Directors' Notification of Dealing in Shares

Fidelity European Values PLC
3 May 2000


Schedule 11 - Notification of interests of Directors and Connected Persons

1   Name of company:
Fidelity European Values PLC

2   Name of director:
Robert Walther

3   Please state whether notification indicates that it is in respect of     
holding of the director named in 2 above or holding of that person's spouse or
children under the age of 18 or in respect of a non- beneficial interest:


4   Name of registered holder(s) and, if more than one holder, the number of 
shares held by each of them (if notified):
Robert Walther                                  2,750
Spouse's holding (registered name not known)    2,501

5   Please state whether notification relates to a person(s) connected with  
the director named in 2 above and identify the connected person(s):
n/a

6   Please state the nature of the transaction. For PEP transactions please  
indicate whether general/single co PEP and if discretionary/non discretionary:
Exercise of 250 warrants

7   Number of shares/amount of stock acquired:
250

8   Percentage of issued class:
0.00%

9   Number of shares/amount of stock disposed:


10  Percentage of issued class:


11  Class of security:
ordinary shares

12  Price per share:
100.00p

13  Date of transaction:
2 May 2000

14  Date company informed:
3 May 2000

15  Total holding following this notification:
5,251

16  Total percentage holding of issued class following this notification:
0.01%

If a director has been granted options by the company, please complete the
following fields:

17  Date of grant:


18  Period during which or date on which exercisable:


19  Total amount paid (if any) for grant of the option:


20  Description of shares or debentures involved: class, number:


21  Exercise price (if fixed at time of grant) or indication that price is to
be fixed at time of exercise:


22  Total number of shares or debentures over which options held following
this notification:


23  Contact name for queries:
Barbara Powley

24  Contact telephone number:
01737 836883

25  Name of company official responsible for making notification:
Barbara Powley


Additional Information:
Shares acquired on exercise of warrants.  Warrant holding is now nil.