Doc re half-yearly report

FIDELITY EUROPEAN VALUES PLC AVAILABILITY OF THE HALF-YEARLY REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2009 Further to the disclosure of the Company's half-yearly report for the six months ended 30 June 2009 by way of an announcement dated 5 August 2009, in accordance with the Disclosure and Transparency Rules ("the Rules") 4.2 and 6.3.5 this announcement contains the text of the announcement dated 5 August 2009 together with detail on the availability of the printed form of the report in compliance with the Rules. The Company's half-yearly report for the six months ended 30 June 2009 has been filed with the UK Listing Authority Document Disclosure team and will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility which is situated at: Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS Tel: 020 7676 1000 (Documents will usually be available for inspection within six normal business hours of this notice being given). The half-yearly report will shortly be available on the Company's website at www.fidelity.co.uk/its Rebecca Burtonwood, FIL Investments International, Company Secretary - 01737 836 869 19 August 2009 FIDELITY EUROPEAN VALUES PLC Preliminary announcement of unaudited half-yearly results for the six months ended 30 June 2009 Contents Investment Objective and Performance Summary Summary of Results Half-Yearly Report Responsibility Statement Top 20 Holdings Financial Statements Investor Information Directory Investment Objective The investment objective of the Company is to achieve long term capital growth from the stockmarkets of continental Europe. Performance - total return (includes reinvested income) (%) 6 months to 30 June From launch 5 November 2009 1991 Net asset value per share -11.9 +1,042.7 Share price -6.1 +914.3 FTSE World Europe (ex UK) -8.4 +320.6 Index Standardised performance (on a total return basis) (%) 30/06/04 - 30/06/05 - 30/06/06 - 30/06/07 - 30/06/08 - 30/06/05 30/06/06 30/06/07 30/06/08 30/06/09 Net asset value per +33.9 +25.3 +24.8 -3.0 -24.2 share Share price +41.7 +21.8 +24.1 -5.2 -25.8 FTSE World Europe +18.4 +23.4 +25.1 -9.5 -20.8 (ex UK) Index Sources: Fidelity and Datastream Past performance is not a guide to future returns Summary of Results 30 June 31 December % 2009 2008 change Assets Total assets employed (1) £619.7m £750.0m -17.4 Shareholders' funds £530.2m £650.0m -18.4 Borrowings as % of shareholders' funds 16.9 15.4 Borrowings less cash as % of shareholders' 1.8 nil funds (2) Net asset value per share per share (NAV) 1,004.10p 1,183.61p -15.2 Stockmarket Data FTSE World Europe (ex UK) Index 289.00 323.91 -10.8 Share price (3) period end 890.50p 990.00p -10.1 high 1,070.00p 1,406.00p low 755.50p 820.00p Discount (3) period end 11.3% 16.4% high 15.8% 16.6% low 5.4% 1.6% Returns for the six months to 30 June 2009 2008 Capital loss per ordinary share (173.13p) (92.97p) Capital loss + revenue return per ordinary (149.75p) (68.39p) share Total Returns (4) for the six months to 30 2009 2008 June NAV per share -11.9% -4.1% Share price -6.1% -6.2% FTSE World Europe (ex UK) Index -8.4% -12.8% 1 Total assets less current liabilities, excluding fixed term loan liabilities 2 Cash includes investment in Fidelity Institutional Cash Fund plc 3 The high and low figures relate to the six month period to 30 June 2009 and the year to 31 December 2008 4 Includes reinvested income Sources: Fidelity and Datastream Past performance is not a guide to future returns Half-Yearly Report Performance During the first six months of the year, the net asset value of the portfolio fell by 11.9% to 1,004.10p per share, compared with a decline of 8.4% for the FTSE World Europe (ex UK) Index, in sterling terms (on a total return basis). Market Review In the first two months of the year, European equities were weighed down by the credit turmoil and fears of a prolonged global slowdown. However later in the period, stocks rose due to hopes that markets might have seen their worst and expectations of stabilisation in the economy. Financials were boosted on the belief that banks have warmed towards lending, making way for monetary and fiscal stimulus to take effect. Additionally, there were broker upgrades, upbeat results from key banks and news that several global financial institutions were seeking to return funds received from governmental support. Investors started moving into cyclical areas, favouring the consumer discretionary, industrials