Interim Results

Fidelity Asian Values PLC
11 March 2002

Announcement Body Information:

FIDELITY ASIAN VALUES PLC

Preliminary Announcement of Unaudited Interim Results
for the six months ended 31 January 2002

INTERIM REPORT

Performance

For the six months to 31 January 2002, the Company's net asset value per share
increased by 15.5%. In comparison, the benchmark MSCI All Countries (Combined)
Far East Free excluding Japan Index rose by 13.2%. (All figures in sterling
terms and on a total return basis).

The discount at which the ordinary shares traded to the net asset value of the
Company fell to 17.8% at the period end from 19.0% six months ago. These
developments resulted in an increase of 17.2% in the share price.

During the period, the Company bought back 2,700,000 shares for cancellation at
an average discount of 16.6% which increased the net asset value per share by
0.26p.

Markets

Asian stock markets were volatile during the review period but most markets
ended the period on a positive note. The terrorist attacks of 11 September 2001
precipitated a major sell-off in global markets. The first half of the review
period was characterised by a lack of consumer confidence, slack external demand
and weak investor sentiment. The terrorist attacks shifted the focus to how this
would impact an already fragile US economy.

In the fourth quarter the major indices staged a sharp rebound as foreign
investors returned to the markets. Taiwan and Korean markets benefited from
positive earnings forecasts, recovering memory chip prices and improving order
flows which fuelled buying in the technology based manufacturing companies.
Korean bank and consumer stocks rallied due to benefits from government retail
banking restructuring and increased domestic consumption.

The Hong Kong market lost ground late in the review period as the service
intensive and more defensive Hong Kong economy lagged its peers' relative
recovery. The smaller markets showed significant divergence. Their relative
importance had become marginalised by MSCI changes.

Portfolio Review

Our investment approach is to identify undervalued stocks with strong financial
positions, attractive long-term earnings growth prospects and quality
management. The Manager focuses on large and medium-sized companies with limited
exposure to smaller capitalisation companies.

The overweight position in electronics stocks, notably those in Taiwan and
Korea, contributed positively to performance. For example, Samsung Electronics,
a stock among the Company's top ten holdings, rose by 57.9% during the period.
Positions in consumer and banking stocks in Korea were also positive as the
robust domestic recovery and changes in banking and credit card policies
attracted investor interest.

Positions were trimmed in Hong Kong as it suffered from a lack of technology
related industry, a weak property market and a generally deflationary
environment. The manager added to selected stocks in the Taiwanese technology
sector as evidence that the key players were poised to benefit from any
improvement in order flow in the US economy.

Gearing

As reported previously the Company is geared by way of a fixed rate loan of US$
32 million giving gross gearing of 32.5% at the period end. This is offset by
the Company's holding in the Fidelity Institutional Cash Fund and cash held,
giving an effective gearing level of 21% at the period end.

Outlook for the region

The outlook for the region is likely to remain uncertain in the shorter term, as
any further evidence of economic weakness, both domestically and in the US,
could unnerve investors. However, we continue to believe that most markets in
the region offer sound long-term growth opportunities. The trend towards
outsourcing is expected to continue and should lead to improved productivity,
lower production costs and better global price competition. This trend, along
with the accession of China and Taiwan to the World Trade Organisation, should
encourage increased foreign investment and order inflows as more US and European
companies decide to shift part of their production to Asia.

Against this backdrop, we prefer the larger markets in the region, because they
can offer more investment opportunities in globally competitive companies
compared to the smaller markets. Quality companies listed in the larger markets
tend to have a strong management track record, sustainable earnings growth,
better corporate governance and sound financial positions. In this environment
stock picking is the key.



11 March 2002

Enquiries : Barbara Powley - Fidelity Investments International 01737 836883


FIDELITY ASIAN VALUES PLC

Statement of Total Return (incorporating the revenue account)

For the six months ended 31 January 2002

                             for the six months ended          for the year ended            for the six months ended
                                     31.01.02                       31.07.01                         31.01.01
                                     unaudited                      audited                          unaudited
                            revenue   capital      total  revenue    capital       total    revenue   capital    total
                              £'000      £'000      £'000    £'000      £'000       £'000     £'000     £'000     £'000

Gains/(losses) on                -       9,688      9,688        -   (35,249)    (35,249)        -   (15,215)  (15,215)
investments

Income from overseas            500          -        500    1,709          -       1,709       603         -       603
dividends

Income from overseas              -          -          -       70          -          70        45         -        45
scrip dividends

Income from deposit              96         -          96       81         -           81        34       -          34
interest

Investment                    (393)         -       (393)    (933)         -        (933)     (500)        -      (500)
management fee

Other expenses                (208)         -       (208)    (432)          -       (432)     (229)         -     (229)

