Interim Management Statement

FIDELITY SPECIAL VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER              
ENDED 31 MAY 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 4.6% against a 2.7 % return for the benchmark.                   
                                                                                        
- the share price decreased by 2.2 %                                                    
                                                                                        
- 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 117.25 % on 31 May 2010                                     
                                                                                        
Material transactions                                                                   
                                                                                        
- there were no repurchases of shares for cancellation during the quarter and           
there have been none since the quarter end.                                             
                                                                                        
Material Events                                                                         
                                                                                        
Appointment of Andy Irvine and Sharon Brown as Directors on 16 April 2010.              
                                                                                        
Publication of half-yearly results for the six months ended 28 February 2010.           
                                                                                        
Retirement of Alex Hammond-Chambers as Director and Chairman on 8 July 2010.            
                                                                                        
Appointment of Lynn Ruddick as Chairman on 9 July 2010 and Ben Thomson as               
Senior Independent Director on 12 July 2010.                                            
                                                                                        
Substantial shareholding notifications regarding FIL Limited's holding made on          
16 March and 11 May 2010.                                                               
                                                                                        
Additional Information                                                                  
                                                                                        
Change in Director's shareholding - Alex Hammond-Chambers - announced 14 June           
2010.                                                                                   
                                                                                        
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        Financial   
                                                               Quoted:      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      FSV.L       
                                                               Code:                    
                                                                                        
                   As at 31 May 2010       As at 12 July 2010  SEAQ Code:   51079       
                                                                                        
Ordinary Shares In 56,938,896              56,938,896          ISIN:        GB0003325106
Issue:                                                                                  
                                                                                        
Share price        8.73%                   6.44%               Registered               
discount to NAV:                                               office                   
                                                                                        
Total Assets:      £321.4m                 £334.4m             Beech Gate               
                                                                                        
                                                               Millfield                
                                                               Lane                     
Total Net Assets:  £321.4m                 £334.4m                                      
                                                               Lower                    
                                                               Kingswood                
                                                                                        
Actual Gearing     117.25%                 116.11%             Tadworth                 
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 31    As at 28     Largest 10      As at 31 May   As at 28     
(% total assets)   May 2010    February     Holdings (%     2010           February 2010
                               2010         total assets)                               
                                                                                        
Financials         28.4        26.4         HSBC Holdings   5.2            5.2          
                                            (UK REG)                                    
                                                                                        
Consumer Services  25.2        28.5         Glaxosmithkline 4.9            5.6          
                                                                                        
Industrials        10.4        10.0         Vodaphone Group 4.3            4.2          
                                                                                        
Health Care        9.7         9.8          Lloyds Banking  4.2            3.8          
                                            Group                                       
                                                                                        
Telecommunications 6.7         6.6          Astrazenca (UK) 4.1            3.3          
                                                                                        
Technology         5.6         6.3          British Sky     3.0            -            
                                            Broadcast                                   
                                            (BSKYB) **                                  
                                                                                        
Oil & Gas          5.0         5.8          Premier Farnell 2.9            2.9          
                                                                                        
Consumer Goods     2.6         -            Royal Bank of   2.8            3.3          
                                            Scotland Group                              
                                                                                        
Other              2.7         2.9          British Land ** 2.7            -            
                                                                                        
Cash               3.8         1.5          Logicacmg       2.7            3.3          
                                                                                        
Utilities          -           2.2          Partygaming*    -              3.2          
                                                                                        
                                            Yell Group*     -              2.8          
                                                                                        
Total              100         100                                                      
                                                                                        
                                            * No longer in top 10 at 31 May 2010        
                                                                                        
                                            ** Not in top 10 at 28 February 2010        

                      Performance Record (total return %)                      
                                                                               
               Price at Quarter to Quarter to 1 Year to  3 Years to 5 Years to 
               31 May   31 May     28         31 May     31 May     31 May 2010
               2010 (p) 2010       February   2010       2010                  
                                   2010                                        
                                                                               
NAV (debt at   578.53   1.5        3.1        24.1       -5.5       54.4       
par)                                                                           
                                                                               
Ordinary Share 528.00   1.0        -3.2       18.6       -7.2       45.945.4545
price                                                                          
                                                                    45.9       
                                                                               
Benchmark               -1.3       4.0        22.9       -12.8      28.6       
Index                                                                          
                                                                               

As at 12 July 2010 the Company's NAV per share was 587.30p and the Company's
share price was 549.50p per share.

                   Standardised Performance (total return %)                   
                                                                               
               31/05/2005   31/05/2006   31/05/2007   31/05/2008   31/05/2009  
                                                                   31/05/2010  
               31/05/2006   31/05/2007   31/05/2008   31/05/2009               
                                                                               
NAV            30.96        24.68        -10.20       -15.20       24.15       
                                                                               
Ordinary Share 31.00        19.94        -12.59       -10.42       18.59       
price                                                                          
                                                                               

By order of the Board

Rebecca Burtonwood

For and on behalf of FIL Investments International

Company Secretary

13 July 2010

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 31 May 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