Final Results

Fidelity Asian Values PLC

Preliminary Announcement of Audited Results

For the year ended 31 July 2012

Chairman's Statement

PERFORMANCE

In the year to 31 July 2012, the undiluted Net Asset Value ("NAV") per share of
the Company decreased by 14.3% whereas its Benchmark Index, the MSCI All
Countries (Combined) Far East ex Japan Index (net), decreased by 6.6%. The
ordinary share price of the Company decreased by 12.6% over the year and the
discount narrowed from 11.6% to 9.9%. (All figures in UK sterling terms and on
a total return basis.)

These results are disappointing against a background of continuing high
volatility as described in further detail in the Manager's Review section of
the annual report.

OUTLOOK

Asian economies have not been immune from the economic crisis affecting
developed markets, although they have played an increasingly important role in
the domestic consumption story, fuelled by rising wages and institutional
reforms that encourage consumption, such as pension and tax reforms. This being
the case, economies across the Far East ex Japan region are poised to deliver
stronger growth relative to the rest of the world.

China's economy seems to have lost some momentum in the second quarter of 2012.
This is likely to be an outcome of the slowdown in external demand led by the
European crisis as well as China's over-tightening in 2010-11, rather than a
deterioration of the country's fundamentals. Policy easing in recent months,
including stepped-up project approval and reductions in the required reserve
ratio and interest rates are encouraging signs.

The policy environment in the rest of the region remains supportive and factors
driving structural growth, such as favourable demographics, a focus on
infrastructure building and stable government finances are likely to fuel a
multi-year expansion cycle. Against this backdrop, Asia continues to offer
compelling investment opportunities in quality companies at attractive
valuations. The Asia Pacific region remains within the fast lane of a two-speed
global economy; the region also offers up a wide array of equity dividend
opportunities.

In the face of these challenging markets, the Manager has increased his focus
on fewer and higher quality stock names with clearer long-term visibility of
earnings.

SUBSCRIPTION SHARES

The final date for exercising the rights attached to the subscription shares is
31 May 2013. Further details on the subscription shares may be found in the
Directors' Report in the annual report. Details of the subscription shares
exercised during the year are outlined in the notes section of the annual
report.

SHARE REPURCHASES

Purchases of ordinary and subscription shares for cancellation are made at the
discretion of the Board and within guidelines set from time to time by the
Board in light of prevailing market conditions. Share repurchases will only be
made when they will result in an enhancement to the net asset value of ordinary
shares for remaining shareholders. Details of ordinary shares repurchased for
cancellation during the year are outlined in the notes section of the annual
report. No subscription shares were repurchased for cancellation during the
reporting year.

DIVIDEND

Subject to shareholders' approval at the forthcoming Annual General Meeting,
the Directors recommend a final dividend of one penny per ordinary share (2011:
one penny). This dividend will be payable on 6 December 2012 to shareholders on
the register at close of business on 5 October 2012 (ex-dividend date 3 October
2012). As the Company's objective is long term capital growth, any revenue
surplus is a function of a particular year's business and it should not be
assumed that dividends will continue to be paid in the future.

GEARING

The Company entered into a two year revolving loan facility with Scotiabank
Europe PLC for up to US$15,000,000 on 28 February 2012. The full amount was
drawn down on 29 February 2012.

INVESTMENT POLICY

The broad thrust of investment policy continues without significant change.
This being said, the Board is always looking for new ways of enhancing the way
in which your Company operates.

Shareholders will have received a circular with the Annual Report detailing the
Board's recommendation to change the Company's investment policy to permit the
use of Contracts for Difference ("CFDs") for gearing purposes. A full
explanation is provided in the circular.

The Board believes that it is in the best interests of shareholders for the
Company to continue to have the ability to employ gearing. The ability to use
CFDs for gearing purposes will increase flexibility and add to the range of
gearing options available to the Board. The costs of using CFDs in the manner
proposed are currently lower than the costs involved in traditional bank
borrowing.

We continue to monitor and review the Company's gearing level. Currently it has
net gearing of 4.9%.

CONTINUATION VOTE

In accordance with the Articles of Association of the Company, the Company is
subject to a continuation vote every five years. The next continuation vote
will therefore take place at the Annual General Meeting in 2016 rather than
2013 as stated in last year's annual report.

ANNUAL GENERAL MEETING

The Annual General Meeting will be held on Wednesday, 28 November 2012 at
Fidelity's offices at 25 Cannon Street, London EC4M 5TA (St Paul's or Mansion
House tube stations) commencing at 11.00 am. All shareholders and Fidelity
Savings Plan and ISA Scheme investors are invited to attend. The Portfolio
Manager will be making a presentation on the year under review and the
immediate prospects for the Company.

