Conversion of Securities

Fidelity European Values PLC
2 May 2001


Fidelity European Values PLC announces that, on 30 April 2001, 3,787,905 of
the Company's warrants were exercised resulting in the issue and allotment of
3,787,905 ordinary 25p shares on the same date. The total number of ordinary
25p shares in issue is now 62,145,117.

Fidelity European Values PLC also announces that the Company has today
appointed Capita IRG Trustees Limited as trustees to act on behalf of the
holders of the 664,155 outstanding warrants. Provided that, in the view of the
trustees, it will be beneficial to the holders of the outstanding warrants the
trustees will exercise the subscription rights on their behalf, dispose of the
resulting shares and, following deduction of costs, distribute the resulting
monies to the holders of the outstanding warrants.