Director/PDMR Shareholding

NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL
RESPONSIBILITY OR CONNECTED PERSONS

This form is intended for use by an issuer to make a RIS notification required
by DR 3.1.4R(1).

(1) An issuer making a notification in respect of a transaction relating to the
shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.

(2) An issuer making a notification in respect of a derivative relating the
shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 23 and 24.

(3) An issuer making a notification in respect of options granted to a director
/person discharging managerial responsibilities should complete boxes 1 to 3
and 17 to 24.

(4) An issuer making a notification in respect of a financial instrument
relating to the shares of the issuer (other than a debenture) should complete
boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.

Please complete all relevant boxes should in block capital letters.

1.   Name of the issuer                 2.   State whether the notification    
                                             relates to (i) a transaction      
     Fidelity European Values PLC            notified in accordance with DR    
                                             3.1.4R(1)(a); or                  
                                                                               
                                             (ii) DR 3.1.4R(1)(b) a disclosure 
                                             made in accordance with section   
                                             324 (as extended by section 328)  
                                             of the Companies Act 1985; or     
                                                                               
                                             (iii) both (i) and (ii)           
                                                                               
                                             (iii)                             
                                                                               
3.   Name of person discharging         4.   State whether notification relates
     managerial responsibilities/            to a person connected with a      
     director                                person discharging managerial     
                                             responsibilities/director named in
     David Simpson                           3 and identify the connected      
                                             person                            
                                                                               
                                             Mrs Elizabeth Simpson and Mr David
                                             Simpson                           
                                                                               
5.   Indicate whether the notification  6.   Description of shares (including  
     is in respect of a holding of the       class), debentures or derivatives 
     person referred to in 3 or 4 above      or financial instruments relating 
     or in respect of a non-beneficial       to shares                         
     interest 1                                                                
                                             Ordinary shares of 25p each       
     Beneficial interest                                                       
                                                                               
7.   Name of registered shareholder(s)  8.   State the nature of the           
     and, if more than one, the number       transaction                       
     of shares held by each of them                                            
                                             ISA investments                   
     David Simpson - 5,300 ordinary                                            
     shares of 25p each (no change)                                            
                                                                               
     Fidelity ISA account held for                                             
     David Simpson (Fidelity Nominee                                           
     (Shareholdings) Limited - 1,414                                           
     ordinary shares of 25p each                                               
     (increase of 616 shares))                                                 
                                                                               
     Fidelity ISA account held for Mrs                                         
     Elizabeth Simpson (Fidelity                                               
     Nominee (Shareholdings) Limited -                                         
     1,415 ordinary shares of 25p each                                         
     (increase of 616 shares))                                                 
                                                                               
9.   Number of shares, debentures or    10.  Percentage of issued class        
     financial instruments relating to       acquired (treasury shares of that 
     shares acquired                         class should not be taken into    
                                             account when calculated           
     1,232 shares                            percentage)                       
                                                                               
                                             0.002%                            
                                                                               
11.  Number of shares, debentures or    12.  Percentage of issued class        
     financial instruments relating to       disposed (treasury shares of that 
     shares disposed                         class should not be taken into    
                                             account when calculated           
     N/A                                     percentage)                       
                                                                               
                                             N/A                               
                                                                               
13.  Price per share or value of        14.  Date and place of transaction     
     transaction                                                               
                                             13 March 2006                     
     1,232 shares at £11.36 per share                                          
                                                                               
15.  Total holding following            16.  Date issuer informed of           
     notification and total percentage       transaction                       
     holding following notification                                            
     (any treasury shares should not be      16 March 2006                     
     taken into account when                                                   
     calculating percentage)                                                   
                                                                               
     8,129 shares (0.01%)                                                      

If a person discharging managerial responsibilities has been granted options by
the issuer complete the following boxes

17.  Date of grant                      18.  Period during which or date on    
                                             which it can be exercised         
                                                                               
19.  Total amount paid (if any) for     20.  Description of shares or          
     grant of the option                     debentures involved (class and    
                                             number)                           
                                                                               
21.  Exercise price (if fixed at time   22.  Total number of shares or         
     of grant) or indication that price      debentures over which options held
     is to be fixed at the time of           following notification            
     exercise                                                                  
                                                                               
23.  Any additional information         24.  Name of contact and telephone     
                                             number for queries                

Name and signature of duly authorised officer of issuer responsible for making 
notification                                                                   
                                                                               
Rebecca Burtonwood, for Fidelity Investments International, Company Secretary  
                                                                               
Date of notification 16 March 2006