and information technology sectors. Higher commodity prices supported basic resources firms, while defensive health care and telecommunications companies lagged. The eurozone economy shrank by a record 2.5% in the first three months of the year. However, more recent data releases suggest that there are some early signs of improvement in economic activity. In a quarterly report, the European Commission announced that the worst seems to be over in terms of GDP contraction and its spring forecast predicts a subdued recovery for 2010. Moreover, the region's key sentiment indicators have begun to improve. Eurozone inflation dipped into negative territory for the first time in June. Nonetheless, the ECB believes that longer-term inflation expectations remain quite stable. The ECB cut interest rates to a record low of 1.0% in May and said it could spend about €60 billion in a corporate bond purchase scheme. During the six months, sterling strengthened by 12% against the euro. As a UK investor in a European equity portfolio, this had a negative effect on returns. Portfolio Manager's Report Overall, the Manager remains on the cautious side regarding the outlook for the economy, therefore he is cautious on stock selection and continues to support companies with strong balance sheets and strong fundamentals. This approach has cost performance in the short term as the portfolio underperformed its benchmark during the period where performance was cyclically driven. The market anticipated that the worst was over as global macro data stabilised. Highly leveraged stocks performed well at the expense of those companies with stronger balance sheets. Banks were one of the best performers in the rally and an underweight exposure to the sector detracted from relative returns. In addition, the portfolio did not have exposure to the more distressed banks which benefited from a greater degree of regulatory and central bank forbearance. The Manager preferred those with stronger balance sheets. Moreover, as investors began to take on more risk, telecommunication companies lagged other sectors; exposure to stocks such as Deutsche Telecom and Swisscom proved unfavourable to relative performance. However, an overweight position in basic resources firms contributed to relative returns. The sector had sold off heavily in the latter quarters of 2008, but began to outperform as the market anticipated the rate of deterioration in fundamentals had slowed. Consumer stocks also contributed. Retail conglomerate PPR performed well. The stock was a special situation investment where a misunderstanding of the company's debt repayment profile and an underestimation of cash generation and restructuring had created an opportunity to acquire the stock at a cheap valuation. Shares in clothing retailer Hennes & Mauritz rose despite cyclical margin pressures that impacted near term results; performance proved resilient supported by a robust business model. Principal Risks and Uncertainties The Board believes that the principal risks and uncertainties faced by the Company continue to fall into the following categories: market risks; performance risks; investment management and income risks; share price, NAV and discount volatility risk; gearing risk; and control systems, regulation, governance including shareholder relations risks. Information on each of these is given in the Business Review section of the Annual Report for the year ended 31 December 2008. Discount Management and Gearing During the period under review, a further 2.1 million shares were repurchased for cancellation, with the continued purpose of reducing share price volatility and resulting in an enhancement of the NAV per share. The level of net gearing has remained around zero for most of the period, with net gearing increasing to 1.8% at the period end. The Board has given the Manager leeway to increase net gearing up to 5% and the Board will continue to monitor the situation. Change in Directorship As detailed in the Annual Report for the year ended 31 December 2008, Mr Humphrey van der Klugt was appointed Audit Committee Chairman and Senior Independent Director following Mr David Simpson's retirement after the Annual General Meeting on 19 May 2009. Outlook The European market, despite the recent rally, remains reasonably valued compared to history. Expectations of corporate earnings have become more realistic and estimates reflect the slowdown more accurately