Final Results

FIDELITY ASIAN VALUES PLC

Preliminary Announcement of Unaudited Results

for the year ended 31 July 2004

Please note that past performance is not a guide to future returns. The value
of investments can go down as well as up and may be affected by exchange rate
fluctuations.

CHAIRMAN'S STATEMENT

Performance

The year under review has been one of mixed fortunes for Asian markets, and for
your Company. The net asset value of the Company increased by 2.6%, broadly in
line with the performance of the MSCI All Countries Far East Free ex Japan
Index, which returned 2.7% in sterling terms over the same period. The share
price fell by 3.5%; the discount to net asset value, year end to year end,
widened to 14.9%.

The modest increase in the regional benchmark index masked sharp differences in
the performance of individual markets. Some, like Hong Kong (up 13%) and
Singapore (up 11%) did very well. Others, notably Taiwan (down 10%) and Korea
(down 7%), suffered negative returns. Most stock exchanges started the year on
an upbeat note in the wake of strengthening economic momentum, increasing
global liquidity and surging commodity prices. Active trading of smaller
markets further reflected the increased risk appetite of global investors. But
market conditions began to deteriorate early in 2004, as concerns over a US
interest rate rise and increasing oil prices triggered selling of equities.
Meanwhile, news about monetary tightening in China also dampened investment
enthusiasm across the region, although some smaller markets, particularly
Thailand and Indonesia outperformed.

Continuation Vote

The average discount for the 12 months to 22 September 2004 was 11.4%. It
follows that there will not be a vote on the continuation of the Company at the
Annual General Meeting this year.

Gearing

The Board keeps a close watch on the level of gearing in the Company and
adjusts it from time to time in the light of short term trends. As at 31 July
2004, gross gearing amounted to 29.2% of shareholders' funds and net gearing
(i.e. after deducting cash held, including the Company's investment in the
Fidelity Institutional Cash Fund) amounted to 6.0%. At the time of writing,
gross gearing is 26.2% and net gearing is 6.1%.

Directorate

It is with great sadness that I have to record that Roger Hulett, a Director of
the Company, died late last year after a short illness. Roger had been on the
Board some three and a half years and brought us the benefit of his
considerable investment trust expertise and commercial awareness. He will be
greatly missed. Hugh Bolland was appointed a Director on 11 March 2004. He has
valuable experience and his colleagues look forward to working with him in
years to come.

Outlook

Though elections cleared the political air in some regional countries, major
concerns remain, notably over the maverick North Korean regime's nuclear
ambitions and renewed tension between mainland China and Taiwan. Events beyond
the region, including the spread of terrorist activity, worries over the
security of oil supplies, and the outcome of the US Presidential election,
could also affect investor sentiment.

On the economic front, the performance of the Chinese economy is likely to have
an influence on the region as a whole, due to the country's increasing
importance as the engine of growth. At the time of writing, the Chinese
authorities look more likely than not to succeed in their efforts to bring
excessive growth in the domestic economy under control. As always, developments
in the US, particularly over interest rates, will also be important, as will
the apparent emergence of Japan (where the Company does not invest) from its
long recession.

Fundamentally, investors find the growth prospects of Asian companies
attractive because of their globally competitive edge. Strong trade figures
have recently suggested that the global outsourcing trend is intact, while
robust trade should fuel domestic consumption in the region. Against this
background, your Board is confident that the Asia Pacific region continues to
offer attractive longer-term investment opportunities. However, as always, the
right stock selection remains vital.

Annual General Meeting

The AGM is due to take place on 25 November 2004 at Fidelity's London Cannon
Street office at 11.00 am and all shareholders, ISA, PEP and Share Plan
investors are invited to attend. The Investment Manager will be making a
presentation on Asia and the prospects for Fidelity Asian Values.

Sir Victor Garland

Chairman

23 September 2004

Dividend

The Company does not declare a dividend for the year ended 31 July 2004.

Enquiries:

Barbara Powley - Fidelity Investments International

01737 836883

FIDELITY ASIAN VALUES PLC

Statement of Total Return (unaudited)

(incorporating the revenue account) of the Company for the year ended 31 July
2004

                                2004                         2003             
                       Revenue  Capital   Total    Revenue  Capital   Total  
                         £'000    £'000   £'000      £'000    £'000   £'000 
                                                                            
Losses on investments         -    (358)   (358)         -   (1,946) (1,946)
                                                                            
Income from dividends     1,973        -   1,973     1,891        -   1,891 
                                                                            
Income from scrip            60        -      60         4        -       4   
dividends                                                                   
                                                                            
Overseas interest           291        -     291       266        -     266 
                                                                            
Deposit income               12        -      12        32        -      32 
                                                                            
Investment management     (793)        -   (793)      (705)       -    (705)
fee                                                                         
                                                                            
Other expenses            (383)        -   (383)      (344)       -    (344)
                                                                            
