Purchase of Own Securities

Fidelity European Values PLC
19 December 2001



Fidelity European Values PLC announces that on 19 December 2001 the Company
purchased for cancellation 7,081,435 units of the Company's Equity Index
Linked Loan Stock at a cost of £2.7525 per unit. The remaining 9,601,008 units
of loan stock will be redeemed on 31 December 2001. An amount of Euro33
million has been drawn under the Company's loan facility with National
Australia Bank to fund the purchase.