Conversion of Subscription Shares

Fidelity Asian Values PLC (the "Company")                   

 Conversion of rights attaching to Subscription Shares and Final Exercise Date 

3 June 2013

The Company announces that it has issued and allotted 6,125,403 ordinary shares
of 25p each in the capital of the Company ("Ordinary Shares") today.  Such
issuance was made following the exercise of 6,125,403 subscription shares, each
of which confers the right to subscribe for one Ordinary Share at a price of
191p (the "Subscription Price") per share ("Subscription Shares") in the period
to 31 May 2013 (the "Final Subscription Date"). 

Total Voting Rights

Following the issue of new Ordinary Shares noted above, the Company's issued
share capital consists of 62,608,211 Ordinary Shares, with each share carrying
the right to one vote, and 5,072,002 Subscription Shares.  The Company holds no
shares in Treasury.

Therefore, the total number of voting rights in the Company is 62,608,211.

The above figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under the FSA's
Disclosure and Transparency Rules.

Outstanding Subscription Shares

Friday, 31 May 2013 was the final exercise date for the Subscription Shares. 
As at the close of business on the Final Exercise Date, 5,072,002 Subscription
Shares remain unexercised.  In accordance with the terms and conditions on
which the Subscription Shares were issued (as set out in the prospectus
published by the Company on 5 February 2010 (the "Prospectus")), the Company
has appointed a final subscription trustee (the "Trustee").  If the Trustee
determines that there would be net proceeds (having taken account of the
Subscription Price payable to the Company and all costs and expenses of
exercise from the sale of Ordinary Shares arising on the exercise of the
Subscription Rights), then the Trustee will exercise any unexercised
Subscription Rights and sell all of the resulting Ordinary Shares.  The Trustee
will distribute pro rata the net proceeds of any such sale (after deduction of
the costs and expenses) to holders of unexercised Subscription Rights by no
later than 26 July 2013, save that, in accordance with the Articles of
Association, aggregate entitlements per holder of less than £5.00 shall be
retained for the benefit of the Company.

If the Trustee does not exercise the Subscription Rights conferred by the
outstanding Subscription Shares by 14 June 2013, all Subscription Rights
conferred by the Subscription Shares will lapse with nil value. 

The Trustee's decision in respect of the above is final and binding on all
holders of outstanding Subscription Shares.

Capitalised terms shall have the meaning set out in the Prospectus unless
otherwise defined.

Contact for queries:

David Fallon
FIL Investments International
Company Secretary
Telephone: [phone]