Loan drawdown

The Board of Fidelity European Values PLC announces that on 22 June 2005 an
amount of €40,000,000 has been drawn down under the Company's existing loan
facility with Lloyds TSB Bank plc. The proceeds of the drawdown are being
invested in a manner consistent with the Company's investment objective.

The Company now has the following loans in place:-

€50,000,000 at 4.96% repayable on 29 December 2006

€40,000,000 at 5.54% repayable on 29 December 2006

€40,000,000 at 3.23% repayable on 22 June 2010

Enquiries: Rebecca Burtonwood, Fidelity Investments International, 01737 836869