale of its technology division. While the
market has been cautious around the restructuring and the challenges of
navigating the energy transition, we believe these concerns are overdone and the
company is focusing on its higher return business.

We increased our position in a variety of cyclical areas, where we see
attractive valuations and turnaround potential. For example, staffing companies
(Hays, PageGroup and Sthree) are trading at trough valuation levels and offer an
attractive risk/reward profile over three to five years. Current valuations
reflect significant disruption to the businesses, while offering substantial
upside should a recovery in hiring materialise. We also see opportunities in
consumer-related sectors, alongside housing and construction, where valuations
remain depressed and stocks are pricing in significant negativity. Many of these
businesses combine attractive stock-specific opportunities with depressed
industry volumes, offering multiple catalysts to support a turnaround. We exited
low-cost carrier Ryanair following strong performance, as the investment thesis
had largely played out. Similarly, we sold Rolls Royce after strong execution in
its civil aerospace business and a significant improvement in margins, delivered
strong share price performance which led to more demanding valuations levels.

Within resources, our underweight position increased as the basic materials
sector sharply outperformed, notably precious metals and mining companies.
Against this strong performance backdrop, we trimmed our two small gold mining
positions and exited two copper miners. While we remain underweight large-cap
miners, reflecting our negative view on iron ore, we added to our Glencore
position, supported by its attractive commodity mix and our constructive long
-term outlook for copper. We also hold Kazatomprom, the world’s largest uranium
producer, which benefits from its low-cost position and favourable supply and
demand dynamics. The Company holds around 4.5% in oil companies, representing a
meaningful underweight relative to the UK benchmark and reflecting our cautious
medium-term outlook and sector valuations. Our largest position is French-listed
TotalEnergies, which remains our preferred oil major compared with UK peers.

Use of Gearing

We have continued to use contracts for difference (CFDs) to gear the portfolio’s
long exposure and eliminate some of the currency exposure for those holdings
listed outside of the UK. Overall, the Company’s net gearing increased from 5.4%
at the beginning of the period to 8.5% at the end of February 2026.

Outlook

We remain positive on the long-term outlook for UK equities. UK valuations
continue to trade at meaningful discounts to other major regions – both on
absolute price to earnings multiples and after adjusting for structural sector
differences, such as the heavy weighting of technology in US indices. The UK
still offers many pockets of value, particularly among smaller and mid-sized
companies.

There were early signs of an economic inflection, particularly across industrial
and consumer-facing sectors that have faced a prolonged period of weakness.
However, developments in the Middle East (as at 30 March) have clearly added
complexity and increased near-term uncertainty. The duration of the conflict
remains a key focus for markets, given its impact on oil prices, inflation,
interest rate policy, growth expectations and broader risk sentiment. On a
relative basis, the UK market’s defensive sector composition and meaningful
exposure to health care, utilities, consumer staples and oil majors should offer
some resilience compared with other regions.

As in previous periods of uncertainty, we are spending significant time engaging
with companies to understand how current conditions are affecting them and the
resilience of balance sheets. We are closely monitoring developments and
leveraging Fidelity’s extensive analyst network, both globally and across
industries, to see how wider trends could impact the portfolio. Our focus
remains on bottom-up fundamentals, with positioning decisions driven by
valuations and contrarian investment opportunities, rather than macro-economic
events.

Another recent development has been increased volatility linked to AI. Companies
perceived to be sensitive to AI disruption have sold off sharply. Markets have
indiscriminately punished anything with even indirect AI exposure, often without
clear evidence of structural impairment. We believe this environment
increasingly tilts in favour of value investors and plays to Fidelity’s
strengths in fundamental research. Companies trading on rich multiples leave
little margin for error. When investors assume a company’s monopoly advantage
will endure, even a modest shift in competitive dynamics, including the risk of
AI-driven disruption, can justify a meaningful de-rating. We have seen this
dynamic in information services and software businesses, where valuations have
rightly fallen from very high levels. However, in most cases they still remain
expensive, although there are areas of opportunity. Generally, the outlook for
many industries is less predictable and businesses regarded as having
unassailable moats or monopoly positions may not enjoy the same dominance in the
future.

We avoid companies where their stretched valuations rely on long-term certainty.
Instead, we focus on attractively valued businesses where the market has
overreacted to perceived AI threats and where balance sheets provide strong
downside support. The low valuation multiples we pay for stocks means that we do
not need to take a decisive view on the outlook beyond the next ten years. We
also look for cheap, underappreciated beneficiaries – companies with genuine
exposure to structural change that the market has yet to fully recognise, such
as outsourcing company Mitie, which supports the design and delivery of data
centres. Integrated utility company SSE also benefits from AI-related growth
through higher need for electricity grids and renewable energy demands.

