Final Results

Fidelity European Values PLC
27 February 2001

FIDELITY EUROPEAN VALUES PLC

Preliminary Announcement of Unaudited Results

For the year ended 31 December 2000


Comment from the Chairman

 I have pleasure in presenting the annual report of Fidelity European Values
PLC for the year ended 31 December 2000.

Performance

The Company's NAV per share rose by 21.8% and the share price by 22.3%. In
comparison the FTSE Europe (ex UK) Index returned 1.4%. (All performance
figures are on a total return basis and expressed in sterling).

The Company's performance was attributable primarily to the Manager's good
stock selection in a volatile year. The Manager's consistent bias towards a
value approach proved positive and the Company's performance remained
unhindered by a relatively poor year for medium-sized and smaller companies.

Outlook

Economic growth in continental Europe is forecast to slow down, albeit at a
slower rate than in the US. There are signs that inflationary pressures may be
easing; economists believe that interest rates could be near their peak, and
the outlook for the euro has improved - these are all positive for equity
markets. Nevertheless, the performance of the US market is likely to affect
investor sentiment in Europe. A sharp slowdown in economic growth has given
rise to fears of a recession in the US. This has unsettled investors, and
share prices remain vulnerable to negative news.

In these unpredictable markets, it is stock selection, rather than sector
allocation, that is likely to drive returns. During late 1999 and early 2000,
the priority for some investors appeared to be almost random investment in the
TMT sectors (technology, media, telecommunications). In some cases, the
quality of the individual company seemed secondary to its sector.

At Fidelity, however, the priority has always been in-depth analysis of
individual companies. Regardless of short-term market volatility, the
portfolio manager, Anthony Bolton, supported by the team of 58 pan-European
equity analysts, remains committed to the detailed fundamental analysis of
individual companies which will continue to be the basis for finding
attractive, long-term investment opportunities for the Company.

I am pleased to announce that Mr Tim McCarron has been appointed as associate
portfolio manager with immediate effect, to work with Anthony in managing the
portfolio. The expectation is that Mr McCarron will succeed Mr Bolton as
portfolio manager by the end of the year. Mr McCarron has been with Fidelity
since 1993 when he joined as a research analyst. He became a portfolio manager
in 1997 and is currently the manager of three Fidelity funds.


Dividend

Your Board recommends the payment of an ordinary dividend of 0.6 pence per
share (1999: 0.6 pence per share) payable on 25 May 2001 to shareholders on
the register at close of business on 27 April 2001 (ex- dividend date 25 April
2001).

Warrants to subscribe for Ordinary Shares

Warrantholders should note that the final opportunity to exercise warrants is
on 30 April 2001. If any warrants are not exercised at this time the Company
shall, within 7 days, appoint a trustee who, within 14 days following 30 April
2001, will exercise all the subscription rights which have not been exercised
provided that, in his opinion, the proceeds of sale will exceed the costs of
subscription. Shares arising from the exercise will be sold in the market and
the net proceeds distributed to the persons entitled thereto, provided that
entitlements of less than £3 shall be retained for the benefit of the Company.
If the trustee does not exercise the subscription rights the outstanding
warrants will lapse on 14 May 2001.

Continuation Vote

In accordance with the articles of association of the Company, an ordinary
resolution that the Company continue as an investment trust for a further two
years will be proposed at the forthcoming annual general meeting. Since the
launch of the Company in 1991 the net asset value has increased by 555.5%
compared to an increase of 323.8% in the benchmark index (all figures are on a
total return basis and expressed in sterling). The resolution will also
approve the refinancing of the equity index linked loan stock via bank debt.
Your Board recommends that shareholders vote in favour of the resolution as
the Directors themselves intend to do in respect of the 33,069 shares which
they hold. There will be a further continuation vote at the Annual General
Meeting in 2003.

Gearing

Your Board believes that in the long term gearing should enhance returns to
shareholders. The equity index linked loan stock which the Company uses as its
form of gearing is due to be repaid on 31 December 2001. Given the current low
interest rate environment the Board has concluded that shareholders would be
better served in the future if the Company was geared by way of bank debt
rather than equity index linked loan stock. It is therefore the Board's
intention, provided that the continuation vote is passed, that the loan stock,
amounting to £60 million at 31 December 2000, will be replaced by fixed rate
bank debt. The debt will be repayable in five years, but could be prepaid if
shareholders vote to discontinue the Company in 2003 or 2005 (with a
prepayment fee if interest rates had fallen during the interim period since
the fixed rate was established).

Annual General Meeting

The Annual General Meeting of the Company is due to take place on 22 May 2001
at midday at Fidelity's new offices at 25 Cannon Street (just next to St.
Paul's Cathedral). Full details of the meeting will be given in the annual
report and I look forward to meeting you then.

Chairman of the Company

As indicated in my 1998 Chairman's statement I will be retiring as Chairman
and Director of the Company at the forthcoming Annual General Meeting on 22
May 2001. I am delighted to say that Mr Robert Walther, who has been a
Director since the formation of the Company, has been appointed as Chairman
with effect from that date.

It has been an honour to serve as Chairman of the Company since its formation
in 1991 and to represent the shareholders as a Director. It has been argued
that the duties of directors have increased during that period and since the
Cadbury, Hampel and Turnbull reports, but I do not agree with this. Directors
have always had the same fiduciary duties. They have always been wholly
responsible for the Company but what has changed since the above reports is
the amount of paperwork which is involved.