than was the case even six months ago. Given this situation, the environment has become far more constructive for stock picking. Presently the portfolio manager has overweight positions in telecommunications, materials and the energy sector. He has found fewer opportunities in the financials and consumer discretionary sectors. While commentators are becoming more optimistic about the economic outlook, we remain on the cautious side and will continue to support companies with strong balance sheets and strong fundamentals. We believe that, against this background, stockpicking will benefit performance in the longer term. By order of the Board FIL Investments International 5 August 2009 Responsibility Statement The Directors confirm to the best of their knowledge that: a) the condensed set of financial statements contained within the half-yearly financial report has been prepared in accordance with the UK Accounting Standards Board's Statement 'Half-Yearly Financial Reports'; b) the half-yearly report narrative on pages 3 to 5 (constituting the interim management report) includes a fair review of the information required by Rule 4.2.7R of the FSA's Disclosure and Transparency Rules and their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year; and c) in accordance with Disclosure and Transparency Rule 4.2.8R there have been no related parties transactions during the six months to 30 June 2009 and therefore nothing to report on any material effect by such a transaction on the financial position or the performance of the Company during that period; and there have been no changes in this position since the last annual report that could have a material effect on the financial position or performance of the Company in the first six months of the current financial year. The half-yearly financial report has not been audited or reviewed by the Company's auditor. The half-yearly financial report was approved by the Board on 5 August 2009 and the above responsibility statement was signed on its behalf by Robert Walther, Chairman. Top 20 Holdings as at 30 June 2009 Holding Fair Value £ %† '000 Nestle 34,219 5.5 Multinational packaged food company Telefonica 23,098 3.7 Spanish provider of telecommunication services GDF Suez 19,798 3.2 French natural gas and electricity supplier Total 18,830 3.0 Integrated international oil and gas company Roche Holdings 18,208 2.9 Swiss pharmaceutical company E.ON 18,109 2.9 German generator and distributor of electricity and gas Sanofi-Aventis 17,323 2.8 French pharmaceutical company Siemens 16,952 2.7 Global organisation engaged in electronics and electrical engineering Umicore 15,348 2.5 Belgian materials technology group Intesa Sanpaolo 15,311 2.5 Italian banking group Ericsson (LM) Telefonaktiebolaget 14,031 2.3 Supplier of network equipment and related services to telecom operators Eni 13,597 2.2 Integrated energy company Deutsche Boerse 13,542 2.2 International financial marketplace operator Belgacom 13,148 2.1 Belgian telecommunications company Credit Agricole 11,115 1.8 French banking group offering a wide range of banking and insurance services ArcelorMittal 10,910 1.8 Global steel producer France Telecom 9,805 1.6 Provides telecommunications services Akzo Nobel 9,343 1.5 Global paints and coatings company BNP Paribas 9,100 1.5 French based banking group Hennes & Mauritz 8,942 1.4 Swedish clothing retail company Top 20 holdings 310,729 50.1 † % total assets less current liabilities, excluding fixed term loan liabilities. Enquiries: Chris Davies - Head of Investment Trusts, FIL Investments International - 01737 837 723 Rebecca Burtonwood - FIL Investments International, Company Secretary - 01737 836 869 Copies of the half-yearly report will be posted to shareholders as soon as practicable. Copies will also be available to the public from the Company's registered office, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP. FIDELITY EUROPEAN VALUES PLC Income Statement for the six months ended for the year ended for the six months ended 30.06.09 31.12.08 30.06.08 unaudited audited unaudited revenue capital total revenue capital total revenue capital total Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Losses on - (92,045) (92,045) - (158,681) (158,681) - (46,311) (46,311) investments Income 2 19,442 - 19,442 29,650 - 29,650 21,789 - 21,789 Investment (2,004) - (2,004) (5,491) (7,458) (12,949) (2,875) (5,900) (8,775) management and performance fees VAT 