We continue to believe that market conditions favour our value contrarian
investment style. When uncertainty is rife, this typically results in more
opportunities to pick up very attractively valued stocks. The large divergences
in performance between different parts of the market create good opportunities
to make attractive returns over a three-to-five-year view. The portfolio
benefits from a favourable upside/downside profile and our holdings trade at a
meaningful discount to the broader UK market, despite having the potential for
robust earnings growth, strong returns on capital and relatively low levels of
debt. This quality profile reinforces our confidence in delivering attractive
long-term returns for investors.

Alex Wright

Portfolio Manager

28 April 2026

Twenty Largest Holdings

As at 28 February 2026

The Asset Exposures shown below measure exposure to market price movements as a
result of owning shares, bonds and derivative instruments. The Fair Value is the
realisable value of the portfolio as reported in the Balance Sheet. Where the
Company holds shares and bonds, the Asset Exposure and Fair Value will be the
same. For derivative instruments, Asset Exposure is the market value of the
underlying asset to which the Company is exposed, while the Fair Value reflects
the profit or loss on the contract since it was opened, and is based on how much
the share price of the underlying asset has moved.

Asset Exposure Fair Value
£’000 %1 £’000
Exposures – shares
unless otherwise
stated
Standard Chartered
Banks 64,407 4.4 64,407
DCC
Industrial Support 62,306 4.3 62,306
Services
Lloyds Banking Group
Banks 51,278 3.5 51,278
TotalEnergies (long
CFDs)
Oil Gas & Coal 49,211 3.4 402
Aviva
Life Insurance 48,169 3.3 48,169
SSE
Electricity 47,980 3.3 47,980
British American
Tobacco
Tobacco 44,162 3.0 44,162
Smith & Nephew
Medical Equipment & 41,454 2.8 41,454
Services
AstraZeneca
Pharmaceuticals & 41,104 2.8 41,104
Biotechnology
Glenveagh Properties
(shares and long
CFDs)
Household Goods & 39,867 2.7 39,464
Home Construction
Imperial Brands
Tobacco 36,888 2.5 36,888
NatWest Group
Banks 35,576 2.4 35,576
AIB Group (long CFDs)
Banks 33,754 2.3 (496)
Mitie Group
Industrial Support 33,566 2.3 33,566
Services
Just Group
Life Insurance 31,449 2.2 31,449
Serco Group
Industrial Support 31,210 2.1 31,210
Services
Greencore Group
Food Producers 30,757 2.1 30,757
Cairn Homes (long
CFDs)
Household Goods & 29,034 2.0 1,302
Home Construction
Keller Group
Construction & 26,693 1.8 26,693
Materials
Glencore
Industrial Metals & 26,371 1.8 26,371
Mining
————— ————— —————
Twenty largest 805,236 55.0 694,042
exposures
————— ————— —————
Other exposures 784,250 53.5 717,134
————— ————— —————
Gross Asset Exposure 1,589,486 108.5
(114 holdings)
Portfolio Fair Value ========= ========= 1,411,176
=========

1Asset Exposure is expressed as a percentage of Shareholders’ Funds.

Interim Management Report and Directors’ Responsibility Statement

Principal and Emerging Risks

The Board, with the assistance of the Manager (FIL Investment Services (UK)
Limited), has developed a risk matrix which, as part of the risk management and
internal controls process, identifies the key existing and emerging risks and
uncertainties faced by the Company.

The Board considers that the principal risks and uncertainties faced by the
Company continue to fall into the following categories: economic, geopolitical
and market; competition and marketplace threats impacting business growth;
investment performance (including the use of derivatives and gearing); changes
in legislation, taxation or regulation; cybercrime and information security;
business continuity and crisis management; operational; key person and
operational support; and discount control. Information on each of these risks is
given on pages 26 to 29 in the Strategic Report section of the Annual Report for
the year ended 31 August 2025, a copy of which can be found on the Company’s
pages of the Manager’s website at www.fidelity.co.uk/specialvalues.

Although the principal risks and uncertainties remain the same as those at the
last year end, the magnitude of their uncertainty continues to change.
Geopolitical risks facing the company continue to increase, including political
and trade tensions globally, trade sanctions and a challenging regulatory
environment hindering investment. Global economic uncertainty is raised by the
recent Middle East conflict injecting fresh volatility into global markets and
oil prices and supplies, the ongoing war in Ukraine, tensions between China and
the US and South Korea and North Korea, the South China Sea dispute affecting
shipping routes and implications of China and Taiwan relations. The Board and
the Manager remain vigilant in monitoring such risks.

Other emerging risks may continue to evolve from future geopolitical and
economic events.

In recent months, there have been developments around the FCA’s proposed
Consumer Composite Investment (CCI) cost disclosure. The developments have been
encouraging and should help investors. The Pension Schemes Bill, as currently
proposed, excludes investment trusts and there is a risk that if adopted this
could divert demand away from investment trusts.

