Interim Management Statement

FIDELITY EUROPEAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER      
ENDED 30 SEPTEMBER 2013                                                          
                                                                                 
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 4.13% against a 6.99% increase for the benchmark.         
                                                                                 
- the share price increased by 7.94%.                                            
                                                                                 
- main portfolio changes are detailed in the top ten holdings below              
                                                                                 
Gearing exposure was 5.36% on 30 September 2013.                                 
                                                                                 
Material transactions                                                            
                                                                                 
- During the period 108,701ordinary shares have been repurchased for             
cancellation.                                                                    
                                                                                 
- Since the quarter end no ordinary shares have been repurchased for             
cancellation.                                                                    
                                                                                 
Material Events                                                                  
                                                                                 
Publication of half-yearly results for the 6 months ended 30 June 2013.          
                                                                                 
Additional Information                                                           
                                                                                 
Details of the Company                              Dealing Information          
                                                                                 
Fund         Sam Morse                              Listed:      London Stock    
Manager:                                                         Exchange        
                                                                                 
Enquiries:   08457 100 456                          Broker:      Winterflood     
                                                                 Investment Trust
                                                                                 
WWW Address: www.fidelity.co.uk/                    Price        Financial Times 
             its                                    Quoted:                      
                                                                 The Times       
             Copies of major                                                     
             announcements and                                   The Daily       
             documentation                                       Telegraph       
             relating to the                                                     
             Company may be found                                The Independent 
             on the website                                                      
                                                                                 
Launch Date: 05 November 1991                       Reuters      FEV.L           
                                                    Code:                        
                                                                                 
             As at 30 September    As at 12         SEAQ Code:   51034           
             2013                  November 2013                                 
                                                                                 
Ordinary     42,187,693            42,187,693       ISIN:        GB0003375820    
Shares In                                                                        
Issue:                                                                           
                                                                                 
Share price  8.72%                 8.69%            Registered                   
discount to                                         office                       
NAV:                                                                             
                                                                                 
Total Net    £690.9m               £710.1m          Beech Gate                   
Assets:                                                                          
                                                    Millfield                    
                                                    Lane                         
                                                                                 
Gearing      5.36%                 5.04%            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 30   As 30 June    Largest 10     As at 30  As at 30    
(% total assets)   September  2013          Holdings (%    September June 2013   
                   2013                     total exposure 2013                  
                                            of the                               
                                            investment                           
                                            portfolio)                           
                                                                                 
Financials         24.4       24.0          Nestle         6.7       6.7         
                                                                                 
Consumer Goods     21.8       21.3          Sanofi         4.9       5.3         
                                                                                 
Health Care        11.9       12.7          UBS            4.5       4.2         
                                                                                 
Consumer Services  8.0        8.5           Novo-Nordisk   4.1       4.1         
                                                                                 
Technology         6.5        6.4           Schneider      3.8       3.5         
                                            Electric                             
                                                                                 
Basic Materials    5.5        5.4           Anheuser-Busch 3.3       3.0         
                                            InBev                                
                                                                                 
Utilities          2.9        3.7           Christian Dior 3.1       -           
                                            *                                    
                                                                                 
Telecommunications 2.0        1.7           BNP Paribas*   3.0       -           
                                                                                 
Oil & Gas          1.7        3.0           SAP            2.9       3.0         
                                                                                 
Industrials        -          13.1          Sampo          2.8       2.8         
                                                                                 
                                            Royal Dutch    -         3.0         
                                            Shell**                              
                                                                                 
Total              100        100           Zurich         -         2.6         
                                            Insurance                            
                                            Group**                              
                                                                                 
                                            * Not in top 10 at 30 June 2013      
                                                                                 
                                            ** No longer in top 10 at 30         
                                            September 2013                       

Performance Record (total return %)                                            
                                                                               
           Price at   Quarter to Quarter to  1 Year to   3 Years to 5 Years to 
           30         30 June    30          30          30         30         
           September  2013       September   September   September  September  
           2013 (p)              2013        2013        2013       2013       
                                                                               
NAV        1,637.75   0.17          4.13        24.55      36.55       52.40   
                                                                               
Ordinary   1,495.00   0.73          7.94        31.17      50.71       60.89   
Share                                                                          
price                                                                          
                                                                               
Benchmark             0.85          6.99        28.32      24.70       45.45   
Index                                                                          
                                                                               

As at 12 November 2013 the Company's NAV per share was 1,683.28p and the
Company's share price was 1,537.00p per share.

Standardised Performance (total return %)                                      
                                                                               
               30/09/2008   30/09/2009   30/09/2010   30/09/2011   30/09/2012  
                                                                               
               30/09/2009   30/09/2010   30/09/2011   30/09/2012   30/09/2013  
                                                                               
NAV            10.2         1.3          -10.57       22.61        24.55       
                                                                               
Ordinary Share 11.3         -4.1         -8.21        25.18        31.17       
price                                                                          
                                                                               
Benchmark      15.5         1.0          -14.24       12.57        28.32       
Index                                                                          
                                                                               

By order of the Board

Jenny Thompson

For and on behalf of FIL Investments International

Company Secretary

13 November 2013

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
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.