Director Shareholding

Fidelity European Values PLC
2 May 2001


Fidelity European Values PLC announces that on 30 April 2001 Sir Charles
Fraser, the Chairman of the Company, exercised his right to subscribe for
shares in the Company in respect of 1,126 warrants.

As a result, Sir Charles Fraser has acquired 1,126 shares in the Company and
his total shareholding is now 6,757 (representing 0.01% of the issued share
capital of the Company). The registered holders of these shares are as
follows:

Sir Charles Fraser: 3,757 shares

Lady Ann Fraser: 3,000 shares