Conversion of Securities

Fidelity Asian Values PLC

Conversion of Securities

Fidelity Asian Values PLC announces that on 14 December 2006 it issued and
allotted 12,190,511 ordinary shares of 25 pence each at a subscription price of
100 pence each in respect of shares arising on the exercise of warrants by the
trustee appointed for the benefit of warrantholders who had not exercised their
warrants by 30 November 2006. The total number of ordinary shares now in issue
is 113,974,200 and there are no warrants in issue.

14 December 2006

Enquiries:

Stephen Westwood, Fidelity International : 0207 961 4477