Loan

The Board of Fidelity European Values PLC announces that on 18 November 2011,
on the maturity of the drawdown from the revolving credit facility with Lloyds
Banking Group plc, €7,500,000 was repaid.

The Company now has the following loan in place:-

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

The Company sought and received approval from shareholders to use Contracts For
Difference for gearing purposes on 18 May 2011.

Enquiries:

Rebecca Burtonwood,

FIL Investments International, Company Secretary

(01737 836 869)

18 November 2011