Final Results

FIDELITY ASIAN VALUES PLC

Preliminary Announcement of Results

For the year ended 31 July 2008

Chairman's Statement

PERFORMANCE

Over the 12 months to 31 July 2008 the net asset value per share of Fidelity
Asian Values PLC declined by 15.6%. In comparison the benchmark MSCI All
Countries (Combined) Far East Free ex Japan Index fell by 10.7%. The share
price declined by 13.0% over the period. (All figures in sterling terms and on
a total return basis.) This underperformance against the benchmark should be
seen against the background of a more encouraging longer term record. Over the
three and five years to 31 July 2008 the Company's net asset value rose by
38.9% and 109.7 % respectively against rises of 37.8% and 99.6% by the
benchmark.

A revenue surplus of £499,000 has been made over the year. Subject to
shareholders' approval at the 2008 Annual General Meeting the Directors
recommend that a final dividend in respect of the year to 31 July 2008 of 0.81
pence per share be paid to shareholders on the register at close of business on
10 October 2008 (ex dividend date 8 October 2008). As the Company's objective
is long term capital growth any revenue surplus is a function of a particular
year's business and it should not be assumed that dividends will ordinarily be
payable.

MARKETS

After a sharp fall in the early summer of 2007 Asian equities started the
review period on a positive note. They ended the financial year in negative
territory having succumbed to a series of global issues that led markets down.
Record oil prices and rising inflation were the key concerns in Asia. Increased
write downs by international financial institutions also eroded investor
confidence. Fears that Asian exports would not remain immune to a US slowdown
added to the general malaise. There was a sharp increase in the number of
earnings downgrades while redemptions from the region rose as increasingly risk
averse overseas investors withdrew funds.

Against this backdrop investors favoured the lower risk developed markets of
Australia, Singapore and Hong Kong over their counterparts in emerging Asia and
moved into sectors seen to benefit from robust domestic demand. Interest rate
cuts in the US in the first half of the review period, aimed at stimulating
growth in the world's largest economy, also had a positive impact.

Economic activity remained relatively robust, albeit moderated from 2007
levels, but inflation increased more than anticipated. Central banks in the
region, including the People's Bank of China, raised their key interest rates
and took other policy initiatives to regulate their financial markets. The
higher cost of borrowing dampened the outlook for property, retail, financial
and industrial companies although rising commodity prices were supportive of
profits at mining and oil firms, particularly in Indonesia and Australia.

OUTLOOK FOR THE REGION

Though the events of the past year have largely put paid to theories of
"decoupling", the Asia Pacific region has so far held up well in the face of
slowing growth in more advanced economies and increased stress in financial
markets. Continuing high oil and commodity prices are likely to put pressure on
domestic consumption and corporate profitability in the region. The trade
balances of countries with significant oil imports will also suffer, and
corporate profit margins will be squeezed by inflationary pressures.
Conversely, recent strong investment and infrastructure trends should continue
and thereby help to sustain growth in the region. And market volatility should
throw up stock picking opportunities for adroit managers.

I write this statement against the background of a deepening banking crisis,
markets around the world have fallen heavily. In the short term the outlook is
very cloudy but there are grounds for optimism that Asian economies and markets
will emerge less damaged than those of the developed world.

TENDER OFFER AND REDUCTION OF CAPITAL

After the end of the year under review a tender offer was made for up to 40% of
the Company's issued share capital. The Board took this action to avoid the
potentially destabilising effect on the share price of certain shareholders
wishing to realise their holdings. Following shareholders' approval at an
Extraordinary General Meeting of the Company held on 5 September 2008 and
completion of the tender offer a total of 41,262,764 ordinary shares have been
cancelled from the Register of Members. This equates to 40% of the issued share
capital immediately prior to the offer being made. Exiting shareholders bore
the costs involved and the remaining shareholders received the benefit of an
uplift to the net asset value of some 2% on the day the tender offer was
completed. As agreed by shareholders at the 5 September EGM the Company has
applied to the Court to confirm a reduction of capital by way of the
cancellation of the share premium account and capital redemption reserve,
including the capital redemption reserve arising on the implementation of the
tender offer. This was done in order to ensure that the Company will have
sufficient distributable reserves to continue to implement share repurchases.

GEARING

The amount of the US$18 million short term loan available to gear the portfolio
was reduced pro rata to the reduced size of the Company following the tender
offer. Currently the loan stands at US$11 million. During the period under
review the portfolio manager was given greater flexibility to maintain gearing
than in prior years because of the increased volatility of the markets.
Currently the net gearing parameters set by the Board are between 0 and 10%.

VAT ON MANAGEMENT FEES

The Board has noted the final judgment from the European Court of Justice in
favour of the claim by JPMorgan Claverhouse plc that Her Majesty's Revenue and
Customs had been wrong in requiring UK investment trusts to pay VAT on their
management fees. As the Company has recovered virtually all the VAT it has been
charged it does not expect further significant recovery of VAT. Hence no
further VAT refund has been accounted for in the accompanying financial
statements. The Company is no longer paying VAT on management fees.

