Interim Management Statement

FIDELITY EUROPEAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER     
ENDED 31 MARCH 2009                                                             
                                                                                
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 15.3% (debt at par) and 15.1% (debt at market value)     
against a 16.1 % decrease for the benchmark.                                    
                                                                                
- the share price decreased by 10.2 %                                           
                                                                                
The Board and Managers continue to believe that investment in equities will     
produce strong returns for shareholders over the long term.                     
                                                                                
1,387,489 shares were repurchased for cancellation.                             
                                                                                
Since the quarter end a further 340,507 shares have been repurchased for        
cancellation.                                                                   
                                                                                
Details of the Company's portfolio are show below.                              
                                                                                
Material Events                                                                 
                                                                                
Annual report for the year ended 31 December 2008 published and sent to         
shareholders. AGM held 19 May 2009.                                             
                                                                                
Additional Information                                                          
                                                                                
Details of the Company             Dealing Information                          
                                                                                
Fund Manager:  Sudipto Banerji     Listed:        London Stock Exchange         
                                                                                
Enquiries:     08457 100 456       Broker:        Winterflood Investment Trust  
                                                                                
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       53,527,721          SEAQ Code:     51034                         
Shares In                                                                       
Issue:                                                                          
                                                                                
Share price    11.8%               ISIN:          GB0003375820                  
discount to                                                                     
Undiluted NAV:                                                                  
                                                                                
Total Assets:  £614.5m                                                          
                                                                                
Loan:          £97.4m                                                           
                                                                                
Total Net      £517.1m                                                          
Assets:                                                                         
                                                                                
Gross Gearing  18.8%                                                            
:                                                                               
                                                                                
Net Gearing:   -2.5%                                                            
                                                                                
                             Portfolio Breakdowns                               
                                                                                
Country     As at 31     As at 31     Largest 10    As at 31 March As at 31     
Analysis (% March 2009   December     Holdings (%   2009           December 2008
total                    2008         total assets)                             
assets)                                                                         
                                                                                
France      26.8         25.1         Roche         4.9            4.6          
                                      Holdings                                  
                                      Genussscheine                             
                                                                                
Germany     17.6         17.6         Nestle (Regd) 4.1            3.6          
                                                                                
Switzerland 13.4         15.3         Total         3.6            3.6          
                                                                                
Ireland     9.2          1.6          GDF Suez      3.1            3.6          
                                                                                
Netherlands 6.9          6.7          Siemens       2.9            3.5          
                                                                                
Sweden      4.0          3.0          Umicore *     2.7            -            
                                                                                
Belgium     3.3          2.1          Carrefour *   2.4            -            
                                                                                
Italy       3.1          6.7          Bayer *       2.4            -            
                                                                                
Spain       2.7          3.6          Intesa        2.3            -            
                                      Sanpaolo *                                
                                                                                
Norway      1.6          -            Telefonica *  2.2            -            
                                                                                
Finland     1.5          1.1          Novartis      -              3.6          
                                      (Regd) **                                 
                                                                                
South       1.2          -            France        -              2.9          
Africa                                Telecom **                                
                                                                                
United      -            7.1          ENI **        -              2.6          
Kingdom                                                                         
                                                                                
Greece      -            1.8          AXA **        -              2.4          
                                                                                
Luxembourg  -            1.2          Deutsche      -              2.3          
                                      Telekom                                   
                                      (Regd) **                                 
                                                                                
Other       1.8          1.5          Total         30.6           32.7         
                                                                                
Cash        6.9          5.6                                                    
                                                                                
Total       100          100          * Not in top 10 at 31 December 2008 ** No 
                                      longer in top 10 at 31 March 2009         
                                                                                
                      Performance Record (total return %)                       
                                                                                
               Price (p) Quarter to   Quarter to 31 1 Year 3 Years 5 Years to 31
                         31 December  March 2009    to 31  to 31   March 2009   
                         2008                       March  March                
                                                    2009   2009                 
                                                                                
NAV (debt at   966.02    -1.23            -15.3     -24.6   -16.6      55.4     
par)                                                                            
                                                                                
NAV (debt at   958.07    -1.91            -15.1     -25.3   -17.3        -      
market value)                                                                   
                                                                                
Ordinary Share 852.00    -5.53            -10.2     -29.4   -23.2      45.4     
price                                                                           
                                                                                
Benchmark                -2.55            -16.1     -31.6   -21.8      24.8     
Index                                                                           
                                                                                

                   Standardised Performance (total return %)                   
                                                                               
               31/03/2004   31/03/2005   31/03/2006   31/03/2007   31/03/2008  
                                                                               
               31/03/2005   31/03/2006   31/03/2007   31/03/2008   31/03/2009  
                                                                               
NAV            30.8         42.5         9.9          0.6          -24.6       
                                                                               
Ordinary Share 34.2         41.1         8.0          0.8          -29.4       
price                                                                          

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 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