Loan

The Board of Fidelity European Values PLC announces that on 20 June 2005 the
Company entered into a facility with Lloyds TSB Bank plc. The loan is for an
amount of €40,000,000 at a fixed rate of 3.23% for a period of five years. It
is expected that the loan will be drawn down in full on 22 June 2005 and it
will be repayable on 22 June 2010. It is the Board's intention that the
proceeds of the loan will be invested in a manner consistent with the Company's
investment objective.

The Company will then have the following loans in place:-

€50,000,000 at 4.96% repayable on 29 December 2006

€40,000,000 at 5.54% repayable on 29 December 2006

€40,000,000 at 3.23% with repayable on 22 June 2010

Enquiries: Rebecca Burtonwood, Fidelity Investments International, 01737 836869