Final Results

FIDELITY EUROPEAN VALUES PLC

Preliminary Announcement of Unaudited Results

For the year ended 31 December 2002

Comment from the Chairman

I have pleasure in presenting the annual report of Fidelity European Values PLC
for the year ended 31 December 2002.

Performance

The past year has been a very difficult one for investors. Despite a relatively
stable market in the first half of the year, the market fell to new lows in the
later part of the year. The market volatility continued unabated as investors
remained concerned over the poor economic climate and the prospects of war in
the Middle East. During the period under review, the FTSE World Europe (ex UK)
Index returned -27.4%. In light of this investment background, I believe the
Company performed very well. The net asset value per share of the Company
returned -8.5%, and performed significantly better than the index. The strong
relative outperformance was due to strong stock picking and favourable market
selection during a volatile period for equity markets.  Gearing had a negative
impact on the portfolio during the reporting year. The shares ended the year
trading at a discount of 12% to the underlying asset value per share. (All
figures are in sterling and are on a total return basis.)

Gearing

The Board is responsible for the level of gearing in the Company and reviews it
on a regular basis. The Company retained a modest amount of gearing throughout
2002 (17% as at the year end), which reduced the net asset value by 2.3% as a
result of falling markets. Your Board believes that markets offer fair value at
these levels and, given the low (by historic standards) cost of borrowing, we
intend to keep this level of gearing. We also believe that gearing will
continue to benefit shareholders in the long term.

Dividend

As indicated last year, your Board recommends the payment of a lower ordinary
dividend of 1.2 pence per share (2001: 2.0 pence per share) payable on 28 May
2003 to shareholders on the register at close of business on 7 March 2003
(ex-dividend date 5 March 2003).  Your Board believes very strongly that total
return (income and capital) is the key performance indicator.  We will not
therefore restrict the fund manager even if this leads to lower dividends in
future.

Directorate

As mentioned in the interim report the growth of Fidelity International and his
appointment as Chairman of COLT meant that Barry Bateman decided to step down
as a Director of the Company in July last year. 

Notwithstanding the recent proposals from the Financial Services Authority that
directors of the manager should not serve on the Board, I believe that there is
value in having a senior member of the Company's fund managers who assumes the
responsibility of being a Director of the Company.  All of the other Directors
are totally independent and this provides an appropriate balance. We are
therefore pleased that Simon Fraser joined the Board following Barry's
resignation.  Simon is currently Fidelity's Chief Investment Officer and has
been with Fidelity since 1981 when he joined as an analyst.

Mr Albert Francke resigned as a director on 1 February 2003. Albert served as a
director from December 1992 and his wide experience made him a much valued
colleague and, on behalf of the shareholders, I would like to say thank you to
Albert for his contribution over this time.

Any proposal for a new Director is considered by the whole Board with the
independent Directors taking the lead.  A number of candidates were considered
and after due consideration Mr Simon Duckworth was appointed as a Director of
the Company on 24 February 2003. Simon has a proven track record in private and
public service and will be a welcome addition to the Board.

Resolutions to elect Simon Fraser and Simon Duckworth will be proposed at the
forthcoming Annual General Meeting.

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. Your Board recommends that shareholders vote in favour of the
resolution. There will be a further continuation vote at the Annual General
Meeting in 2005.

Annual General Meeting

The Annual General Meeting of the Company is due to take place on 22 May 2003
at midday at Fidelity's 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.

Outlook

In 2002, continental European equity markets posted their third year of
decline, falling by 33.4%, as measured by the FTSE World Europe (ex UK) Index
in local currency terms. This compares with losses of 19.7% in 2001 and 1.3% in
2000. From their peak in March 2000 to the end of 2002, European equities have
declined by 51.8%, dragged down by the poor performance of technology hardware,
telecom services, insurance, and banking sectors.

The European Central Bank (ECB) forecasts a gradual recovery in economic growth
in the eurozone during the course of 2003. The main factors expected to support
the strengthening of the economy are lower inflation, a further recovery in
foreign demand, which should support exports, and an increase in investment
while interest rates remain at relatively low levels. However, the ECB
cautioned that this outlook is surrounded by high uncertainty due to the
presence of geopolitical tensions, developments in financial markets, and the
persistence of global imbalances.

In this uncertain economic and market environment there are opportunities for
good stock selection and we hope that our Manager will capitalise on these
opportunities in the future as well as he has in the past. 

Robert Walther

24 February 2003

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 2002

                                      2002                                2001          
                                                                                        
                            revenue   capital      total    revenue    capital     total
                                                                                        
                    notes     £'000     £'000      £'000      £'000      £'000     £'000
                                                                                        
Losses on                         -  (25,981)   (25,981)          -   (54,199)  (54,199)
investments                                                                             
                                                                                        
Dividend income               9,582         -      9,582      8,716          -     8,716
                                                                                        
Interest income                 356         -        356        386          -       386
                                                                                        
Investment                  (4,365)         -    (4,365)    (4,294)          -   (4,294)
management fee                                                                          
                                                                                        
Other expenses                (570)         -      (570)      (626)          -     (626)
                                                                                        
Exchange gains                    -       538        538          -        634       634
                                                                                        
Repurchase of                     -         -          -          -      (928)     (928)
warrants                                                                                
                                                                                        
Repurchase of                     -     (124)      (124)          -          -         -
shares                                                                                  
                                                                                        
Net return before             5,003  (25,567)   (20,564)      4,182   (54,493)  (50,311)
finance costs and                                                                       
taxation                                                                                
                                                                                        
