Issue of Equity

Fidelity European Values PLC
20 December 2001


Fidelity European Values PLC announces that on 20 December 2001 the Company
allotted 26,126 ordinary 25p shares at a price of 536 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 the
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 62,867,656