Interim Management Statement

FIDELITY EUROPEAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER     
ENDED 31 MARCH 2008                                                             
                                                                                
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 decreased by 7.3% (debt at par) and 6.2% (debt at market value)       
against a 7.5% fall for the benchmark.                                          
                                                                                
- the share price decreased by 5.6%                                             
                                                                                
- there have been no material changes to the Company's portfolio during the     
period.                                                                         
                                                                                
- the Board and Managers continue to believe that investment in equities will   
produce strong returns for shareholders over the long term.                     
                                                                                
- 2,040,000 shares were repurchased for cancellation                            
                                                                                
Since the quarter end: a further 527,000 shares have been repurchased for       
cancellation                                                                    
                                                                                
Material Events                                                                 
                                                                                
Annual results published and annual report sent to shareholders for the year    
ended 31 December 2007. Announcement of forthcoming change in Portfolio Manager 
to Sudipto Banerji                                                              
                                                                                
Additional Information                                                          
                                                                                
Details of the Company            Dealing Information                           
                                                                                
Fund Manager: Tim McCarron        Listed:        London Stock Exchange          
                                                                                
Enquiries:    08457 100 456       Broker:        Winterflood Investment Trusts  
                                                                                
WWW Address:  http:/              Price Quoted:  Financial Times                
              www.fidelity.co.uk                                                
                                                 The Times                      
                                                                                
                                                 The Daily Telegraph            
                                                                                
                                                 The Independent                
                                                                                
Launch Date:  5 November 1991     Reuters Code:  FEV.L                          
                                                                                
Ordinary      56,948,751          SEAQ Code:     51034                          
Shares In                                                                       
Issue:                                                                          
                                                                                
Share price   5.3%                ISIN:          GB0003375820                   
discount to                                                                     
Undiluted                                                                       
NAV:                                                                            
                                                                                
Total Assets: £868.9 m                                                          
                                                                                
Loan:         £111.4 m                                                          
                                                                                
Total Net     £757.5 m                                                          
Assets:                                                                         
                                                                                
Gross Gearing 14.7%                                                             
:                                                                               
                                                                                
Net Gearing:  5.4%                                                              
                                                                                
                             Portfolio Breakdowns                               
                                                                                
Country     As at 31    As at 31     Largest 10     As at 31 March As at 31     
Analysis (% March 2008  December     Holdings (%    2008           December 2007
total                   2007         total assets)                              
assets)                                                                         
                                                                                
Germany     17.7        15.7         Roche Holdings 5.1            4.5          
                                                                                
France      15.1        14.8         E.On           4.7            5.1          
                                                                                
Switzerland 11.6        12.7         Telefonica     3.8            3.9          
                                                                                
Spain       8.2         7.2          Suez           3.6            3.3          
                                                                                
Netherlands 4.7         3.3          KPN            3.2            3.1          
                                                                                
Italy       4.6         5.4          Electricite De 2.4            3.1          
                                     France                                     
                                                                                
Greece      4.6         7.2          Grifols *      2.3            -            
                                                                                
Finland     3.8         3.8          Finmeccanica * 2.1            -            
                                                                                
Russia      3.7         4.0          Deutsche       2.0            2.2          
                                     Boerse                                     
                                                                                
Sweden      3.2         3.1          Gazprom        1.9            2.3          
                                                                                
Belgium     2.8         1.9          Royal Dutch    -              2.2          
                                     Shell**                                    
                                                                                
Norway      2.0         2.6          Statoilhydro * -              2.2          
                                     *                                          
                                                                                
United      1.6         2.4                                                     
Kingdom                                                                         
                                                                                
Austria     1.5         -            * Not in top 10 at 31                      
                                     December 2007                              
                                                                                
Luxembourg  1.4         -            ** No longer in top 10 at 31               
                                     March 2008                                 
                                                                                
Portugal    1.3         -                                                       
                                                                                
Israel      1.0         -                                                       
                                                                                
Other       3.8         4.5                                                     
                                                                                
Cash        7.4         11.4                                                    
                                                                                
      Total 100         100                                                     
                                                                                
                      Performance Record (total return %)                       
                                                                                
              Price (p) Quarter to   Quarter to 31  1 Year 3 Years 5 Years to 31
                        31 December  March 2008     to 31  to 31   March 2008   
                        2007                        March  March                
                                                    2008   2008                 
                                                                                
NAV (debt at  1330.08   1.3               -7.3       0.6    57.6       197.9    
par)                                                                            
                                                                                
NAV (debt at  1331.36   0.0               -6.2       0.6    58.6   -            
market value)                                                                   
                                                                                
Ordinary      1260.00   -0.5              -5.6       0.8    53.6       232.7    
Share price                                                                     
                                                                                
Benchmark               3.0               -7.5       2.3    54.6       148.5    
Index                                                                           
                                                                                

                   Standardised Performance (total return %)                   
                                                                               
               31/03/2003   31/03/2004   31/03/2005   31/03/2006   31/03/2007  
                                                                               
               31/03/2004   31/03/2005   31/03/2006   31/03/2007   31/03/2008  
                                                                               
NAV            44.5         30.8         42.5         9.9          0.6         
                                                                               
Ordinary Share 61.5         34.2         41.1         8.0          0.8         
price                                                                          
                                                                               

Rebecca Burtonwood

For and on behalf of Fidelity Investments International

Company Secretary

01737 836869

30 April 2008

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 2008.
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. Fidelity Investment Trusts are managed by
Fidelity Investments International. Fidelity, Fidelity International and
Pyramid Logo are trademarks of FIL Limited. Issued by Fidelity Investments
International, authorised and regulated in the UK by the Financial Services
Authority.

CB32662/NA


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