There continues to be an increase in the threats facing the investment trust
sector and this has resulted in a rise in merger and acquisition activity. The
Board, the Manager, and the Company’s Broker closely monitor industry activity
and the peer group and actively manage supply and demand through its discount
polices and mechanisms. In addition, an annual strategy review is undertaken by
the Board to ensure that the Company continues to offer a relevant product to
shareholders.

The investment company sector has generally suffered from wider discounts
compared to long-term averages. Against this background, the Company has not
needed to use its discount management policy and was trading at a premium during
part of and at the end of the reporting period.

Climate change continues to be a key emerging and principal risk confronting
asset managers and how this may impact the Company as a risk on investment
valuations and potentially shareholder returns. It can potentially impact the
operations of investee companies, their supply chains and their customers.
Additional risks may also arise from increased regulations, costs and net-zero
programmes which can all impact investment returns. The Board notes the
Manager’s ESG considerations, including climate change, in the Company’s
investment process and how it may affect investment valuations and potentially
shareholder returns.

The Board and the Manager are also monitoring the emerging risks and
opportunities posed by the rapid advancement of artificial intelligence («AI»)
and technology and how this may threaten the Company’s activities and its
potential impact on the portfolio and investee companies. AI can provide asset
managers with powerful tools, such as enhancing data analysis, risk management,
trading strategies, operational efficiency and client servicing, all of which
can lead to better investment outcomes and more efficient operations. However,
with these advances in computer power, there are risks from its increasing use
and manipulation with the potential to harm, including a heightened threat to
cybersecurity.

Market fluctuations will impact the value of shares in the Company and investors
should remember that holding shares in the Company should be considered to be a
long-term investment. Risks are mitigated by the investment trust structure of
the Company which means that the Portfolio Manager is not required to trade to
meet investor redemptions. Therefore, investments in the Company’s portfolio can
be held over a longer-time horizon.

The Manager has appropriate business continuity and operational resilience plans
in place to ensure the continued provision of services. This includes investment
team key activities, including those of portfolio managers, analysts and
trading/support functions. The Manager reviews its operational resilience
strategies on an ongoing basis and continues to take all reasonable steps in
meeting its regulatory obligations, assess its ability to continue operating and
the steps it needs to take to serve and support its clients, including the
Board.

The Company’s other third-party service providers also have similar measures in
place to ensure that business disruption is kept to a minimum.

Transactions with the Manager and Related Parties

The Manager has delegated the Company’s portfolio management of assets and
company secretariat services to FIL Investments International. Transactions with
the Manager and related party transactions with the Directors are disclosed in
Note 13 to the Financial Statements below.

Going Concern Statement

The Directors have considered the Company’s investment objective, risk
management policies, liquidity risk, credit risk, capital management policies
and procedures, the nature of its portfolio, its expenditure and cash flow
projections. The Directors, having considered the liquidity of the Company’s
portfolio of investments (being mainly securities which are readily realisable)
and the projected income and expenditure, are satisfied that the Company is
financially sound and has adequate resources to meet all of its liabilities and
ongoing expenses and can continue in operational existence for a period of at
least twelve months from the date of this Half-Yearly Report.

This conclusion also takes into account the Board’s assessment of the ongoing
risks as outlined above.

Accordingly, the Financial Statements of the Company have been prepared on a
going concern basis.

Continuation votes are held every three years and the last continuation vote was
put to shareholders at the AGM on 11 December 2025. 97.12% of the votes cast
were in favour of continuation. The next continuation vote will be put to
shareholders at the AGM in January 2029.

By Order of the Board

FIL Investments International

28 April 2026

Directors’ Responsibility Statement

The Disclosure Guidance and Transparency Rules («DTR») of the Financial Conduct
Authority require the Directors to confirm their responsibilities in relation to
the preparation and publication of the Interim Management Report and Financial
Statements.

The Directors confirm to the best of their knowledge that:

a)the condensed set of Financial Statements contained within the Half-Yearly
Report has been prepared in accordance with the Financial Reporting Council’s
Standard: FRS 104: Interim Financial Reporting; and

b)the Chair’s Statement, Portfolio Manager’s Half-Yearly Review and the Interim
Management Report above, include a fair review of the information required by
DTR 4.2.7R and 4.2.8R.

In line with previous years, the Half-Yearly Report has not been audited by the
Company’s Independent Auditor.

The Half-Yearly Report was approved by the Board on 28 April 2026 and the above
responsibility statement was signed on its behalf by Claire Boyle, Chair.