Exchange (losses)/               -        (10)       (10)        -         50          50        -       (42)      (42)
gains

Net (loss)/return               (5)      9,678      9,673      495   (35,199)    (34,704)      (47)  (15,257)  (15,304)
before finance costs
and taxation

Interest payable              (735)         -       (735)  (1,621)         -      (1,621)     (812)        -      (812)

Exchange losses on                -      (204)      (204)        -    (1,087)     (1,087)         -     (513)     (513)
loan

(Loss)/return on              (740)      9,474      8,734  (1,126)   (36,286)    (37,412)     (859)  (15,770)  (16,629)
ordinary activities
before tax

Tax on ordinary                 186         -         186    (177)          -       (177)      (66)        -       (66)
activities

(Loss)/return on              (554)      9,474      8,920  (1,303)   (36,286)    (37,589)     (925)  (15,770)  (16,695)
ordinary activities
after tax for the
period, transfer
(from)/to reserves
Return/(loss) per
ordinary share

Basic                       (0.59p)     10.04p      9.45p  (1.31p)   (36.38p)    (37.69p)   (0.92p)  (15.71p)  (16.63p)

These accounts have been prepared in accordance with the AITC Statement of
Recommended Practice (SORP) issued in December 1995.



FIDELITY ASIAN VALUES PLC

Balance Sheet

As at 31 January 2002
                                                       31.01.02          31.07.01          31.01.01
                                                      unaudited           audited         unaudited
                                                         £'000             £'000             £'000


Fixed assets
Investments                                             91,813            81,369           104,399

Current assets
Debtors                                                    672               380               343

Cash at bank                                               820             3,505             3,241

                                                         1,492             3,885             3,584

Creditors- amounts falling due within one year

Fixed rate unsecured loan                                    -          (22,444)          (21,869)

Other creditors                                          (871)             (649)             (606)

                                                         (871)          (23,093)          (22,475)

Net current assets/(liabilities)                           621          (19,208)          (18,891)

Total assets less current liabilities                   92,434            62,161            85,508

Creditors- amounts falling due after more than
one year

Fixed rate unsecured loan                             (22,648)                 -                 -

Total net assets                                        69,786            62,161            85,508

Capital and reserves

Called up share capital                                 23,417            24,092            25,082

Share premium account                                        7                 7                 8

Capital redemption reserve                               2,289             1,614               625

Other reserves

Other reserve                                           59,385            60,680            63,161

Warrant reserve                                          7,369             7,369             7,369

Capital reserve - realised                            (24,043)          (17,292)          (15,119)

Capital reserve - unrealised                             2,745          (13,480)             4,863

Revenue reserve                                        (1,383)             (829)             (451)

Total equity shareholders' funds                        69,786            62,161            85,508

Net asset value per ordinary share

Basic                                                   74.50p            64.50p            85.23p



The figures and financial information for the year ended 31 July 2001 have been
extracted from the latest published accounts of the Company and do not
constitute the statutory accounts for that year. Those accounts have been
delivered to the Registrar of Companies and included the report of the auditors
which was unqualified and did not contain a statement under either section 237
(2) or 237(3) of the Companies Act 1985.



FIDELITY ASIAN VALUES PLC

Cash Flow Statement

For the six months ended 31 January 2002
                                                        31.01.02         31.07.01          31.01.01
                                                       unaudited          audited         unaudited
                                                           £'000            £'000             £'000

Operating activities

Investment income received                                   490           1,426               524

Deposit interest received                                     96              81                34

Investment management fee paid                             (386)           (928)             (458)

Directors' fees paid                                        (38)            (37)              (26)

Other cash payments                                        (143)           (346)             (236)

Net cash inflow/(outflow) from operating                      19             196             (162)
activities

Returns on investments and servicing of
finance

Interest paid                                              (858)         (1,602)             (800)

Net cash outflow from servicing of finance                 (858)         (1,602)             (800)

Taxation

UK income tax recovered                                      445               -                 -

Corporation tax recovered                                      8               -                 -

Tax recovered                                                453               -                 -

Financial investment

Purchase of investments                                 (40,907)        (61,067)          (41,147)

Exchange (losses)/gains                                  (1,754)              88              (45)

Disposal of investments                                   40,019          67,366            44,484

Net cash (outflow)/inflow from financial                 (2,642)           6,387             3,292
investment

Net cash (outflow)/inflow before financing               (3,028)           4,981             2,330

Financing

Repurchase of ordinary shares                            (1,295)         (2,516)              (66)

Exercise of warrants                                           -               5                 6

7.03% fixed rate unsecured loan repaid                  (21,709)               -                 -

6.28% fixed rate unsecured loan drawn down                21,709               -                 -

Net cash outflow from financing                          (1,295)         (2,511)              (60)

(Decrease)/increase in cash                              (4,323)           2,470             2,270



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



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