Interim Results

FIDELITY ASIAN VALUES PLC

Preliminary Announcement of Unaudited Interim Results for the six months ended
31 January 2006

PERFORMANCE

For the six months to 31 January 2006, Fidelity Asian Values' undiluted net
asset value per share rose by 19.9% and the diluted net asset value per share
rose by 17.3%. In comparison, the benchmark MSCI All Countries (Combined) Far
East ex Japan Index gained 14.6%. (All figures in sterling and on a total
return basis.)

The discount at which the ordinary shares traded to the diluted net asset value
of the Company narrowed to 6.7% at the period end from 8.3% six months ago.

The diluted net asset value is included in this report as, for the first time,
the net asset value of each of the Company's shares exceeds the subscription
price of one of its warrants. Hence on exercise of the outstanding warrants,
permitted on 30 November 2006, the net asset value per share in issue will be
diluted.

MARKETS

Asian stockmarkets performed well relative to the majority of their global
peers over the six months to 31 January 2006. Investor sentiment remained
buoyant despite the significant increase in oil prices and the rising interest
rate environment in most markets across the region.

Amongst the larger markets, Korea proved to be one of the region's strongest
performers, benefiting from the clear recovery in the country's domestic
economy, improving asset quality in the banking sector, robust export activity
and turnaround in corporate investment. The return of the domestic Korean
investor to the local equity market has been an important driver of that
market's performance.

China's performance varied over the review period but finished on a positive
note. This was due to continued economic growth momentum and improvements in
its macro visibility. Taiwan was lifted by foreign investor buying attracted by
a positive news flow from the technology sector and relatively inexpensive
valuations.

In Hong Kong, concern over a moderation in property prices due to the rising
interest rate environment in the United States dampened the market's
performance. However, Hong Kong still posted positive returns. The Singapore
market reported muted returns during the review period, although bank stocks
and the technology sector performed well.

The region's smaller exchanges produced strong returns for the six month
period, but underperformed their larger peers in aggregate terms. Both Thailand
and Indonesia posted variable performance. Equity prices in Malaysia ended the
period on a weak note.

PORTFOLIO REVIEW

Rewarding stock selection in Korea, in particular selected overweight positions
amongst capital goods and software and services, contributed to performance.
Specifically, the Company's overweight position in Korea's top internet search
engine and a holding in a Korean engineering, construction and procurement
company had a positive impact.

Stock selection in Singapore also proved rewarding. In the Hong Kong market
overweight positions in certain retailing and clothing companies dampened
performance.

Telecommunication services and consumer durables in Taiwan also detracted from
performance.

Finally, the effects of stock selection in the region's smaller markets varied.
A holding in Thailand's largest oil refiner contributed to the Company's
performance whilst Malaysia continued to underperform the broader regional
index and detracted from relative returns.

Over the six month review period, the Company increased exposure to Korea to
take advantage of attractively valued opportunities in the export market as
well as domestically-driven sectors benefiting from the recovery in
consumption. Exposure to China was also raised, the Manager having identified
strong earnings potential across a variety of sectors including upstream oil
companies, insurance and property companies and mobile telephone companies.

OUTLOOK FOR THE REGION

The Asian region continues to attract investor interest given the positive long
term growth drivers and the opportunities available for both export and
domestic-oriented investments amongst the region's markets. However, consensus
forecasts suggest that the resilience of the Asian economies may be put to the
test in 2006, with consumer spending widely expected to moderate.

A rising interest rate environment, a recurring phenomenon affecting many Asian
countries, is expected to be a major trend throughout the region in the near
term. Many Asia Pacific central banks have taken their lead from the US Federal
Reserve and are likely to continue to increase interest rates. This results in
higher borrowing costs, potentially moderating economic growth rates and
curbing inflation levels. Domestic consumption could be affected in the short
term with a particular negative impact on those sectors that are interest rate
sensitive, such as property, banks and retailers. More positively, the currency
appreciation which is a potential byproduct of higher interest rates could help
bring down the cost of imports.

The region's increasing demand for energy will be another area of focus in
2006. Reflecting the concerns of some regional governments, the Asian
Development Bank has expressed anxiety over the ongoing impact of inflated fuel
prices.

