Portfolio manager

SUDIPTO BANERJI NAMED AS NEXT PORTFOLIO MANAGER OF FIDELITY EUROPEAN VALUES PLC

      Fidelity portfolio manager to run £855 million trust from June 2008      

London 30 January 2008 - The Board of Fidelity European Values PLC ("FEV") has
today announced that Sudipto Banerji, a portfolio manager at Fidelity
International, will succeed Tim McCarron as the next portfolio manager of the
investment trust.

Mr Banerji, who has seven years experience at Fidelity, will become
co-portfolio manager of FEV in April, working alongside the current portfolio
manager Tim McCarron to ensure a smooth transition of the portfolio.

From the end of June, Mr Banerji will have full responsibility for the
Company's portfolio management. He succeeds Mr McCarron, who has managed the
portfolio of FEV since November 2001 after taking over the role from Anthony
Bolton. Mr McCarron continues to run the £4.8 billion Fidelity Investment Funds
European Fund.

Mr Banerji is ideally placed for the position after working closely with Mr
McCarron and the European equity investment team, first as a research analyst
covering European retail and banking stocks and in later years as portfolio
manager of the Fidelity Funds Global Industrials Fund.

Robert Walther, Chairman of Fidelity European Values, says that the Company has
benefited from some of Fidelity's most successful investment professionals.

Mr Walther comments: "Anthony Bolton, the original manager of the Company's
portfolio, delivered strong returns for shareholders, as has the current
portfolio manager Tim McCarron. We have every confidence that the new portfolio
manager Sudipto Banerji will continue to produce the level of performance that
shareholders expect from Fidelity European Values.

"Fidelity has considerable experience of managing portfolio transitions. It
also has a strong record of introducing new portfolio managers who go on to
generate good returns. Since Mr McCarron took over the responsibility in 2001,
he has delivered total returns of 159.3% compared with 81.2%* from the market
benchmark, ranking it in the top quartile of performers among its peer group."

Simon Fraser, President of UK and European Institutional Business at Fidelity
International, adds: "As the assets of FEV and other Fidelity mandates continue
to grow, we need to ensure that the Company is able to exploit one of the key
benefits of its closed-ended structure - its ability to take advantage of a
stable portfolio, unhindered by cash-flows - to invest opportunistically across
the capitalisation scale.

"Tim McCarron now manages assets of £4.8 billion in addition to Fidelity
European Values and, while this has not constrained investment policy to date,
we believe that there are advantages for the future in appointing a new
portfolio manager with a smaller size of overall assets, who can fully exploit
some of the advantages of the Company's structure."

About Sudipto Banerji

Sudipto Banerji has a total of 12 years investment experience. A qualified
Chartered Accountant, Mr Banerji joined Fidelity as a research analyst in 2000,
covering European retail companies and banks. In June 2005 he took on the
management of the Fidelity Funds Global Industrials Fund, a global equity
sector portfolio. Under his tenure, the fund has delivered 77.85% against 59.7%
** from the market benchmark.

Prior to joining Fidelity, Mr Banerji was an investment analyst at Invesco
Perpetual for four years, following five years as a senior accountant at Ernst
& Young. He has an MSc in Finance from the London Business School and received
a BCom (Hons) in Commerce from the University of Delhi.

Fidelity International Limited ("FIL") and its subsidiary companies serve the
major markets of the world by providing investment products and services to
individuals and institutional investors outside the US. The FIL Organisation
manages a total of £148.1 billion of assets.***

                                   - Ends -                                    

* Source: Fidelity (as at 18.1.08)

**Source: Fidelity (as at 18.1.08)

***Source Fidelity (as at 30.9.07)

Notes to Editors

Fidelity Investment Trusts are managed by Fidelity Investments International a
company authorised and regulated by the Financial Services Authority. The value
of your investment can down as well as up and may be affected by fluctuations
in exchange rates. Past performance is not a reliable indicator of future
results. Fidelity means Fidelity International Limited (FIL), established in
Bermuda, and its subsidiary companies. Assets and resources as at 30.09.07 are
those of FIL. Fidelity, Fidelity International and Pyramid Logo are trademarks
of Fidelity International Limited.

For further information, please contact:

          Richard Miles                        Anne Read            
                                                                    
      Fidelity International            Fidelity International      
                                                                    
          020 7961 4921                      020 7961 4409          
                                                                    
           077736056715                      07850 549839           
                                                                    
 [e-mail]      [e-mail]    

Address: Fidelity Investments International, Kingswood Place, Millfield Lane,
Lower Kingswood, Tadworth Surrey KT20 6RP