Interim Management Statement

FIDELITY SPECIAL VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER                 
ENDED 30 NOVEMBER 2008                                                                     
                                                                                           
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 is geared by the use of                 
fixed terms loans.                                                                         
                                                                                           
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 24.76% (debt at par) and 24.45% (debt at market value)              
against a decrease of 24.84% for the benchmark.                                            
                                                                                           
- the share price decreased by 20.66 %                                                     
                                                                                           
- the changes in the top 10 holdings are detailed below.                                   
                                                                                           
- The Board and Manager continue to believe that investment in equities will               
produce strong returns for shareholders over the long term.                                
                                                                                           
- 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 11 December 2008                                                               
                                                                                           
Additional Information                                                                     
                                                                                           
Details of the Company                   Dealing Information                               
                                                                                           
Fund Manager:        Sanjeev Shah        Listed:         London Stock Exchange             
                                                                                           
Enquiries:           08457 100 456       Broker:         Cenkos                            
                                                                                           
WWW Address:         http:/              Price Quoted:   Financial Times                   
                     www.fidelity.co.uk                                                    
                                                         The Times                         
                                                                                           
                                                         The Daily Telegraph               
                                                                                           
                                                         The Independent                   
                                                                                           
Launch Date:         17 November 1994    Reuters Code:   FSV.L                             
                                                                                           
Ordinary Shares In   56,794,503          SEAQ Code:      51079                             
Issue:                                                                                     
                                                                                           
Share price discount 9.9%                ISIN:           GB0003325106                      
to Undiluted NAV:                                                                          
                                                                                           
Total Assets:        £265.3 m                                                              
                                                                                           
Loan:                £35.0 m                                                               
                                                                                           
Total Net Assets:    £230.3 m                                                              
                                                                                           
Gross Gearing :      15.2%                                                                 
                                                                                           
                             Portfolio Breakdowns                                          
                                                                                           
Industry Analysis   As at 30     As at 31    Largest 10      As at 30 November  As at 31   
(% total assets)    November     August 2008 Holdings (%     2008               August 2008
                    2008                     total assets)                                 
                                                                                           
Consumer Services   29.0         25.7        Vodafone Group  4.0                2.6        
                                                                                           
Financials          26.7         26.8        HSBC            3.6                4.3        
                                                                                           
Industrials         11.3         9.0         Pearson         3.5                3.0        
                                                                                           
Health Care         9.2          13.4        British Sky     3.2                -          
                                             Broadcast                                     
                                             (BSkyB)**                                     
                                                                                           
Oil & Gas           9.0          10.1        Glaxosmithkline 3.1                2.9        
                                                                                           
Cash & Other        6.5          6.6         Royal Dutch     3.1                3.3        
                                             Shell `A' (UK)                                
                                                                                           
Telecommunications  4.0          2.6         Compass Group** 3.0                -          
                                                                                           
Technology          3.6          4.7         Astrazeneca     2.7                4.0        
                                             (UK)                                          
                                                                                           
Utilities           0.7          0.7         Reed Elsevier   2.7                4.1        
                                                                                           
Consumer Goods      -            0.4         Provident       2.6                2.5        
                                             Financial                                     
                                                                                           
                                             HBOS*           -                  3.0        
                                                                                           
                                             Premier Farnell -                  2.9        
                                             *                                             
                                                                                           
* No longer in the top 10 at 30 November 2008                                              
                                                                                           
** Not in top 10 at 31 August 2008                                                         
                                                                                           
                      Performance Record (total return %)                                  
                                                                                           
                     Price (p)   Quarter to  Quarter to 31   1 Year   3 Years   5 Years to 
                                 30 November August 2008     to 30    to 30     30 November
                                 2008                        November November  2008       
                                                             2008     2008                 
                                                                                           
NAV (debt at par)    405.53      -24.76           -3.4        -29.7     -10.1      38.8    
                                                                                           
NAV (debt at market  404.29      -24.45           -4.2        -30.0     -10.2        -     
value)                                                                                     
                                                                                           
Ordinary Share price 365.50      -20.66           -8.8        -30.2     -16.7      26.9    
                                                                                           
Benchmark Index                  -24.84           -5.9        -32.2     -13.6      17.8    
                                                                                           

                   Standardised Performance (total return %)                   
                                                                               
               30/11/2003   30/11/2004   30/11/2005   30/11/2006   30/11/2007  
                                                                               
               30/11/2004   30/11/2005   30/11/2006   30/11/2007   30/11/2008  
                                                                               
NAV            19.80        28.88        19.11        7.38         -29.72      
                                                                               
Ordinary Share 27.07        19.88        15.38        3.39         -30.16      
price                                                                          
                                                                               

FSV

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 2008.
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.

CB32662/NA