Loan Agreements

The Board of Fidelity European Values PLC announces that on 20 December 2006
the Company entered into a fixed term loan facility with Barclays Bank PLC and
a revolving credit facility with Lloyds TSB Bank plc as follows:-

The loan facility with Barclays Bank PLC is for €65,000,000 at a fixed rate of
4.38% for a period of five years.

The revolving credit facility with Lloyds TSB Bank plc is for €25,000,000 at an
initial rate to be determined. The term of the agreement is for five years. 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.

It is expected that the Barclays Bank PLC loan will be drawn down in full and
the Lloyds TSB Bank PLC loan will be drawn down in part on 29 December 2006.
They will be repayable on or around 15 December 2011.

It is the Board's intention that the proceeds of these loans will be used
(together with an amount of cash already held) to repay the Company's aggregate
of €90,000,000 loans from The National Australia Bank Limited (as to €
40,000,000) and The Royal Bank of Scotland PLC (as to €50,000,000) which mature
on 29 December 2006.

The Company will then have the following loans in place:-

€35,000,000 at 3.54% with Lloyds TSB Bank plc repayable 24 November 2008

€40,000,000 at 3.23% with Lloyds TSB Bank plc repayable on 22 June 2010

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

€15,000,000 of a €25,000,000 revolving credit facility at an initial rate to be
determined with Lloyds TSB Bank plc. The final repayment date will be on or
around 15 December 2011

Enquiries: Miss Tracey A Bennett, Fidelity Investments International, 01737
836883

21 December 2006