Interim Management Statement

FIDELITY SPECIAL VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER              
ENDED 30 NOVEMBER 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 increased by 6.90% against a 3.92% increase for the benchmark.                
                                                                                        
- The share price increased by 9.73%.                                                   
                                                                                        
- 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 114.99% on 30 November 2012.                                
                                                                                        
Material transactions                                                                   
                                                                                        
- No shares have been repurchased during the quarter, and no shares have been           
repurchased since the quarter end.                                                      
                                                                                        
Material Events                                                                         
                                                                                        
Financial results announced.                                                            
                                                                                        
Annual report published.                                                                
                                                                                        
AGM held on 13 December 2012, with all resolutions passed.                              
                                                                                        
Additional Information                                                                  
                                                                                        
Details of the Company                                        Dealing Information       
                                                                                        
Fund Manager:      Alex Wright                                Listed:       London Stock
                                                                            Exchange    
                                                                                        
Enquiries:         08457 100 456                              Broker:       Cenkos      
                                                                                        
WWW Address:       www.fidelity.co.uk/its                     Price Quoted: Financial   
                                                                            Times       
                   Copies of major                                                      
                   announcements and                                        The Times   
                   documentation relating                                               
                   to the Company may be                                    The Daily   
                   found on the website                                     Telegraph   
                                                                                        
                                                                            The         
                                                                            Independent 
                                                                                        
Launch Date:       17 November 1994                           Reuters Code: FSV.L       
                                                                                        
                   As at 30 November 2012   As at 8 January   SEAQ Code:    51079       
                                            2013                                        
                                                                                        
Ordinary Shares In 54,378,896               54,378,896        ISIN:         GB0003325106
Issue:                                                                                  
                                                                                        
Share price        13.39%                   9.91%             Registered                
discount to NAV:                                              office                    
                                                                                        
Total Assets:      £354.7m                  £375.8m           Beech Gate                
                                                                                        
                                                              Millfield                 
                                                              Lane                      
Total Net Assets:  £354.7m                  £375.8m                                     
                                                              Lower                     
                                                              Kingswood                 
                                                                                        
Actual Gearing     114.99%                  115.04%           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 30     As at 31     Largest 10      As at 30     As at 31      
(% total assets)   November     August 2012  Holdings (%     November     August 2012   
                   2012                      total assets)   2012                       
                                                                                        
Consumer Services  21.0         23.5         Sanofi **       4.4          -             
                                                                                        
Financials         20.6         25.9         United Drug **  4.3          -             
                                                                                        
Oil & Gas          11.5         7.9          DCC **          3.7          -             
                                                                                        
Industrials        11.0         11.5         Brewin Dolphin  3.7          -             
                                             **                                         
                                                                                        
Telecommunications 8.9          6.7          HSBC **         3.7          6.8           
                                                                                        
Technology         5.4          5.9          Royal Dutch     2.9          -             
                                             Shell **                                   
                                                                                        
Utilities          5.0          -            WPP **          2.8          -             
                                                                                        
Consumer Goods     5.0          4.4          SSE **          2.7          -             
                                                                                        
Other              3.1          4.0          Vodafone **     2.6          3.5           
                                                                                        
Cash               8.6          3.6          Cable &         2.6          -             
                                             Wireless                                   
                                             Communications                             
                                             **                                         
                                                                                        
Health Care        -            6.6          Lloyds Holdings -            6.8           
                                             *                                          
                                                                                        
Total              100          100          BP *            -            4.6           
                                                                                        
                                             Glaxosmithkline -            4.3           
                                             *                                          
                                                                                        
                                             Reed Elsevier * -            2.9           
                                                                                        
                                             Wolseley *      -            2.9           
                                                                                        
                                             Ladbrokes *     -            2.8           
                                                                                        
                                             Centrica *      -            2.7           
                                                                                        
                                             Ericsson *      -            2.6           
                                                                                        
                                             * Not in the top 10 as at 30 November 2012 
                                                                                        
                                             ** Not in the top 10 as at 31 August 2012  

Performance Record (total return %)                                            
                                                                               
              Price at   Quarter to  Quarter to  1 Year to  3 Years to 5 Years 
              30         30 November 31 August   30         30         to 30   
              November   2012        2012        November   November   November
              2012 (p)                           2012       2012       2012    
                                                                               
NAV (debt at  652.36p    6.90           9.99       23.04      24.96     21.69  
par)                                                                           
                                                                               
Ordinary      565.00p    9.73           9.34       23.56      11.72     17.16  
Share price                                                                    
                                                                               
Benchmark                3.92           8.56       12.14      28.28     12.38  
Index                                                                          
                                                                               

As at 8 January 2013 the Company's NAV per share was 691.0p and the Company's
share price was 622.50p per share.

Standardised Performance (total return %)                                      
                                                                               
               01/12/2007   01/12/2008   01/12/2009   01/12/2010   01/12/2011  
                                                                               
               30/11/2008   30/11/2009   30/11/2010   30/11/2011   30/11/2012  
                                                                               
NAV            -29.7        38.6         9.1          -6.87        23.04       
                                                                               
Ordinary Share -30.2        50.2         1.3          -10.72       23.56       
price                                                                          

By order of the Board

Christopher Pirnie

For and on behalf of FIL Investments International

Company Secretary

9 January 2013

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 30 November 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.