Net Asset Value(s)

Daily NAV Announcement

Fidelity European Values Plc

The net asset value (unaudited) for the above fund as at close of business on
29/12/2008 was:

With debt at par: 1,181.83p.

With debt at fair value: 1,177.77p.

NB. The securities used to calculate the NAV have been valued on a bid basis. 
The valuation of the assets is as at each local market close or, where
appropriate, adjusted for changes in the fair value of these assets at the
valuation time, 17:00 GMT. Revenue to date is included in the NAV calculation.

Additional information:

The NAV is inclusive of the VAT recoverable by the Company following the
decision of the European Court of Justice in the JPMorgan Claverhouse
Investment Trust /AIC Case which confirmed that the VAT exemption applicable to
the management of special investment funds should also extend to investment
trust companies . Further details will be released in the Chairman's Statement
to the Annual Report for the year ending 31 December 2008.