Final Results

Fidelity Asian Values PLC
27 September 2001


Announcement Body Information:

FIDELITY ASIAN VALUES PLC

Preliminary Announcement of Unaudited Results

for the year ended 31 July 2001

CHAIRMAN'S STATEMENT

Performance

Overall this has been a bad year for all Asian markets as it has also for the
US and elsewhere. Asian economies weakened over the review period as the
global economic slowdown spread. It is against this background that the
region's stock markets remained volatile throughout this period. The US
Federal Reserve moved aggressively to cut interest rates to counter the
slowdown and most Asian central banks followed suit.

The global correction in the technology, media and telecommunications sector
was the most damaging for the region due to heavy concentration of technology
manufacturers in Taiwan and Korea. The investment climate remains very
difficult.

Over the last 12 months the net asset value of the Company has fallen by
36.7%, the MSCI All Countries (Combined) Far East Ex Japan Index fell by 27.5%
and the share price fell by 42.1%. (All figures in sterling terms and on a
total return basis). The under performance remains largely attributable to the
gearing which the board has maintained in expectation of market improvement
and perceived longer term growth prospects.



Gearing

Recent stock market falls have resulted in the level of gearing increasing and
as at 31 July 2001, gross gearing amounted to 36.1% of shareholders' funds and
net gearing (i.e. after deducting cash held) amounted to 30.5%. At the time of
writing gross gearing is 49.3% and net gearing is 25.7%. The Board regularly
reviews the net gearing position of the Company in light of investment
opportunities.

The Board acknowledges that the high level of gearing in these markets has had
a damaging result on the recent performance of the trust but remains convinced
of the overall advantages of gearing. We have therefore entered into a loan
agreement with HSBC Bank Plc for an amount of US $32 million at a fixed rate
of 6.28% for a period of 5 years which will replace the existing loan for the
same amount with the Chase Manhattan Bank which is due to be repaid on 27
September 2001 and was at a fixed rate of 7.03%.



Fund Manager

We are very pleased that our management team is to be strengthened by the
appointment of Mr John Lo as associate portfolio manager. It is expected that
he will shortly succeed Yosawadee Polcharoen as portfolio manager. Mr Lo has
been with Fidelity for 8 years and is involved with the management of a number
of Fidelity funds investing in Asia including the Asian portion of the Global
Emerging Markets Funds and a number of other institutional portfolios.



Purchase of Shares

In the year to 31 July 2001 the Company purchased and cancelled 4,056,000
shares. Purchases are made by the Manager within guidelines laid down by the
Board and are only made if they will result in an uplift in the net asset
value.

A further 1,950,000 shares have been purchased for cancellation since the year
end.



Dividend

The Company's objective is to achieve long-term capital growth, and a dividend
will only be paid if it is necessary to do so to retain investment trust
status. Since the Company has revenue losses this year it is not required to
pay a dividend.



Directorate

Mr David FitzWilliam-Lay is retiring as a director at the forthcoming annual
general meeting. David has served as a director since the launch of the
Company in 1996. His wide experience and senior position in financial services
has made him a valuable colleague and we all wish to thank him.



Continuation Vote

Our stated policy is that in the event of the average discount to the net
asset value being in excess of 15% for a 12 month period leading up to the
board meeting at which the annual accounts are approved, a resolution for
continuation will be proposed at the forthcoming AGM.

The average discount in the 12 month period leading up to the approval of this
report and accounts was 15.2%.

Your Board continues to believe that an investment trust is an attractive
long-term investment vehicle which offers a number of advantages over an open
ended fund, including the ability to borrow monies for investment over the
medium and longer term and the freedom to invest without the distraction of
potential cash inflows and outflows. Although the short-term outlook for Asian
markets is clouded we believe that in the longer-term there is potential for
capital appreciation in the region and that Asian economies will do well in
the future.

Your Board therefore recommends that you vote in favour of the continuation of
the trust.



Outlook

At the time of writing it is too soon to assess fully the impact of the recent
terrorist activities in the United States on the economies and stock markets
of the US and other industrialised countries, and on those in the Asia Pacific
region. The short-term impact has been severe and the likelihood of military
action and the possible responses to it make the outlook particularly
uncertain. In the medium term, continuing volatility in the region could offer
good investment opportunities. Investors' expectations of further interest
rate cuts should also be positive for the regional markets. Meanwhile, longer
- term prospects for the region will hinge on the global growth momentum and
on how well domestic economies weather this very difficult period. But your
Board remains convinced that the Asia Pacific region offers excellent
prospects for growth, and that well chosen investments there will benefit from
the recovery in the economies of the developed world when this comes, as it
will.



Annual General Meeting

The AGM is due to take place on 29 November 2001 at Fidelity's London Cannon
Street office at midday and all shareholders, ISA, Share Plan and PEP
investors are invited to attend. The Investment Manager will be making a
presentation on Asia and the prospects for Fidelity Asian Values. Light
refreshments will be available.

