Interim Management Statement

FIDELITY SPECIAL VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER     
ENDED 31 MAY 2009                                                              
                                                                               
Issued pursuant to the requirements of Chapter 4 of the Disclosure and         
Transparency Rules                                                             
                                                                               
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's primary objective is measured by the total returns of the share  
price over a 5 year period. The secondary aim is to make higher returns than   
the competition and the market, as measured by the AIC UK Growth Sector and the
FTSE All-Share Index.                                                          
                                                                               
Benchmark                                                                      
                                                                               
The returns are compared against cash returns and the benchmark, the FTSE      
All-Share Index                                                                
                                                                               
Review of Period (total return)                                                
                                                                               
During the period:                                                             
                                                                               
- the NAV increased by 23.4% (debt at par) and 26.18% (debt at market value)   
against a 18.31% return for the benchmark.                                     
                                                                               
- the share price increased by 31.16 %                                         
                                                                               
-The Board and Managers continue to believe that investment in equities will   
produce strong returns for shareholders over the long term.                    
                                                                               
- main portfolio changes are detailed in the top ten holdings below            
                                                                               
Net gearing was 9.03% on 31 May 2009                                           
                                                                               
Material transactions                                                          
                                                                               
- during the period no shares were repurchased for cancellation and there have 
been no repurchases since the quarter end                                      
                                                                               
Material Events                                                                
                                                                               
Half-Yearly report published                                                   
                                                                               
Substantial shareholder notifications:- Legal & General: 3.96%; FIL Limited:   
37.86%                                                                         
                                                                               
Additional Information                                                         
                                                                               
Details of the Company                              Dealing Information        
                                                                               
Fund Mana  Sanjeev Shah                             Listed:        London Stock
ger:                                                               Exchange    
                                                                               
Enquiries: 08457 100 456                            Broker:        Cenkos      
                                                                               
WWW        www.fidelity.co.uk/its                   Price Quoted:  Financial   
Address:                                                           Times       
           Copies of major                                                     
           announcements and                                       The Times   
           documentation relating to                                           
           the Company may be found                                The Daily   
           on the website                                          Telegraph   
                                                                               
                                                                   The         
                                                                   Independent 
                                                                               
Launch     17 November 1994                         Reuters Code:  FSV.L       
Date:                                                                          
                                                                               
           As at 31 May 2009         As at 15 July  SEAQ Code:     51079       
                                     2009                                      
                                                                               
Ordinary   56,938,896                56,938,896     ISIN:          GB0003325106
Shares In                                                                      
Issue:                                                                         
                                                                               
Share      4.4%                      4.88%          Registered                 
price                                               office                     
discount                                                                       
to NAV:                                                                        
                                                                               
Total      £296.5m                   £262.2m        Beech Gate                 
Assets:                                                                        
                                                    Millfield Lane             
                                                                               
Loan:      £27.0m                    £27.0m         Lower                      
                                                    Kingswood                  
                                                                               
Total Net  £269.5m                   £235.2m        Tadworth                   
Assets:                                                                        
                                                    Surrey KT20                
                                                    6RP                        
Gross      10.0%                     10.0%                                     
Gearing :                                                                      
                                                                               
                                                                               

The Company's net asset value per share is announced daily and may be found on     
the Stock Exchange website www.londonstockexchange.com                             
                                                                                   
                             Portfolio Breakdowns                                  
                                                                                   
Industry Analysis  As at 31    As at 28    Largest 10      As at 31 May   As at 28 
(% total assets)   May 2009    February    Holdings (%     2009           February 
                               2009        total assets)                  2009     
                                                                                   
Consumer Services  28.8        32.5        Astrazeneca     4.4            3.6      
                                           (UK)                                    
                                                                                   
Financials         27.7        23.2        HSBC Holdings   4.2            3.4      
                                           (UK Reg)                                
                                                                                   
Industrials        11.4        10.9        Glaxosmithkline 4.1            3.7      
                                                                                   
Health Care        10.7        9.9         Vodafone Group  3.9            3.6      
                                                                                   
Oil & Gas          8.1         9.6         British Sky     2.9            3.7      
                                           Broadcast                               
                                           (BSYB)                                  
                                                                                   
Technology         6.2         5..6        Pearson         2.8            3.5      
                                                                                   
Telecommunications 3.9         3.6         Royal Bank of   2.8            -        
                                           Scotland Group                          
                                           **                                      
                                                                                   
Consumer Goods     1.3         1.4         Partygaming     2.8            2.6      
                                                                                   
Cash               1.1         2.4         London Stock    2.7            -        
                                           Exchange GP **                          
                                                                                   
Other              0.8         1.0         Logicacmg       2.7            2.6      
                                                                                   
                                           Royal Dutch     -              3.0      
                                           Shell `A' (UK)                          
                                           *                                       
                                                                                   
Total              100         100         Reed Elsevier * -              2.9      
                                                                                   
                                           * No longer in top 10 at 31 May 2009    
                                                                                   
                                           ** Not in top 10 at 28 February 2009    

                      Performance Record (total return %)                      
                                                                               
             Price at   Quarter to  Quarter to  1 Year to 3 Years   5 Years to 
             31 May     31 May 2009 28 February 31 May    to 31 May 31 May 2009
             2009 (p)               2009        2009      2009                 
                                                                               
NAV (debt at 473.30     23.40          -7.39      -15.2     -5.1       50.50   
par)                                                                           
                                                                               
NAV (debt at 472.16     26.18          -7.44      -15.5     -5.2         -     
market                                                                         
value)                                                                         
                                                                               
Ordinary     452.50     31.16          -5.61      -10.4     -6.1       41.6    
Share price                                                                    
                                                                               
Benchmark               18.31          -8.74      -23.7     -13.7      21.9    
Index                                                                          

As at 15 July 2009 the Company's NAV per share was 460.49 p (debt at par) and
459.57 p (debt at fair value) and the Company's share price was 438.00 p per
share.

                   Standardised Performance (total return %)                   
                                                                               
               31/05/2004   31/05/2005   31/05/2006   31/05/2007   31/05/2008  
                                                                               
               31/05/2005   31/05/2006   31/06/2007   31/05/2008    31/05/2009 
                                                                               
NAV            21.4         30.96        24.68        -10.20          -15.20   
                                                                               
Ordinary Share 15.10        31.00        19.94        -12.59          -10.42   
price                                                                          
                                                                               

By order of the Board

Christopher Pirnie

For and on behalf of FIL Investments International

Company Secretary

15 July 2009

Past performance is not a guide to future returns. The value of investments can
go down as well as up. For funds that invest in overseas markets, changes in
currency exchange rates may affect the value of an investment. Investments in
small and emerging markets can be more volatile than other more developed
markets. Source of performance: Fidelity and Datastream as at 31 May 2009.
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.

CB35937/0610.