Conversion of Securities

Fidelity Asian Values PLC

5 December 2006

Conversion of Securities

Fidelity Asian Values PLC ("the Company") announces that, on the final
subscription date of its warrants on 30 November 2006, exercise notices were
received in respect of 8,272,624 of the 20,462,735 warrants still in issue at
that date. On the basis that subscription monies in respect of all those
exercised warrants are received by the Company, there will be 12,190,111
warrants left unexercised. The subscription price of the warrants was 100
pence.

In accordance with the terms and conditions of the warrants, a Trustee will be
appointed for the benefit of those warrantholders who have not exercised their
warrants. The Trustee will exercise all the remaining warrants and sell the
resulting shares in the market on or before 14 December 2006 provided the net
proceeds of sale (after deduction of all costs and expenses in connection
therewith) exceed the aggregate costs of subscription; the proceeds of such
sale, less the subscription costs of the warrants, will then be distributed by
the Trustee to the relevant warrantholders on a pro rata basis. If the Trustee
does not exercise the subscription rights, the outstanding warrants will lapse
on 14 December 2006.

The Company's broker, Dresdner Kleinwort, is presently assessing the level of
demand for the shares which would arise on exercise of the remaining warrants.
Further information can be obtained from Gavin Tooke at Dresdner Kleinwort (020
7475 6685) or Stephen Westwood at Fidelity International (020 7961 4477).

Dresdner Kleinwort Securities Limited (which is authorised and regulated by the
Financial Services Authority Limited) is acting as financial adviser to
Fidelity Asian Values PLC in connection with the above and will not regard any
other person as its customer in relation thereto. Any prospective purchaser of
shares in the Company is recommended to seek its own professional advice.