Interim Management Statement

FIDELITY SPECIAL VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER          
ENDED 31 MAY 2012                                                                   
                                                                                    
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       
securities listed or traded on the London Stock Exchange.                           
                                                                                    
The Company's primary objective is measured by the total return 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 total return from the         
FTSE All-Share Index                                                                
                                                                                    
Review of Period (total return)                                                     
                                                                                    
During the period:                                                                  
                                                                                    
- the NAV decreased by 5.68% against a 7.98% decrease for the benchmark.            
                                                                                    
- the share price decreased by 8.37%.                                               
                                                                                    
- 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                 
                                                                                    
Actual gearing exposure was 111.22% on 31 May 2012.                                 
                                                                                    
Material transactions                                                               
                                                                                    
- 305,000 shares were purchased for cancellation during the quarter, and no         
shares have been repurchased since the quarter end.                                 
                                                                                    
Material Events                                                                     
                                                                                    
Publication of half-yearly results for the six months ended 29 February 2012.       
                                                                                    
Alex Wright has been appointed as portfolio manager with effect from 1              
September 2012.                                                                     
                                                                                    
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 website                                       The         
                                                                        Independent 
                                                                                    
Launch Date:       17 November 1994                       Reuters Code: FSV.L       
                                                                                    
                   As at 31 May 2012     As at 9 July     SEAQ Code:    51079       
                                         2012                                       
                                                                                    
Ordinary Shares In 54,938,896            54,938,896       ISIN:         GB0003325106
Issue:                                                                              
                                                                                    
Share price        14.89%                13.74%           Registered                
discount to NAV:                                          office                    
                                                                                    
Total Assets:      £310.3m               £325.5m          Beech Gate                
                                                                                    
                                                          Millfield                 
                                                          Lane                      
Total Net Assets:  £310.3m               £325.5m                                    
                                                          Lower                     
                                                          Kingswood                 
                                                                                    
Actual Gearing     111.22%               111.97%          Tadworth                  
Exposure:                                                                           
                                                          Surrey KT20               
                                                          6RP                       
                                                                                    
                                                                                    
                                                                                    
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 29    Largest 10      As at 31    As at 29      
(% total assets)   May 2012   February    Holdings (%     May 2012    February 2012 
                              2012        total exposure)                           
                                                                                    
Financials         25.7       25.7        HSBC Holdings   6.7         6.6           
                                          (UK Reg)                                  
                                                                                    
Consumer Services  25.3       26.9        Glaxosmithkline 5.2         5.1           
                                                                                    
Industrials        10.2       11.1        BP              4.5         4.9           
                                                                                    
Oil & Gas          8.1        8.4         Lloyds Banking  4.2         4.6           
                                          Group                                     
                                                                                    
Health Care        7.0        6.7         Ladbrokes       3.4         2.8           
                                                                                    
Telecommunications 6.7        6.5         Ericsson        3.3         3.2           
                                                                                    
Technology         6.5        4.9         Vodafone        3.1         3.1           
                                                                                    
Consumer Goods     3.9        3.8         Wolseley        2.8         2.9           
                                                                                    
Other              4.5        5.0         Centrica        2.7         2.8           
                                                                                    
Cash               2.1        1.0         Pearson**       2.7         -             
                                                                                    
                                          ITV*            -           2.9           
                                                                                    
Total              100.0      100.0                                                 
                                                                                    
                                          * Not in the top 10 as at 31 May 2012     
                                                                                    
                                          ** Not in the top 10 as at 29 February    
                                          2012                                      

                      Performance Record (total return %)                      
                                                                               
            Price at   Quarter to  Quarter to  1 Year to  3 Years to  5 Years  
            31 May     31 May 2012 29 February 31 May     31 May 2012 to 31 May
            2012 (p)               2012        2012                   2012     
                                                                               
NAV (debt   566.34     -5.68       +10.95      -10.27     +26.22      -3.88    
at par)                                                                        
                                                                               
Ordinary    482.00     -8.37       +12.39      -14.72     +12.94      -11.57   
Share price                                                                    
                                                                               
Benchmark              -7.98       +8.02       -8.00      +36.14      -3.48    
Index                                                                          
                                                                               

As at 9 July 2012 the Company's NAV per share was 592.40p (debt at par) and the
Company's share price was 511.00p per share.

                   Standardised Performance (total return %)                   
                                                                               
               31/05/2007   31/05/2008   31/05/2009   31/05/2010   31/05/2011  
                                                                               
               31/05/2008   31/05/2009   31/05/2010   31/05/2011   31/05/2012  
                                                                               
NAV            -10.20       -15.20       +24.15       +13.30       -10.27      
                                                                               
Ordinary Share -12.59       -10.42       +18.59       +11.68       -14.72      
price                                                                          
                                                                               

By order of the Board

Rebecca Burtonwood

For and on behalf of FIL Investments International

Company Secretary

10 July 2012

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 2012. 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.