ANNUAL GENERAL MEETING

The 2008 Annual General Meeting will be held on Friday 5 December 2008 at
Fidelity's Cannon Street office commencing at 11.00 am. All shareholders and
Fidelity Savings Plan and ISA Scheme investors are invited to attend. The
portfolio manager will be making a presentation on the year under review and
immediate prospects for the Company.

Sir Victor Garland

Chairman

30 September 2008

Enquiries:

Graham Symonds, FIL Investments International, Company Secretary - 01737 837
345

Richard Miles, Director Corporate Communications, FIL Investments International
- 020 7961 4921

FIDELITY ASIAN VALUES PLC

Income Statement

- for the year ended 31 July 2008

                                       2008                        2007         
                                                                                
                           revenue  capital    total  revenue   capital    total
                                                                                
                             £'000    £'000    £'000    £'000     £'000    £'000
                                                                                
(Losses)/gains on                - (26,390) (26,390)        -    55,516   55,516
investments                                                                     
                                                                                
Income                                                                          
                                                                                
- overseas dividends         4,188        -    4,188    3,350         -    3,350
                                                                                
- overseas scrip               241        -      241      164         -      164
dividends                                                                       
                                                                                
- overseas interest              -        -        -       16         -       16
                                                                                
- deposit interest             150        -      150      139         -      139
                                                                                
Investment management fee  (1,688)        -  (1,688)  (1,528)         -  (1,528)
                                                                                
Other expenses               (474)        -    (474)    (498)         -    (498)
                                                                                
Exchange losses on other      (14)     (26)     (40)      (5)     (238)    (243)
net assets                                                                      
                                                                                
Exchange (losses)/gains          -    (247)    (247)        -       815      815
on loans                                                                        
                                                                                
Net return/(loss)before      2,403 (26,663) (24,260)    1,638    56,093   57,731
finance costs and                                                               
taxation                                                                        
                                                                                
Interest payable             (516)        -    (516)    (519)         -    (519)
                                                                                
Net return/(loss)on          1,887 (26,663) (24,776)    1,119    56,093   57,212
ordinary activities                                                             
before taxation                                                                 
                                                                                
Taxation on return on        (398)        -    (398)    (461)      (35)    (496)
ordinary activities*                                                            
                                                                                
Net return/(loss)on          1,489 (26,663) (25,174)      658    56,058   56,716
ordinary activities after                                                       
taxation for the year                                                           
                                                                                
Return/(loss) per                                                               
ordinary share                                                                  
                                                                                
Basic                        1.43p (25.57p) (24.14p)    0.63p    53.37p   54.00p
                                                                                
Diluted                          -        -        -    0.62p    53.35p   53.97p

A Statement of Total Recognised Gains and Losses has not been prepared as there
are no gains and losses other than those reported in this Income Statement. The
total column of the Income Statement is the profit and loss account of the
Company. All revenue and capital items in the above statement derive from
continuing operations. No operations were acquired or discontinued in the year.

* This relates to overseas taxation only.FIDELITY ASIAN VALUES PLC

Reconciliation of Movements in Shareholders' Funds - for the year ended 31 July
2008

               called   share    capital             other   other warrant  capital    capital revenue    total
                   up premium redemption non-distributable reserve reserve  reserve    reserve reserve   equity
                share account    reserve           reserve                 realised unrealised                 
              capital                                                                                          
                                                                                                               
                £'000   £'000      £'000             £'000   £'000   £'000    £'000      £'000   £'000    £'000
                                                                                                               
Opening        23,377      12      2,330                 -  59,284   7,367  (9,110)     17,465 (1,648)   99,077
shareholders'                                                                                                  
funds: 1                                                                                                       
August 2006                                                                                                    
                                                                                                               
Net                 -       -          -                 -       -       -   19,908     36,150       -   56,058
recognised                                                                                                     
capital gains                                                                                                  
for the year                                                                                                   
                                                                                                               
Repurchase of (1,157)       -      1,157                 - (5,535)       -        -          -       -  (5,535)
ordinary                                                                                                       
shares                                                                                                         
                                                                                                               
Revenue after       -       -          -                 -       -       -        -          -     658      658
taxation                                                                                                       
                                                                                                               
Exercise of     5,116  15,347          -             7,367       - (7,367)        -          -       -   20,463
warrants                                                                                                       
                                                                                                               
Closing        27,336  15,359      3,487             7,367  53,749       -   10,798     53,615   (990)  170,721
shareholders'                                                                                                  
funds: 31                                                                                                      
July 2007                                                                                                      
                                                                                                               
Transfer            -       -          -                 -       -       -   52,787   (52,787)       -        -
between                                                                                                        
reserves*                                                                                                      
                                                                                                               
Net                 -       -          -                 -       -       - (26,432)      (231)       - (26,663)
recognised                                                                                                     
capital                                                                                                        
losses for                                                                                                     
the year                                                                                                       
                                                                                                               
Repurchase of (1,547)       -      1,547                 - (9,606)       -        -          -       -  (9,606)
ordinary                                                                                                       
shares                                                                                                         
                                                                                                               
Revenue after       -       -          -                 -       -       -        -          -   1,489    1,489
taxation                                                                                                       
                                                                                                               
Closing        25,789  15,359      5,034             7,367  44,143       -   37,153        597     499  135,941
shareholders'                                                                                                  
funds: 31                                                                                                      
July 2008                                                                                                      

* In accordance with TECH 01/08: Distributable Profits - with effect from 1
August 2007 changes in fair value of investments which are readily convertible
to cash without accepting adverse terms at the balance sheet date are included
in realised rather than unrealised capital reserves. The balances on both
reserves at 1 August 2007 have been amended by a reserve transfer to reflect
this change.