FINANCIAL STATEMENTS

Income Statement

For the six months ended 28 February 2026

Six Six
Year
months months
ended
ended 28 ended 28
31
February February
August
2026 2025
2025

unaudited unaudited
audited
Notes Revenue Capital Total Revenue Capital Total
Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
£’000 £’000 £’000
Gains on – 186,400 186,400 – 9,427 9,427 –
117,016 117,016
investments
Gains/(losse – 20,154 20,154 – (1,264) (1,264) –
2,195 2,195

s)
on
derivative
instruments
Investment 4 13,514 – 13,514 17,399 – 17,399
51,646 – 51,646
and
derivative
income
Other 4 1,627 – 1,627 845 – 845
2,375 – 2,375
interest
Investment 5 (4,002) – (4,002) (3,315) – (3,315)
(6,857) – (6,857)
management
fees
Other (497) – (497) (470) – (470)
(944) – (944)
expenses
Foreign – 18 18 – (66) (66) –
(546) (546)
exchange
gains/(losse

s)
——— ——- ——- ——— ——- ——- –
—— ——- ——-
—- —— —— —- —— —— –
—– —— ——
Net return 10,642 206,572 217,214 14,459 8,097 22,556
46,220 118,665 164,885
on
ordinary
activities
before
finance
costs and
taxation
Finance 6 (2,612) – (2,612) (2,956) – (2,956)
(6,225) – (6,225)
costs
——— ——- ——- ——— ——- ——- –
—— ——- ——-
—- —— —— —- —— —— –
—– —— ——
Net return 8,030 206,572 214,602 11,503 8,097 19,600
39,995 118,665 158,660
on
ordinary
activities
before
taxation
Taxation on 7 (31) – (31) (118) – (118)
(272) – (272)
return on
ordinary
activities
——— ——- ——- ——— ——- ——- –
—— ——- ——-
—- —— —— —- —— —— –
—– —— ——
Net return 7,999 206,572 214,571 11,385 8,097 19,482
39,723 118,665 158,388
on
ordinary
activities
after
taxation
for the
period
======= ======= ======= ======= ======= =======
======= ======= =======
Return per 8 2.48p 63.92p 66.40p 3.51p 2.50p 6.01p
12.28p 36.67p 48.95p
ordinary
share
======= ======= ======= ======= ======= =======
======= ======= =======

The Company does not have any other comprehensive income. Accordingly, the net
return on ordinary activities after taxation for the period is also the total
comprehensive income for the period and no separate Statement of Comprehensive
Income has been presented.

The total column of this statement represents the Income Statement of the
Company. The revenue and capital columns are supplementary and presented for
information purposes as recommended by the Statement of Recommended Practice
issued by the AIC.

No operations were acquired or discontinued in the period and all items in the
above statement derive from continuing operations.

Statement of Changes in Equity

For the six months ended 28 February 2026

Notes Share Share Capital Other non Capital
Revenue Total
premium -distributable reserve
reserve shareholders’
capital redemption
funds
account £’000
£’000
£’000 reserve
£’000
£’000 reserve
£’000
£’000
Six months
ended 28
February
2026
(unaudited)
Total 16,205 238,442 3,256 5,152 949,776
54,357 1,267,188
Shareholders’
funds at 31
August 2025
New ordinary 11 12 1,125 – – –
– 1,137
shares issued
Issue of 11 – 1,236 – – 3,469
– 4,705
ordinary
shares
from
Treasury
Net return on – – – – 206,572
7,999 214,571
ordinary
activities
after
taxation
for
the period
Dividend paid 9 – – – – –
(22,097) (22,097)
to
Shareholders
——– ——– ———- ————- ———
——– ————-
——- ——- —– — ——
——- —
Total 16,217 240,803 3,256 5,152 1,159,817
40,259 1,465,504
Shareholders’
funds at 28
February 2026
======== ======== ======== ======== ========
======== ========
Six months
ended 28
February
2025
(unaudited)
Total 16,205 238,442 3,256 5,152 834,580
45,906 1,143,541
Shareholders’
funds at 31
August 2024
Repurchase of 11 – – – – (2,628)
– (2,628)
ordinary
shares
into Treasury
Net return on – – – – 8,097
11,385 19,482
ordinary
activities
after
taxation
for
the period
Dividend paid 9 – – – – –
(20,418) (20,418)
to
Shareholders
——– ——– ———- ————- ———
——– ————-
——- ——- —– — ——
——- —
Total 16,205 238,442 3,256 5,152 840,049
36,873 1,139,977
Shareholders’
funds at 28
February 2025
======== ======== ======== ======== ========
======== ========
Year ended 31
August 2025
(audited)
Total 16,205 238,442 3,256 5,152 834,580
45,906 1,143,541
Shareholders’
funds at 31
August 2024
Repurchase of 11 – – – – (3,469)
– (3,469)
ordinary
shares
into Treasury
Net return on – – – – 118,665
39,723 158,388
ordinary
activities
after
taxation
for
the year
Dividends 9 – – – – –
(31,272) (31,272)
paid
to
Shareholders
——– ——– ———- ————- ———
——– ————-
——- ——- —– — ——
——- —
Total 16,205 238,442 3,256 5,152 949,776
54,357 1,267,188
Shareholders’
funds at 31
August 2025
======== ======== ======== ======== ========
======== ========

