Interim Management Statement

FIDELITY ASIAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED  
31 OCTOBER 2009                                                                 
                                                                                
Issued pursuant to the requirements of Chapter 4 of the Disclosure and          
Transparency Rules                                                              
                                                                                
Objective                                                                       
                                                                                
The Company's objective is to achieve long-term capital growth through          
investment principally in the stock markets of the Asian Region (excluding      
Japan)                                                                          
                                                                                
Benchmark                                                                       
                                                                                
MSCI All Countries (Combined) Far East Free (Excluding Japan)                   
                                                                                
Review of Period (total return)                                                 
                                                                                
During the period:                                                              
                                                                                
- the NAV increased by 8.3% against a 5.2% return for the benchmark.            
                                                                                
- the share price increased by 9.3 %                                            
                                                                                
- The Company is currently not geared. The Board and Managers continue to       
believe that investment in equities will produce strong returns for             
shareholders over the long term.                                                
                                                                                
- main portfolio changes are detailed in the top ten holdings below             
                                                                                
Net gearing was zero on as at 31 October 2009                                   
                                                                                
Material transactions                                                           
                                                                                
During the period the Company repurchased no shares for cancellation.           
                                                                                
On 25 September 2009 the Company repaid the US$11,000,000 loan facility with    
Lloyds TSB Bank plc which matured on that date.                                 
                                                                                
Material Events                                                                 
                                                                                
During the period the annual results of the Company as at 31 July 2009 were     
published on 28 September 2009.                                                 
                                                                                
During the period the annual report of the Company as at 31 July 2009 was       
published on 15 October 2009.                                                   
                                                                                
Substantial shareholder notifications                                           
                                                                                
  * City of London Investment Management Limited announced a holding of 12.18%  
    on 23 September 2009.                                                       
                                                                                
  * City of London Investment Management Limited announced a holding of 11.69%  
    on 21 October 2009                                                          
                                                                                
  * Legal & General Group plc (L&G) announced a holding of 3.09% on 16 November 
    2009                                                                        
                                                                                
  * City of London Investment Management Limited announced a holding of 10.99%  
    on 02 December 2009.                                                        
                                                                                
Annual General Meeting held on 7 December 2009. All resolutions passed. Sir     
Victor Garland announced his retirement with effect from June 2010, the         
appointment of two new Directors with effect from 1 January 2010 (further       
details to follow) and the appointment of Hugh Bolland as Senior Independent    
Director with immediate effect.                                                 
                                                                                
Additional Information                                                          
                                                                                
Details of the Company                               Dealing Information        
                                                                                
Fund Mana  John Lo                                   Listed:      London Stock  
ger:                                                              Exchange      
                                                                                
Enquiries: 08457 100 456                             Broker:                    
                                                                                
WWW        www.fidelity.co.uk/its                    Price        Financial     
Address:                                             Quoted:      Times         
           Copies of major                                                      
           announcements and                                      The Times     
           documentation relating                                               
           to the Company may be                                  The Daily     
           found on the website                                   Telegraph     
                                                                                
                                                                  The           
                                                                  Independent   
                                                                                
Launch     13/06/1996                                Reuters      FAS.L         
Date:                                                Code:                      
                                                                                
           As at 31 October 2009  As at 08 December  SEAQ Code:   51094         
                                  2009                                          
                                                                                
Ordinary   60,942,501             60,942,501         ISIN:        GB0003322319  
Shares In                                                                       
Issue:                                                                          
                                                                                
Share      5.1%                   5.3%               Registered                 
price                                                office                     
discount                                                                        
to NAV:                                                                         
                                                                                
Total      £99.1m                 £107.8m            Beech Gate                 
Assets:                                                                         
                                                     Millfield                  
                                                     Lane                       
Loan:      £0.00                  £0.00                                         
                                                     Lower                      
                                                     Kingswood                  
Total Net  £99.1m                 £107.8m                                       
Assets:                                              Tadworth                   
                                                                                