The political backdrop remained benign in the latter stages of 2005 but further
developments could have a bearing on the direction of individual equity markets
in the months ahead. The snap election called in Thailand in response to
anti-Thaksin demonstrations and the declaration of a state of emergency in the
Philippines by President Arroyo to thwart alleged preparations for a military
coup have caused some local nervousness but are unlikely to affect wider
regional stability.

Taken together, the outlook for equity-based investment in the Asian region
appears to be broadly positive. While valuations across the region have risen
they still remain compelling in comparison to those of their international
counterparts. Given the robust growth being generated by a number of Asia's
economies and the positive impact on corporate earnings in the region, Asian
equities should continue to benefit from the support of overseas investors.

By order of the Board

Fidelity Investments International

29 March 2006

Enquiries:

Stephen Westwood - Head of Investment Trusts, Fidelity Investments
International - 020 7961 4477

Graham Symonds - Fidelity Investments International, Company Secretary - 01737
837345

CB26566

FIDELITY ASIAN VALUES PLC

Income Statement - for the six months ended 31 January 2006(1)

                     for the six months     for the year ended     for the six months  
                           ended                                         ended         
                                                                                       
                          31.01.06               31.07.05               31.01.05       
                                                                                       
                         unaudited               audited               unaudited       
                                                                                       
                   Revenue Capital Total  Revenue Capital Total  Revenue Capital Total 
                                   Return                 Return                 Return
                                                                                       
                     £'000   £'000  £'000   £'000   £'000  £'000   £'000   £'000  £'000
                                                                                       
Gains on                                                                               
                                                                                       
Investments              -  17,850 17,850       -  28,065 28,065       -  13,283 13,283
                                                                                       
Income                                                                                 
                                                                                       
- UK dividends           -       -      -      22       -     22       5       -      5
                                                                                       
- UK scrip               -       -      -       6       -      6       6       -      6
dividends                                                                              
                                                                                       
- Overseas             928       -    928   2,619       -  2,619     840       -    840
dividends                                                                              
                                                                                       
- Overseas scrip       215       -    215     138       -    138       -       -      -
dividends                                                                              
                                                                                       
- Overseas              10       -     10     253       -    253     188       -    188
interest                                                                               
                                                                                       
- Deposit interest      17       -     17      41       -     41      29       -     29
                                                                                       
Investment                                                                             
                                                                                       
management fee       (559)       -  (559)   (900)       -  (900)   (442)       -  (442)
                                                                                       
Other expenses       (219)       -  (219)   (391)       -  (391)   (166)       -  (166)
                                                                                       
Exchange losses        (5)    (13)   (18)    (10)    (85)   (95)       -    (91)   (91)
                                                                                       
Exchange gains/          -      90     90       -    (89)   (89)       -     633    633
(losses) on loans                                                                      
                                                                                       
Net return before                                                                      
finance costs                                                                          
                                                                                       
and taxation           387  17,927 18,314   1,778  27,891 29,669     460  13,825 14,285
                                                                                       
Interest payable     (324)       -  (324)   (924)       -  (924)   (539)       -  (539)
                                                                                       
Loan redemption          -       -      -       -   (168)  (168)       -       -      -
costs                                                                                  
                                                                                       
Net return/(loss)                                                                      
on ordinary                                                                            
                                                                                       
activities before       63  17,927 17,990     854  27,723 28,577    (79)  13,825 13,746
taxation                                                                               
                                                                                       
Taxation on          (156)       -  (156)   (308)       -  (308)    (66)       -   (66)
ordinary                                                                               
activities*                                                                            
                                                                                       
Net (loss)/return                                                                      
on ordinary                                                                            
                                                                                       
activities after                                                                       
taxation for the                                                                       
                                                                                       
period                                                                                 
attributable to                                                                        
equity                                                                                 
                                                                                       
Shareholders          (93)  17,927 17,834     546  27,723 28,269   (145)  13,825 13,680
                                                                                       
(Loss)/return per                                                                      
ordinary share (7)                                                                     
                                                                                       
Basic              (0.10p)  19.17p 19.07p   0.58p  29.65p 30.23p   0.15p  14.78p 14.63p
                                                                                       
Diluted            (0.10p)  18.86p 18.76p   0.58p  29.65p 30.23p (0.15p)  14.78p 14.63p

