Interim Management Statement

FIDELITY SPECIAL VALUES PLC - INTERIM MANAGEMENT STATEMENT                         
                                                                                   
FOR THE QUARTER ENDED 30 NOVEMBER 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 decreased by 4.4% (debt at par) and 4.3% (debt at market value)          
against an 5.9% absolute return from the benchmark.                                
                                                                                   
- the share price decreased by 2.0%                                                
                                                                                   
- 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 4.21% on 30 November 2009.                                         
                                                                                   
Material transactions                                                              
                                                                                   
- during the period no shares were repurchased for cancellation and there have     
been no repurchases since the quarter end                                          
                                                                                   
Material Events                                                                    
                                                                                   
Annual report published                                                            
                                                                                   
AGM held on 16 December 2009                                                       
                                                                                   
Additional Information                                                             
                                                                                   
Details of the Company                                Dealing Information          
                                                                                   
Fund Manager:      Sanjeev Shah                       Listed:       London Stock   
                                                                    Exchange       
                                                                                   
Enquiries:         08457 100 456                      Broker:       Cenkos         
                                                                                   
WWW Address:       www.fidelity.co.uk/                Price Quoted: Financial Times
                   its                                                             
                                                                                   
                   Copies of major                                                 
                   announcements and                                               
                   documentation                                                   
                   relating to the                                                 
                   Company may be found                                            
                   on the website                                                  
                                                                                   
Launch Date:       17 November 1994                   Reuters Code: FSV.L          
                                                                                   
                   As at 30 November     As at 14     SEAQ Code:    51079          
                   2009                  January 2009                              
                                                                                   
Ordinary Shares In 56,938,896            56,938,896   ISIN:         GB0003325106   
Issue:                                                                             
                                                                                   
Share price        2.39%                 5.64%        Registered                   
discount to NAV:                                      office                       
                                                                                   
Total Assets:      342m                  357.7m       Beech Gate                   
                                                                                   
Loan:              £27.1m                £27.1m       Millfield                    
                                                      Lane                         
Total Net Assets:  £314.9m               330.6m                                    
                                                      Lower                        
Gross Gearing :    8.63%                 24.31%       Kingswood                    
                                                                                   
                                         Additional   Tadworth                     
                                         exposure                                  
                                         through      Surrey KT20                  
                                         CFD's        6RP                          
                                                                                   
Net Gearing:       4.21%                 19.23%                                    
                                                                                   
                                         Additional                                
                                         exposure                                  
                                         through                                   
                                         CFD's                                     
                                                                                   
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 30   As at 31    Largest 10      As at 30      As at 31   
(% total assets)   November   August 2009 Holdings (%     November 2009 August 2009
                   2009                   total assets)                            
                                                                                   
Financials         24.5       30.5        HSBC Holdings   5.2           4.6        
                                          (UK REG)                                 
                                                                                   
Consumer Services  30.5       29.1        Vodafone Group  3.5           4.5        
                                                                                   
Industrials        10.1       10.0        Royal Bank of   2.9           4.4        
                                          Scotland Group                           
                                                                                   
Health Care        10.1       9.3         Glaxosmithkline 5.7           4.4        
                                                                                   
Oil & Gas          6.3        7.2         Lloyds Banking  -             3.9        
                                          Group *                                  
                                                                                   
Technology         601        6.1         Astrazeneca     3.5           3.7        
                                          (UK)                                     
                                                                                   
Telecommunications 5.3        5.0         Logicacmg       3.5           3.6        
                                                                                   
Consumer Goods     -          1.0         Royal Dutch                   3.0        
                                          Shell A (UK)                             
                                                                                   
Other              2.2        1.1         Pearson         2.5           2.9        
                                                                                   
Cash               2.7        0.6         British Sky     2.9           2.8        
                                          Broadcast                                
                                          (BSYB)                                   
                                                                                   
Utilities          2.3        -           Partygaming **  2.6           -          
                                                                                   
Total              100        100         British Land ** 2.6           -          
                                                                                   
                                          * Not currently in the top 10 holdings   
                                                                                   
                                          ** Not in the top 10 as at 31 August 2009

                      Performance Record (total return %)                      
                                                                               
               Price at   Quarter to  Quarter to  1 Year to 3 Years   5 Years  
               30         30 November 31 August   30        to 30     to 30    
               November   2009        2009        November  November  November 
               2009 (p)                           2009      2009      2009     
                                                                               
NAV (debt at     553.22      -4.4        24.2       38.56     4.56      60.51  
par)                                                                           
                                                                               
NAV (debt at     552.87      -4.3        24.3       38.90     4.49      61.61  
market value)                                                                  
                                                                               
Ordinary Share   540.00      -2.0        21.6       50.15     8.42      49.97  
price                                                                          
                                                                               
Benchmark                     5.9        13.1       29.28     -4.91     34.94  
Index                                                                          
                                                                               

As at 14 January 2009 the Company's NAV per share was 580.73p (debt at par) and
580.50p (debt at fair value) and the Company's share price was 548p per share.

                   Standardised Performance (total return %)                   
                                                                               
               30/11/2004   30/11/2005   30/11/2006   30/11/2007   30/11/2008  
                                                                               
               30/11/2005   30/11/2006   30/11/2007   30/112008    30/11/2009  
                                                                               
NAV            547.48       652.08       700.18       492.08       681.81      
                                                                               
Ordinary Share 540.73       623.88       645.04       450.49       676.42      
price                                                                          
                                                                               

By order of the Board

Christopher Pirnie

For and on behalf of FIL Investments International

Company Secretary

15 January 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 30 November 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.