Balance Sheet

as at 28 February 2026
Company number 2972628

Notes 28 31 August 28 February
February
2025 2025
2026
audited unaudited
unaudited
£’000 £’000
£’000
Fixed assets
Investments 10 1,410,180 1,164,423 1,094,910
========= ========= =========
Current assets
Derivative instruments 10 2,489 1,213 4,028
Debtors 7,745 10,672 12,374
Amounts held at futures 120 1,300 795
clearing houses and
brokers
Cash and cash equivalents 48,690 94,109 41,676
——— ——— —————-
——- ——-
59,044 107,294 58,873
========= ========= =========
Current liabilities
Derivative instruments 10 (1,493) (3,530) (6,096)
Other creditors (2,227) (999) (7,710)
(3,720) (4,529) (13,806)
——— ——— —————-
——- ——-
Net current assets 55,324 102,765 45,067
——— ——— —————-
——- ——-
Net assets 1,465,504 1,267,188 1,139,977
========= ========= =========
Capital and reserves
Share capital 11 16,217 16,205 16,205
Share premium account 240,803 238,442 238,442
Capital redemption 3,256 3,256 3,256
reserve
Other non-distributable 5,152 5,152 5,152
reserve
Capital reserve 1,159,817 949,776 840,049
Revenue reserve 40,259 54,357 36,873
——— ——— —————-
——- ——-
Total shareholders’ funds 1,465,504 1,267,188 1,139,977
========= ========= =========
Net asset value per 12 451.83p 392.26p 352.61p
ordinary share
========= ========= =========

Cash Flow Statement

for the six months ended 28 February 2026

28 28 31 August
February February
2025
2026 2025
audited
unaudited unaudited
£’000
£’000 £’000
Operating
activities
Investment 17,565 18,750 42,920
income
received
Net 3,287 1,796 5,969
derivative
income
received
Interest 1,627 822 2,352
received
Investment (3,950) (3,361) (6,820)
management
fee paid
Directors’ (129) (93) (181)
fees paid
Other cash (402) (141) (801)
payments
——— ——— ———
——- ——- ——-
Net cash 17,998 17,773 43,439
inflow from
operating
activities
before
finance costs
and taxation
========= ========= =========
Finance costs (2,655) (2,974) (6,228)
paid
Overseas (27) 251 (223)
taxation
(suffered)/rec
overed
——— ——— ———
——- ——- ——-
Net cash 15,316 15,050 36,988
inflow from
operating
activities
========= ========= =========
Investing
activities
Purchases of (268,815) (162,160) (352,069)
investments
Sales of 207,368 194,529 425,818
investments
Receipts on 39,275 27,326 70,434
long CFDs
Payments on (21,914) (21,241) (61,062)
long CFDs
Receipts on – 460 460
short CFDs
Payments on – (1,621) (1,622)
short CFDs
Movement on 1,180 (795) (1,300)
amounts held
at futures
clearing
houses and
brokers
——— ——— ———
——- ——- ——-
Net cash (42,906) 36,498 80,659
(outflow)/infl
ow from
investing
activities
——— ——— ———
——- ——- ——-
Net cash (27,590) 51,548 117,647
(outflow)/infl
ow before
financing
activities
========= ========= =========
Financing
activities
Dividends (22,097) (20,418) (31,272)
paid
Repurchase of – (1,137) (3,469)
ordinary
shares
Net proceeds 4,250 – –
from issue of
ordinary
shares
——— ——— ———
——- ——- ——-
Net cash (17,847) (21,555) (34,741)
outflow from
financing
activities
——— ——— ———
——- ——- ——-
Net (45,437) 29,993 82,906
(decrease)/inc
rease in cash
and cash
equivalents
——— ——— ———
——- ——- ——-
Cash and cash 94,109 11,749 11,749
equivalents
at the
beginning of
the period
Effect of 18 (66) (546)
movement in
foreign
exchange
——— ——— ———
——- ——- ——-
Cash and cash 48,690 41,676 94,109
equivalents
at the end of
the period
========= ========= =========
Represented
by:
Cash at bank 2,501 2,408 1,937
Amount held 46,189 39,268 92,172
in Fidelity
Institutional
Liquidity
Fund
——— ——— ———
——- ——- ——-
48,690 41,676 94,109
========= ========= =========

Notes to the Financial Statements

1 Principal Activity

Fidelity Special Values PLC is an Investment Company incorporated in England and
Wales that is listed on the London Stock Exchange. The Company’s registration
number is 2972628, and its registered office is Beech Gate, Millfield Lane,
Lower Kingswood, Tadworth, Surrey KT20 6RP. The Company has been approved by HM
Revenue & Customs as an Investment Trust under Section 1158 of the Corporation
Tax Act 2010 and intends to conduct its affairs so as to continue to be
approved.

