Loan Agreement

Fidelity Asian Values PLC
26 June 2001


Fidelity Asian Values PLC announces that on 26 June 2001 the Company entered
into a loan agreement with HSBC Bank plc. This loan is for an amount of US$ 32
million at a fixed all in rate of 6.28% for a period of five years and will be
drawn down on 27 September 2001 (repayment date 27 September 2006).

It is the Board's intention that the proceeds of the loan will be used to
repay the Company's existing loan with Chase Manhattan which is due to be
repaid on 27 September 2001.

END