Loan Agreements

The Board of Fidelity European Values PLC announces that on 29 December 2006 an
amount of €80,000,000 has been drawn down under the Company's existing loan
facility with Barclays Bank PLC (as to €65,000,000) and Lloyds TSB Bank plc (as
to €15,000,000). The proceeds of the drawdown are (together with an amount of
cash already held) to repay the Company's aggregate of €90,000,000 loans from
The National Australia Bank Limited (as to €40,000,000) and The Royal Bank of
Scotland PLC (as to €50,000,000) which mature on 29 December 2006.

The Company now has the following loans in place:-

€35,000,000 at 3.54% with Lloyds TSB Bank plc repayable on 24 November 2008

€40,000,000 at 3.23% with Lloyds TSB Bank plc repayable on 22 June 2010

€65,000,000 at 4.38% with Barclays Bank PLC repayable on 15 December 2011

€15,000,000 of a €25,000,000 revolving credit facility with Lloyds TSB Bank plc
repayable on 15 December 2011. The rate of interest applicable to an advance
pursuant to this agreement during its term shall be the rate per annum equal to
the aggregate of LIBOR and the agreed margin.

Enquiries: Miss Tracey A Bennett, Fidelity Investments International, 01737
836883

29 December 2006