Final Results

Fidelity European Values PLC
22 February 2002

FIDELITY EUROPEAN VALUES PLC

Preliminary Announcement of Unaudited Results

For the year ended 31 December 2001

Comment from the Chairman

I have pleasure in presenting the annual report of Fidelity European Values PLC
for the year ended 31 December 2001.

Performance

The past year has been very challenging for investors. The continued volatility
in a number of sectors of the stock market, the devastating terrorist attacks in
the US on 11 September and the poor economic climate have taken their toll on
equity markets. During the period under review, the FTSE Europe (ex UK) Index
fell by 20.4%. In light of a very difficult investment background, I believe the
Company performed admirably. The net asset value per share of the Company fell
by 16.2%. This performance reflects the crystallisation of the dilution effect
of the warrants which were converted into ordinary shares with effect from 30
April. When compared with the fully diluted net asset value at 31 December 2000,
the net asset value fell by 10.4% in the year. The shares ended the year trading
at a premium of 3.5% to the underlying asset value per share. (All figures are
in sterling and are on a total return basis.)

Portfolio Manager

In the last annual report, Sir Charles Fraser drew attention to the fact that
Anthony Bolton would be stepping down as the portfolio manager of the Company by
or before the end of 2001. My thanks go to Anthony whose stock picking ability
has been outstanding. Since the Company was launched in November 1991,
shareholders have been rewarded with a return of 448.9% whereas the index has
returned 237.5%. At the beginning of the year, Tim McCarron was appointed
assistant manager and took over the management of the portfolio in November. Tim
is the manager of three highly rated Fidelity funds and is supported by the
strong research capabilities at Fidelity. Tim will continue to manage the
portfolio in a very similar style to Anthony.

Gearing

Your Board believes that in the long term gearing should enhance returns to
shareholders given the very considerable reduction in the costs of borrowing in
recent years. The Equity Index Linked Loan Stock was redeemed in full at the end
of the year and replaced by fixed term bank debt in the sum of €90 million. The
bank debt has a higher revenue cost than the loan stock but unlike the loan
stock the capital value is fixed.

Dividend

Your Board recommends the payment of an ordinary dividend of 2.0 pence per share
(2000: 0.6 pence per share) payable on 13 May 2002 to shareholders on the
register at close of business on 12 April 2002 (ex-dividend date 10 April 2002).
Shareholders will note that the dividend is significantly higher than that paid
in previous years and this is due to the high level of income generated by the
portfolio in the year. As mentioned above, given that the Company is now geared
by way of fixed term bank debt which has a higher revenue cost, it is unlikely
that this level of dividend will be maintained in the future. Your board
believes very strongly that total return (income and capital) is the key
performance indication. We will not therefore restrict the fund manager even if
this leads to lower dividends in future.

Annual General Meeting

The Annual General Meeting of the Company is due to take place on 8 May 2002 at
midday at Fidelity's offices at 25 Cannon Street (just next to St. Paul's
Cathedral). Full details of the meeting will be given in the annual report and I
look forward to meeting you then.

Directorate

I am pleased to report that Mr Johan Bjorkman was appointed as a director in
November of last year. Johan has a wealth of experience in European markets and
he is a valuable addition to the Board.

Outlook

Most commentators believe that there will be a recovery this year, but are
uncertain over the timing and strength of the recovery. It is encouraging to
note that the consensus forecasts for profits growth for 2002 for smaller
companies are greater than those for larger companies.

Your Board is optimistic that this background could benefit the Company given
the bias of the portfolio towards medium sized and smaller companies. Your Board
also hopes that the background should lead to improved returns which will
justify the move to conventional fixed interest gearing.



Robert Walther

22 February 2002



Enquiries: Barbara Powley

Fidelity Investments International

01737 836883






FIDELITY EUROPEAN VALUES PLC

Statement of Total Return (incorporating the revenue account1) of the Company -
unaudited

For the year ended 31 December 2001
                                                                 2001                                    2000
                                                      revenue     capital       total     revenue     capital     total
                                            notes       £'000       £'000       £'000       £'000       £'000     £'000

(Losses)/gains on investments                               -    (54,199)    (54,199)           -      66,149    66,149

Dividend income                                         9,156           -       9,156       7,141           -     7,141

Interest income                                           386           -         386         336           -       336

Investment management fee                             (4,294)           -     (4,294)     (4,701)           -   (4,701)

Other expenses                                          (626)           -       (626)       (746)           -     (746)

Exchange gains                                              -         634         634           -          61        61

Repurchase of warrants                                      -       (928)       (928)           -       (303)     (303)

Net return before finance costs and                     4,622    (54,493)    (49,871)       2,030      65,907    67,937
taxation

Interest payable                                      (1,071)           -     (1,071)       (950)           -     (950)

Revaluation of Loan Stock                                   -      13,220      13,220           -       (106)     (106)

