FIDELITY EUROPEAN VALUES PLCSEEKING GROWTH AT A REASONABLE PRICE

FIDELITY INVESTMENT TRUSTS 31 JULY 2013

FIDELITY EUROPEAN VALUES PLCDETAILS TO 31.07.13

Share price:

NAV:

NAV (excluding income):

Discount:

Discount (excluding income):

Gearing:

Ordinary shares in issue:

Launch date:

Portfolio Manager:

Appointed to trust:

Years at Fidelity:

1485.00p

1680.98p

1648.90p

11.66%

9.94%

7.79%

42,266,639

05/11/1991

Samuel Morse

01/01/2011

9

Fidelity European Values PLC aims to achieve long term capital growth from a portfolio primarily made up of shares incontinental European companies. The portfolio manager is not restricted in terms of market cap, country or sectorallocation which is determined by the location of attractive investment opportunities rather than the outlook for eachmarket.

European equities, resumed its uptrend after taking a brief pause in May, as European Central Bank(ECB) President Mario Draghi said that interest rates will remain low for an extended period of time ormay even be reduced further. The market was also supported by signs that the US Federal Reservemay maintain its monetary stimulus for a little longer than expected.

There is much debate about the recent rise in bond yields. This can be an inflection point, following avery long (more than three decades) decline in bond yields, signalling the beginning of a new era, inwhich the global economy, led by the US, shakes off the shackles of the financial crisis and returns to amore normal rate of growth. However, this is not certain and bond yields may sink again when itbecomes apparent that it is too soon, and the economy is still too fragile, for the Federal Reserve tostart “tapering” quantitative easing. Only time will tell. China’s rate of growth appears to be slowing asthe government focuses more on the quality and sustainability of growth rather than just the volume of

growth. Most notably, commodity prices have been weak, reflecting a slower pace in Chinese demandand a lagged supply response. This is good news for inflation expectations but may lead to furtherweakness in the new BRIC motors of the global economy. The abundance of liquidity, as a result of lowinterest rates and quantitative easing, has encouraged investment strategies that have dictated marketmovements, perhaps to excess, over many years. For instance, the “carry trade” of borrowing in dollarsto buy higher-yielding assets, often emerging market assets, may now reverse. It will be a fluidenvironment but the manager’s focus will continue to be on attractively-valued companies, with soundbalance sheets, which can deliver consistent dividend growth.

In July, the Trust recorded NAV returns of 6.9%, underperforming the index which returned 7.7%.

Updated July 2013

Sam Morse, Portfolio Manager

PORTFOLIO MANAGER

FIVE YEAR PERFORMANCE COMPARISON

06-0

812

-08

06-0

912

-09

06-1

012

-10

06-1

112

-11

06-1

212

-12

06-1

360%

80%

100%

120%

140%

NAV

Benchmark Index

Share Price

SINGLE YEAR PERFORMANCE(5 YEARS ENDING JULY)

Cumulative Growth YTD 1mth 6mths 1 yr 3 yrs 5 yrs 10 yrs Since05.11.91

Share Price 17.6% 7.2% 7.8% 35.8% 60.3% 38.8% 236.3% 1727.9%NAV 19.6% 6.9% 9.2% 33.8% 49.9% 41.3% 232.5% 1944.3%FTSE World Europe Ex-UK Index 19.4% 7.7% 9.2% 36.0% 33.5% 32.3% 139.2% 585.8%

Ranking within European Inv. Trust Sector (Share Price)

Position of the company 7 6 4 5 3 6 4 1Total number of companies 8 8 8 8 8 8 6 4Quartile Ranking 4 3 2 3 2 3 3 1

PERFORMANCE RECORD

Please remember that past performance is not a guide to what may happen in the future. The valueof investments can go down as well as up and you may not get back the amount you invested.Overseas investments may be subject to currency fluctuations. Investments in small and emergingmarkets may be more volatile than more established markets. Please remember the eligibility toinvest in an ISA depends on individual circumstances and tax rules may be subject to change.

