Interim Management Statement

FIDELITY SPECIAL VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER         
ENDED 30 NOVEMBER 2013                                                             
                                                                                   
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 situation" 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 All Companies Sector     
(previously known as the 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 5.89% against a 4.71% increase for the benchmark.           
                                                                                   
- the share price increased by 7.52%.                                              
                                                                                   
- 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 which includes derivatives was 27.45% on 30 November       
2013.                                                                              
                                                                                   
Material transactions                                                              
                                                                                   
No ordinary shares were purchased for cancellation during the quarter, and no      
ordinary shares have been repurchased since the quarter end.                       
                                                                                   
Material Events                                                                    
                                                                                   
Financial results announced.                                                       
                                                                                   
Annual report published.                                                           
                                                                                   
AGM held on 12 December 2013, 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                    Price Quoted: Financial   
                   /its                                                Times       
                                                                                   
                   Copies of major                                     The Times   
                   announcements and                                               
                   documentation                                       The Daily   
                   relating to the                                     Telegraph   
                   Company may be                                                  
                   found on the                                        The         
                   website                                             Independent 
                                                                                   
Launch Date:       17 November 1994                      Reuters Code: FSV.L       
                                                                                   
                   As at 30 November  As at 14 January   SEAQ Code:    51079       
                   2013               2014                                         
                                                                                   
Ordinary Shares In 54,128,896         54,128,896         ISIN:         GB0003325106
Issue:                                                                             
                                                                                   
Share price        3.56%              4.27%              Registered                
discount to NAV:                                         office                    
                                                                                   
Total Net Assets:  £497.9m            £529.9m            Beech Gate                
                                                                                   
                                                         Millfield                 
                                                         Lane                      
Actual Gearing     27.45%             24.61%                                       
Exposure:                                                Lower                     
                                                         Kingswood                 
                                                                                   
                                                         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 201 Holdings (%   November     August 2013   
                   2013        3          total assets) 2013                       
                                                                                   
Financials         27.5        24.9       Sanofi        5.2          5.1           
                                                                                   
Consumer Services  21.5        19.7       Royal Dutch   5.0          5.0           
                                          Shell PLC                                
                                                                                   
Industrials        16.9        14.9       Brewin        4.8          4.8           
                                          Dolphin HLDGS                            
                                          PLC                                      
                                                                                   
Consumer Goods     11.6        10.9       UDG           4.8          -             
                                          Healthcare                               
                                          PLC                                      
                                                                                   
Oil & Gas          8.3         8.9        DCC PLC       4.7          4.1           
                                                                                   
Health Care        8.1         9.0        Lloyds        4.3          4.2           
                                          Banking Group                            
                                          PLC                                      
                                                                                   
Telecommunications 5.9         5.2        WPP PLC       3.6          3.3           
                                                                                   
Utilities          2.4         4.1        HSBC Holdings 3.6          3.7           
                                          PLC                                      
                                                                                   
Technology         2.3         1.8        Barclays PLC* 3.1          -             
                                          *                                        
                                                                                   
Basic Materials    0.2         0.8        Electronic    3.0          4.0           
                                          Arts Inc                                 
                                                                                   
Futures & Options  -4.4        -          United Drug   -            5.3           
                                          PLC*                                     
                                                                                   
                                          SSE PLC*      -            3.7           
                                                                                   
                                          * Not in the top 10 as at 30 November    
                                          2013                                     
                                                                                   
                                          ** Not in the top 10 as at 31 August 2013

Performance Record (total return %)                                            
                                                                               
               Price at   Quarter to  Quarter to  1 Year to 3 Years   5 Years  
               30         30 November 31 August   30        to 30     to 30    
               November   2013        2013        November  November  November 
               2013 (p)                           2013      2013      2013     
                                                                               
NAV            919.77     5.89           5.75       43.48     64.41    148.43  
                                                                               
Ordinary Share 887.00     7.52           10.24      59.85     76.34    168.14  
price                                                                          
                                                                               
Benchmark                 4.71           -0.79      19.80     37.80     98.68  
Index                                                                          
                                                                               

As at 14 January 2014 the Company's NAV per share was 977.70p and the Company's
share price was 936.00p per share.

Standardised Performance (total return %)                                      
                                                                               
               01/12/2008   01/12/2009   01/12/2010   01/12/2011   01/12/2012  
                                                                               
               30/11/2009   30/11/2010   30/11/2011   30/11/2012   30/11/2013  
                                                                               
NAV            38.6         9.1          -6.87        23.04        43.48       
                                                                               
Ordinary Share 50.2         1.3          -10.72       23.56        59.85       
price                                                                          
                                                                               

By order of the Board

Christopher Pirnie

For and on behalf of FIL Investments International

Company Secretary

15 January 2014

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 2013. 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.