Exchange losses               -    (216)   (216)         -      (95)    (95)
                                                                            
Net return/(loss)                                                           
before                                                                      
                                                                            
finance costs and         1,160    (574)     586     1,144   (2,041)   (897)
taxation                                                                    
                                                                            
Exchange gains on             -    2,250   2,250         -      567     567 
loan                                                                        
                                                                            
Interest payable        (1,119)        - (1,119)    (1,262)       -  (1,262)
                                                                            
Return/(loss) on                                                            
ordinary                                                                    
                                                                            
activities before tax        41    1,676   1,717      (118)  (1,474) (1,592)
                                                                            
Tax on ordinary           (212)        -   (212)      (214)       -    (214)
activities                                                                  
                                                                            
(Loss)/return on                                                            
ordinary                                                                    
                                                                            
activities after tax                                                        
for the                                                                     
                                                                            
year attributable to                                                        
equity                                                                      
                                                                            
shareholders              (171)    1,676   1,505      (332)  (1,474) (1,806)
                                                                            
(Loss)/return per                                                           
ordinary share                                                              
                                                                            
Basic and diluted       (0.18p)    1.79p   1.61p    (0.36p)  (1.57p) (1.93p)
                                                                            

All revenue and capital items in the above statement derive from continuing
operations.

No operations were acquired or discontinued in the year.

Balance Sheet (unaudited)

as at 31 July 2004

                                                    2004              2003 
                                                   £'000             £'000 
                                                                           
Fixed assets                                                               
                                                                           
Investments                                        71,445           78,736 
                                                                           
Current assets                                                             
                                                                           
Debtors - amounts falling due within                2,269              276 
one year                                                                   
                                                                           
Cash at bank                                        6,196              343 
                                                                           
                                                    8,465              619 
                                                                           
Creditors - amounts falling due within            (1,855)             (555)
one year                                                                   
                                                                           
Net current assets                                  6,610               64 
                                                                           
Total assets less current liabilities              78,055           78,800 
                                                                           
Creditors - amounts falling due after                                      
more than one year                                                         
                                                                           
Fixed rate unsecured loan                        (17,620)          (19,870)
                                                                           
Total net assets                                   60,435           58,930 
                                                                           
Capital and reserves                                                       
                                                                           
Called up share capital                           23,376            23,376 
                                                                           
Share premium account                                  7                 7 
                                                                           
Capital redemption reserve                         2,330             2,330 
                                                                           
Other reserves                                                             
                                                                           
Other reserve                                     59,282            59,282 
                                                                           
Warrant reserve                                    7,369             7,369 
                                                                           
Capital reserve - realised                       (35,263)          (35,960)
                                                                           
Capital reserve - unrealised                        5,468            4,489 
                                                                           
Revenue reserve                                   (2,134)           (1,963)
                                                                           
Total equity shareholders' funds                   60,435           58,930 
                                                                           
Net asset value per ordinary share:                                        
                                                                           
Basic and diluted                                  64.63p            63.02p
                                                                           

Cash Flow Statement (unaudited)

for the year ended 31 July 2004

                                                    2004              2003 
                                                   £'000             £'000 
                                                                           
Operating activities                                                       
                                                                           
Investment income received                          1,637            1,802 
                                                                           
Interest received                                     303               301
                                                                           
Investment management fees paid                     (793)             (713)
                                                                           
Directors' fees paid                                 (36)              (44)
                                                                           
Other cash payments                                 (335)             (249)
                                                                           
Net cash inflow from operating                        776            1,097 
activities                                                                 
                                                                           
Returns on investments and servicing of                                    
finance                                                                    
                                                                           
Interest paid                                     (1,130)           (1,258)
                                                                           
Net cash outflow from returns on                                           
investments                                                                
                                                                           
and servicing of finance                          (1,130)           (1,258)
                                                                           
Financial investment                                                       
                                                                           
Purchase of investments                          (72,315)          (54,738)
                                                                           
Realised exchange losses                            (276)             (137)
                                                                           
Disposals of investments                           78,693            50,790
                                                                           
Net cash inflow/(outflow) from                      6,102           (4,085)
financial investment                                                       
                                                                           
Increase/(decrease)/ in cash                        5,748           (4,246)
                                                                           

The above statements have been prepared on the basis of the accounting policies
as set out in the most recently published set of annual financial statements.

The figures for the year ended 31 July 2003 have been extracted from the
accounts for the year ended 31 July 2003 which have been delivered to the
Registrar of Companies and on which the Auditors gave an unqualified report.

The annual report and accounts will be posted to shareholders in October 2004
and copies will also be available from the Secretary, Fidelity Investments
International, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey
KT20 6RP.