Issue of Equity

Fidelity European Values PLC announces that on 20 May 2002 the Company allotted
36,314 ordinary 25p shares at a price of 631 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 63,077,784