Final Results

Fidelity Asian Values PLC

Preliminary Announcement of Audited Results

For the year ended 31 July 2011

Chairman's Statement

PERFORMANCE

In the year to 31 July 2011, the Net Asset Value (NAV) per share of the Company
increased by 19.3% whereas its benchmark, the MSCI All Countries (Combined) Far
East ex Japan Index (Benchmark Index), rose by 16.3% (All figures in UK
sterling terms and on a total return basis). Although the ordinary share price
increased by 15.3% over the year, the discount widened from 8.6% to 11.6%.

MARKETS

Asia Pacific equities advanced over the year under review, although markets
turned increasingly volatile in 2011. Consumer discretionary stocks led the
advance across the region as rising income levels boosted corporate earnings
and raised growth expectations. Consumer staples stocks also advanced,
particularly benefiting from rising risk aversion during the last quarter of
the year. South Korean automobile manufacturers and Chinese retailers were
among the best performers. Materials and energy stocks advanced in line with
rising international prices. Both these sectors gave up some of their gains
during the last quarter of the review period as Chinese policymakers
intensified efforts to contain the rise in inflation and asset prices. In
contrast, information technology, utilities, and telecommunications stocks
underperformed the Benchmark Index.

The latter half of the period was characterised by increased volatility as the
sovereign debt crisis in the European Union, political unrest in the
Middle-East and North Africa, the devastating effects of the earthquake and
tsunami in Japan and rising concerns about global economic growth dampened
investor sentiment. Furthermore, weakening economic data in the US, the end of
the second round of quantitative easing and an increasingly polarised debate
about the US sovereign debt limit towards the end of the period contributed to
risk aversion. Meanwhile, the rise in inflationary pressures across Asia
resulted in a number of Central Banks raising interest rates, which adversely
impacted share prices. Nevertheless, optimism driven by the changing
composition of growth in Asia - from export led to domestic demand driven -
together with healthy corporate earnings growth, contributed to positive stock
market performance.

OUTLOOK

Asian markets have dropped sharply in response to recent developments in the US
and in the European Union, as they remain correlated to the West, but the
region's economy is significantly less reliant on the West than in the past.
Relative to the rest of the world, Asia has better potential for sustainable
earnings growth, making it a favoured market for investors. Most Asian central
banks have been tightening their monetary policies in the last few quarters.
They will have the flexibility to relax interest rates and credit policy to
offset a potential marginal downward revision in OECD growth. The Board
continues to believe that Asia's healthy financial system, robust domestic
demand, low debt levels and high savings rates will continue to support a
multiyear growth cycle.

SUBSCRIPTION SHARES

On 4 March 2010 the Company allotted a total of 12,188,212 subscriptions shares
to qualifying shareholders and dealings in these shares commenced on 8 March
2010 with an exercise price of 191.00 pence per share. Details of the
subscription shares exercised during the year are outlined in Note 13 on page
43.

GEARING

On 3 February 2011 the Company renewed its one year revolving credit facility
for US$15 million with ING Bank N.V. The facility is fully drawn down at
present and the Board continues to review the gearing position on a regular
basis.

Up to 31 July 2011, the Company issued a total of 686,469 ordinary shares on
the exercise of the rights attaching to subscription shares leaving 11,501,743
subscription shares remaining to be exercised before 31 May 2013.

DIVIDEND

Subject to shareholders' approval at the forthcoming Annual General Meeting,
the Directors recommend a final dividend of one penny per ordinary share (2010:
nil). This dividend will be payable on 8 December 2011 to shareholders on the
register at close of business on 7 October 2011 (ex-dividend date 5 October
2011). 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 continue to be paid in future.

CONTINUATION VOTE

In accordance with the Articles of Association of the Company, an ordinary
resolution that the Company continue as an investment trust for a further two
years was passed at the 2009 Annual General Meeting. A further continuation
vote will take place at this year's Annual General Meeting. The Company's
performance record has been excellent since launch with a NAV increase of
145.2% compared to an increase in the Benchmark Index of 69.4%. During the past
12 months the Company's NAV has outperformed the Benchmark Index by 3.0% and is
also ahead of the Benchmark Index over 3, 5 and 10 years. Therefore your Board
recommends that shareholders vote in favour of the continuation vote. A further
continuation vote will take place at the Annual General Meeting in 2013.

ANNUAL GENERAL MEETING

The 2011 Annual General Meeting will be held on Wednesday, 23 November 2011 at
Fidelity's Cannon Street office commencing at 11.00 am. All shareholders and
Fidelity Saving Plan and ISA Scheme investors are invited to attend. The
Portfolio Manager will be making a presentation on the year under review and
the immediate prospects for the Company.

