Company Announcements

London, UK, 5 November 2020

Edison issues review on Fidelity European Trust (FEV)

Fidelity European Trust (FEV, formerly Fidelity European Values) seeks to achieve long-term growth in both capital and income from a portfolio comprising mainly continental European stocks. FEV's managers, Sam Morse and Marcel Stötzel, note that the coronavirus crisis has temporarily marginalised many fundamentally strong and resilient European companies. They believe this has created abundant new opportunities for long-term investors such as FEV to benefit as these companies recover and re-rate over time. The trust's ambition to be the cornerstone investment of choice for investors seeking European exposure across market cycles is supported by its very solid outperformance over the long term. In addition, FEV's dividend has increased every year since 2010 and the board intends to maintain dividend increases during the current crisis, drawing on reserves if necessary.

After widening briefly during the Q120 stock market sell-off, FEV's current 5.2% discount to cum-income NAV is at the narrow end of its 12-month trading range, compared with average discounts of 7.4%, 8.8%, 9.3% and 10.2% over one, three, five and 10 years. The trust currently offers a 2.6% dividend yield.

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For more information please contact Edison:

Joanne Collins, +44 (0)20 3077 5000

Mel Jenner, +44 (0)20 3077 5720

investmenttrusts@edisongroup.com

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