* This relates to overseas taxation only.Fidelity Asian Values PLC

Reconciliation of Movements in Shareholders' funds

for the six months ended 31 January 2006

               Called  Share   Capital    Other   Warrant Capital  Capital    Revenue  Total  
               up      premium redemption reserve reserve reserve  reserve    reserve  equity 
               share   account reserve                    realised unrealised                 
               capital                                                                        
                                                                                              
                 £'000   £'000      £'000   £'000   £'000    £'000      £'000    £'000   £'000
                                                                                              
Opening         23,376       7      2,330  59,282   7,369 (35,263)      5,468  (2,134)  60,435
shareholoders'                                                                                
funds: 1                                                                                      
August 2004                                                                                   
                                                                                              
Net recognised       -       -          -       -       -    9,718     18,005        -  27,723
gains for the                                                                                 
period                                                                                        
                                                                                              
Net revenue          -       -          -                        -          -      546     546
for the period                                                                                
                                                                                              
Closing         23,376       7      2,330  59,282   7,369 (25,545)     23,473  (1,588)  88,704
shareholders'                                                                                 
funds: 31 July                                                                                
2005                                                                                          
                                                                                              
Effect of            -       -          -       -       -        -      (215)        -   (215)
changing                                                                                      
prices from                                                                                   
middle market                                                                                 
to bid market                                                                                 
at 1 August                                                                                   
2005                                                                                          
                                                                                              
Net recognised       -       -          -       -       -   12,619      5,308        -  17,927
gains for the                                                                                 
period                                                                                        
                                                                                              
Net revenue          -       -          -       -       -        -          -     (93)    (93)
loss for the                                                                                  
period                                                                                        
                                                                                              
Exercise of          1       5          -       2     (2)        -          -        -       6
warrants                                                                                      
                                                                                              
Closing         23,377      12      2,330  59,284   7,367 (12,926)     28,566  (1,681) 106,329
shareholders'                                                                                 
funds: 31                                                                                     
January 2006                                                                                  

FIDELITY ASIAN VALUES PLC

Balance Sheet

as at 31 January 2006

                                           31.01.06     31.07.05     31.01.05 
                                                                              
                                           unaudited      audited    unaudited
                                                                              
                                              £'000        £'000        £'000 
                                                                              
Fixed assets                                                                  
                                                                              
Investments at fair value through            115,807       97,779      88,848 
profit or loss                                                                
                                                                              
Current assets                                                                
                                                                              
Debtors                                        1,258        2,325         567 
                                                                              
Cash at bank                                     902          919       2,695 
                                                                              
                                               2,160        3,244       3,262 
                                                                              
Creditors - amounts falling due within                                        
one year                                                                      
                                                                              
Fixed rate unsecured loan                   (10,162)            -            -
                                                                              
Other creditors                              (1,476)      (2,067)      (1,008)
                                                                              
                                            (11,638)      (2,067)      (1,008)
                                                                              
Net current (liabilities)/assets             (9,478)        1,177       2,254 
                                                                              
Total assets less current liabilities        106,329       98,956      91,102 
                                                                              
Creditors - amounts falling due after                                         
more than one year                                                            
                                                                              
Fixed rate unsecured loan                          -     (10,252)     (16,987)
                                                                              
Total net assets                             106,329       88,704      74,115 
                                                                              
Capital and reserves                                                          
                                                                              
Called up share capital                       23,377      23,376       23,376 
                                                                              
Share premium account                             12           7            7 
                                                                              
Capital redemption reserve                     2,330       2,330        2,330 
                                                                              
Other non-distributable reserve               59,284      59,282       59,282 
                                                                              
Warrant reserve                                7,367       7,369        7,369 
                                                                              
Capital reserve - realised                  (12,926)     (25,545)     (34,425)
                                                                              
Capital reserve - unrealised                  28,566      23,473       18,455 
                                                                              
Revenue reserve                              (1,681)      (1,588)      (2,279)
                                                                              
Total equity shareholders' funds             106,329      88,704       74,115 
                                                                              
Net asset value per ordinary share:                                           
                                                                              