37 - 37 5,995 - 5,995 - - - recovered on investment management fee Other (382) - (382) (875) - (875) (539) - (539) expenses Exchange 264 (11,275) (11,011) (107) 25,141 25,034 32 6,870 6,902 gains/ (losses) on other net assets Exchange - 10,503 10,503 - (26,695) (26,695) - (7,756) (7,756) gains/ (losses) on loans Net return/ 17,357 (92,817) (75,460) 29,172 (167,693) (138,521) 18,407 (53,097) (34,690) (loss) before finance costs and taxation Interest (1,821) - (1,821) (4,427) - (4,427) (2,153) - (2,153) payable Net return/ 15,536 (92,817) (77,281) 24,745 (167,693) (142,948) 16,254 (53,097) (36,843) (loss) on ordinary activities before taxation Taxation on 3 (3,002) (4) (3,006) (4,128) 1,509 (2,619) (2,215) - (2,215) return/ (loss) on ordinary activities Net return/ 12,534 (92,821) (80,287) 20,617 (166,184) (145,567) 14,039 (53,097) (39,058) (loss) on ordinary activities after taxation for the period Return/ 4 23.38p (173.13p) (149.75p) 36.77p (296.35p) (259.58p) 24.58p (92.97p) (68.39p) (loss) per ordinary share A Statement of Total Recognised Gains and Losses has not been prepared as there are no gains and losses other than those reported in this Income Statement. The total column of the Income Statement is the profit and loss account of the Company. These financial statements have been prepared in accordance with the AIC Statement of Recommended Practice ("SORP") issued in January 2009. FIDELITY EUROPEAN VALUES PLC Reconciliation of Movements in Shareholders' Funds called share capital capital capital revenue total up premium redemption reserve reserve reserve equity share account reserve realised unrealised capital £'000 £'000 £'000 £'000 £'000 £'000 £'000 Notes Opening 14,737 58,615 1,088 649,451 118,194 12,560 854,645 shareholders' funds: 1 January 2008 Net recognised - - - 35,000 (82,197) - (47,197) capital gains/ (losses) for the period Repurchase of 9 (899) - 899 (46,236) - - (46,236) ordinary shares Performance fee - - - (5,900) - - (5,900) charged to capital Net revenue - - - - - 14,039 14,039 after taxation for the period Dividend paid - - - - - (7,991) (7,991) to shareholders Closing 13,838 58,615 1,987 632,315 35,997 18,608 761,360 shareholders' funds: 30 June 2008 Opening 14,737 58,615 1,088 649,451 118,194 12,560 854,645 shareholders' funds: 1 January 2008 Net recognised - - - (62,415) (97,820) - (160,235) capital losses for the year Repurchase of 9 (1,009) - 1,009 (51,106) - - (51,106) ordinary shares Performance fee - - - (7,458) - - (7,458) charged to capital Taxation - - - 1,509 - - 1,509 credited to capital Net revenue - - - - - 20,617 20,617 after taxation for the year Dividend paid - - - - - (7,991) (7,991) to shareholders Closing 13,728 58,615 2,097 529,981 20,374 25,186 649,981 shareholders' funds: 31 December 2008 Transfer - - - 37,580 (37,580) - - between reserves* Net recognised - - - (94,620) 1,803 - (92,817) capital (losses)/gains for the period Repurchase of 9 (527) - 527 (19,838) - - (19,838) ordinary shares Taxation - - - (4) - - (4) charged to capital Net revenue - - - - - 12,534 12,534 after taxation for the period Dividends paid 7 - - - - - (19,620) (19,620) to shareholders Closing 13,201 58,615 2,624 453,099 (15,403) 18,100 530,236 shareholders' funds: 30 June 2009 * In accordance with TECH 01/08: Distributable Profits, changes in fair value of investments which are readily convertible to cash, without accepting adverse terms at the balance sheet date, are included in realised capital reserves rather than unrealised capital reserves. The balances on both reserves have been amended by a balance transfer to reflect this change. At the balance sheet date all investments held by the Company were considered to be readily convertible to cash. The balance remaining in capital reserve unrealised represents the net exchange losses on the loans and cash held by the Company. FIDELITY EUROPEAN VALUES PLC Balance Sheet 30.06.09 31.12.08 30.06.08 unaudited audited unaudited Notes £'000 £'000 £'000 Fixed assets Investments at fair value through 537,881 657,544 750,125 profit or loss Current assets Debtors 12,505 1,890 14,210 Fidelity Institutional Cash Fund 43,949 48,764 64,541 plc Cash at bank 36,165 50,907 59,529 92,619 101,561 138,280 Creditors - amounts falling due within one year Fixed rate unsecured loan 8 (34,086) - (27,694) Other creditors (10,788) (9,145) (16,269) (44,874) (9,145) (43,963) Net current assets 47,745 92,416 94,317 Total assets less current 585,626 