2 Publication of Non-statutory Accounts

The Financial Statements in this Half-Yearly Report have not been audited by the
Company’s Independent Auditor and do not constitute statutory accounts as
defined in section 434 of the Companies Act 2006 (the «Act»). The financial
information for the year ended 31 August 2025 is extracted from the latest
published Financial Statements of the Company. Those Financial Statements were
delivered to the Registrar of Companies and included the Independent Auditor’s
Report which was unqualified and did not contain a statement under either
section 498(2) or 498(3) of the Act.

3 Accounting Policies

(i) Basis of Preparation

The Company prepares its Financial Statements on a going concern basis and in
accordance with UK Generally Accepted Accounting Practice («UK GAAP») and FRS
102: The Financial Reporting Standard applicable in the UK and Republic of
Ireland, issued by the Financial Reporting Council. The Financial Statements are
also prepared in accordance with the Statement of Recommended Practice:
Financial Statements of Investment Trust Companies and Venture Capital Trusts
(«SORP») issued by the Association of Investment Companies («AIC») in July 2022.
FRS 104: Interim Financial Reporting has also been applied in preparing this
condensed set of Financial Statements. The accounting policies followed are
consistent with those disclosed in the Company’s Annual Report and Financial
Statements for the year ended 31 August 2025.

(ii) Going Concern

The Directors have a reasonable expectation that the Company has adequate
resources to continue in operational existence for a period of at least twelve
months from the date of approval of these Financial Statements. Accordingly, the
Directors consider it appropriate to adopt the going concern basis of accounting
in preparing these Financial Statements. This conclusion also takes into account
the Directors’ assessment of the risks faced by the Company as detailed in the
Interim Management Report above.

4 Income

Six Six Year
months months
ended ended ended
28 28 31 August 2025
February February
2026 2025 audited

unaudited unaudited £’000

£’000 £’000
Investment income
UK dividends 8,882 11,409 33,971
UK property income distributions 304 788 1,522
UK scrip dividends – 512 512
UK property income scrip dividends 264 – –
Interest on securities 180 964 1,512
Overseas dividends 1,540 2,283 7,562
——— ——— —————-
——- ——-
11,170 15,956 45,079
Derivative income
Dividends received on long CFDs 2,344 1,443 6,567
——— ——— —————-
——- ——-
Investment and derivative income 13,514 17,399 51,646

Other interest
Interest received on bank 1,627 823 2,352
deposits, collateral and money
market funds
Interest received on CFDs – 22 23
1,627 845 2,375
——— ——— —————-
——- ——-
Total income 15,141 18,244 54,021
========= ========= =========

Special dividends of £1,133,000 have been recognised in capital during the
period (six months ended 28 February 2025 and year ended 31 August 2025:
£2,947,000).

5 Investment Management Fees

Six months ended Six months Year
ended
28 February 2026 ended
28 February 2025
unaudited 31 August 2025
unaudited
£’000 audited
£’000
£’000
Investment management fees 4,002 3,315 6,857
========= ========= =========

FIL Investment Services (UK) Limited is the Company’s Alternative Investment
Fund Manager and has delegated portfolio management to FIL Investments
International («FII»). Both companies are Fidelity group companies.

FII charges investment management fees at an annual rate of 0.60% of net assets.
Fees are accrued on a daily basis and payable monthly.

6 Finance Costs

Six months ended Six months Year

28 February 2026 ended ended

unaudited 28 February 2025 31 August 2025

£’000 unaudited audited

£’000 £’000
Interest paid on 2,581 2,938 6,122
CFDs
Interest paid on 31 18 103
bank overdrafts
—————- —————- —————-
2,612 2,956 6,225
========= ========= =========

7 Taxation on Return on Ordinary Activities

Six months ended Six months Year

28 February 2026 ended ended

unaudited 28 February 2025 31 August 2025

£’000 unaudited audited

£’000 £’000
Overseas taxation 31 118 272
—————- —————- —————-
Total taxation 31 118 272
charge for the
period
========= ========= =========

8 Return per Ordinary Share

Six months Six months Year
ended
ended ended
28 February
2026 28 February 31 August 2025
2025
unaudited audited
unaudited
Revenue return per ordinary share 2.48p 3.51p 12.28p
Capital return per ordinary share 63.92p 2.50p 36.67p
———– ———– —————-
—– —–
Total return per ordinary share 66.40p 6.01p 48.95p
========= ========= =========
The return per ordinary share is
based on the net return on
ordinary activities after
taxation for the period divided
by the weighted average number of
ordinary shares held outside of
Treasury during the period, as
shown below:
£’000 £’000 £’000
Net revenue return on ordinary 7,999 11,385 39,723
activities after taxation
Net capital return on ordinary 206,572 8,097 118,665
activities after taxation
———– ———– —————-
—– —–
Net total return on ordinary 214,571 19,482 158,388
activities after taxation
========= ========= =========
Number Number Number
Weighted average number of 323,151,130 324,066,047 323,570,427
ordinary shares held outside of
Treasury
========= ========= =========