Interest payable            (3,018)         -    (3,018)    (1,071)          -   (1,071)
                                                                                        
Revaluation of Loan               -         -          -          -     13,220    13,220
Stock                                                                                   
                                                                                        
Exchange losses on                -   (3,645)    (3,645)          -        (3)       (3)
loans                                                                                   
                                                                                        
Return on ordinary            1,985  (29,212)   (27,227)      3,111   (41,276)  (38,165)
activities before                                                                       
tax                                                                                     
                                                                                        
Tax on ordinary               (917)         -      (917)      (649)          -     (649)
activities                                                                              
                                                                                        
Return on ordinary            1,068  (29,212)   (28,144)      2,462   (41,276)  (38,814)
activities after                                                                        
tax for the year                                                                        
attributable to                                                                         
equity shareholders                                                                     
                                                                                        
Dividends                     (759)         -      (759)    (1,257)          -   (1,257)
                                                                                        
Transfer to/(from)              309  (29,212)   (28,903)      1,205   (41,276)  (40,071)
reserves                                                                                
                                                                                        
Return per ordinary     2                                                               
share                                                                                   
                                                                                        
Basic                         1.69p  (46.32p)   (44.63p)      4.01p   (67.27p)  (63.26p)
                                                                                        

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 £1,068,000 (2001: £2,462,000), and the capital
depreciation in the year of £29,212,000 (2001: depreciation of £41,276,000) and
on 63,072,081 ordinary shares (2001: 61,357,602), being the weighted average
number of ordinary shares in issue during the year.

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 2002

                                                    2002               2001
                                                                           
                                                   £'000              £'000
                                                                           
Fixed assets                                                               
                                                                           
Investments                                      348,059            367,636
                                                                           
Current assets                                                             
                                                                           
Debtors                                            1,552              3,395
                                                                           
Cash at bank                                       8,079             37,903
                                                                           
                                                   9,631             41,298
                                                                           
Creditors - amounts falling due                  (2,590)           (30,233)
within one year                                                            
                                                                           
Net current assets                                 7,041             11,065
                                                                           
Total assets less current liabilities            355,100            378,701
                                                                           
Creditors - amounts falling due after                                      
more than one year                                                         
                                                                           
Fixed rate unsecured loans                      (58,583)           (54,938)
                                                                           
Total net assets                                 296,517            323,763
                                                                           
Capital and reserves                                                       
                                                                           
Called up share capital                           15,781             15,718
                                                                           
Share premium account                             58,615             57,028
                                                                           
Capital redemption reserve                            44                 37
                                                                           
Other reserves                                                             
                                                                           
Capital reserve - realised                       220,156            228,340
                                                                           
Capital reserve - unrealised                     (1,570)             19,458
                                                                           
Revenue reserve                                    3,491              3,182
                                                                           
Total equity shareholders' funds                 296,517            323,763
                                                                           
Net asset value per ordinary share:                                        
                                                                           
Basic                                            469.73p            514.94p
                                                                           

FIDELITY EUROPEAN VALUES PLC

Cash Flow Statement - unaudited

For the year ended 31 December 2002

                                                          2002              2001
                                                                                
                                                                           £'000
                                                         £'000                  
                                                                                
Operating activities                                                            
                                                                                
Investment income received                               8,298             7,010
                                                                                
Interest received                                          252               245
                                                                                
Investment management fee paid                         (4,450)           (4,414)
                                                                                
Directors' fees paid                                      (47)              (58)
                                                                                
Other cash payments                                      (712)             (564)
                                                                                
Net cash inflow from operating                           3,341             2,219
activities                                                                      
                                                                                
Returns on investments and servicing                                            
of finance                                                                      
                                                                                
Interest paid                                          (3,032)           (1,033)
                                                                                
Net cash outflow from returns on                       (3,032)           (1,033)
investments and servicing of finance                                            
                                                                                
Taxation                                                                        
                                                                                
Overseas tax recovered                                     659               439
                                                                                
UK income tax recovered                                      -                 9
                                                                                
UK income tax paid                                           -              (12)
                                                                                
UK Corporation tax paid                                  (381)                 -
                                                                                
Tax recovered                                              278               436
                                                                                
Financial Investment                                                            
                                                                                
Purchase of investments                              (291,770)         (256,738)
                                                                                
Exchange gains                                             452               764
                                                                                
Disposal of investments                                287,511           241,727
                                                                                
Net cash outflow from financial                        (3,807)          (14,247)
investment                                                                      
                                                                                
Equity dividend paid                                   (1,260)             (350)
                                                                                
Net cash outflow before financing                      (4,480)          (12,975)
                                                                                
Financing                                                                       
                                                                                
Repurchase of warrants                                       -           (1,030)
                                                                                
Exercise of warrants                                         -             4,452
                                                                                
Repurchase of Equity Index-Linked Loan                       -          (19,512)
Stock                                                                           
                                                                                
Repurchase of ordinary shares                            (124)                 -
                                                                                
Fixed rate unsecured loans drawn down                        -            54,935
                                                                                
Issue of ordinary shares                                 1,690               345
                                                                                
Repayment of Equity Index-Linked Loan                 (26,869)                 -
Stock                                                                           
                                                                                
Net cash (outflow)/inflow from                        (25,303)            39,190
financing                                                                       
                                                                                
(Decrease)/increase in cash                           (29,783)            26,215
                                                                                

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 31.12.01 have been extracted from the accounts for the
year ended 31.12.01 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 and in any event no later than 22 April 2003.