Issue of Equity

Fidelity European Values PLC
9 May 2001

Fidelity European Values PLC announces that on 9 April 2001 the Company
received notice of exercise from the Trustee (Capita IRG Trustees Limited) in
respect of the outstanding warrants. The Company has therefore issued and
allotted 664,155 shares in the Company to the Trustee.

The total number of ordinary 25p shares in issue is now 62,821,188.