Interim Management Statement

FIDELITY EUROPEAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER       
ENDED 30 SEPTEMBER 2012                                                           
                                                                                  
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 6.06% against a 6.60% increase for the benchmark.          
                                                                                  
- the share price increased by 7.39%.                                             
                                                                                  
- main portfolio changes are detailed in the top ten holdings below.              
                                                                                  
*Gearing exposure was 7.5% on 30 September 2012.                                  
                                                                                  
Material transactions                                                             
                                                                                  
- During the quarter no shares were repurchased for cancellation.                 
                                                                                  
- Since the quarter end no shares have been repurchased for cancellation.         
                                                                                  
Material Events                                                                   
                                                                                  
Publication of half-yearly results for the 6 months ended 30 June 2012.  

         
                                                                                  
Details of the Company                                Dealing Information         
                                                                                  
Fund       Sam Morse                                  Listed:      London Stock   
Manager:                                                           Exchange       
                                                                                  
Enquiries: 08457 100 456                              Broker:      Winterflood    
                                                                   Investment     
                                                                   Trust          
                                                                                  
WWW        www.fidelity.co.uk/its                     Price        Financial Times
Address:                                              Quoted:                     
           Copies of major                                         The Times      
           announcements and                                                      
           documentation relating                                  The Daily      
           to the Company may be                                   Telegraph      
           found on the website                                                   
                                                                   The Independent
                                                                                  
Launch     05 November 1991                           Reuters      FEV.L          
Date:                                                 Code:                       
                                                                                  
           As at 30 September 2012 As at 26 October   SEAQ Code:   51034          
                                   2012                                           
                                                                                  
Ordinary   43,204,093              43,204,093         ISIN:        GB0003375820   
Shares In                                                                         
Issue:                                                                            
                                                                                  
Share      12.60%                  11.67%             Registered                  
price                                                 office                      
discount                                                                          
to NAV:                                                                           
                                                                                  
Total Net  £577.8m                 £582.5m            Beech Gate                  
Assets:                                               Millfield Lane                           
                                                      Lower Kingswood        
                                                      Tadworth                            
Gearing    *7.5%                   9.99%              Surrey                      
exposure:                                             KT20 6RP         
                                                                                  
                                                      
                                                                                  
                                                      
                                                      
                                                                                  
                                                                                  
The Company's net asset value per share is announced daily and may be found on    
the Stock Exchange website www.londonstockexchange.com                            
                                                                                  
* In line with the AIC's new recommendation                                       
                                                                                  
Under previous disclosures, this figure would                                     
                                                                                  
be represented as 107.5%.                                                         
                                                                                  
Portfolio Breakdowns                                                              
                                                                                  
Industry Analysis  As at 30   As at 30    Largest 10     As at 30       As at 30  
(% total assets)   September  June 2012   Holdings (%    September 2012 June 2012 
                   2012                   total exposure                          
                                          of the                                  
                                          investment                              
                                          portfolio)                              
                                                                                  
Financials         22.3       21.3        Nestle         6.6            6.8       
                                                                                  
Consumer Goods     18.8       19.5        Sanofi         4.9            4.5       
                                                                                  
Health Care        13.4       13.5        Novo-Nordisk   4.5            4.5       
                                                                                  
Industrials        11.3       11.2        SAP            4.1            3.5       
                                                                                  
Consumer Services  10.7       11.8        UBS            3.2            2.8       
                                                                                  
Technology         7.5        6.5         Schneider      3.1            2.8       
                                          Electric                                
                                                                                  
Basic Materials    7.0        6.7         Saipem         3.0            2.9       
                                                                                  
Oil & Gas          5.7        5.4         Umicore        2.8            -*        
                                                                                  
Utilities          3.4        3.3         Zurich         2.8            2.8       
                                          Financial                               
                                          Services                                
                                                                                  
Telecommunications 0.0        0.9         Anheuser-Busch 2.7            2.8       
                                          Inbev                                   
                                                                                  
                                          Swedish Match  -**            2.8       
                                                                                  
Total              100        100                                                 
                                                                                  
                                          * Not in top 10 at 30 June 2012         
                                                                                  
                                          ** No longer in top 10 at 30 September  
                                          2012                                    

Performance Record (total return %)                                            
                                                                               
               Price at   Quarter to Quarter to  1 Year to 3 Years   5 Years to
               30         30 June    30          30        to 30     30        
               September  2012       September   September September September 
               2012 (p)              2012        2012      2012      2012      
                                                                               
NAV            1337.59    -4.95         6.06       22.61     11.10      2.99   
                                                                               
Ordinary Share 1169.00    -4.08         7.39       25.18     10.17     -4.23   
price                                                                          
                                                                               
Benchmark                 -6.94         6.60       12.57     -1.90     -9.64   
Index                                                                          
                                                                               

As at 26 October 2012 the Company's NAV per share was 1348.40p and the
Company's share price was 1191.00p per share.

Standardised Performance (total return %)                                      
                                                                               
               30/09/2007   30/09/2008   30/09/2009   30/09/2010   30/09/2011  
                                                                               
               30/09/2008   30/09/2009   30/09/2010   30/09/2011   30/09/2012  
                                                                               
NAV            -15.9        10.2         1.3          -10.57       22.61       
                                                                               
Ordinary Share -21.9        11.3         -4.1         -8.21        25.18       
price                                                                          
                                                                               
Benchmark      -20.3        15.5         1.0          -14.24       12.57       
Index                                                                          
                                                                               

By order of the Board

Christopher Pirnie

For and on behalf of FIL Investments International

Company Secretary

29 October 2012

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
2012. 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.