Final Results - Year Ended 31 December 1999

Fidelity European Values PLC
29 February 2000

                               
Preliminary Announcement of unaudited results for the year
ended 31 December 1999

Comment from the Chairman

The Company's NAV per share rose by 36.3% whereas the share price rose by
34.7%.  In comparison the FT/S&P Actuaries Europe (ex UK) Index returned
19.5%.  (All performance figures are on a total return basis and expressed in
sterling).  The strong performance of the Company stemmed in part from the
investments in the telecommunications and media sectors, which were among the
best performing sectors of the market. 

This performance is particularly satisfying after last year when the Manager's
investment style was not in favour and the Company's return did not match that
of the benchmark index.  At the time, I noted in our annual report that the
Manager's long-term track record gave us confidence that patience would be
rewarded and this has been borne out this year. 

Outlook - The economic growth prospects for continental Europe appear very
good.  Investors should also be encouraged that growth is broadening and
encompasses the export sector as well as consumer spending and the service
industries.  This background should provide a good stock picking environment
and suit the investment style adopted in managing your Company's assets. 

The strong performance of equity markets in the last year has led to share
valuations, particularly for some companies in the telecommunications and
technology sectors, looking expensive.  The Company has a relatively large
weighting in the telecommunications sector.  This is not without an element of
risk but the Board regularly reviews this and supports the Manager's sector
weighting.  It will be important for telecommunications and technology
companies to meet investor expectations for profits growth.  In addition,
larger than expected increases in interest rates or a continued rise in bond
yields could cause share prices to be vulnerable.  As always, the direction of
the US market will influence  European equity markets, at least in the short
term.  

There are several factors at work which are forcing corporate managers to
reposition their businesses so as to compete in a single European market as
well as a global market place.  It is these changes which are presenting
attractive investment opportunities.  We are confident that Fidelity, with
over 50 European analysts covering close to 2000 companies, as well as another
194 analysts covering US and Asian companies, is well placed to identify
winners and losers. 

Purchase of Shares and Warrants - The Company has purchased and cancelled
1,350,000 warrants in the 12 months to 31 December 1999.  During the year, the
Company also purchased and cancelled 148,000 ordinary shares at a discount to
net asset value of 13.2%.  Purchases are made by the Manager within guidelines
laid down by the Board and are only made if they will result in an uplift in
the fully-diluted net asset value. 

Dividend - Yours Board is recommending the payment of an ordinary dividend of
0.60p per share (1998 : 0.60p per share) payable on 25 May 2000 to
shareholders on the register at close of business on 31 March 2000 (ex
dividend date 27 March 2000).

AITC 'its' Campaign - The Association of Investment Trust Company has launched
a number of initiative s to raise the profile of investment trusts. These
include a generic advertising campaign entitled 'its', which started in
October 1999. Your Company has agreed to support this campaign and we believe
that it will benefit shareholders by improving demand for investment trust
shares. Our Manager is taking advantage of this heightened profile by
promoting the Fidelity Investment Trust Share Plan and the Fidelity Individual
Savings Account which incorporate your Company's shares. We believe that the
plans will be beneficial to shareholders by stimulating demand for shares in
the Company and as a result reducing the discount. 

Gearing - The Company is currently geared at a level of 18% via the Equity
Index-Linked Unsecured Loan Stock. The Board reviews the level of gearing on a
regular basis and has concluded that the current level of gearing is
appropriate. We continue to believe that, in the long term, gearing will
enhance returns to shareholders. 

Annual General Meeting - The Annual General Meeting of the Company is due to
take place on 23 May 2000 at midday and all shareholders, ISA, Share Plan and
PEP investors are invited to attend.  