749,960 844,442 liabilities Creditors - amounts falling due after more than one year Fixed rate unsecured loans 8 (55,390) (99,979) (83,082) Total net assets 530,236 649,981 761,360 Capital and reserves Called up share capital 13,201 13,728 13,838 Share premium account 58,615 58,615 58,615 Capital redemption reserve 2,624 2,097 1,987 Capital reserve - realised 453,099 529,981 632,315 Capital reserve - unrealised (15,403) 20,374 35,997 Revenue reserve 18,100 25,186 18,608 Total equity shareholders' funds 530,236 649,981 761,360 Net asset value per ordinary 5 1,004.10p 1,183.61p 1,375.42p share FIDELITY EUROPEAN VALUES PLC Cash Flow Statement 30.06.09 31.12.08 30.06.08 unaudited audited unaudited £'000 £'000 £'000 Operating activities Investment income received 13,685 18,280 16,002 Deposit interest received 549 6,162 2,269 Investment management fee paid (2,264) (6,011) (3,189) Performance fee paid (7,458) - - VAT recovered on investment management fee 37 6,043 - paid Directors' fees paid (56) (104) (52) Other cash receipts/(payments) 23 (762) (451) Net cash inflow from operating activities 4,516 23,608 14,579 Returns on investments and servicing of finance Interest paid (1,875) (4,505) (2,142) Net cash outflow from returns on (1,875) (4,505) (2,142) investments and servicing of finance Taxation Overseas taxation recovered 79 740 428 Taxation recovered 79 740 428 Financial investment Purchase of investments (427,551) (937,042) (324,353) Disposal of investments 453,435 982,820 376,191 Net cash inflow from financial investment 25,884 45,778 51,838 Dividends paid to shareholders (19,620) (7,991) (7,991) Net cash inflow before use of liquid 8,984 57,630 56,712 resources and financing Net cash inflow/(outflow) from management 4,815 (48,764) - of liquid resources Net cash inflow before financing 13,799 8,866 56,712 Financing Repurchase of ordinary shares (19,837) (51,906) (44,897) 3.54% fixed rate unsecured loan repaid - (29,736) - Net cash outflow from financing (19,837) (81,642) (44,897) (Decrease)/increase in cash (6,038) (72,776) 11,815 Notes to the Financial Statements 1. Accounting policies The half-yearly financial statements for the period ending 30 June 2009 have been prepared in accordance with the AIC Statement of Recommended Practice ("SORP") issued in January 2009. Comparatives for prior reporting periods are on the basis of the accounting policies set out in the Company's annual report and financial statements dated 31 December 2008. As a result of the new SORP, changes in the fair value of investments held at the period end which are readily convertible to cash without accepting adverse terms at the balance sheet date are now included in capital reserve realised rather than capital reserve unrealised. The balances on both reserves at 1 January 2009 have been amended by a reserve transfer to reflect this change. In all other respects the accounting policies remain unchanged from those stated in the Company's annual report and financial statements dated 31 December 2008. 2. Income 30.06.09 31.12.08 30.06.08 unaudited audited unaudited £'000 £'000 £'000 Overseas dividends 17,453 23,675 19,637 Overseas scrip dividends 1,510 82 82 Interest income - 42 - Deposit interest 155 1,888 881 Interest on VAT recovered on investment management - 1,429 - fee* Income from Fidelity Institutional Cash Fund plc 324 2,534 1,189 19,442 29,650 21,789 * This is interest received on VAT on investment management fees reclaimed following the decision of the European Court of Justice in the JPMorgan Claverhouse Investment Trust /AIC case (C-363/05). 3. Taxation on return/(loss) on ordinary activities 30.06.09 31.12.08 30.06.08 unaudited audited unaudited revenue capital total revenue capital total revenue capital total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Corporation 422 4 426 4,336 (1,509) 2,827 2,274 - 2,274 tax Double - - - (2,827) - (2,827) (2,274) - (2,274) taxation relief 422 4 426 1,509 (1,509) - - - - Overseas 3,662 - 3,662 3,756 - 3,756 3,112 - 3,112 taxation suffered Overseas (1,082) - (1,082) (1,137) - (1,137) (897) - (897) taxation recovered 3,002 4 3,006 4,128 (1,509) 2,619 2,215 - 2,215 4. Return/(loss) per ordinary share 30.06.09 31.12.08 30.06.08 unaudited audited unaudited Revenue 23.38p 36.77p 24.58p Capital (173.13p) (296.35p) (92.97p) Total (149.75p) (259.58p) (68.39p) Returns/(losses) per ordinary share are based on the net revenue return on ordinary activities after taxation of £12,534,000 (31.12.08: £20,617,000; 30.06.08: £14,039,000), the net capital loss in the period of £92,821,000 (31.12.08: £166,184,000; 30.06.08: £53,097,000) and the total loss in the period of £80,287,000 (31.12.08: £145,567,000; 30.06.08: £39,058,000) and on 53,614,861 ordinary shares (31.12.08: 56,077,724; 30.06.08: 57,113,675), being the weighted average number of ordinary shares in issue during the period. 