Loan

The Board of Fidelity European Values PLC announces that on 21 November 2005
the Company entered into a facility with Lloyds TSB Bank plc. The loan is for
an amount of €35,000,000 at a fixed rate of 3.54% for a period of three years.
It is expected that the loan will be drawn down in full on 22 November 2005 and
it will be repayable on 24 November 2008. 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

€35,000,000 at 3.54% repayable 24 November 2008

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

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

21 November 2005