Loan Drawdown

The Board of Fidelity European Values PLC announces that on 18 May 2011 an
amount of €7,500,000 has been drawn down for a period of six months under the
Company's existing revolving credit facility with Lloyds Banking Group plc. The
proceeds of the drawdown will be used in accordance with the Company's
investment policy.

The Company now has the following loans in place:-

€65,000,000 at 4.38% with Barclays Bank PLC repayable on 15 December 2011

€7,500,000 of a €25,000,000 revolving credit facility with Lloyds Banking Group
plc repayable on 17 November 2011 (final maturity date for the facility is 15
December 2011).

The rate of interest applicable to an advance pursuant to this agreement during
its term shall be the rate per annum equal to the aggregate of LIBOR and the
agreed margin.

Enquiries:

Rebecca Burtonwood,

FIL Investments International, Company Secretary

(01737 836 869)

18 May 2011