Interim Management Statement

FIDELITY SPECIAL VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER         
ENDED 31 MAY 2011                                                                  
                                                                                   
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 0.02% against a 1.54% return for the benchmark.             
                                                                                   
- the share price decreased by 0.26%.                                              
                                                                                   
- The Board and Managers continue to believe that investment in equities will      
produce strong returns for shareholders over the long term.                        
                                                                                   
- the main portfolio changes are detailed in the top ten holdings below.           
                                                                                   
Actual gearing exposure was 110.49% on 31 May 2011.                                
                                                                                   
Material transactions                                                              
                                                                                   
- 410,000 shares were purchased for cancellation during the quarter, and there     
have been none since the quarter end.                                              
                                                                                   
Material Events                                                                    
                                                                                   
Publication of half-yearly results for the six months ended 28 February 2011.      
                                                                                   
Additional Information                                                             
                                                                                   
The Board aims to have a balance of skills, experience, length of service and      
knowledge of the Company. The Board carries out its candidate search from the      
widest possible pool of talent against a set of objective criteria on the basis    
of merit, with due regard for the benefits of diversity on the Board. At the       
present time half of the Directors are women, including the Chairman and Audit     
Committee Chairman.                                                                
                                                                                   
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     
                   /its                                              Times         
                                                                                   
                   Copies of major                                   The Times     
                   announcements and                                               
                   documentation                                     The Daily     
                   relating to the                                   Telegraph     
                   Company may be                                                  
                   found on the                                      The           
                   website                                           Independent   
                                                                                   
Launch Date:       17 November 1994                    Reuters Code: FSV.L         
                                                                                   
                   As at 31 May 2011  As at 12 July    SEAQ Code:    51079         
                                      2011                                         
                                                                                   
Ordinary Shares In 56,528,896         56,528,896       ISIN:         GB0003325106  
Issue:                                                                             
                                                                                   
Share price        10.21%             9.49%            Registered                  
discount to NAV:                                       office                      
                                                                                   
Total Assets:      £363.4m            £355.0m          Beech Gate                  
                                                                                   
                                                       Millfield                   
                                                       Lane                        
Total Net Assets:  £363.4m            £355.0m                                      
                                                       Lower                       
                                                       Kingswood                   
                                                                                   
Actual Gearing     110.49%            113.30%          Tadworth                    
Exposure*:                                                                         
                                                       Surrey KT20                 
                                                       6RP                         
                                                                                   
                                                                                   
                                                                                   
* Actual Gearing Exposure percentage is based on the total of the equities and     
the total exposure value of the long and short CFDs divided by the total net       
assts.                                                                             
                                                                                   
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 2011   February     Holdings (%     2011         February   
                              2011         total assets)                2011       
                                                                                   
Financials         29.1       31.2         HSBC Holdings   6.8          7.1        
                                           (UK Reg)                                
                                                                                   
Consumer Services  25.1       24.9         Glaxosmithkline 6.3          5.4        
                                                                                   
Health Care        11.2       9.7          Vodafone Group  5.5          6.2        
                                                                                   
Industrials        6.9        7.1          British Sky     5.3          5.1        
                                           Broadcast                               
                                           (BSKYB)                                 
                                                                                   
Telecommunications 6.8        7.5          Lloyds Banking  4.7          5.2        
                                           Group                                   
                                                                                   
Technology         5.6        5.4          BP              3.8          3.8        
                                                                                   
Oil & Gas          5.5        5.5          Astrazeneca     3.4          3.4        
                                           (UK)                                    
                                                                                   
Consumer Goods     2.9        3.0          Royal Bank of   3.0          -          
                                           Scotland Group                          
                                                                                   
Other              2.4        2.4          London Stock    2.9          3.1        
                                           Exchange Group                          
                                                                                   
Cash               4.5        3.3          Ericsson LM TEL 2.9          -          
                                                                                   
                                           Sainsbury (J)   -            2.7        
                                                                                   
Total              100        100          Aviva           -            2.6        
                                                                                   

                      Performance Record (total return %)                      
                                                                               
             Price at  Quarter to Quarter to  1 Year to  3 Years   5 Years to  
             31 May    31 May     28 February 31 May     to 31 May 31 May 2011 
             2011 (p)  2011       2011        2011       2011                  
                                                                               
NAV (debt at 644.29    0.02          8.60       13.30      19.28      33.55    
par)                                                                           
                                                                               
Ordinary     578.5     -0.26         8.11       11.68      18.64      24.37    
Share price                                                                    
                                                                               
Benchmark              1.54          9.13       20.36      12.96      27.65    
Index                                                                          
                                                                               

As at 12 July 2011 the Company's NAV per share was 622.05p and the Company's
share price was 563.00p per share.

                   Standardised Performance (total return %)                   
                                                                               
               31/05/2006   31/05/2007   31/05/2008   31/05/2009   31/05/2010  
                                                                               
               31/05/2007   31/05/2008   31/05/2009   31/05/2010   31/05/2011  
                                                                               
NAV            24.68        -10.20       -15.20       24.15        13.30       
                                                                               
Ordinary Share 19.94        -12.59       -10.42       18.59        11.68       
price                                                                          
                                                                               

By order of the Board

Rebecca Burtonwood

For and on behalf of FIL Investments International

12 July 2011

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 as at 31 May 2011. 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.