Issue of Equity

Fidelity European Values PLC announces that on 7 June 2002 the Company allotted
2,015 ordinary 25p shares at a price of 607 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 63,116,965.