Interim Management Statement

FIDELITY SPECIAL VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER           
ENDED 30 NOVEMBER 2010                                                               
                                                                                     
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 2.92% (debt at par), against a 6.78% return for the           
benchmark.                                                                           
                                                                                     
- the share price increased by 3.18 %                                                
                                                                                     
- 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 118.65% on 30 November 2010.                             
                                                                                     
Material transactions                                                                
                                                                                     
- during the period no shares were repurchased for cancellation and there have       
been no repurchases since the quarter end.                                           
                                                                                     
Material Events                                                                      
                                                                                     
26 October 2010 - Sharon Brown appointed as Chairman of the Audit Committee.         
                                                                                     
Financial results announced.                                                         
                                                                                     
Annual report published.                                                             
                                                                                     
AGM held on 15 December 2010.                                                        
                                                                                     
Additional Information                                                               
                                                                                     
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/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 2010  As at 17       SEAQ Code:     51079       
                                           January 2011                              
                                                                                     
Ordinary Shares In 56,938,896              56,938,896     ISIN:          GB0003325106
Issue:                                                                               
                                                                                     
Share price        9.53%                   9.26%                                     
discount to NAV:                                                                     
                                                                                     
Total Assets:      £337.1m                 £367.6m        Registered                 
                                                          Office:                    
                                                                                     
                                                          Beech Gate                 
Total Net Assets:  £337.1m                 £367.6m                                   
                                                          Millfield Lane             
                                                                                     
                                                          Lower                      
Actual Gearing     118.65%                 117.38%        Kingswood                  
Exposure:                                                                            
                                                          Tadworth                   
                                                                                     
                                                          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 2010  Holdings (%      November    August 2010 
                   2010                     total assets)    2010                    
                                                                                     
Financials         30.1        29.8         HSBC Holdings    7.1         5.6         
                                            (UK Reg)                                 
                                                                                     
Consumer Services  24.7        24.6         Vodafone Group   6.4         6.1         
                                                                                     
Health Care        9.9         11.0         Glaxosmithkline  6.2         5.8         
                                                                                     
Industrials        9.4         9.0          Lloyds Banking   5.4         5.0         
                                            Group                                    
                                                                                     
Telecommunications 7.6         7.3          British Sky      3.6         3.6         
                                            Broadcast                                
                                            (BSKYB)                                  
                                                                                     
Technology         5.6         5.8          Astrazeneca (UK) 3.6         4.4         
                                                                                     
Oil & Gas          5.0         4.3          London Stock     3.6         2.8         
                                            Exchange Group                           
                                                                                     
Consumer Goods     2.9         2.5          BP **            3.3         -           
                                                                                     
Other              3.0         2.7          Logicacmg        2.8         2.8         
                                                                                     
Cash               1.8         3.0          Sainsbury (J)    2.7         3.2         
                                                                                     
                                            British Land *   -           2.8         
                                                                                     
Total              100         100                                                   
                                                                                     
                                            * Not currently in the top 10 holdings   
                                                                                     
                                            ** Not in the top 10 as at 31 August 2010

                      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   2010        2010       November   November   November
               2010 (p                           2010       2010       2010    
               ence/share                                                      
               )                                                               
                                                                               
NAV (debt at   593.04     2.92           1.34       9.06       6.19     35.81  
par)                                                                           
                                                                               
Ordinary Share 536.50     3.18           0.38       1.27       6.20     26.69  
price                                                                          
                                                                               
Benchmark                 6.78           1.72      11.52      -2.30     24.54  
Index                                                                          
                                                                               

As at 17 January 2011 the Company's NAV per share was 646.91p (debt at par) and
the Company's share price was 587.00p per share.

                   Standardised Performance (total return %)                   
                                                                               
               30/11/2005   30/11/2006   30/11/2007   30/11/2008   30/11/2009  
                                                                               
               30/11/2006   30/11/2007   30/11/2008   30/11/2009   30/11/2010  
                                                                               
NAV            19.1         7.4          -29.7        38.6         9.1         
                                                                               
Ordinary Share 15.4         3.4          -30.2        50.2         1.3         
price                                                                          
                                                                               

By order of the Board

Rebecca Burtonwood

For and on behalf of FIL Investments International

Company Secretary

18 January 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 30 November 2010. 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.