Interim Management Statement

FIDELITY EUROPEAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER    
ENDED 31 MARCH 2012                                                            
                                                                               
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 15.87% against a 9.84% increase for the benchmark;      
                                                                               
- the share price increased by 15.09%;                                         
                                                                               
- main portfolio changes are detailed in the top ten holdings below.           
                                                                               
Gearing exposure was 105.82% on 31 March 2012.                                 
                                                                               
Material transactions                                                          
                                                                               
- During the quarter 735,782 shares were repurchased for cancellation.         
                                                                               
- Since the quarter end 75,000 shares have been repurchased for cancellation.  
                                                                               
Material Events                                                                
                                                                               
Release of Annual Results for the year ended 31 December 2011. Annual General  
Meeting held on 16 May 2012. All resolutions passed.                           
                                                                               
Additional Information                                                         
                                                                               
Dr R Niblett, a Director of the Company purchased 500 shares during the period.
                                                                               
Details of the Company                             Dealing Information         
                                                                               
Fund        Sam Morse                              Listed:       London Stock  
Manager:                                                         Exchange      
                                                                               
Enquiries:  08457 100 456                          Broker:       Winterflood   
                                                                 Investment    
                                                                 Trust         
                                                                               
WWW         www.fidelity.co.uk/                    Price Quoted: Financial     
Address:    its                                                  Times         
                                                                               
            Copies of major                                      The Times     
            announcements and                                                  
            documentation                                        The Daily     
            relating to the                                      Telegraph     
            Company may be found                                               
            on the website                                       The           
                                                                 Independent   
                                                                               
Launch      05 November 1991                       Reuters Code: FEV.L         
Date:                                                                          
                                                                               
            As at 31 March 2012  As at 16 May 2012 SEAQ Code:    51034         
                                                                               
Ordinary    43,559,164           43,484,164        ISIN:         GB0003375820  
Shares In                                                                      
Issue:                                                                         
                                                                               
Share price 15.02%               14.84%            Registered                  
discount to                                        office                      
NAV:                                                                           
                                                                               
Total Net   £584.8m              £523.9m           Beech Gate                  
Assets:                                                                        
                                                   Millfield                   
                                                   Lane                        
                                                                               
Gearing     105.82%              104.11%           Lower                       
Exposure:                                          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 31     As at 31   Largest 10    As at 31    As at 31     
(% total assets)   March 2012   December   Holdings (%   March 2012  December 2011
                                2011       total         (%)                      
                                           exposure of                            
                                           the                                    
                                           investment                             
                                           portfolio)                             
                                                                                  
Financials         21.6         20.9       Nestle (Regd) 6.8         7.5          
                                                                                  
Consumer Goods     18.6         18.6       Sanofi        4.3         4.6          
                                                                                  
Health Care        13.4         14.0       Novo-Nordisk  4.3         4.3          
                                           B                                      
                                                                                  
Consumer Services  12.1         11.2       SAP           3.9         3.5          
                                                                                  
Industrials        11.1         11.1       Zurich        3.0         2.8          
                                           Financial                              
                                           Services                               
                                                                                  
Basic Materials    7.3          7.5        Saipem        2.9         2.9          
                                                                                  
Technology         6.6          6.3        UBS           2.9         2.7          
                                                                                  
Oil & Gas          5.2          5.8        Schneider     2.8         2.9          
                                           Electric                               
                                                                                  
Utilities          2.6          2.6        Umicore       2.7         -            
                                                                                  
Telecommunications 1.5          2.0        Schibsted     2.6         -            
                                           Media Group                            
                                                                                  
                                           Royal Dutch   -           2.9          
                                           Shell A (NL)                           
                                                                                  
                                           Swedish Match -           2.6          
                                                                                  
Total              100          100                      36.2        36.7         
                                                                                  

Performance (total return)

                Price at 31 Quarter to 31 1 Year to 31  3 Years to  5 Years to 
                March 2012  March 2012    March 2012    31 March    31 March   
                (p)         (%)           (%)           2012 (%)    2012 (%)   
                                                                               
NAV (debt at    1327.39     15.87             -3.74        44.37       9.53    
par)*                                                                          
                                                                               
Ordinary Share  1128.00     15.09             -3.80        40.34       -0.19   
price                                                                          
                                                                               
Benchmark Index -           9.84             -11.38        39.80       -2.21   
                                                                               

Standardised Performance (total return %)                                      
                                                                               
               31/03/2007   31/03/2008   31/03/2009   31/03/2010   31/03/2011  
                                                                               
               31/03/2008   31/03/2009   31/03/2010   31/03/2011   31/03/2012  
                                                                               
NAV (debt at   0.6          -24.6        37.3         9.3          -3.74       
par) *                                                                         
                                                                               
Ordinary Share 0.8          -29.4        33.7         9.1          -3.80       
price                                                                          
                                                                               
Benchmark      2.3          -31.6        47.6         6.8          -11.38      
Index                                                                          
                                                                               

  * NAV (debt at par) is quoted up to December 2011 when the bank loans were
    repaid.
   
  * As at 16 May 2012 the Company's NAV per share was 1,187.13 and the
    Company's share price was 1,011.00p per share.
   
By order of the Board

Rebecca Burtonwood

For and on behalf of FIL Investments International

Company Secretary, 17 May 2012

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 2012.
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.