                                                     Surrey KT20                
Gross      0.00%                  0.00%              6RP                        
Gearing :                                                                       
                                                                                
                                                                                
Net        -2.08%                 -2.48%                                        
Gearing:                                                                        
                                                                                
The Company's net asset value per share is announced daily and may be found on  
the Stock Exchange website www.londonstockexchange.com                          
                                                                                
                             Portfolio Breakdowns                               
                                                                                
Country    As at 31    As at 31     Largest 10    As at 31      As at 31 July   
Analysis   October     July 2009    Holdings (%   October 2009  2009            
(% total   2009                     total assets)                               
assets)                                                                         
                                                                                
China      26.1        27.0         China         5.6           5.8             
                                    Merchants                                   
                                    Bank H                                      
                                                                                
Korea      25.1        20.7         Hon Hai       4.3           2.8             
(South)                             Precision                                   
                                    Industry                                    
                                                                                
Hong Kong  19.6        23.1         Samsung       4.1           4.6             
                                    Electronics                                 
                                                                                
Taiwan     16.1        15.4         Tencent       4.0           3.7             
                                    Holdings                                    
                                                                                
Singapore  8.0         10.1         BYD `H'       4.0           -               
                                    Shares **                                   
                                                                                
Indonesia  1.8                      Hong Kong     3.7           3.8             
                                    Exchanges &                                 
                                    Clearing                                    
                                                                                
Malaysia   1.3         1.7          Shinhan       3.7           2.8             
                                    Financial                                   
                                    Group                                       
                                                                                
Other      0.0         0.5          Li & Fung **  3.6           -               
                                                                                
Cash       2.0         1.5          Swire Pacific 3.4           3.3             
                                    A                                           
                                                                                
                                    Media TEK     3.3           3.2             
                                                                                
                                    Taiwan        -             5.3             
                                    Semiconduct                                 
                                    Manufacturing                               
                                    *                                           
                                                                                
Total      100         100          China Mobile  -             5.1             
                                    *                                           
                                                                                
                                    * No longer in top 10 at 31 October 2009    
                                                                                
                                    ** Not in top 10 at 31 July 2009            

                      Performance Record (total return %)                      
                                                                               
               Price at   Quarter to  Quarter to  1 Year to 3 Years   5 Years  
               31 October 30 July     31 October  31        to 31     to 31    
               2009 (p)   2009        2009        October   October   October  
                                                  2009      2009      2009     
                                                                               
NAV (debt at   162.74     21.5%          8.3%       67.0%     44.9%    130.6%  
par)                                                                           
                                                                               
Ordinary Share 154.50     26.7p          9.3p       80.7p     56.0p    155.0p  
price                                                                          
                                                                               
Benchmark                 15.2%          5.2%       61.4%    38.51%    109.4%  
Index                                                                          
                                                                               

As at 08 December 2009 the Company's NAV per share was 176.87p and the
Company's share price was 167.50p per share.

                   Standardised Performance (total return %)                   
                                                                               
               31/10/2004   31/10/2005   31/10/2006   31/10/2007   31/102008 31
                                                                   /10/2009    
               31/10/2005   31/10/2006   31/10/2007   31/10/2008               
                                                                               
NAV            95.7         120.1        199.9        104.2        174.1       
                                                                               
Ordinary Share 91.6         108.51       183.55       93.70        169.36      
price                                                                          
                                                                               
Benchmark      75.29        92.41        145.72       79.30        129.97      
Index                                                                          
                                                                               

By order of the Board

Rebecca Tyerman

For and on behalf of FIL Investments International

Company Secretary

09 December 2009

Past performance is not a guide to future returns. The value of investments can
go down as well as up. For funds that invest in overseas markets, changes in
currency exchange rates may affect the value of an investment. Investments in
small and emerging markets can be more volatile than other more developed
markets. Source of performance: Fidelity and Datastream as at 31 October 2009.
Basis: bid-bid with net income reinvested. Fidelity only gives information
about its own products and services and does not provide investment advice
based on individual circumstances.