5. Net Asset Value per ordinary share The net asset value per ordinary share is based on net assets of £530,236,000 (31.12.08: £649,981,000; 30.06.08: £761,360,000) and on 52,806,914 ordinary shares (31.12.08: 54,915,210; 30.06.08: 55,354,851), being the number of ordinary shares in issue at the period end. 6. Costs of investment transactions Included in the losses on investments are the following costs of investment transactions: 30.06.09 31.12.08 30.06.08 unaudited audited unaudited £'000 £'000 £'000 Purchase expenses 508 997 391 Sales expenses 555 1,049 489 1,063 2,046 880 7. Dividends No dividend has been declared in respect of the current period. The dividends shown on the Reconciliation of Movements in Shareholders' Funds for the six months ended 30 June 2009 relate to the year ended 31 December 2008. 8. Loan Facilities The fixed rate loan from Lloyds TSB Bank plc of euro 40,000,000 was drawn down on 22 June 2005 for a period of five years at an interest rate of 3.23% per annum. The loan is repayable on 22 June 2010. The fixed rate loan from Barclays Bank plc of euro 65,000,000 was drawn down on 29 December 2006 for a period of five years at an interest rate of 4.38% per annum. The loan is repayable on 15 December 2011. The Company has entered into a euro 25,000,000 credit facility agreement with Lloyds TSB Bank plc which expires on 15 December 2011. As at 30 June 2009 no amount was drawn down. 9. Share Repurchases The following share repurchases were made in the period: 30.06.09 31.12.08 30.06.08 unaudited audited unaudited Number of ordinary shares repurchased 2,108,296 4,035,541 3,595,000 Average price per ordinary share 940.95p 1,266.40p 1,286.12p Total cost including stamp duty and £ £ £ commission 19,838,000 51,106,000 46,236,000 10. Unaudited Financial Statements The results for the six months to 30 June 2009 and 30 June 2008, which are unaudited, constitute non-statutory accounts within the meaning of s435 of the Companies Act 2006. The figures and financial information for the year ended 31 December 2008 are extracted from the latest published financial statements. These financial statements, on which the auditor gave an unqualified report, have been delivered to the Registrar of Companies. Investor Information CONTACT INFORMATION Private investors can call free on 0800 41 41 10 9am to 6pm, Monday to Saturday. Financial advisers can call free on 0800 41 41 81 8am to 6pm, Monday to Friday. www.fidelity.co.uk/its Existing shareholders who have specific queries regarding their holding or need to provide updated information, for example a change of address, should contact the appropriate administrator. Holders of ordinary shares Capita Registrars, Registrars to Fidelity European Values PLC, Northern House, Woodsome Park, Fenay Bridge, Huddersfield, West YorkshireHD8 0GA. Telephone: 0871 664 0300 (calls cost 10p per minute plus network extras) email: ssd@capitaregistrars.com Details of individual shareholdings and other information can also be obtained from the Registrars' website: www.capitaregistrars.com Fidelity Share Plan investors Fidelity Investment Trust Share Plan, BNPParibas Securities Services, Block C, Western House, LynchwoodBusinessPark, PeterboroughPE2 6BP. Telephone: 0845 358 1107 (calls to this number are charged at 3.95p per minute from a BT landline dependent on the tariff. Other telephone service providers' costs may vary.) Fidelity ISA investors Fidelity, using the freephone number given opposite, or by writing to: UK Customer Service, Fidelity International, Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN11 9DZ. www.fidelity.co.uk/its Fidelity ShareNetwork: www.fidelity.co.uk/sharenetwork General enquiries should be made to FIL Investments International, the Investment Manager and Secretary, at the Company's registered office: FIL Investments International, Investment Trusts, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP. Telephone: 01732 36 11 44 Fax: 01737 83 68 92 www.fidelity.co.uk/its FINANCIAL CALENDAR 30 June 2009 - half-yearly