Interim Management Statement

FIDELITY ASIAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 
30 APRIL 2012                                                                  
                                                                               
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 2.31% (debt at par) against a 0.62% return for the      
benchmark.                                                                     
                                                                               
- the share price decreased by 0.92 %                                          
                                                                               
- the Board and Managers continue to believe that investment in equities will  
produce strong returns for shareholders over the long term.                    
                                                                               
- the main portfolio changes are detailed in the top ten holdings below        
                                                                               
Gearing exposure was 105.09% on 30 April 2012.                                 
                                                                               
Material transactions                                                          
                                                                               
- 830,000 shares were repurchased for cancellation during the quarter.         
                                                                               
- No shares have been repurchased since the quarter end.                       
                                                                               
- 25,646 ordinary shares were issued during the quarter following the exercise 
of rights attached to the subscription shares.                                 
                                                                               
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:                   
                                                                               
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 2012   As at 14 June 2012 SEAQ Code:    51094       
                                                                               
Ordinary    60,047,672            60,048,741         ISIN:         GB0003322319
Shares In                                                                      
Issue:                                                                         
                                                                               
Share price 10.97%                10.03%             Registered                
discount to                                          office                    
NAV:                                                                           
                                                                               
Total       £136.3m               £127.1m            Beech Gate                
Assets:                                                                        
                                                     Millfield                 
                                                     Lane                      
Loan:       £9.2m                 £9.7m                                        
                                                     Lower                     
                                                     Kingswood                 
Total Net   £127.1m               £117.4m                                      
Assets:                                              Tadworth                  
                                                                               
                                                     Surrey KT20               
Gearing     105.09%               102.57%            6RP                       
Exposure :                                                                     
                                                                               
                                                                               
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 2012   January 2012   Holdings (%     April 2012   January   
total                                   total assets)                2012      
assets)                                                                        
                                                                               
Korea       29.2         30.0           Samsung         8.4          7.0       
(South)                                 Electronics                            
                                                                               
China       27.8         25.0           Taiwan          4.5          4.1       
                                        Semiconductor                          
                                        Manufacturing                          
                                                                               
Hong Kong   16.9         14.2           Tencent         4.3          3.5       
                                        Holdings                               
                                                                               
Taiwan      13.2         16.5           China Merchants 3.9          4.1       
                                        Bank H                                 
                                                                               
Singapore   5.9          4.7            China           3.1          2.3       
                                        Construction                           
                                        Bank H                                 
                                                                               
Israel ***  1.9          -              China Overseas  2.5          -         
                                        Land &                                 
                                        Investment**                           
                                                                               
India       1.7          1.3            Bank of China   2.5          -         
                                        Hong Kong**                            
                                                                               
Thailand    1.0          3.0            Wharf Holdings* 2.5          -         
                                        *                                      
                                                                               
Other       0.8          1.6            Kai Motors**    2.4          -         
                                                                               
Cash        1.7          -              Hon Hai         2.3          2.4       
                                        Precision                              
                                                                               
Malaysia    -            2.1            Hutchison       -            2.6       
                                        Whampoa*                               
                                                                               
Indonesia   -            1.6            Advanced        -            2.4       
                                        Semiconductor                          
                                        Engineering*                           
                                                                               
Total       100          100            LG Household &  -            2.3       
                                        Healthcare*                            
                                                                               
                                        * No longer in top 10 at 30 April 2012 
                                                                               
                                        ** Not in the top 10 at 31 January 2012
                                                                               
                                        *** Based in Singapore, listed in      
                                        Israel                                 

                      Performance Record (total return %)                      
                                                                               
             Price as at Quarter to  Quarter to 1 Year to  3 Years to 5 Years  
             30 April    30 April    31 January 30 April   30 April   to 30    
             2012 (p)    2012        2012       2012       2012       April    
                                                                      2012     
                                                                               
NAV (debt at 210.88      2.31           3.17      -8.16      71.45      61.03  
par)                                                                           
                                                                               
Ordinary     187.75      -0.92          4.12      -8.01      69.32      62.20  
Share price                                                                    
                                                                               
Benchmark                0.62           5.20      -6.54      51.10      52.99  
Index                                                                          
                                                                               

As at 15 June 2012 the Company's NAV per share was 195.49p (debt at par) and
the Company's share price was 175.88p per share.

                   Standardised Performance (total return %)                   
                                                                               
               30/04/2007   30/04/2008   30/04/2009   30/04/2010   30/04/2011  
                                                                               
               30/04/2008   30/04/2009   30/04/2010   30/04/2011   30/04/2012  
                                                                               
NAV            17.62        -20.15       61.54        15.6         -8.16       
                                                                               
Ordinary Share 21.35        -21.06       62.90        13.0         -8.01       
price                                                                          
                                                                               
Benchmark      23.22        -17.85       43.02        13.0         -6.54       
Index                                                                          
                                                                               

By order of the Board

Christopher Pirnie

For and on behalf of FIL Investments International

Company Secretary

15 June 2012

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 2012. 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.