The performance of the Company as I have said above has been first class and
for this we are greatly indebted to Fidelity and to our portfolio manager,
Anthony Bolton. The Fidelity secretarial and accounting services have been
most reliable and efficient. When things go badly in a company the directors
have a torrid time: with Fidelity European Values things have gone well. I
retire in the knowledge that the Company is in good heart and I have great
confidence in the skills of my successor and of our Managers. I will be
retaining my shares in the Company.



Sir Charles Fraser

27 February 2001


Enquiries:      Barbara Powley

     Fidelity Investments International

     01737 836883


             FIDELITY EUROPEAN VALUES PLC

Statement of Total Return (incorporating the revenue account1) of the Company
- unaudited

For the year ended 31 December 2000
                                            2000                    1999
                                   revenue capital total revenue capital  total
                             notes   £'000   £'000 £'000   £'000   £'000  £'000
Gains on investments                     -  66,149 66,149      -  90,549 90,549
Income                               7,477       -  7,477  5,537       -  5,537
Investment management fee          (4,701)       - (4,701)(3,358)      - (3,358)
Other expenses                       (746)       -   (746)  (695)      -   (695)
Exchange gains/(losses)                  -      61     61      -    (821)  (821)
Repurchase of warrants                   -    (303)  (303)     -  (2,692)(2,692)
Net return before finance            2,030  65,907 67,937  1,484  87,036 88,520
costs and taxation 
Interest payable                      (950)      -   (950)  (895)      -   (895)
Revaluation of Loan Stock                -    (106)  (106)     -  (9,009)(9,009)
Return on ordinary                   1,080  65,801 66,881    589  78,027 78,616
activities before tax
Tax on ordinary activities            (458)      -   (458)    (7)      -     (7)
Return on ordinary                     622  65,801 66,423    582  78,027 78,609
activities after tax for the
year attributable to equity
shareholders
Dividends                            (350)       -   (350)  (347)       -  (347)
Transfer to reserves                   272  65,801 66,073    235  78,027 78,262
Return per ordinary share        2
Basic                                1.07p 113.09p 114.16p 1.01p 134.79p 135.80p
Fully-diluted                        1.00p 105.92p 106.92p 0.94p 125.84p 126.78p

1     the revenue column on this statement represents the profit and loss
account of the Company.

2     Returns per ordinary share are based on the net revenue return on
ordinary activities after taxation of £622,000 (1999 : £582,000), and the
capital appreciation in the year of £65,801,000 (1999 : £78,027,000) and on
58,184,695 ordinary shares (1999 : 57,889,025), being the weighted average
number of ordinary shares in issue during the year.

According to the provisions of FRS 14, the fully-diluted returns have been
calculated on the assumptions that the warrants in issue were converted on the
first day of the financial period on a weighted average basis for the period
over which they were outstanding, and that the proceeds from conversion have
been used by the Company to purchase its own shares at a fair market price.

All revenue and capital items in the above statement derive from continuing
operations.

No operations were acquired or discontinued in the year.

FIDELITY EUROPEAN VALUES PLC

Balance Sheet - unaudited as at 31 December 2000
                                                             2000          1999
                                                            £'000         £'000
Fixed asset investments
Investments                                                407,720      349,302
Current assets
Debtors                                                      1,247        2,914
Cash at bank                                                11,761        2,386
                                                            13,008        5,300
Creditors- amounts falling due within one year             (61,621)      (2,538)
Net current(liabilities)/assets                            (48,613)       2,762
Total assets less current liabilities                      359,107      352,064
Creditors - amounts falling due after more than one year
Equity Index-Linked Unsecured Loan Stock                         -      (59,495)
Total net assets                                           359,107      292,569
Capital and reserves
Called up share capital                                     14,588       14,463
Capital redemption reserve                                      37           37
Share premium account                                       51,511       50,929
Other reserves
Warrant reserve                                              1,920        2,162
Capital reserve - realised                                 256,850      169,466
Capital reserve - unrealised                                32,224       53,807
Revenue reserve                                              1,977        1,705
Total equity shareholders' funds                           359,107      292,569
Net asset value per ordinary share:
Basic                                                      615.40p      505.73p
Fully-diluted                                              576.97p      471.71p

FIDELITY EUROPEAN VALUES PLC

Cash Flow Statement - unaudited

For the year ended 31 December 2000
                                         2000                              1999
                                        £'000                             £'000
Operating activities
Investment income                       5,229                             5,087
Interest received                         285                               215
Investment management fee              (4,506)                           (3,102)
Directors' fees                           (40)                              (57)
Other cash payments                      (662)                             (693)
Net cash inflow from operating            306                             1,450
activities
Returns on investments and servicing
of finance
Interest paid                          (1,122)                             (895)
Net cash outflow from returns on       (1,122)                             (895)
investments and servicing of finance
Taxation
Overseas tax recovered                    480                               398
UK income tax recovered                   408                               256
ACT recovered                              86                                 -
Tax recovered                             974                               614
Financial investment
Purchase of investments              (281,833)                         (188,893)
Realised currency losses                 (145)                             (764)
Disposals of investments              291,104                           192,328
Net cash inflow from financial          9,126                             2,671
investment
Equity dividend paid                     (347)                             (347)
Financing
Repurchase of ordinary shares              -                               (477)
Exercise of warrants                      502                               109
Repurchase of warrants                   (340)                           (3,243)
Net cash inflow/(outflow) from            162                            (3,611)
financing
Increase/(decrease) in cash             9,099                              (118)

 The above statements have been prepared on the basis of the accounting
policies as set out in the recently published set of annual financial
statements. The figures for the year to 31.12.99 have been extracted from the
accounts for the year ended 31.12.99 which have been delivered to the
Registrar of Companies and on which the Auditors gave an unqualified report.

The annual report and accounts will be posted to shareholders as soon as is
practicable.