Sub-division of Shares

Fidelity European Values PLC

Sub division of shares

15 May 2014

At Fidelity European Value PLC's ("FEV" or the "Company") AGM held today
shareholders approved a sub-division of the Company's ordinary share of 25p
each (each an "Existing Ordinary Share") into ten ordinary shares of 2.5p each
(each a "New Ordinary Share").

The sub division will take place after completion of the Company's dividend
reinvestment programme and, accordingly, the last day of trading in the
Existing Ordinary Shares is expected to be 30 May 2014 and the New Ordinary
Shares will be admitted to trading on the main market of the London Stock
Exchange with effect from 8.00 a.m. on 2 June 2014. As detailed in the
Company's most recent annual report and accounts the New Ordinary Shares will
have a new ISIN (GB00BK1PKQ95) and new SEDOL (BK1PKQ9) but the ticker for the
New Ordinary Shares will be the same as the ticker for the Existing Ordinary
shares (FEV).

The New Ordinary Shares will rank pari passu with each other and will be
subject to the same rights and restrictions as the Existing Ordinary Shares. A
holding of New Ordinary Shares following the sub-division will represent the
same proportion of the issued ordinary share capital of the Company as the
corresponding holding of Existing Ordinary Shares.

The expected timetable for implementation is as follows:

23 May 2014 Final dividend payment date

26 May 2014 Dividend reinvestment

5.00 p.m. on 30 May 2014 Record date for share split

8.00 a.m. on 2 June 2014 Admission and dealings commence in New Ordinary Shares
and CREST accounts credited with New Ordinary Shares

16 June 2014 Share Certificates posted in respect of New Ordinary Shares

Contacts for queries:

Christopher Pirnie, FIL Investments International
01737 837929

Neil Morgan, Winterflood Investment Trusts
020 3100 0292