Interim Management Statement

FIDELITY ASIAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 
30 APRIL 2011                                                                  
                                                                               
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 in an actively managed portfolio of equities in the South East 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 0.51% (debt at par) against a 1.56% return for the      
benchmark.                                                                     
                                                                               
- the share price decreased by 0.54%                                           
                                                                               
- 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 3.49% on 30 April 2011.                                        
                                                                               
Material transactions                                                          
                                                                               
There have been no share repurchases during the quarter or since.              
                                                                               
124,165 ordinary shares were issued during the period following the exercise of
rights attached to the subscription shares.                                    
                                                                               
On 3 February 2011, the Company entered into a new US$15,000,000 364 day       
revolving credit facility with ING Bank N.V. The full amount was drawn down on 
the same day at an interest rate of 2.0605% with interest payable on 3 May     
2011.                                                                          
                                                                               
Material Events                                                                
                                                                               
Half-yearly report published                                                   
                                                                               
Additional Information                                                         
                                                                               
Details of the Company                            Dealing Information          
                                                                               
Fund Mana  John Lo                                Listed:          London Stock
ger:                                                               Exchange    
                                                                               
Enquiries: 08457 100 456                          Broker:          JP Morgan   
                                                                   Cazenove    
                                                                               
WWW        www.fidelity.co.uk/                    Price Quoted:    Financial   
Address:   its                                                     Times       
                                                                               
           Copies of major                                         The Times   
           announcements and                                                   
           documentation                                           The Daily   
           relating to the                                         Telegraph   
           Company may be found                                                
           on the website                                          The         
                                                                   Independent 
                                                                               
Launch     13 June 1996                           Reuters Code:    FAS.L       
Date:                                                                          
                                                                               
           As at 30 April 2011   As at 16 June    SEAQ Code:       51094       
                                 2011                                          
                                                                               
Ordinary   61,567,542            61,604,287       ISIN:            GB0003322319
Shares In                                                                      
Issue:                                                                         
                                                                               
Share      11.07                 9.89             Registered                   
price                                             office                       
discount                                                                       
to NAV:                                                                        
                                                                               
Total      £151.7m               £145.1m          Beech Gate                   
Assets:                                                                        
                                                  Millfield Lane               
Loan:      £9.1m                 £9.3m                                         
                                                  Lower Kingswood              
Total Net  £142.6m               £135.8m                                       
Assets:                                           Tadworth                     
                                                                               
Gross      6.35%                 6.86%            Surrey KT20 6RP              
Gearing :                                                                      
                                                                               
Net        3.49%                 4.80%                                         
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 30    As at 31       Largest 10       As at 30    As at 31    
Analysis   April 2011  January 2011   Holdings (%      April 2011  January 2011
(% total                              total assets)                            
assets)                                                                        
                                                                               
Korea      28.5        26.9           Samsung          5.5         5.9         
(South)                               Electronics                              
                                                                               
China      20.7        23.0           Hutchison        3.6         3.8         
                                      Whampoa                                  
                                                                               
Hong Kong  17.7        18.9           China Merchants  3.5         3.3         
                                      Bank H                                   
                                                                               
Taiwan     15.9        13.0           Taiwan           3.4         -           
                                      Semiconductor                            
                                      Manufacturing**                          
                                                                               
Singapore  5.8         5.9            Tencent Holdings 3.1         3.7         
                                                                               
Malaysia   4.9         8.3            LG Household &   2.8         -           
                                      Healthcare**                             
                                                                               
India      1.3         -              LI & Fung        2.6         3.4         
                                                                               
Indonesia  1.2         -              Hong Kong        2.4         3.6         
                                      Exchanges &                              
                                      Clearing                                 
                                                                               
Other      2.6         2.8            Bank of China    2.3         2.3         
                                      Hong Kong                                
                                                                               
Cash       1.4         1.2            Kia Motors**     2.3         -           
                                                                               
                                      Hon Hai          -           3.1         
                                      Precision                                
                                      Industry*                                
                                                                               
Total      100         100            Advanced         -           2.3         
                                      Semiconductor                            
                                      Engineering *                            
                                                                               
                                      Hyundai Motors*  -           2.2         
                                                                               
                                      * No longer in top 10 at 30 April 2011   
                                                                               
                                      ** Not in top 10 at 31 January 2011      

                     Performance Record (total return %)                      
                                                                              
              Price at   Quarter to Quarter   1 Year to  3 Years to 5 Years to
              30 April   30 April   to 31     30 April   30 April   30 April  
              2011 (p)   2011       January   2011       2011       2011      
                                    2011                                      
                                                                              
NAV (debt at  230.95     0.51       5.18      15.6       49.1       95.9      
par)                                                                          
                                                                              
Ordinary      205.38     -0.54      4.56      13.0       45.3       97.9      
Share price                                                                   
                                                                              
Benchmark     -          1.56       4.77      13.0       32.8       77.4      
Index                                                                         
                                                                              

As at 16 June 2011 the Company's NAV per share was 219.73p (debt at par) and
219.66p (debt at fair value) and the Company's share price was 198.00p per
share.

                   Standardised Performance (total return %)                   
                                                                               
               30/04/2006   30/04/2007   30/04/2008   30/04/2009   30/04/2010  
                                                                               
               30/04/2007   30/04/2008   30/04/2009   30/04/2010   30/04/2011  
                                                                               
NAV            11.70        17.62        -20.15       61.54        15.6        
                                                                               
Ordinary Share 12.21        21.35        -21.06       62.90        13.0        
price                                                                          
                                                                               
Benchmark      8.38         23.22        -17.85       43.02        13.0        
Index                                                                          
                                                                               

By order of the Board

Christopher Pirnie

For and on behalf of FIL Investments International

Company Secretary

17 June 2011

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 as at 30 April 2011. 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.