Interim Management Statement

FIDELITY EUROPEAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER    
ENDED 30 SEPTEMBER 2009                                                        
                                                                               
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 25.98% (debt at par) and 26.16% (debt at market value)  
against a 29.40% return for the benchmark.                                     
                                                                               
- the share price increased by 25.55 %                                         
                                                                               
- The Board and Managers continue to believe that investment in equities will  
produce strong returns for shareholders over the long term.                    
                                                                               
- details of the Company's portfolio are shown below.                          
                                                                               
- net gearing was2.61% as at 30 September 2009.                                
                                                                               
Material transactions                                                          
                                                                               
- 660,416 shares were purchased for cancellation.                              
                                                                               
Since the quarter end: a further 228,074 shares have been purchased for        
cancellation.                                                                  
                                                                               
Material Events                                                                
                                                                               
Half-yearly report for the six months ended 30 June 2009 published August 2009.
                                                                               
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         www.fidelity.co.uk/its                   Price Quoted: Financial   
Address:                                                           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      5 November 1991                          Reuters Code: FEV.L       
Date:                                                                          
                                                                               
            As at 30 September     As at 9 November  SEAQ Code:    51034       
            2009                   2009                                        
                                                                               
Ordinary    52,146,498             52,076,948        ISIN:         GB0003375820
Shares In                                                                      
Issue:                                                                         
                                                                               
Share price 11.62%                 12.09%            Registered                
discount to                                          office                    
NAV:                                                                           
                                                                               
Total       £755.5m                £740.1m           Beech Gate                
Assets:                                                                        
                                                     Millfield                 
                                                     Lane                      
Loan:       £95.9m                 £94.2m                                      
                                                     Lower                     
                                                     Kingswood                 
Total Net   £659.6m                £645.9m                                     
Assets:                                              Tadworth                  
                                                                               
                                                     Surrey KT20               
Gross       14.55%                 14.58%            6RP                       
Gearing :                                                                      
                                                                               
                                                                               
Net         2.61%                  1.58%                                       
Gearing:                                                                       
                                                                               
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 30     As at 30 June Largest 10      As at 30        As at 30
Analysis (% September    2009          Holdings (%     September 2009  June    
total       2009                       total assets)                   2009    
assets)                                                                        
                                                                               
France      25.8         24.4          Nestle (Regd)   4.9             5.5     
                                                                               
Germany     17.1         16.8          Telefonica      3.3             3.7     
                                                                               
Switzerland 13.6         12.6          Roche Holdings  3.1             2.9     
                                                                               
Netherlands 7.5          7.5           Credit Agricole 2.9             **      
                                                                               
Belgium     7.0          4.6           Sanofi-Aventis  2.9             2.8     
                                                                               
Ireland     6.2          7.5           Total           2.7             3.0     
                                                                               
Spain       5.1          4.7           Intesa Sanpaolo 2.7             2.5     
                                                                               
Italy       4.3          7.3           E.On            2.6             2.9     
                                                                               
Other       9.5          0.9           Siemens         2.5             2.7     
                                                                               
Cash        3.9          6.2           GDF Suez        2.4             3.2     
                                                                               
Sweden      -            4.8           Umicore         *               2.5     
                                                                               
Norway      -            1.5                                                   
                                                                               
USA         -            1.2                                                   
                                                                               
Total       100          100                                                   
                                                                               
                                       * No longer in top 10 at 30 September   
                                       2009                                    
                                                                               
                                       ** Not in top 10 at 30 June 2009        

                      Performance Record (total return %)                      
                                                                               
              Price at   Quarter to  Quarter to  1 Year to 3 Years to 5 Years  
              30         30 June     30          30        30         to 30    
              September  2009        September   September September  September
              2009 (p)               2009        2009      2009       2009     
                                                                               
NAV (debt at  1264.93    4.0            26.0       10.2       11.7      84.2   
par)                                                                           
                                                                               
NAV (debt at  1256.72    4.0            26.2        9.2       10.9      84.5   
market value)                                                                  
                                                                               
Ordinary      1118.00    4.5            25.6       11.3       5.1       73.7   
Share price                                                                    
                                                                               
Benchmark                9.3            29.4       15.5       10.0      68.6   
Index                                                                          
                                                                               

As at 9 November 2009 the Company's NAV per share was 1,243.31p (debt at par)
and 1,235.74p (debt at fair value) and the Company's share price was 1,093.00
per share.

                   Standardised Performance (total return %)                   
                                                                               
               30/09/2004   30/09/2005   30/09/2006   30/09/2007   30/09/2008  
                                                                               
               30/09/2005   30/09/2006   30/09/2007   30/09/2008    30/09/2009 
                                                                               
NAV            45.0         13.73        20.49        -15.85       10.15       
                                                                               
Ordinary Share 50.94        9.50         20.92        -21.92       11.34       
price                                                                          
                                                                               
Benchmark      29.17        18.60        19.48        -20.28       15.54       
Index                                                                          
                                                                               

By order of the Board

Rebecca Burtonwood

For and on behalf of FIL Investments International

Company Secretary

10 November 2009

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 30 September
2009. 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. CB32662/NA