Sir Charles Fraser
29 February 2000

Enquiries:Barbara Powley -Fidelity Investments International 01737 836882


FIDELITY EUROPEAN VALUES PLC

STATEMENT OF TOTAL RETURN (unaudited)
(incorporating the revenue account*) of the Company for the year ended 31
December

                                  1999                          1998
                      revenue  capital    total    revenue   capital   total
                        £'000    £'000    £'000       £'000    £'000   £'000

Gains on investments        -   90,549   90,549           -   48,884  48,884
Income                  6,030        -    6,030       5,456        -   5,456
Investment management
fee                    (3,358)       -   (3,358)     (2,893)       -   (2,893)
Other expenses           (695)       -     (695)       (451)       -     (451)
Exchange (losses)/gains     -     (821)    (821)          -      385      385
Purchase of warrants
for cancellation            -   (2,692)  (2,692)          -   (4,004)  (4,004)

Net return before
finance costs and
taxation                1,977   87,036   89,013       2,112   45,265   47,377

Interest payable         (895)       -     (895)       (731)       -     (731)

Revaluation of
Loan Stock(Note 1)          -   (9,009)  (9,009)          -  (11,451) (11,451)

Return on ordinary
activities before
tax                     1,082   78,027   79,109       1,381   33,814   35,195

Tax on ordinary
activities               (500)       -     (500)       (647)       -     (647)

Return on ordinary
activities after
tax for the year
attributable to 
equity shareholders       582   78,027   78,609         734   33,814   34,548

Dividends                (347)       -     (347)       (347)       -     (347)

Transfer to reserves      235   78,027   78,262         387   33,814   34,201

Return per ordinary share         
Basic                   1.01p  134.79p  135.80p       1.27p   58.56p   59.83p
Fully-diluted**         0.94p  125.84p  126.78p       1.16p   53.58p   54.74p

*  the revenue column on this statement represents the profit and loss account
of the Company
** According to the provisions of FRS14, the fully-diluted returns have 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

Note 1. Although the Company has adopted a policy of charging all finance
costs and expenses to the revenue account in the Statement of Total Return,
the Board considers that the revaluation element of the Loan Stock, which is
an element of the overall finance cost, should be taken to capital reserves. 
By adopting this treatment the revaluation of the Loan Stock is matched
against the capital appreciation or depreciation of the investment portfolio,
in which the original proceeds of the Loan Stock were invested.


BALANCE SHEET
as at 31 December (unaudited)
                                              1999             1998
                                             £'000            £'000

Investments                                349,302          263,404

Debtors                                      2,914            1,623
Cash at bank                                 2,386            2,561

Creditors - amounts falling due within
one year                                    (2,538)          (1,876)

Net current assets                           2,762            2,308

Total assets less current liabilities      352,064          265,712

Creditors: amounts falling due after
more than one year
Equity Index-Linked Unsecured
Loan Stock                                 (59,495)         (50,486)

Total net assets                           292,569          215,226

Capital and reserves
Called up share capital                     14,463           14,473
Share premium account                       50,929           50,803
Capital redemption reserve                      37                -
Other reserves
Warrant reserve                              2,162            2,757
Capital reserve - realised                 169,466          131,868
Capital reserve - unrealised                53,807           13,855
Revenue reserve                              1,705            1,470

Total equity shareholders' funds           292,569          215,226

Net asset value per ordinary share
Basic                                      505.73p          371.78p
Fully-diluted*                             471.71p          343.39p

* The fully-diluted net asset value per ordinary share has been calculated on
the assumption that the outstanding warrants of 5,294,128 at 31 December 1999
(1998 : 6,752,782) were exercised on that date.  This basis of calculation is
considered to be more appropriate than the basis given in FRS14 as it is
consistent with the calculation of fully-diluted net asset value which is
prepared in accordance with guidelines laid down by the Association of
Investment Trust Companies and is provided to the London Stock Exchange on an
ongoing basis.


CASH FLOW STATEMENT 
for the year ended 31 December (unaudited)
                                                  1999             1998
                                                 £'000            £'000
Net cash inflow from operating activities        1,450              946

Net cash outflow from servicing of finance        (895)            (563)

Tax recovered                                      614              398

Net cash inflow from financial investment        2,671            3,909
   
Equity dividend paid                              (347)            (345)

Net cash outflow from financing                 (3,611)          (4,407)

Decrease in cash                                  (118)             (62)

The above statements have been prepared on the basis of the accounting
policies set out in the most recently published set of annual financial
statements.
The figures for the year to 31.12.98 have been extracted from the accounts for
the year ended 31.12.98 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.