FIDELITY ASIAN VALUES PLC

Balance Sheet

- as at 31 July2008

                                                             2008          2007
                                                                               
                                                            £'000         £'000
                                                                               
Fixed assets                                                                   
                                                                               
Investments at fair value through profit or loss          136,356       175,057
                                                                               
Current assets                                                                 
                                                                               
Debtors                                                       634         5,949
                                                                               
Cash at bank                                                8,954         4,696
                                                                               
                                                            9,588        10,645
                                                                               
Creditors - amounts falling due within one year                                
                                                                               
Other creditors                                             (916)       (6,141)
                                                                               
                                                            (916)       (6,141)
                                                                               
Net current assets                                          8,672         4,504
                                                                               
Total assets less current liabilities                     145,028       179,561
                                                                               
Creditors - amounts falling due after more than one                            
year                                                                           
                                                                               
Fixed rate unsecured loan                                 (9,087)       (8,840)
                                                                               
Total net assets                                          135,941       170,721
                                                                               
Capital and reserves                                                           
                                                                               
Called up share capital                                    25,789        27,336
                                                                               
Share premium account                                      15,359        15,359
                                                                               
Capital redemption reserve                                  5,034         3,487
                                                                               
Other non-distributable reserve                             7,367         7,367
                                                                               
Other reserve                                              44,143        53,749
                                                                               
Capital reserve - realised                                 37,153        10,798
                                                                               
Capital reserve - unrealised                                  597        53,615
                                                                               
Revenue reserve                                               499         (990)
                                                                               
Total equity shareholders' funds                          135,941       170,721
                                                                               
Net asset value per ordinary share                        131.78p       156.13p

FIDELITY ASIAN VALUES PLC

CashFlow Statement

- for the year ended 31 July 2008

                                                               2008        2007
                                                                               
                                                              £'000       £'000
                                                                               
Operating activities                                                           
                                                                               
Investment income received                                    3,546       2,713
                                                                               
Deposit interest received                                       154         144
                                                                               
Investment management fee paid                              (1,272)     (1,447)
                                                                               
Directors' fees paid                                           (60)        (71)
                                                                               
Other cash payments                                           (566)       (379)
                                                                               
Net cash inflow from operating activities                     1,802         960
                                                                               
Returns on investments and servicing of finance                                
                                                                               
Interest paid                                                 (511)       (403)
                                                                               
Net cash outflow from returns on investments and              (511)       (403)
servicing of finance                                                           
                                                                               
Financial investment                                                           
                                                                               
Purchase of investments                                    (84,344)   (123,551)
                                                                               
Disposal of investments                                      96,901     111,301
                                                                               
Net cash inflow/(outflow)from financial investment           12,557    (12,250)
                                                                               
Net cash inflow/(outflow)before financing                    13,848    (11,693)
                                                                               
Financing                                                                      
                                                                               
Repurchase of ordinary shares                               (9,606)     (5,535)
                                                                               
Exercise of warrants                                              -      20,463
                                                                               
5.60% fixed rate unsecured loan drawn down                        -       9,541
                                                                               
6.28% fixed rate unsecured loan repaid                            -     (9,541)
                                                                               
Net cash (outflow)/inflowfrom financing                     (9,606)      14,928
                                                                               
Increasein cash                                               4,242       3,235

Returns/(losses) per ordinary share are based on the net revenue return on
ordinary activities after taxation of £1,489,000 (2007: £658,000), the capital
loss in the year of £26,663,000 (2007: return £56,058,000) and the total loss
in the year of £25,174,000 (2007: return £56,716,000) and on 104,262,596
ordinary shares (2007: 105,041,064) being the weighted average number of
ordinary shares in issue during the year.

In accordance with the provisions of FRS14, the prior year diluted returns have
been calculated on the assumption that the warrants in issue were converted on
the first day of the financial period on a weighted average basis for the
period over which they were outstanding and that the proceeds from the
conversion have been used by the Company to purchase its own shares at a fair
market price. There are no diluted returns in the current reporting year as no
warrants remain outstanding.

The above statements have been prepared on the basis of the accounting policies
as set out in annual financial statements to 31 July 2008. The statutory
financial statements for the financial year ended 31 July 2008 have been
approved and audited but have not yet been filed. The statutory financial
statements for the financial years ended 31 July 2007 and 31 July 2008 received
unqualified audit reports, did not include a reference to any matters to which
the auditors drew attention by way of emphasis without qualifying the report
and did not contain statements under section 237(2) and (3) of the Companies
Act 1985. The annual report and financial statements will be posted to
shareholders as soon as is practicable and in any event no later than 6
November 2008.

CB34757/na