Interim Management Statement

FIDELITY SPECIAL VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER         
ENDED 30 NOVEMBER 2011                                                             
                                                                                   
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 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 0.10% (debt at par) against a 2.11% increase for the        
benchmark.                                                                         
                                                                                   
- the share price decreased by 3.04%                                               
                                                                                   
- 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 109.55% on 30 November 2011.                           
                                                                                   
Material transactions                                                              
                                                                                   
- during the period 510,000 shares were repurchased for cancellation and           
300,000 shares have been repurchased since the quarter end.                        
                                                                                   
Material Events                                                                    
                                                                                   
Financial results announced                                                        
                                                                                   
Annual report published                                                            
                                                                                   
AGM held on 15 December 2011                                                       
                                                                                   
Additional Information                                                             
                                                                                   
Details of the Company                               Dealing Information           
                                                                                   
Fund Manager:                                        Listed:        London Stock   
                                                                    Exchange       
                                                                                   
Enquiries:         08457 100 456                     Broker:        Cenkos         
                                                                                   
WWW Address:       www.fidelity.co.uk                Price Quoted:  Financial Times
                   /its                                                            
                                                                    The Times      
                   Copies of major                                                 
                   announcements and                                The Daily      
                   documentation                                    Telegraph      
                   relating to the                                                 
                   Company may be                                   The Independent
                   found on the                                                    
                   website                                                         
                                                                                   
Launch Date:       17 November 1994                  Reuters Code:  FSV.L          
                                                                                   
                   As at 30 November  As at 13       SEAQ Code:     51079          
                   2011               January 2012                                 
                                                                                   
Ordinary Shares In 56,018,896         55,718,896     ISIN:          GB0003325106   
Issue:                                                                             
                                                                                   
Share price        13.50%             13.73%         Registered                    
discount to NAV:                                     office                        
                                                                                   
Total Assets:      £303.1m            £307.9m        Beech Gate                    
                                                                                   
                                                     Millfield Lane                
                                                                                   
Total Net Assets:  £303.1m            £307.9m        Lower                         
                                                     Kingswood                     
                                                                                   
                                                     Tadworth                      
Actual Gearing     109.55%            109.97%                                      
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 2011 Holdings (%     November 2011 August    
                   2011                    total assets)                 2011      
                                                                                   
Consumer Services  28.1        27.5        HSBC Holdings   6.3           5.5       
                                           (UK Reg)                                
                                                                                   
Financials         24.9        26.4        Glaxosmithkline 6.0           5.4       
                                                                                   
Industrials        10.4        9.1         British Sky     5.9           4.7       
                                           Broadcast                               
                                           (BSKYB)                                 
                                                                                   
Health Care        7.8         8.6         BP              5.1           3.8       
                                                                                   
Oil & Gas          6.9         6.1         Ericsson        3.8           3.3       
                                                                                   
Telecommunications 6.0         6.2         Lloyds Banking  3.8           4.4       
                                           Group                                   
                                                                                   
Technology         4.6         5.0         Vodafone        3.7           4.7       
                                                                                   
Consumer Goods     3.9         4.1         Wolseley        3.5           2.4       
                                                                                   
Other              5.5         4.6         ITV**           2.9           -         
                                                                                   
Cash               1.9         2.4         Kingfisher**    2.8           -         
                                                                                   
                                           Pearson*        -             2.8       
                                                                                   
Total              100         100         J Sainsbury*    -             2.4       
                                                                                   
                                           * Not in the top 10 holdings as at 30   
                                           November 2011                           
                                                                                   
                                           ** Not in the top 10 as at 31 August    
                                           2011                                    

                      Performance Record (total return %)                      
                                                                               
              Price at Quarter to  Quarter to 1 Year to  3 Years to  5 Years to
              30       30 November 31 August  30         30 November 30        
              November 2011        2011       November   2011        November  
              2011 (p)                        2011                   2011      
                                                                               
NAV (debt at  541.02   -0.10         -14.19     -6.87       40.72       6.19   
par)                                                                           
                                                                               
Ordinary      468.00   -3.04         -14.61     -10.72      35.76      -1.97   
Share price                                                                    
                                                                               
Benchmark              2.11          -9.35       2.57       47.89       8.78   
Index                                                                          
                                                                               

As at 13 January 2012 the Company's NAV per share was 554.05p (debt at par) and
the Company's share price was 478.00p per share.

                   Standardised Performance (total return %)                   
                                                                               
               01/12/2006   01/12/2007   01/12/2008   01/12/2009   01/12/2010  
                                                                               
               30/11/2007   30/11/2008   30/11/2009   30/11/2010   30/11/2011  
                                                                               
NAV            7.4          -29.7        38.6         9.1          -6.87       
                                                                               
Ordinary Share 3.4          -30.2        50.2         1.3          -10.72      
price                                                                          

By order of the Board

Rebecca Burtonwood

For and on behalf of FIL Investments International

Company Secretary

16 January 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 30 November 2011. 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.