9 Dividends Paid to Shareholders

Six Six Year
months months
ended ended
ended
28 31 August
February 28 2025
2026 February
2025 audited
unaudited
unaudited £’000
£’000
£’000
Final dividend of 6.84 pence per ordinary 22,097 – –
share paid for the year ended 31 August 2025
Interim dividend of 3.36 pence per ordinary – – 10,854
share paid for the year ended 31 August 2025
Final dividend of 6.30 pence per ordinary – 20,418 20,418
share paid for the year ended 31 August 2024
——— ——— ———
——- ——- ——-
22,097 20,418 31,272
========= ========= =========

The Company has declared an interim dividend for the six month period to 28
February 2026 of 3.49 pence per ordinary share (2025: 3.36 pence). The interim
dividend will be paid on 22 June 2026 to shareholders on the register at the
close of business on 15 May 2026 (ex-dividend date 14 May 2026). The total cost
of this interim dividend, which has not been included as a liability in these
Financial Statements, is £11,320,000 (2025: £10,854,000). This amount is based
on the number of ordinary shares in issue held at the date of this report.

10 Fair Value Hierarchy

The Company is required to disclose the fair value hierarchy that classifies its
financial instruments measured at fair value at one of three levels, according
to the relative reliability of the inputs used to estimate the fair values.

Classification Input
Level 1 Valued using quoted prices in active markets for identical
assets
Level 2 Valued by reference to inputs other than quoted prices
included in level 1 that are observable (i.e. developed using
market data) for the asset or liability, either directly or
indirectly
Level 3 Valued by reference to valuation techniques using inputs that
are not based on observable market data

Categorisation within the hierarchy has been determined on the basis of the
lowest level input that is significant to the fair value measurement of the
relevant asset. The valuation techniques used by the Company are as disclosed in
the Company’s Annual Report for the year ended 31 August 2025 (Accounting
Policies Notes 2 (k) and 2 (l) on pages 62 and 63). The table below sets out the
Company’s fair value hierarchy:

28 February 2026 (unaudited) Level 1 Level 2 Level 3 Total

£’000 £’000 £’000 £’000
Financial assets at fair
value through profit or loss
Investments 1,407,596 2,391 193 1,410,180
Derivative instrument assets – 2,489 – 2,489
——— ——— ——— ———
——- ——- ——- ——-
1,407,596 4,880 193 1,412,669
========= ========= ========= =========
Financial liabilities at fair
value through profit or loss
Derivative instrument – (1,493) – (1,493)
liabilities
========= ========= ========= =========

31 August 2025 (audited) Level 1 Level 2 Level 3 Total

£’000 £’000 £’000 £’000
Financial assets at fair
value through profit or loss
Investments 1,159,745 2,357 2,321 1,164,423
Derivative instrument assets – 1,213 – 1,213
——— ——— ——— ———
——- ——- ——- ——-
1,159,745 3,570 2,321 1,165,636
========= ========= ========= =========
Financial liabilities at fair
value through profit or loss
Derivative instrument – (3,530) – (3,530)
liabilities
========= ========= ========= =========

28 February 2025 (unaudited) Level 1 Level 2 Level 3 Total

£’000 £’000 £’000 £’000
Financial assets at fair
value through profit or loss
Investments 1,070,007 24,358 545 1,094,910
Derivative instrument assets – 4,028 – 4,028
——— ——— ——— ———
——- ——- ——- ——-
1,070,007 28,386 545 1,098,938
========= ========= ========= =========
Financial liabilities at fair
value through profit or loss
Derivative instrument – (6,096) – (6,096)
liabilities
========= ========= ========= =========

11 Share Capital

28 February 31 August 28 February
2026 2025 2025

unaudited audited unaudited
Number of Nominal Number of Nominal Number of
Nominal
shares value shares value shares value
£’000 £’000 £’000
Issued,
allotted
and
fully paid
ordinary
shares of 5
pence
each held
outside of
Treasury
Beginning 323,048,920 16,152 324,098,920 16,205 324,098,920 16,205
of the
period
Ordinary 1,050,000 53 – – – –
shares
issued out
of
Treasury
New 250,000 12 – – – –
ordinary
shares
issued
Ordinary – – (1,050,000) (53) (800,000) (40)
shares
repurchased
into
Treasury
———– ——— ———– ——— ———– ——
—
—– ——- —– ——- —– ——
–
End of the 324,348,920 16,217 323,048,920 16,152 323,298,920 16,165
period
Ordinary
shares of 5
pence each
held in
Treasury1
Beginning 1,050,000 53 – – – –
of the
period
Ordinary (1,050,000) (53) – – – –
shares
issued out
of
Treasury
Ordinary – – 1,050,000 53 800,000 40
shares
repurchased
into
Treasury
End of the – – 1,050,000 53 800,000 40
period
———– ——— ———– ——— ———– ——
—
—– ——- —– ——- —– ——
–
Total share 16,217 16,205 16,205
capital
========= ========= ========= ========= =========
=========

1Ordinary shares held in Treasury carry no rights to vote, to receive a dividend
or to participate in a winding up of the Company.

