Amendment re Management Agreement

The Board of Fidelity European Values PLC announces that following the annual
review of the Management Agreement dated 7 October 1991 as amended, between the
Company and Fidelity Investments International ('the Agreement'), the parties
have agreed that the notice period for termination of the Agreement by either
party should be reduced from twelve months to six months with effect from 6
February 2006.

The agreement with Fidelity by all of the Fidelity branded investment trusts to
change the notice period has been reached due to the recognition by all parties
of shortening notice periods in the industry.

7 February 2006

Contact for queries:

Stephen Westwood, Head of Investment Trusts,

Fidelity Investments International

Telephone: [phone]

Rebecca Burtonwood, Company Secretary,

Fidelity Investments International

Telephone: [phone]