Conversion of Securities

Fidelity Asian Values PLC

Conversion of Securities

Fidelity Asian Values PLC ("the Company") announces that on 12 December 2006
the Company issued and allotted 8,272,224 ordinary shares of 25p each in
respect of shares arising on the exercise of warrants with effect from 30
November 2006. The total number of ordinary shares in issue is now 101,783,689.

Following the above, the number of warrants remaining in issue is 12,190,511.

Capita IRG PLC, the trustee appointed for the benefit of those warrantholders
who did not exercise their warrants by the final subscription date (being 30
November 2006), has exercised the remaining warrants and placed the shares
resulting from such exercise at a price of 102.5 pence per share. The
subscription price of 100 pence per share will be paid from the issue proceeds
to the Company, with the trustee distributing the balance of the monies (net of
costs and expenses) to the remaining warrantholders on a pro rata basis.

Allotment of 12,190,511 ordinary shares of 25p each in respect of shares
arising on the exercise of warrants by the trustee will be made by the Company
prior to settlement for the sale of such shares due on 15 December 2006.

12 December 2005

Enquiries:

Stephen Westwood, Fidelity Investments: 0207 961 4477

David Yovichic, Dresdner Kleinwort: 0207 475 7144