Revised fee arrangements

Fidelity European Values PLC

Revised Fee Arrangements

As part of its preliminary announcement of the Annual Report and Accounts, the
Company indicated that the independent directors were negotiating with the
Manager the introduction of a revised fee structure. This negotiation is now
complete.

The existing management agreement provides for a quarterly management fee of
0.25% (plus applicable VAT) of the value of the Company's assets under
management plus a company secretarial fee of £25,000 (plus applicable VAT) per
annum.

The new arrangement, which will be back dated to take effect from 1 January
2007, will replace the existing management fee structure with a performance
related fee. In summary, the revised fee structure will provide for:-

1. A quarterly base fee of 0.2125% (plus applicable VAT) of net assets. There
will be no additional company secretarial fee.

2. An annual performance related fee of 20% of any change in net asset value in
excess of the returns on the FTSE World Europe (ex UK) (£) index plus 0.5%.
Both net asset value and index will be calculated on a total return basis,
while the net asset value will be based on the weighted average number of
shares in issue.

In the event of under performance of the NAV relative to the benchmark index in
any year, no performance fee will be payable for a subsequent accounting year
unless and until such (and all cumulative) under performance has been made
good. The performance related fee will be subject to an upper limit of 1.5% of
net assets. If performance is such that the performance related fee would
exceed this cap, any excess out performance will be carried forward and offset
against any future under performance deficit but will not be counted towards
future performance related fees.

Shareholders should note that the fees under the existing management agreement
are calculated with respect to assets under management (that is, including
assets funded by gearing) whereas the revised arrangements will be based on net
assets. At the date of this announcement, the Company's debt to equity ratio is
12%.

Rebecca Burtonwood

For and on behalf of

Fidelity Investments International

Company Secretary

30 May 2007

For further information, please contact:

Stephen Westwood, Head of Investment Trusts: 07841 498 649

Sam Slator, Corporate Communications: 01737 837 847