Exchange losses on loans                                    -         (3)         (3)           -           -         -

Return on ordinary activities                           3,551    (41,276)    (37,725)       1,080      65,801    66,881
before tax

Tax on ordinary activities                            (1,089)           -     (1,089)       (458)           -     (458)

Return on ordinary activities after                     2,462    (41,276)    (38,814)         622      65,801    66,423
tax for the year attributable to
equity shareholders

Dividends                                             (1,257)           -     (1,257)       (350)           -     (350)

Transfer to/(from) reserves                             1,205    (41,276)    (40,071)         272      65,801    66,073

Return per ordinary share                       2

Basic                                                   4.01p    (67.27p)    (63.26p)       1.07p     113.09p   114.16p

Fully-diluted                                               -           -           -       1.00p     105.92p   106.92p


1     the revenue column on this statement represents the profit and loss
account of the Company.

2     Returns per ordinary share are based on the net revenue return on ordinary
activities after taxation of £2,462,000 (2000: 622,000), and the capital
depreciation in the year of £41,276,000 (2000: appreciation of £65,801,000) and
on 61,357,602 ordinary shares (2000: 58,184,695), being the weighted average
number of ordinary shares in issue during the year.

According to the provisions of FRS 14, the fully-diluted returns had been
calculated on the assumptions that the warrants in issue were converted on the
first day of the financial period on a weighted average basis for the period
over which they were outstanding, and that the proceeds from conversion have
been used by the Company to purchase its own shares at a fair market price.

All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the year.


FIDELITY EUROPEAN VALUES PLC

Balance Sheet - unaudited as at 31 December 2001
                                                                                         2001                       2000
                                                                                        £'000                      £'000
Fixed assets

Investments                                                                                   367,636            407,720

Current assets

Debtors                                                                                         3,395              1,247

Cash at bank                                                                                   37,903             11,761
                                                                                               41,298             13,008

Creditors - amounts falling due within one year                                              (30,233)           (61,621)

Net current assets/(liabilities)                                                               11,065           (48,613)

Total assets less current liabilities                                                         378,701            359,107

Creditors - amounts falling due after more than
one year

Fixed rate unsecured loans                                                                   (54,938)                  -

Total net assets                                                                              323,763            359,107

Capital and reserves

Called up share capital                                                                        15,718             14,588

Share premium account                                                                          57,028             51,511

Capital Redemption reserve                                                                         37                 37

Other reserves

Warrant reserve                                                                                     -              1,920

Capital reserve - realised                                                                    228,340            256,850

Capital reserve - unrealised                                                                   19,458             32,224

Revenue reserve                                                                                 3,182              1,977

Total equity shareholders' funds                                                              323,763            359,107

Net asset value per ordinary share:

Basic                                                                                         514.94p            615.40p

Fully-diluted                                                                                       -            576.97p



FIDELITY EUROPEAN VALUES PLC

Cash Flow Statement - unaudited

For the year ended 31 December 2001
                                                                                     2001                          2000
                                                                                    £'000                         £'000

Operating activities

Investment income received                                                           7,010                         5,229

Interest received                                                                      245                           285

Investment management fee paid                                                     (4,414)                       (4,506)

Directors' fees paid                                                                  (58)                          (40)

Other cash payments                                                                  (564)                         (662)

Net cash inflow from operating activities                                            2,219                           306

Returns on investments and servicing of finance

Interest paid                                                                      (1,033)                       (1,122)

Net cash outflow from returns on investments and servicing of finance              (1,033)                       (1,122)

Taxation

Overseas tax recovered                                                                 439                           480

UK income tax recovered                                                                  9                           408

UK income tax paid                                                                    (12)                             -

ACT recovered                                                                            -                            86

Tax recovered                                                                          436                           974

Financial Investment

Purchase of investments                                                          (256,738)                     (281,833)

Exchange gains/(losses)                                                                764                         (145)

Disposal of investments                                                            241,727                       291,104

Net cash (outflow)/inflow from financial investment                               (14,247)                         9,126

Equity dividend paid                                                                 (350)                         (347)

Net cash (outflow)/inflow before financing                                        (12,975)                       (8,937)

Financing

Repurchase of warrants                                                             (1,030)                         (340)

Exercise of warrants                                                                 4,452                           502

Repurchase of Equity Index-Linked Loan Stock                                      (19,512)                             -

Fixed rate unsecured loans drawn down                                               54,935                             -

Issue of ordinary shares                                                               345                             -

Net cash inflow from financing                                                      39,190                           162

Increase in cash                                                                    26,215                         9,099


The above statements have been prepared on the basis of the accounting policies
as set out in the recently published set of annual financial statements. The
figures for the year to 31.12.00 have been extracted from the accounts for the
year ended 31.12.00 which have been delivered to the Registrar of Companies and
on which the Auditors gave an unqualified report.

The annual report and accounts will be posted to shareholders as soon as is
practicable.



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