Sir Victor Garland

Chairman

27 September 2001



Enquiries : Barbara Powley - Fidelity Investments International

01737 836883



FIDELITY ASIAN VALUES PLC

STATEMENT OF TOTAL RETURN (unaudited)

(incorporating the revenue account) of the Company for the year ended

31 July 2001
                                      2001                       2000
                            Revenue Capital   Total     Revenue   Capital  Total
                             £'000   £'000    £'000      £'000      £'000  £'000

(Losses)/Gains on              -    (35,249) (32,249)         -    11,353 11,353
investments

Income from Overseas         1,709        -    1,709      1,377         -  1,377
Dividends

Income from Overseas Scrip      70                70        163              163
Dividends                                                 

Deposit Income                  81                81         79              79

Investment Management Fee     (933)       -     (933)    (1,270)       - (1,270)

Other Expenses                (432)       -     (432)      (469)       -   (469)

Exchange gains/(losses)          -       50       50          -      (40)   (40)

Net return before finance      495  (35,199) (34,704)      (120)  11,313  11,193
costs and taxation

Interest payable            (1,621)       -   (1,621)      (980)       -   (980)

Exchange losses on loan          -   (1,087)  (1,087)         -  (1,359))(1,359)

Return on ordinary          (1,126) (36,286) (37,412)    (1,100)   9,954   8,854
activities before tax

Tax on ordinary activities    (177)       -     (177)      (128)       -   (128)

Return on ordinary          (1,303) (36,286) (37,589)    (1,228)   9,954   8,726
activities after tax
attributable to equity
shareholders

Return per ordinary share

Basic                       (1.31p)  (36.38p) (37.69p)   (1.22p)   9.90p   8.68p



All revenue and capital items in the above statement derive from continuing
operations.

No operations were acquired or discontinued in the year.



BALANCE SHEET (unaudited)

as at 31 July 2001
                                                              2001      2000
                                                             £'000     £'000
Fixed assets

Investments                                                 81,369    122,723

Current assets

Debtors - amounts falling due within one year                 380       386

Cash at Bank                                                 3,505      967

Creditors - amounts falling due within one year              3,885     1,353

                                                           (23,093)    (458)

Net current (liabilities)/assets                           (19,208)     895

Total assets less current liabilities                       62,161    123,618

Creditors - amounts falling due after more than one year       -     (21,357)

Total net assets                                            62,161    102,261

Capital and Reserves

Called up share capital                                     24,092    25,105

Capital redemption reserve                                   1,614      600

Share premium account                                          7         3

Other reserves

Other reserve                                               60,680    63,194

Warrant reserve                                              7,369     7,371

Capital reserve - realised                                 (17,292)  (13,995)

Capital reserve - unrealised                               (13,480)   19,509

Revenue reserve                                              (829)      474

Total equity shareholders' funds                            62,161    102,261

Net asset value per ordinary share:

Basic                                                       64.50p    101.83p

Fully-diluted                                                  -      101.52p







CASH FLOW STATEMENT (unaudited)

for the year ended 31 July 2001
                                                                2001     2000
                                                               £'000    £'000
Operating activities

Investment income received                                     1,426    1,126

Deposit Interest received                                        81       79

Investment management fee paid                                 (928)   (1,256)

Directors' fees paid                                            (37)     (41)

Other cash payments                                            (346)    (485)

Net cash Inflow/(Outflow) from operating activities             196     (577)

Returns on Investments and servicing of finance

Interest paid                                                 (1,602)   (740)

Net cash outflow from returns on Investments and servicing of (1,602)   (740)
finance

Taxation

UK Corporation tax paid                                          -       (7)

Financial Investment

Purchase of investments                                       (61,067) (88,597)

Realised exchange gains/(losses)                                 88      (56)

Disposal of investments                                        67,366   70,812

Net cash Inflow/(Outflow) from financial investment            6,387   (17,841)

Equity dividend paid                                             -      (426)

Net cash Inflow/(Outflow) before financing                     4,981   (19,591)

Financing

Repurchase of ordinary shares                                 (2,516)   (698)

Exercise of warrants                                             5        4

Fixed rate unsecured loan drawn down                             -      19,998

Net cash (Outflow)/Inflow from financing                      (2,511)   19,304

Increase/(decrease) in cash                                    2,470    (287)


                                 
The above statements have been prepared on the basis of the accounting
policies as set out in the most recently published set of annual financial
statements.

The figures for the period to 31.07.00 have been extracted from the accounts
for the period ended 31.07.00 which have been delivered to the Registrar of
Companies and on which the Auditors gave an unqualified report.


The annual report and accounts will be posted to shareholders by no later than
15 October 2001.