Conversion of Securities

Fidelity Asian Values PLC

Conversion of Securities

Fidelity Asian Values PLC ("the Company") announces that Capita IRG PLC has
been appointed as trustee for the benefit of those warrantholders who had not
exercised their warrants to subscribe for ordinary shares of 25p each of the
Company by the final date for subscription, 30 November 2006.

The Trustee will act as set out in the announcement made by the Company on 5
December 2006. Dresdner Kleinwort, the Company's broker, continues to assess
the level of demand for the shares which would arise on the exercise of the
remaining warrants. If the Trustee does not exercise the subscription rights,
the outstanding warrants will lapse on 14 December 2006.

7 December 2006

For information - Stephen Westwood, Fidelity International 0207 961 4477

- Gavin Tooke, Dresdner Kleinwort 0207 475 6685