Director/PDMR Shareholding

NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL
RESPONSIBILITY OR CONNECTED PERSONS

All relevant boxes should be completed in block capital letters.

1.   Name of the issuer                 2.   State whether the notification    
                                             relates to (i) a transaction      
     Fidelity European Values PLC            notified in accordance with DTR   
                                             3.1.2 R, (ii) a disclosure made in
                                             accordance with LR 9.8.6R(1) or   
                                             (iii) a disclosure made in        
                                             accordance with section 793 of the
                                             Companies Act 2006.               
                                                                               
                                             (i) and (ii)                      
                                                                               
3.   Name of person discharging         4.   State whether notification relates
     managerial responsibilities/            to a person connected with a      
     director                                person discharging managerial     
                                             responsibilities/director named in
     Mr Simon Fraser                         3 and identify the connected      
                                             person                            
                                                                               
                                             Triptych SA                       
                                                                               
5.   Indicate whether the notification  6.   Description of shares (including  
     is in respect of a holding of the       class), debentures or derivatives 
     person referred to in 3 or 4 above      or financial instruments relating 
     or in respect of a non-beneficial       to shares                         
     interest 1                                                                
                                             Ordinary shares of 25p each       
     Person referred to in 3                                                   
                                                                               
7.   Name of registered shareholder(s)  8.   State the nature of the           
     and, if more than one, the number       transaction                       
     of shares held by each of them                                            
                                             Change in organisational structure
     Simon Fraser - 5,000 ordinary           at Triptych results in requirement
     shares of 25p each (no change).         for disclosure. No transaction in 
                                             the Company's shares undertaken.  
     ISA account for Mrs Bridget Fraser                                        
     - 2,022 ordinary shares of 25p                                            
     each (no change).                                                         
                                                                               
     Triptych - 20,000 ordinary shares                                         
     of 25p each (new disclosure)                                              
                                                                               
9.   Number of shares, debentures or    10.  Percentage of issued class        
     financial instruments relating to       acquired (treasury shares of that 
     shares acquired                         class should not be taken into    
                                             account when calculating          
     20,000 shares (no share purchase        percentage)                       
     transaction undertaken -                                                  
     disclosure requirement changed)         0.05%                             
                                                                               
11.  Number of shares, debentures or    12.  Percentage of issued class        
     financial instruments relating to       disposed (treasury shares of that 
     shares disposed                         class should not be taken into    
                                             account when calculating          
     n/a                                     percentage)                       
                                                                               
                                             n/a                               
                                                                               
13.  Price per share or value of        14.  Date and place of transaction     
     transaction                                                               
                                             No transaction undertaken - change
     No transaction undertaken - change      in disclosure requirements        
     in disclosure requirements                                                
                                                                               
15.  Total holding following            16.  Date issuer informed of           
     notification and total percentage       transaction                       
     holding following notification                                            
     (any treasury shares should not be      2 August 2012 - notification      
     taken into account when                 received of change in disclosure  
     calculating percentage)                 requirement                       
                                                                               
     27,022 shares (0.06%)                                                     

If a person discharging managerial responsibilities has been granted options by
the issuer complete the following boxes

17.  Date of grant                      18.  Period during which or date on    
                                             which exercisable                 
                                                                               
19.  Total amount paid (if any) for     20.  Description of shares or          
     grant of the option                     debentures involved (class and    
                                             number)                           
                                                                               
21.  Exercise price (if fixed at time   22.  Total number of shares or         
     of grant) or indication that price      debentures over which options held
     is to be fixed at the time of           following notification            
     exercise                                                                  
                                                                               
23.  Any additional information         24.  Name of contact and telephone     
                                             number for queries                
                                                                               
                                             Rebecca Burtonwood                
                                                                               
                                             For and on behalf of              
                                                                               
                                             FIL Investments International     
                                                                               
                                             Company Secretary                 
                                                                               
                                             01737 836869                      

Name of authorised official of issuer responsible for making notification      
                                                                               
Rebecca Burtonwood for FIL Investments International, Company Secretary        
                                                                               
Date of notification 3 August 2012                                             

Notes: This form is intended for use by an issuer to make a RIS notification
required by DTR 3.3.

(1) An issuer making a notification in respect of a transaction relating to the
shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.

(2) An issuer making a notification in respect of a derivative relating the
shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 23 and 24.

(3) An issuer making a notification in respect of options granted to a director
/person discharging managerial responsibilities should complete boxes 1 to 3
and 17 to 24.

(4) An issuer making a notification in respect of a financial instrument
relating to the shares of the issuer (other than a debenture) should complete
boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.