Issue of Equity

Fidelity European Values PLC
27 December 2001



Fidelity European Values PLC announces that on 27 December 2001 the Company
allotted 4,077 ordinary 25p shares at a price of 532 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 ISA. The new shares
will rank pari passu with existing ordinary 25p shares.

The total number of ordinary 25p shares now in issue is 62,871,733.