During the period, 250,000 new ordinary shares were issued (year ended 31 August
2025 and six months to 28 February 2025: nil). The premium arising on the issue
of these new ordinary shares amounting to £1,125,000 was credited to the share
premium account.

In addition, 1,050,000 ordinary shares held in Treasury were issued (year ended
31 August 2025 and six months ended 28 February 2025: nil). As a result,
£1,236,000 was credited to the share premium account and £3,469,000 to capital
reserve.

No ordinary shares were repurchased into Treasury during the period (year ended
31 August 2025: 1,050,000 ordinary shares repurchased at a cost of £3,469,000
and six months ended 28 February 2025: 800,000 ordinary shares repurchased at a
cost of £2,628,000).

12 Net Asset Value per Ordinary Share

The calculation of the net asset value per ordinary share is based on the total
shareholders’ funds divided by the number of ordinary shares held outside of
Treasury.

28 February 31 August 2025 28 February
2026 2025
audited
unaudited unaudited
Total shareholders’ funds £1,465,504,000 £1,267,188,000 £1,139,977,000
Ordinary shares held outside 324,348,920 323,048,920 323,298,920
of Treasury at the period end
Net asset value per ordinary 451.83p 392.26p 352.61p
share
========= ========= =========

It is the Company’s policy that shares held in Treasury will only be reissued at
a premium to net asset value per ordinary share and, therefore, shares held in
Treasury have no dilutive effect.

13 Transactions with the Manager and Related Parties

FIL Investment Services (UK) Limited is the Company’s Alternative Investment
Fund Manager and has delegated portfolio management and the role of Company
Secretary to FIL Investments International («FII»). Both companies are Fidelity
group companies.

Details of the current fee arrangements are given in Note 5 above. During the
period, the following expenses were payable to FII:

Six months ended Six months Year

28 February 2026 ended ended

unaudited 28 February 2025 31 August 2025

£’000 unaudited audited

£’000 £’000
Investment management fees 4,002 3,315 6,857
Marketing fees 115 123 230
========= ========= =========

At the Balance Sheet date, the following balances payable to FII were accrued
and included in other creditors:

Six months ended Year Six months

28 February 2026 ended ended

Unaudited 31 August 2025 28 February 2025

£’000 audited unaudited

£’000 £’000
Investment management fees 659 607 525
Marketing fees 65 33 87
========= ========= =========

As at 28 February 2026, the Board consisted of five non-executive Directors (as
shown in the Directory in the Half-Yearly Report), all of whom are considered to
be independent. None of the Directors have a service contract with the Company.

The annual fee structure from 1 September 2025 is as follows:

1 September

2025

£
Chair 52,000
Chair of the Audit Committee 42,000
Senior Independent Director 35,000
Director 33,000
=========

Directors’ Shareholdings are as follows:

28 February

2026

Ordinary Shares
Hamish Baillie 5,000
Claire Boyle 7,466
Christopher Casey 7,000
Ominder Dhillon 7,750
Alison McGregor 20,000
=========

The financial information contained in this Half-Yearly Results Announcement
does not constitute statutory accounts as defined in section 435 of the
Companies Act 2006. The financial information for the six months ended 28
February 2026 and 28 February 2025 has not been audited or reviewed by the
Company’s Independent Auditor.

The information for the year ended 31 August 2025 has been extracted from the
latest published audited financial statements, which have been filed with the
Registrar of Companies, unless otherwise stated. The report of the Auditor on
those financial statements contained no qualification or statement under
sections 498(2) or (3) of the Companies Act 2006.

Neither the contents of the Company’s website nor the contents of any website
accessible from hyperlinks on the Company’s website (or any other website) is
incorporated into, or forms part of, this announcement.

A copy of the Half-Yearly Report will shortly be submitted to the National
Storage Mechanism and will be available for inspection at
www.morningstar.co.uk/uk/NSM

The Half-Yearly Report will also be available on the Company’s website at
www.fidelity.co.uk/specialvalues where up to date information on the Company,
including daily NAV and share prices, factsheets and other information can also
be found.

This information was brought to you by Cision http://news.cision.com
https://news.cision.com/fidelity-special-values-plc/r/half-year-financial-report,c4341702