AGM Statement

Fidelity European Values PLC
23 May 2001

At the Annual General Meeting of Fidelity European Values PLC, held yesterday
22 May 2001, Sir Charles Fraser announced that he would be retiring as
Chairman and Director of the Company, with effect from the conclusion of the
meeting. Mr Robert Walther, who has been a Director of the Company since its
inception in 1991, has been appointed Chairman of the Company with effect from
the same date.