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:
Barry Bateman

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):
Barry Bateman                                            303
Fidelity (Nominee) Shareholdings Limited GENPEP Acct   8,523

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


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 1,503 warrants

7   Number of shares/amount of stock acquired:
1,503

8   Percentage of issued class:


9   Number of shares/amount of stock disposed:
276

10  Percentage of issued class:


11  Class of security:
ordinary shares

12  Price per share:
100.00p - shares acquired      446.00p - shares disposed

13  Date of transaction:
2 May 2000

14  Date company informed:
3 May 2000

15  Total holding following this notification:
8,826

16  Total percentage holding of issued class following this notification:
0.02%

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.  The exercise of warrants within the
PEP was financed by the sale of 276 ordinary shares held within the PEP.  The
total includes one additional share purchased in respect of a tax credit in
September 1999.  Warrant holding is now nil.