Interim Management Statement

FIDELITY EUROPEAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER         
ENDED 30 SEPTEMBER 2010                                                             
                                                                                    
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 11.1% (debt at par) and 11.2% (debt at market value)         
against a 13.5% return for the benchmark.                                           
                                                                                    
- the share price increased by 12.5%                                                
                                                                                    
- The Board and Managers continue to believe that investment in equities should     
produce strong returns for shareholders over the long term.                         
                                                                                    
- main portfolio changes are detailed in the top ten holdings below                 
                                                                                    
Net gearing was 4.0% as at 30 September 2010.                                       
                                                                                    
Material transactions                                                               
                                                                                    
- During the quarter, 60,000 shares were repurchased for cancellation. 45,000       
shares have been repurchased for cancellation since the quarter end.                
                                                                                    
Material Events                                                                     
                                                                                    
Announcement and publication of half-yearly results for the six months ended 30     
June 2010.                                                                          
                                                                                    
Change of portfolio manager from Sudipto Banerji to Sam Morse with effect from      
01 January 2011, announced on 11 November 2010.                                     
                                                                                    
Additional Information                                                              
                                                                                    
Details of the Company                              Dealing Information             
                                                                                    
Fund Manager:      Sudipto Banerji to 31 December   Listed:      London Stock       
                   2010 and Sam Morse from                       Exchange           
                                                                                    
                   01 January 2011                                                  
                                                                                    
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 15 November SEAQ Code:   51034              
                   September 2010 2010                                              
                                                                                    
Ordinary Shares in 49,694,986     49,649,986        ISIN:        GB0003375820       
issue:                                                                              
                                                                                    
Share price        16.63%         17.13%            Registered                      
discount to NAV:                                    office                          
                                                                                    
Total Assets:      £688.8m        £696.9m           Beech Gate                      
                                                                                    
                                                    Millfield                       
                                                    Lane                            
Loan:              £56.1m         £55.8m                                            
                                                    Lower                           
                                                    Kingswood                       
                                                                                    
Total Net Assets:  £632.7m        £641.1m           Tadworth                        
                                                                                    
                                                    Surrey KT20                     
                                                    6RP                             
Gross Gearing :    8.88%          8.62%                                             
                                                                                    
                                                                                    
                                                                                    
Net Gearing:       4.02%          5.26%                                             
                                                                                    
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 2010    Holdings (%    September     June 2010  
                   2010                     total assets)  2010                     
                                                                                    
Financials         20.5        19.7         Nestle (REGD)  4.9           5.2        
                                                                                    
Consumer Goods     20.1        20.8         Siemens        3.0           3.0        
                                                                                    
Consumer Services  12.7        11.0         Sanofi-Aventis 2.9           3.8        
                                                                                    
Industrials        10.1        10.1         UBS (REGD)     2.6           2.6        
                                                                                    
Health Care        10.1        14.5         Zurich         2.5           2.9        
                                            Financial                               
                                            Services                                
                                                                                    
Oil & Gas          8.1         5.9          Total          2.5           2.5        
                                                                                    
Basic Materials    7.1         6.7          SAP            2.4           2.2        
                                                                                    
Telecommunications 4.5         3.1          Carrefour      2.3           **         
                                                                                    
Utilities          3.8         3.9          Swedish Match  2.2           **         
                                                                                    
Technology         3.0         4.3          Umicore        2.2           **         
                                                                                    
                                            Roche Holdings *             2.9        
                                                                                    
Total              100         100          Daimler        *             2.5        
                                                                                    
                                            BNP Paribas    *             2.3        
                                                                                    
                                            * Not in top 10 as at 30 September 2010 
                                                                                    
                                            ** Not in top 10 as at 30 June 2010     

                      Performance Record (total return %)                      
                                                                               
               Price at   Quarter to  Quarter to  1 Year to 3 Years   5 Years  
               30         30 June     30          30        to 30     to 30    
               September  2010        September   September September September
               2010 (p)               2010        2010      2010      2010     
                                                                               
NAV (debt at   1259.47    -13.0          11.1        1.3      -6.1      28.7   
par)                                                                           
                                                                               
NAV (debt at   1255.11    -12.9          11.2        1.6      -6.6      28.8   
market value)                                                                  
                                                                               
Ordinary Share 1050.00    -16.4          12.5       -4.1      -16.6     10.4   
price                                                                          
                                                                               
Benchmark                 -14.8          13.5        1.0      -7.0      31.8   
Index                                                                          

As at 15 November 2010 the Company's NAV per share was 1,291.19p (debt at par)
and 1,287.18p (debt at fair value) and the Company's share price was 1,070.00p
per share.

                   Standardised Performance (total return %)                   
                                                                               
               30/09/2005   30/09/2006   30/09/2007   30/09/2008   30/09/2009  
                                                                               
               30/09/2006   30/09/2007   30/09/2008   30/09/2009   30/09/2010  
                                                                               
NAV (debt at   13.7         20.5         -15.9        10.2         1.3         
par)                                                                           
                                                                               
NAV (debt at   14.2         20.6         -15.8        9.2          1.6         
market value)                                                                  
                                                                               
Ordinary Share 9.5          20.9         -21.9        11.3         -4.1        
price                                                                          
                                                                               
Benchmark      18.6         19.5         -20.3        15.5         1.0         
Index                                                                          

By order of the Board

Rebecca Burtonwood

For and on behalf of FIL Investments International

Company Secretary

16 November 2010

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
2010. 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.