Issue of Equity

Fidelity European Values PLC
14 January 2002



Fidelity European Values PLC announces that on 14 January 2002 the Company
allotted 7,050 ordinary 25p shares at a price of 554 pence per share (which
represents a premium in excess of 2% over the latest net asset value). This
was in respect of shares purchased through the Fidelity Share Plan and
Fidelity ISA. The new shares will rank pari passu with existing ordinary 25p
shares.

The total number of ordinary 25p shares now in issue is 62,888,629.