Interim Management Statement

FIDELITY EUROPEAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER      
ENDED 31 MARCH 2010                                                              
                                                                                 
Issued pursuant to the requirements of Chapter 4 of the Disclosure and           
Transparency Rules                                                               
                                                                                 
Objective                                                                        
                                                                                 
To achieve long-term capital growth from the stock markets of Continental        
Europe.                                                                          
                                                                                 
Benchmark                                                                        
                                                                                 
FTSE World Europe (ex UK) Index                                                  
                                                                                 
Review of Period (total return)                                                  
                                                                                 
During the period:                                                               
                                                                                 
- the NAV increased by 4.46% (debt at par) and 4.53% (debt at market value)      
against a 3.92% return for the benchmark                                         
                                                                                 
- the share price decreased by 1.01%                                             
                                                                                 
- 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              
                                                                                 
Net gearing was 0.87% on 31 March 2010                                           
                                                                                 
Material transactions                                                            
                                                                                 
During the quarter 1,058,949 shares were repurchased for cancellation            
                                                                                 
Since the quarter end 108,000 shares have been repurchased for cancellation      
                                                                                 
Material Events                                                                  
                                                                                 
Appointment of Dr Robin Niblett as a Director 14 January 2010                    
                                                                                 
Declaration and payment of interim dividend for the year ended 31 December 2009  
                                                                                 
Annual report for the year ended 31 December 2009 published. AGM convened for    
18 May 2010                                                                      
                                                                                 
Additional Information                                                           
                                                                                 
Details of the Company                               Dealing Information         
                                                                                 
Fund Mana    Sudipto Banerji                         Listed:         London Stock
ger:                                                                 Exchange    
                                                                                 
Enquiries:   08457 100 456                           Broker:         Winterflood 
                                                                     Investment  
                                                                     Trust       
                                                                                 
WWW Address: www.fidelity.co.uk/                     Price Quoted:   London Stock
             its                                                     Exchange    
                                                                                 
             Copies of major                                         Financial   
             announcements and                                       Times       
             documentation                                                       
             relating to the                                         The Times   
             Company may be found                                                
             on the website                                          The Daily   
                                                                     Telegraph   
                                                                                 
                                                                     The         
                                                                     Independent 
                                                                                 
Launch Date: 05 November 1991                        Reuters Code:   FEV.L       
                                                                                 
             As at 31 March 2010   As at 14 May 2010 SEAQ Code:      51034       
                                                                                 
Ordinary     50,057,656            49,949,656        ISIN:           GB0003375820
Shares In                                                                        
Issue:                                                                           
                                                                                 
Share price  14.36%                16.22%            Registered                  
discount to                                          office                      
NAV:                                                                             
                                                                                 
Total        £745.8m               £692.9m           Beech Gate                  
Assets:                                                                          
                                                     Millfield Lane              
Loan:        £93.5m                £89.8m                                        
                                                     Lower Kingswood             
Total Net    £652.3m               £603.1m                                       
Assets:                                              Tadworth                    
                                                                                 
Gross        14.20%                14.90%            Surrey KT20 6RP             
Gearing :                                                                        
                                                                                 
Net Gearing: 0.38%                 -0.68%                                        
                                                                                 
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                                
                                                                                 
Country     As at 31    As at 31     Largest 10     As at 31 March As at 31      
Analysis (% March 2010  December     Holdings (%    2010           December 2009 
total                   2009         total assets)                               
assets)                                                                          
                                                                                 
France      24.3        26.8         Nestle (Regd)  4.5            4.2           
                                                                                 
Germany     21.6        18.6         Sanofi-Aventis 3.7            4.1           
                                                                                 
Switzerland 12.0        11.9         Total          2.9            3.5           
                                                                                 
Netherlands 7.8         7.1          Zurich         2.6            -             
                                     Financial                                   
                                     Services*                                   
                                                                                 
Ireland     6.2         6.2          Roche Holdings 2.6            3.1           
                                                                                 
Belgium     5.2         6.4          Siemens        2.5            -             
                                                                                 
Italy       3.8         5.0          BNP Paribas    2.5            3.0           
                                                                                 
Spain       3.2         4.5          Koninklijke    1.9            -             
                                     Philips                                     
                                     Electronics *                               
                                                                                 
Other       9.7         8.5          Daimler *      1.9            -             
                                                                                 
Cash        6.2         5.0          Royal Dutch    1.8            2.0           
                                     Shell A (NL)                                
                                                                                 
                                     Intesa         -              2.7           
                                     Sanpaolo **                                 
                                                                                 
Total       100         100          Telefonica **  -              2.4           
                                                                                 
                                     GDF Suez **    -              2.3           
                                                                                 
                                     Deutsche       -              2.2           
                                     Boerse **                                   
                                                                                 
                                     * Not in the top 10 at 31 December 2009     
                                                                                 
                                     ** No Longer in the top 10 at 31 March 2010 

                      Performance Record (total return %)                      
                                                                               
              Price at 31 Quarter to Quarter   1 Year to 3 Years to  5 Years to
              March 2010  31         to 31     31 March  31 March    31 March  
              (p)         December   March     2010      2010        2010      
                          2009       2010                                      
                                                                               
NAV (debt at  1,303.11       0.32      4.46      37.27      4.15       63.09   
par)                                                                           
                                                                               
NAV (debt at  1,296.36       0.44      4.53      37.71      3.51       63.15   
market value)                                                                  
                                                                               
Ordinary      1,116.00       2.95      -1.01     33.73      -4.89      44.95   
Share price                                                                    
                                                                               
Benchmark                    0.48      3.92      47.63      3.26       56.15   
Index                                                                          
                                                                               

As at 14 May 2010 the Company's NAV per share was 1,193.64p (debt at par) and
1,187.29p (debt at fair value) and the Company's share price was 1,000.00p per
share.

                   Standardised Performance (total return %)                   
                                                                               
               31/03/2005   31/03/2006   31/03/2007   31/03/2008   31/03/2009  
                                                                               
               31/03/2006   31/03/2007   31/03/2008   31/03/2009   31/03/2010  
                                                                               
NAV            42.5         9.9          0.6          -24.6        37.3        
                                                                               
Ordinary Share 41.1         8.0          0.8          -29.4        33.7        
price                                                                          
                                                                               

By order of the Board

Rebecca Burtonwood

For and on behalf of FIL Investments International

Company Secretary

14 May 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 March 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.