period end 5 August 2009 - announcement of half-yearly results August 2009 - publication of half-yearly report 31 December 2009 - financial year end March 2010 - publication of annual report May 2010 - Annual General Meeting Directory BOARD OF DIRECTORS Robert Walther (Chairman) Simon Duckworth Simon Fraser James Robinson Humphrey van der Klugt (Audit Committee Chairman and Senior Independent Director) MANAGER, SECRETARY AND REGISTERED OFFICE FIL Investments International Beech Gate, Millfield Lane Lower Kingswood Tadworth Surrey, KT20 6RP FINANCIAL ADVISERS AND STOCKBROKERS Winterflood Investment Trusts The Atrium Building Cannon Bridge 25 Dowgate Hill London, EC4R 2GA INDEPENDENT AUDITOR Grant Thornton UK LLP Chartered Accountants and Registered Auditor 30 Finsbury Square London, EC2P 2YU BANKERS AND CUSTODIAN JP Morgan Chase Bank (London Branch) 125 London Wall London, EC2Y 5AJ REGISTRARS Capita Registrars Northern House Woodsome Park Fenay Bridge Huddersfield West Yorkshire HD8 0GA LAWYERS Slaughter and May One Bunhill Row London, EC1Y 8YY WARNING TO SHAREHOLDERS - BOILER ROOM SCAMS Over the last year, many companies have become aware that their shareholders have received unsolicited phone calls or correspondence concerning investment matters. These are typically from overseas based 'brokers' who target UK shareholders, offering to sell them what often turn out to be worthless or high risk shares in US or UK investments. These operations are commonly known as 'boiler rooms'. These 'brokers' can be very persistent and extremely persuasive, and a 2006 survey by the Financial Services Authority (FSA) has reported that the average amount lost by investors is around £20,000. It is not just the novice investor that has been duped in this way; many of the victims had been successfully investing for several years. Shareholders are advised to be very wary of any unsolicited advice, offers to buy shares at a discount or offers of free company reports. If you receive any unsolicited investment advice: • Make sure you get the correct name of the person and organisation • Check that they are properly authorised by the FSA before getting involved by visiting www.fsa.gov.uk/register • Report the matter to the FSA either by calling 0845 606 1234 or visiting www.moneymadeclear.fsa.gov.uk • If the calls persist, hang up. If you deal with an unauthorised firm, you will not be eligible to receive payment under the Financial Services Compensation Scheme. The FSA can be contacted by completing an online form at www.fsa.gov.uk/pages/doing/regulated/ law/alerts/overseas.shtml Details of any share dealing facilities that the Company endorses will be included in company mailings. More detailed information on this or similar activity can be found on the FSA website www.moneymadeclear.fsa.gov.uk The Fidelity Individual Savings Account ("ISA") is offered and managed by Financial Administration Services Limited. The Fidelity Investment Trust Share Plan is managed by FIL Investments International. Both companies are authorised and regulated by the Financial Services Authority. The Fidelity Investment Trust Share Plan is administered by BNP Paribas Securities Services and shares will be held in the name of Puddle Dock Nominees Limited. The value of savings and eligibility to invest in an ISA will depend on individual circumstances and all tax rules may change in the future. Fidelity investment trusts are managed by FIL Investments International. Fidelity only gives information about its own products and services and does not provide investment advice based on individual circumstances. Should you wish to seek advice, please contact a Financial Adviser. Please note that the value of investments and the income from them may fall as well as rise and the investor may not get back the amount originally invested. Past performance is not a guide to future returns. For funds that invest in overseas markets, changes in currency exchange rates may affect the value of your investment. Investing in small and emerging markets can be more volatile than other more developed markets. Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. Investees should also note that the views expressed may no longer be current and may have already been acted upon by Fidelity. Fidelity, Fidelity International and the Pyramid Logo are trademarks of FIL Limited. Issued by Fidelity European Values PLC.

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