Change in Annual Management Charge and Comparat...

Fidelity Asian Values PLC (the "Company")

Portfolio realignment update, Change in Annual Management Charge and Comparative Index

Since taking over the management of the Company’s portfolio on 1 April 2015, Nitin Bajaj has been working closely with the former manager, John Lo, to realign the portfolio.  This process is now largely complete.

The Company’s objective has not changed, and like John before him, Nitin seeks to find the best opportunities to add value for shareholders in Asian equities. Since taking over the Company, he has found more opportunities in India, and so the portfolio’s weighting in India has increased; he has reduced the exposure to China and Korea. Additionally, given his preference for medium and smaller companies, the average capitalization of holdings has decreased and the number of holdings has increased.

 As reiterated in earlier statements, Nitin is a value investor, and the Board believe that the portfolio now reflects this value bias more accurately for shareholders.  The Board are pleased with the transition process to date and are looking forward to highlighting investment performance to shareholders in future periods.

In addition, following a review of the Company’s fee arrangements, the Board has agreed with its manager, Fidelity Worldwide Investment, to reduce the annual management charge (“AMC”) and to change the Company’s comparative index, with effect from 1 August 2015.

The Company’s AMC will be changed from 1.0% per annum on the Company’s gross assets to a tiered pricing structure.  The AMC will be charged at a rate of 0.9% of the Company’s first £200 million of gross assets and 0.85% on any gross assets above £200 million.  As at 25 June 2015, the Company has gross assets of £199 million.  The Board believe that the more attractive pricing and renewed investment approach will be more beneficial to investors of the Company overall.

In addition, the Company’s comparative index will change on 1 August from the MSCI AC Far East ex Japan Index to the MSCI AC Asia ex Japan Index, as it is believed to provide a more appropriate comparison to Nitin’s investment approach.  This new comparative index is slightly different from the index envisaged in the announcement on 27 March 2015.  The new comparative index reflects additional Board deliberation after further shareholder discussions.

The Company’s index is used for comparative purposes only when analysing the Company and Nitin continues with the complete freedom to invest in the Asian companies of his choice and the change has no bearing on the investments held by the Company.

Natalia De Sousa
For and on behalf of FIL Investments International
Company Secretary
01737 837846