Interim Management Statement

FIDELITY SPECIAL VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER                 
ENDED 30 NOVEMBER 2007                                                                     
                                                                                           
Objective                                                                                  
                                                                                           
The Company's objective is to achieve long-term capital growth from an actively            
managed portfolio of `special situations' investments consisting primarily of              
the securities of UK listed companies. The Company is geared by the use of                 
fixed term loans.                                                                          
                                                                                           
Benchmark                                                                                  
                                                                                           
The returns are compared against the benchmark, the FTSE All-Share Index.                  
                                                                                           
Review of Period (total return)                                                            
                                                                                           
During the period:                                                                         
                                                                                           
- the NAV decreased by 3.4% (debt at par) against a + 1.3 % return for the                 
benchmark.                                                                                 
                                                                                           
- the share price decreased by 6.4 %                                                       
                                                                                           
- the changes in the top ten holdings are detailed below                                   
                                                                                           
- The Board and Managers continue to believe that investment in equities will              
produce strong returns for shareholders over the long term.                                
                                                                                           
- During the period 1,220,657 shares were repurchased for cancellation.                    
                                                                                           
Since the quarter end a further 250,000 shares have been repurchased for                   
cancellation.                                                                              
                                                                                           
Material Events                                                                            
                                                                                           
Annual report and financial statements published.                                          
                                                                                           
Additional Information                                                                     
                                                                                           
Details of the Company                   Dealing Information                               
                                                                                           
Fund Manager:        Anthony Bolton      Listed:         London Stock Exchange             
                                                                                           
Enquiries:           08457 100 456       Broker:         UBS                               
                                                                                           
WWW Address:         http:/              Price Quoted:   Financial Times                   
                     www.fidelity.co.uk                                                    
                                                         The Times                         
                                                                                           
                                                         The Daily Telegraph               
                                                                                           
                                                         The Independent                   
                                                                                           
Launch Date:         17 November 1994    Reuters Code:   FSV.L                             
                                                                                           
Ordinary Shares In   58,484,003          SEAQ Code:      51079                             
Issue:                                                                                     
                                                                                           
Share price discount 9.1%                ISIN:           GB0003325106                      
to Undiluted NAV:                                                                          
                                                                                           
Total Assets:        £392.0 m                                                              
                                                                                           
Loan:                -£40.0 m                                                              
                                                                                           
Total Net Assets:    £352.0 m                                                              
                                                                                           
Gearing :            11.4%                                                                 
                                                                                           
                              Portfolio Breakdown                                          
                                                                                           
Industry Analysis   As at 30     As at 31    Largest 10      As at 30 November  As at 31   
(% total assets)    November     August 2007 Holdings (%     2007               August 2007
                                             total assets)                                 
                    2007                                                                   
                                                                                           
Consumer Services   25.2         27.5        Vodafone Group  5.1                5.9        
                                                                                           
Financials          21.8         13.0        Glaxosmithkline 4.7                3.0        
                                                                                           
Oil & Gas           11.7         10.4        BG Group *      4.7                -          
                                                                                           
Industrials         9.5          9.0         StatoilHydro    4.0                2.9        
                                             (Statoil ASA)                                 
                                                                                           
Health Care         8.6          8.2         Reed Elsevier   3.9                3.8        
                                                                                           
Telecommunications  6.0          6.7         Bayer           3.7                3.4        
                                                                                           
Technology          4.8          4.9         Alliance and    3.7                -          
                                             Leicester *                                   
                                                                                           
Consumer Goods      4.0          5.1         British Sky     3.7                4.3        
                                             Broadcasting                                  
                                             (BSkyB)                                       
                                                                                           
Basic Materials     3.7          3.8         Tesco           3.5                4.0        
                                                                                           
Utilities           1.7          2.2         HSBC Holdings   3.2                -          
                                             (UK reg) *                                    
                                                                                           
Cash and other      3.0          9.2         Nokia **        -                  2.2        
                                                                                           
                                             Premier Foods * -                  2.2        
                                             *                                             
                                                                                           
                                             Electricite de  -                  2.2        
                                             France **                                     
                                                                                           
* Not in top 10 at 31 August 2007. ** No longer in top 10 at 30 November                   
                                                                                           
                      Performance Record (total return %)                                  
                                                                                           
                     Price (p)   Quarter to  Quarter to 31   1 Year   3 Years   5 Years to 
                                 30 November August          to 30    to 30     30 November
                                                             November November             
                                                                                           
NAV (debt at par)    601.85      -3.4             -3.9         7.4      64.8       159.4   
                                                                                           
Ordinary Share price 547.00      -6.4             -3.3         3.4      43.0       145.6   
                                                                                           
Benchmark Index                  1.3              -4.3         8.5      54.0       93.2    
                                                                                           

                   Standardised Performance (total return %)                   
                                                                               
               30/09/2002   30/09/2003   30/09/2004   30/09/2005   30/09/2006  
                                                                               
               30/09/2003   30/09/2004   30/09/2005   30/09/2006   30/09/2007  
                                                                               
NAV            31.4         19.8         28.9         19.1         7.4         
                                                                               
Ordinary Share 35.2         27.1         19.9         15.4         3.4         
price                                                                          
                                                                               
Benchmark      11.2         12.8         20.8         17.4         8.5         
Index                                                                          
                                                                               

Past performance is not a guide to future returns. The value of investments can
go down as well as up. For funds that invest in overseas markets, changes in
currency exchange rates may affect the value of an investment. Investments in
small and emerging markets can be more volatile than other more developed
markets. Source of performance: Datastream and Fidelity as at 30 November 2007.
Basis: bid-bid with net income reinvested. Fidelity only gives information
about its own products and services and does not provide investment advice
based on individual circumstances. Fidelity Investment Trusts are managed by
Fidelity Investments International. Fidelity, Fidelity International and
Pyramid Logo are trademarks of Fidelity International Limited. Issued by
Fidelity Investments International, authorised and regulated in the UK by the
Financial Services Authority.

CB31704/1007