Mr Hugh Bolland
Chairman

26 September 2011

Enquiries:

Chris Davies - Head of Investment Trusts, FIL Investments International - 01737
837 723

Anne Read - Corporate Communications, FIL Investments International - 0207 961
4409

Christopher Pirnie - Company Secretary, FIL Investment International, - 01737
837 929

Income Statement for the year ended 31 July 2011

                                       2011                       2010         
                                                                               
                           revenue  capital    total  revenue  capital    total
                                                                               
                    Notes    £'000    £'000    £'000    £'000    £'000    £'000
                                                                               
Gains on                9        -   22,068   22,068        -   25,432   25,432
investments                                                                    
designated at fair                                                             
value through                                                                  
profit or loss                                                                 
                                                                               
Income                  2    3,070        -    3,070    2,446        -    2,446
                                                                               
Investment              3  (1,509)        -  (1,509)  (1,161)        -  (1,161)
management fee                                                                 
                                                                               
Other expenses          4    (522)        -    (522)    (799)        -    (799)
                                                                               
Exchange gains/                  7     (54)     (47)        9      181      190
(losses) on other                                                              
net assets                                                                     
                                                                               
Exchange gains/                  -      287      287        -    (178)    (178)
(losses) on loans                                                              
                                                                               
Net return before            1,046   22,301   23,347      495   25,435   25,930
finance costs and                                                              
taxation                                                                       
                                                                               
Finance costs           5    (214)        -    (214)    (131)        -    (131)
                                                                               
Net return on                  832   22,301   23,133      364   25,435   25,799
ordinary activities                                                            
before taxation                                                                
                                                                               
Taxation on return      6    (312)        -    (312)    (200)        -    (200)
on ordinary                                                                    
activities                                                                     
                                                                               
Net return on                  520   22,301   22,821      164   25,435   25,599
ordinary activities                                                            
after taxation for                                                             
the year                                                                       
                                                                               
Return per ordinary                                                            
share                                                                          
                                                                               
Undiluted               7    0.85p   36.35p   37.20p    0.27p   41.73p   42.00p
                                                                               
Diluted                 7    0.84p   36.10p   36.94p      n/a      n/a      n/a

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.

Reconciliation of Movements in Shareholders' Funds

for the year ended 31 July 2011

                                share     capital     other non-                                    
                                                                                                    
                       share  premium  redemption  distributable    other  capital  revenue    total
                                                                                                    
                     capital  account     reserve        reserve  reserve  reserve  reserve   equity
                                                                                                    
              Notes    £'000    £'000       £'000          £'000    £'000    £'000    £'000    £'000
                                                                                                    
Opening                                                                                             
shareholders'                                                                                       
funds:                                                                                              
                                                                                                    
1 August 2009         15,235        -       1,785          7,367   19,239   47,523      985   92,134
                                                                                                    
Bonus issue                1        -           -              -      (1)        -        -        -
of                                                                                                  
subscription                                                                                        
shares*                                                                                             
                                                                                                    
Exercise of                -        -           -              -        -        -        -        -
rights                                                                                              
attached to                                                                                         
subscription                                                                                        
shares and                                                                                          
conversion                                                                                          
into ordinary                                                                                       
shares*                                                                                             
                                                                                                    
Issue of                   9       60           -              -        -        -        -       69
ordinary                                                                                            
shares on                                                                                           
exercise of                                                                                         
rights                                                                                              
attached to                                                                                         
subscription                                                                                        
shares                                                                                              
                                                                                                    
Net return on                                                                                       
ordinary                                                                                            
activities                                                                                          
                                                                                                    
after                      -        -           -              -        -   25,435      164   25,599
taxation for                                                                                        
the year                                                                                            
                                                                                                    
Dividend paid     8        -        -           -              -        -        -    (609)    (609)
to                                                                                                  
shareholders                                                                                        
                                                                                                    
Closing                                                                                             
shareholders'                                                                                       
funds:                                                                                              
                                                                                                    
31 July 2010          15,245       60       1,785          7,367   19,238   72,958      540  117,193
                                                                                                    
Exercise of      13        -        -           -              -        -        -        -        -
rights                                                                                              
attached to                                                                                         
subscription                                                                                        
shares and                                                                                          
conversion                                                                                          
into ordinary                                                                                       
shares                                                                                              
                                                                                                    
Issue of         13      163    1,080           -              -        -        -        -    1,243
ordinary                                                                                            
shares on                                                                                           
exercise of                                                                                         
rights                                                                                              
attached to                                                                                         
subscription                                                                                        
shares                                                                                              
                                                                                                    
Net return on              -        -           -              -        -   22,301      520   22,821
ordinary                                                                                            
activities                                                                                          
after                                                                                               
taxation for                                                                                        
the year                                                                                            
                                                                                                    
Closing               15,408    1,140       1,785          7,367   19,238   95,259    1,060  141,257
shareholders'                                                                                       
funds:                                                                                              
31 July 2011                                                                                        

* Restated from 5 pence last year to reflect that the nominal value of the
subscription shares is 0.01 pence.

