Part repayment of debt

Fidelity Asian Values PLC ('the Company')

As announced on 23 March 2005 the Company has today repaid US$14 million of its
US$32 million loan facility from HSBC Bank PLC at a total cost of US$14.315
million.

Based on today's net asset value the repayment has reduced the Company's gross
gearing from 22.76% to 12.83% and decreased its net asset value by 0.17 pence
(0.22%) to 80.03 pence per share.

29 March 2005