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.