Portfolio Manager change

SAM MORSE APPOINTED TO MANAGE FIDELITY EUROPEAN VALUES PLC

London, 11 November 2010 - The Board of Fidelity European Values PLC announces
that Sam Morse will take over the management of Fidelity European Values PLC
with effect from 1 January 2011.

Sam's investment approach is focused on generating long-term outperformance, in
particular through investment in companies with the prospect of continuing
dividend growth, positive fundamentals, cash generation, a robust balance sheet
and an attractive valuation. As such, his method is closely aligned with the
mandate of European Values.

Over the past year, the Board has watched Sam's success in transferring his
approach from the management of UK equities to the Fidelity European Fund and,
as a result, it now considers this a good opportunity to bring both the open-
and closed-ended European vehicles under the same manager. This mirrors the
management responsibilities during the tenures of both Anthony Bolton
(1991-2001) and Tim McCarron (2001-2008).

Sam has managed the Fidelity European Fund since 1 January 2010 and the fund
ranks in the first quartile of its peer group over his tenure*. Prior to
assuming responsibility for Fidelity European Fund, he built up an equally
impressive track record in UK equities. This included almost three years as the
portfolio manager of Fidelity MoneyBuilder Growth Fund, during which time it
outperformed its benchmark by 6% net of fees**.

Sam replaces Sudipto Banerji, who was recently appointed to new portfolio
management responsibilities within Fidelity's global equity team.

Commenting on the appointment, Humphrey van der Klugt, Chairman of the European
Values Board said, "With more than 20 years of successful investment
experience, I am sure that Sam Morse will build on the hard work of Sudipto
Banerji. Sam has a strong stock selection process which we believe is closely
aligned to what shareholders expect from their investment in the company. We
hope that further improved performance and signs of better sentiment towards
Continental European equities will also be reflected in a narrowing of our
discount."

Sudipto Banerji, the current manager of Fidelity European Values, was appointed
to the role of portfolio manager of Fidelity Global Opportunities Fund in
October of this year and will now return to being a full time member of the
global equity team. Between now and the end of the year, he will work with Sam
to ensure a smooth handover of responsibilities.

* Source: Morningstar, 01.01.10 to 31.10.10, bid-bid, net income reinvested.
Sector: IMA Europe ex UK

** Source: Fidelity, Morningstar, 01.12.06 to 31.10.09, bid-bid, net income
reinvested. Benchmark: FTSE All Share Index

Rebecca Burtonwood, FIL Investments International

Company Secretary

Contact for queries:

For press enquiries, please contact Anne Read on 020 7961 4409 or 07850 549
839. For all other enquiries, please contact the Company Secretary, Rebecca
Burtonwood, on 01737 836869.

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