Balance Sheet as at 31 July 2011

                                                             2011         2010
                                                                              
                                              Notes         £'000        £'000
                                                                              
Fixed assets                                                                  
                                                                              
Investments designated at fair value              9       146,156      121,786
through profit or loss                                                        
                                                                              
Current assets                                                                
                                                                              
Debtors                                          10           738        1,187
                                                                              
Cash at bank                                                4,423        1,272
                                                                              
                                                            5,161        2,459
                                                                              
Creditors                                                                     
                                                                              
Bank loans                                       11       (9,116)      (5,729)
                                                                              
Other creditors                                  12         (944)      (1,323)
                                                                              
                                                         (10,060)      (7,052)
                                                                              
Net current liabilities                                   (4,899)      (4,593)
                                                                              
Total net assets                                          141,257      117,193
                                                                              
Capital and reserves                                                          
                                                                              
Share capital                                    13        15,408       15,245
                                                                              
Share premium account                                       1,140           60
                                                                              
Capital redemption reserve                                  1,785        1,785
                                                                              
Other non-distributable reserve                             7,367        7,367
                                                                              
Other reserve                                              19,238       19,238
                                                                              
Capital reserve                                            95,259       72,958
                                                                              
Revenue reserve                                             1,060          540
                                                                              
Total equity shareholders' funds                          141,257      117,193
                                                                              
Net asset value per ordinary share                                            
                                                                              
Undiluted                                        14       229.21p      192.19p
                                                                              
Diluted                                          14       223.20p      191.99p

Cash Flow Statement for the year ended 31 July 2011

                                                                2011        2010
                                                                                
                                                  Notes        £'000       £'000
                                                                                
Operating activities                                                            
                                                                                
Investment income received                                     2,410       2,257
                                                                                
Investment management fee paid                               (1,105)     (1,145)
                                                                                
Directors' fees paid                                            (78)        (93)
                                                                                
Other cash payments                                            (322)       (720)
                                                                                
Net cash inflow from operating activities            15          905         299
                                                                                
Servicing of finance                                                            
                                                                                
Interest paid on bank loans                                    (215)       (215)
                                                                                
Net cash outflow from servicing of finance                     (215)       (215)
                                                                                
Financial investment                                                            
                                                                                
Purchase of investments                                    (142,254)    (91,819)
                                                                                
Disposal of investments                                      139,813      94,199
                                                                                
Net cash (outflow)/inflow from financial                     (2,441)       2,380
investment                                                                      
                                                                                
Dividend paid to shareholders                         8            -       (609)
                                                                                
Net cash (outflow)/inflow before financing                   (1,751)       1,855
                                                                                
Financing                                                                       
                                                                                
Exercise of rights attached to subscription                    1,244          52
shares                                                                          
                                                                                
Unsecured loan drawn down                                     22,028       5,857
                                                                                
Unsecured loan repaid                                       (18,354)     (6,890)
                                                                                
Net cash inflow/(outflow) from financing                       4,918       (981)
                                                                                
Increase in cash                                     16        3,167         874

The above statements have been prepared on the basis of the accounting policies
as set out in the annual financial statements to 31 July 2011. This preliminary
statement, which has been agreed with the Auditor, was approved by the Board on
26 September 2011. It is not the Company's statutory financial statements.  The
statutory financial statements for the financial year ended 31 July 2010 have
been delivered to the Registrar of Companies. The statutory financial
statements for the financial year ended 31 July 2011 have been approved and
audited but have not yet been filed. The statutory financial statements for the
financial years ended 31 July 2010 and 31 July 2011 received unqualified audit
reports, did not include a reference to any matters to which the Auditor drew
attention by way of emphasis without qualifying the report and did not contain
statements under section 498(2) and (3) of the Companies Act 2006. The annual
report and financial statements will be posted to shareholders as soon as is
practicable and in any event no later than 24 October 2011.