Loan Agreement

Fidelity European Values PLC
23 November 2001

Fidelity European Values PLC announces that on 22 November 2001 the Company
entered into a loan agreement with Royal Bank of Scotland. The loan is for an
amount of Euro50 million at a fixed all in rate of 4.96 % for a period of five
years and will be drawn down on 28th December 2001 and is repayable on 29th
December 2006. It is the Board's intention that the Company will use this loan
and the loan of Euro40 million from National Australia Bank which was
announced on 24 May 2001 (giving Euro90 million in total) primarily towards
repayment of the Equity Index Linked Loan Stock, which was issued for a fixed
period ending on 31 December 2001, and that any residual amounts will be
invested in a manner consistent with the Company's investment objective.