Interim Management Statement

FIDELITY SPECIAL VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER            
ENDED 31 MAY 2008                                                                     
                                                                                      
Objectives                                                                            
                                                                                      
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 term 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 increased by 2.5% (debt at par) and 2.7% (debt at market value)             
against a 3.9% total return for the benchmark.                                        
                                                                                      
- the share price increased by 3.1 %                                                  
                                                                                      
- the changes in the top ten holdings are detailed below                              
                                                                                      
- The Board and Managers continue to believe that investment in equities will         
produce strong returns for shareholders over the long term.                           
                                                                                      
-During the period 640,000 shares were repurchased for cancellation.                  
                                                                                      
Since the quarter end a further 102,500 shares have been repurchased for              
cancellation.                                                                         
                                                                                      
Material Events                                                                       
                                                                                      
Half-yearly report published including Notice of EGM to be held on 10 July            
2008.                                                                                 
                                                                                      
Additional Information                                                                
                                                                                      
Details of the Company                   Dealing Information                          
                                                                                      
Fund Manager:        Sanjeev Shah        Listed:        London Stock Exchange         
                                                                                      
Enquiries:           08457 100 456                                                    
                                                                                      
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   56,917,003          SEAQ Code:     51079                         
Issue:                                                                                
                                                                                      
Share price discount 9.3%                ISIN:          GB0003325106                  
to NAV:                                                                               
                                                                                      
Total Assets:        £366.3 m                                                         
                                                                                      
Loan:                £35.0 m                                                          
                                                                                      
Total Net Assets:    £331.3 m                                                         
                                                                                      
Gross Gearing :      10.6%                                                            
                                                                                      
                             Portfolio Breakdowns                                     
                                                                                      
Industry Analysis   As at 31 May As at 29   Largest 10      As at 31 May   As at 29   
(% total assets)    2008         February   Holdings (%     2008           February   
                                 2008       total assets)                  2008       
                                                                                      
Financials          28.0         24.0       HSBC            4.6            3.9        
                                                                                      
Consumer Services   24.9         28.3       Reed Elsevier   4.0            4.7        
                                                                                      
Health Care         10.6         10.5       Royal Dutch     3.8            2.9        
                                            Shell `A'                                 
                                                                                      
Oil & Gas           10.4         11.2       Vodafone        3.8            3.6        
                                                                                      
Industrials         9.5          9.1        Compass         3.3            2.8        
                                                                                      
Cash                4.4          4.4        Provident       3.0            2.9        
                                            Financial                                 
                                                                                      
Telecommunications  4.3          4.1        Pearson **      2.9            -          
                                                                                      
Technology          4.1          3.6        Alliance &      2.8            3.2        
                                            Leicester                                 
                                                                                      
Consumer Goods      2.3          2.3        British Land ** 2.7            -          
                                                                                      
Utilities           1.4          0.6        Astrazeneca **  2.4            -          
                                                                                      
Basic Materials     -            1.6        GlaxoSmithKline -              4.5        
                                            *                                         
                                                                                      
Other               -            0.2        BG *            -              3.2        
                                                                                      
                                            Statoil *       -              3.1        
                                                                                      
* No longer in the top 10 at 31 May 2008                                              
                                                                                      
** Not in the top 10 at 29 February 2008                                              
                                                                                      
                      Performance Record (total return %)                             
                                                                                      
                     Price (p)   Quarter to Quarter to 29   1 Year 3 Years 5 Years to 
                                 31 May     February 2008   to 31  to 31   31 May 2008
                                 2008                       May    May                
                                                            2008   2008               
                                                                                      
NAV (debt at par)    582.15         2.5          -5.6       -10.2   46.6      131.0   
                                                                                      
NAV (debt at market  582.91         2.7          -5.7       -10.3   47.4        -     
value)                                                                                
                                                                                      
Ordinary Share price 528.00         3.1          -6.4       -12.6   37.3      110.8   
                                                                                      
Benchmark Index                     3.9          -7.7        -7.1   37.1      84.6    
                                                                                      

                   Standardised Performance (total return %)                   
                                                                               
               31/05/2003   31/05/2004   31/05/2005   31/05/2006   31/05/2007  
                                                                               
               31/05/2004   31/05/2005   31/05/2006   31/05/2007   31/05/2008  
                                                                               
NAV            30.2         21.0         31.0         24.7         -10.2       
                                                                               
Ordinary Share 33.4         15.1         31.0         19.9         -12.6       
price                                                                          
                                                                               

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 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. Fidelity Investment Trusts are managed by FIL
Investments International. Fidelity, Fidelity International and Pyramid Logo
are trademarks of FIL Limited. Issued by FIL Investments International,
authorised and regulated in the UK by the Financial Services Authority.

CB32662/NA