Basic                                        113.71p       94.86p       79.26p
                                                                              
Diluted                                      111.25p       94.86p       79.26p

FIDELITY ASIAN VALUES PLC

Cash Flow Statement

for the six months ended 31 January 2006

                                   31.01.06        31.07.05       31.01.05 
                                                                           
                                  unaudited         audited      unaudited 
                                                                           
                                      £'000           £'000          £'000 
                                                                           
Operating activities                                                       
                                                                           
Investment income received               904           2,123            868
                                                                           
Interest received                         23             294            217
                                                                           
Investment management fee paid         (487)           (848)          (405)
                                                                           
Directors' fees paid                    (18)            (51)           (21)
                                                                           
Other cash payments                    (164)           (338)           (79)
                                                                           
Net cash inflow from operating                                             
                                                                           
Activities                               258           1,180            580
                                                                           
Returns on investments and                                                 
servicing of finance                                                       
                                                                           
Interest paid                          (325)           (966)          (543)
                                                                           
Loan redemption costs                      -           (168)               
                                                                           
Net cash outflow from returns                                              
on                                                                         
                                                                           
investments and servicing of           (325)         (1,134)          (543)
finance                                                                    
                                                                           
Financial investment                                                       
                                                                           
Purchase of investments             (49,701)        (73,315)       (26,750)
                                                                           
Disposals of investments              49,731          75,555         23,329
                                                                           
Net cash inflow /(outflow)                                                 
from financial                                                             
                                                                           
Investment                                30           2,240        (3,421)
                                                                           
Net cash (outflow)/inflow               (37)           2,286        (3,384)
before financing                                                           
                                                                           
Financing                                                                  
                                                                           
Exercise of warrants                       6               -              -
                                                                           
6.28% fixed rate unsecured                 -         (7,457)              -
loan part repaid                                                           
                                                                           
Net cash inflow/(outflow) from             6         (7,457)              -
financing                                                                  
                                                                           
Decrease in cash                        (31)         (5,171)        (3,384)

Notes

1. The results for the six months to 31 January 2006 and 31 January 2005, which
are unaudited, constitute non-statutory accounts within the meaning of s240 of
the Companies Act 1985. The figures and financial information for the year
ended 31 July 2005 are extracted from the latest published accounts. These
accounts, on which the auditors gave an unqualified report, have been delivered
to the Registrar of Companies.

2. These interim financial statements have been prepared on the basis of the
accounting policies set out in the Company's annual report and accounts dated
31 July 2005 except as stated below:

UK GAAP is converging with International Financial Reporting Standards ("IFRS")
and the following key changes were made as a result of the introduction of
Financial Reporting Standards ("FRS") 26.

FRS26: "Financial Instruments: Measurement" requires that quoted investments
are measured at fair value which is deemed to be bid price. The company's
investments have accordingly been revalued to bid price but no adjustments have
been made to the prior period's results as the Company has taken advantage of
paragraph 108D of the Standard and disclosed the effect of valuing the
investments at bid price as shown in the Reconciliation of Movements in
Shareholders' Funds.

3. A Statement of Total Recognised Gains and Losses has not been prepared as
there are no gains and losses other than those reported in the Income
Statement. All revenue and capital items in the Income Statement derive from
continuing operations. No operations were acquired or discontinued in the year.

4. The Statement of Total Return is now called the Income Statement and the
total column, as opposed to the revenue column, is now the profit and loss
account of the Company.

5. The Reconciliation of Movements in Shareholders' Funds has been introduced
as a new primary statement. The issue of ordinary shares from the exercise of
the warrants is reported through this statement.

6. These financial statements have been prepared in accordance with the AITC
Statement of Recommended Practice ("SORP") issued in January 2003 and revised
in December 2005 and the changes to the accounting policies as set out above.

7. (Loss)/returns per ordinary share are based on the net revenue loss on
ordinary activities after taxation of £93,000 (31.07.05: return £546,000;
31.01.05; loss £145,000) and the capital return in the period of £17,927,000
(31.07.05: £27,723,000; 31.01.05: £13,825,000) and on 93,508,000 ordinary
shares (31.07.05: 93,505,653; 31.01.05: 93,505,653) being the weighted average
number of shares in issue during the period.

According to the provisions of FRS14 the fully 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 value.

8. Copies of the interim report will be posted to shareholders as soon as
practicable. Copies will also be available to the public from the Company's
registered office, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth,
Surrey KT20 6RB.