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JJuull 0088-- JJuull 0099-- JJuull 1100-- JJuull 1111-- JJuull 1122--JJuull 0099 JJuull 1100 JJuull 1111 JJuull 1122 JJuull 1133

Share Price -18.3% 5.9% 21.4% -2.7% 35.8%NAV -14.8% 10.6% 18.3% -5.3% 33.8%FTSE World Europe -10.8% 11.1% 12.5% -12.8% 36.0%Ex-UK Index

PPrriiccee RReeccoorrdd JJuull JJuull JJuull JJuull JJuull0099 1100 1111 1122 1133

Share Price (pence) 945.00 980.50 1173.00 1115.00 1485.00

NAV (pence) 1083.35 1177.24 1376.22 1277.47 1680.98

Investment available via ISA and Share Plan

Source of performance: Fidelity/Datastream, cumulative growth, total return as at 31 July 2013, bid-bid with net income reinvested. These figures do not include an initial charge. Rankings: Morningstar.Quartile rankrefers to performance over time rated on a scale of 1-4. A ranking of 1 indicates that the item being ranked is in the top 25% of the sample; a quartile of 2 indicates it’s in the top 50% and so on.

GLOSSARY INDUSTRY BREAKDOWN AS AT 31.07.13

GEOGRAPHIC BREAKDOWN AS AT 31.07.13TOP 10 POSITIONS AS AT 31.07.13

FIDELITY EUROPEAN VALUES PLC

%

NESTLE (REGD) 6.5

SANOFI 5.1

UBS 4.5

NOVO-NORDISK 4.1

SCHNEIDER ELCTRIC 3.6

ANHEUSER-BUSCH INBEV 3.1

ROYAL DUTCH SHELL 3.0

SAMPO 2.9

SAP 2.9

BNP PARIBAS 2.9

FRANCE SWITZERLAND GERMANY BELGIUM DENMARK NETHERLANDS FINLAND NORWAY SWEDEN UNITED KINGDOM SPAINITALYTURKEYOTHERS

23.4%18.0%16.4%7.0%5.3%5.0%4.9%4.7%4.7%3.9%2.8%1.6%1.0%1.3%

Financials Consumer Goods Industrials Health Care Consumer Services Technology Basic Materials Utilities Oil & Gas Telecommunications

24.5%21.4%13.6%12.2%8.3%6.5%5.3%3.3%3.0%1.8%

Listed: London Stock Exchange

Quoted: London Stock Exchange

Financial Times

The Times

The Daily Telegraph

The Independent

Reuters Code: FEV.L

SEAQ Code: 51034

DEALING INFORMATION

Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for thepurposes of illustration only. Investors should also note that the views expressed may no longer be current and may have already been acted upon by Fidelity. This

information does not constitute investment advice and should not be used as the basis for any investment decision nor should it be treated as a recommendation for anyinvestment. If you are unsure of the suitability of an investment, please contact a financial adviser.

For more information contact us on 00880000 4411 4411 1100, 9am – 6pm Monday to Saturday or go towwwwww..ffiiddeelliittyy..ccoo..uukk//eeuurrooppeeaannvvaalluueess

NAVThe total value of a company’s assets less the total value of its liabilitiesis its net asset value (NAV). For valuation purposes it is common todivide net assets by the number of shares in issue to give the net assetsper share. If the NAV per share is higher than the price each of theseshares or securities are ‘in the money’. NAV calculations can include orexclude current financial year income.

DISCOUNTIf the share price of an investment company is lower than the net assetvalue (NAV) per share, the company is said to be trading at a discount.The discount is shown as a percentage of the NAV.

GEARING Investment trusts have the ability to borrow additional money to invest,known as gearing. The trust has the ability to use bank loans, bankoverdrafts and Contracts for Difference (CFDs) to increase its exposureto stocks. CFDs are used as a way of gaining exposure to the pricemovements of shares without buying the underlying shares directly.

OVERWEIGHT/UNDERWEIGHTIf a stock is deemed “overweight” this indicates that the portfolio has ahigher exposure to a stock compared to its benchmark. If a stock isdeemed “underweight” this indicates that portfolio has a lower exposureto a stock compared to its benchmark.

TOP 10 POSITIONSThe 10 largest investments are shown as a % of the total marketexposure of the investment portfolio, including exposure to investmentsthrough derivatives.

FAIR VALUEThe fair value of the listed investments is measured at bid prices or lastprices quoted, depending on the convention of the exchange on whichthey are listed. Where permitted, unlisted investments, where there is notan active market, are valued using an appropriate valuation techniqueso as to establish what the transaction price would have been andderivative instruments are valued at the quoted trade price for thecontract.

CSO2617/1211 ISSUED BY FIL INVESTMENTS INTERNATIONAL AUTHORISED AND REGULATED IN THE UK BY THE FINANCIAL CONDUCT AUTHORITY.

Source: FIL Limited, 31 July 2013All data in the above includes any derivative exposures as an economically equivalentposition in the underlying asset. Source: FIL Limited, 31 July 2013

Industry categories uses the FTSE Classification system.Source: FIL Limited, 31 July 2013

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