Loan Agreement

Fidelity European Values PLC
24 May 2001


Fidelity European Values PLC announces that on 23 May 2001 the Company entered
into a loan agreement with National Australia Bank. This loan is for an amount
of 40 million Euro at a fixed all in rate of 5.54% for a period of five years
and will be drawn down on 31 December 2001 (repayment date 29 December 2006).
It is the Board's intention that the Company will enter into a second loan
agreement later in the year which, together with this loan, will replace the
Equity Index-Linked Loan Stock, which was issued for a fixed period and is due
to be repaid on 31 December 2001.