Revised fee arrangements

Fidelity European Values PLC - Revised Fee Arrangements

The Board of Fidelity European Values PLC announces that, following discussions
with the Manager, FIL Investments International, a decision has been taken to
amend the Management Agreement with effect from 1 January 2012 in the following
ways:

1. Reduce the performance feeelement from 20% to 15%.

2. Reduce the upper limit of performance fee payable in any one year from 1.5%
to 1%

The fee arrangement as a whole will be as follows:

1. A quarterly base fee of 0.2125% (plus applicable VAT) of net assets. There
is no additional company secretarial fee.

2. An annual performance related fee of 15% of any change in net asset value in
excess of the returns on the FTSE World Europe (ex UK) (£) index plus 0.5%.
Both net asset value and index will be calculated on a total return basis,
while the net asset value will be based on the weighted average number of
shares in issue.

In the event of under performance of the NAV relative to the benchmark index in
any year, no performance fee will be payable for a subsequent accounting year
unless and until such (and all cumulative) under performance has been made
good. The annualperformance related fee will be subject to an upper limit of 1%
of net assets. If performance is such that the performance related fee would
exceed this cap, any excess out performance will be carried forward and offset
against any future under performance deficit but will not be counted towards
future performance related fees.

These revised fee arrangements relate to Fidelity European Values PLC only.

Rebecca Burtonwood

For and on behalf of

FIL Investments International

Company Secretary

11 November 2011

For further information, please contact:

Chris Davies, Head of Investment Trusts - 01737 837 723

Rebecca Burtonwood, FIL Investments International, Company Secretary - 01737
836 869