Interim Management Statement

FIDELITY EUROPEAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER       
ENDED 30 SEPTEMBER 2011                                                           
                                                                                  
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 decreased by 23.88% (debt at par) and 23.86% (debt at market value)     
against a 24.32% decrease for the benchmark.                                      
                                                                                  
- The share price decreased by 24.60%                                             
                                                                                  
- The Board and Managers continue to believe that investment in equities should   
produce strong returns for shareholders over the long term.                       
                                                                                  
- The main portfolio changes are detailed in the top ten holdings below           
                                                                                  
Net gearing was 6.12% as at 30 September 2011.                                    
                                                                                  
Material transactions                                                             
                                                                                  
- During the quarter, 1,616,497 shares were repurchased for cancellation.         
327,549 shares have been repurchased for cancellation since the quarter end.      
                                                                                  
Material Events                                                                   
                                                                                  
Publication of half-yearly results for the 6 months ended 30 June 2011.           
                                                                                  
Purchase of 1,000 shares by Humphrey van der Klugt.                               
                                                                                  
Purchase of 1,000 shares by James Robinson.                                       
                                                                                  
Additional Information                                                            
                                                                                  
Details of the Company                            Dealing Information             
                                                                                  
Fund Manager:     Sam Morse                       Listed:      London Stock       
                                                               Exchange           
                                                                                  
Enquiries:        08457 100 456                   Broker:      Winterflood        
                                                               Investment Trust   
                                                                                  
WWW Address:      www.fidelity.co.uk/its          Price        Financial Times    
                                                  Quoted:                         
                  Copies of major announcements                The Times          
                  and documentation relating to                                   
                  the Company may be found on the              The Daily Telegraph
                  website                                                         
                                                               The Independent    
                                                                                  
Launch Date:      05 November                     Reuters      FEV.L              
                  1991                            Code:                           
                                                                                  
                  As at 30       As at 27 October SEAQ Code:   51034              
                  September 2011 2011                                             
                                                                                  
Ordinary Shares i 46,301,902     45,974,353       ISIN:        GB0003375820       
n issue:                                                                          
                                                                                  
Share price       14.63%         14.40%           Registered                      
discount to NAV:                                  office                          
                                                                                  
Total Assets:     £577.8m        £641.5m          Beech Gate                      
                                                                                  
                                                  Millfield                       
                                                  Lane                            
Loan:             £62.5m         £64.1m                                           
                                                  Lower                           
                                                  Kingswood                       
                                                                                  
Total Net Assets: £515.3m        £577.4m          Tadworth                        
                                                                                  
                                                  Surrey KT20                     
                                                  6RP                             
Gross Gearing :   12.13%         11.11%                                           
                                                                                  
                                                                                  
                                                                                  
Net Gearing:      6.12%          9.57%                                            
                                                                                  
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 at 30     Largest 10   As at 30      As at 30    
(% total assets)  September   June 2011    Holdings (%  September 201 June 2011   
                  2011                     total        1                         
                                           assets)                                
                                                                                  
Financials        22.6        24.2         Nestle       7.0           5.8         
                                           (Regd)                                 
                                                                                  
Consumer Staples  16.0        13.4         Sanofi       4.0           3.5         
                                                                                  
Health Care       13.0        11.2         Novo-Nordisk 3.7           3.2         
                                           B                                      
                                                                                  
Consumer          11.7        11.4         SAP          3.5           3.0         
Discretionary                                                                     
                                                                                  
Industrials       11.6        13.3         Schneider    2.9           3.0         
                                           Electric                               
                                                                                  
Materials         7.1         9.8          Zurich       2.7           -           
                                           Financial                              
                                           Services                               
                                                                                  
Telecommunication 5.7         5.3          Royal Dutch  2.7           -           
Services                                   Shell (A)                              
                                                                                  
Energy            5.2         5.0          Swedish      2.5           -           
                                           Match                                  
                                                                                  
Information       4.2         3.0          Saipem       2.4           2.6         
Technology                                                                        
                                                                                  
Utilities         2.8         3.4          BNP Paribas  2.4           3.2         
                                                                                  
                                           Siemens      -             2.6         
                                                                                  
                                           UBS (Regd)   -             2.4         
                                                                                  
                                           Societe      -             2.4         
                                           Generale                               
                                                                                  
Total             100         100                                                 
                                                                                  

Performance Record (total return %)                                           
                                                                              
               Price at 30  Quarter to  1 Year to   3 Years to  5 Years to 30 
               September    30          30          30          September 2011
               2011 (p)     September   September   September                 
                            2011        2011        2011                      
                                                                              
NAV (debt at     1112.84      -23.88      -10.57       -0.19         1.21     
par)                                                                          
                                                                              
NAV (debt at     1,111.63     -23.86      -10.35       -0.50         1.07     
market value)                                                                 
                                                                              
Ordinary Share    950.00      -24.60       -8.21       -2.01        -7.48     
price                                                                         
                                                                              
Benchmark                     -24.32      -14.24       0.03         -4.72     
Index                                                                         

As at 27 October 2011 the Company's NAV per share was 1255.82 p (debt at par)
and 1254.57p (debt at fair value) and the Company's share price was 1075.00p
per share.

Standardised Performance (total return %)                                      
                                                                               
               30/09/2006   30/09/2007   30/09/2008   30/09/2009   30/09/2010  
                                                                               
               30/09/2007   30/09/2008   30/09/2009   30/09/2010   30/09/2011  
                                                                               
NAV (debt at   20.5         -15.9        10.2         1.3          -10.57      
par)                                                                           
                                                                               
NAV (debt at   20.6         -15.8        9.2          1.6          -10.35      
market value)                                                                  
                                                                               
Ordinary Share 20.9         -21.9        11.3         -4.1         -8.21       
price                                                                          
                                                                               
Benchmark      19.5         -20.3        15.5         1.0          -14.24      
Index                                                                          

By order of the Board

Rebecca Burtonwood

For and on behalf of FIL Investments International

Company Secretary

28 October 2011

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
2011. 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.