Mr Hugh Bolland
Chairman
28 September 2012


Enquiries:

Susan Platts-Martin - Head of Investment Trusts, 
FIL Investments International - 01737 836 916

Anne Read - Corporate Communications, 
FIL Investments International - 0207 961 4409

Christopher Pirnie - Company Secretary, 
FIL Investment International, - 01737 837 929


Income Statement for the year ended 31 July 2012

                         revenue      2012     total  revenue     2011    total
                           £'000   capital     £'000    £'000  capital    £'000
                                     £'000                       £'000         
                                                                               
(Losses)/gains on              -  (21,037)  (21,037)        -   22,068   22,068
investments designated                                                         
at fair value through                                                          
profit or loss                                                                 
                                                                               
Income*                    2,999         -     2,999    3,070        -    3,070
                                                                               
Investment management    (1,267)         -   (1,267)  (1,509)        -  (1,509)
fee                                                                            
                                                                               
Other expenses             (515)         -     (515)    (522)        -    (522)
                                                                               
Exchange (losses)/          (10)       217       207        7     (54)     (47)
gains on other net                                                             
assets                                                                         
                                                                               
Exchange (losses)/             -     (447)     (447)        -      287      287
gains on bank loans                                                            
                                                                               
Net return/(loss)          1,207  (21,267)  (20,060)    1,046   22,301   23,347
before finance costs                                                           
and taxation                                                                   
                                                                               
Finance costs              (204)         -     (204)    (214)        -    (214)
                                                                               
Net return/(loss) on       1,003  (21,267)  (20,264)      832   22,301   23,133
ordinary activities                                                            
before taxation                                                                
                                                                               
Taxation on return/        (123)         -     (123)    (312)        -    (312)
(loss) on ordinary                                                             
activities**                                                                   
                                                                               
Net return/(loss) on         880  (21,267)  (20,387)      520   22,301   22,821
ordinary activities                                                            
after taxation for the                                                         
year                                                                           
                                                                               
Return/(loss) per                                                              
ordinary share                                                                 
                                                                               
Undiluted                  1.45p  (34.99p)  (33.54p)    0.85p   36.35p   37.20p
                                                                               
Diluted                      n/a       n/a       n/a    0.84p   36.10p   36.94p

A Statement of Total Recognised Gains and Losses has not been prepared as there
are no gains and losses other than those reported in this Income Statement.

The total column of the Income Statement is the profit and loss account of the
Company.

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

No operations were acquired or discontinued in the year.

* INCOME

                                                               2012        2011
                                                              £'000       £'000
                                                                               
Income from investments designated at fair value                               
through profit or loss                                                         
                                                                               
Overseas dividends                                            2,784       2,926
                                                                               
Overseas scrip dividends                                        215         144
                                                                               
Total income                                                  2,999       3,070

**Relates to overseas taxation only



Reconciliation of Movements in Shareholders' Funds

for the year ended 31 July 2012

                  share    share     capital     other non-    other   capital  revenue     total
                capital  premium  redemption  distributable  reserve   reserve  reserve    equity
                  £'000  account     reserve        reserve    £'000     £'000    £'000     £'000
                           £'000       £'000          £'000                                      
                                                                                                 
Opening          15,245       60       1,785          7,367   19,238    72,958      540   117,193
shareholders'                                                                                    
funds: 1                                                                                         
August 2010                                                                                      
                                                                                                 
Exercise of           -        -           -              -        -         -        -         -
rights                                                                                           
attached to                                                                                      
subscription                                                                                     
shares and                                                                                       
conversion                                                                                       
into ordinary                                                                                    
shares                                                                                           
                                                                                                 
Issue of            163    1,080           -              -        -         -        -     1,243
ordinary                                                                                         
shares on the                                                                                    
exercise of                                                                                      
rights                                                                                           
attached to                                                                                      
subscription                                                                                     
shares                                                                                           
                                                                                                 
Net return on         -        -           -              -        -    22,301      520    22,821
ordinary                                                                                         
activities                                                                                       
after                                                                                            
taxation for                                                                                     
the year                                                                                         
                                                                                                 
Closing          15,408    1,140       1,785          7,367   19,238    95,259    1,060   141,257
shareholders'                                                                                    
funds: 31                                                                                        
July 2011                                                                                        
                                                                                                 
Exercise of           -        -           -              -        -         -        -         -
rights                                                                                           
attached to                                                                                      
subscription                                                                                     
shares and                                                                                       
conversion                                                                                       
into ordinary                                                                                    
shares                                                                                           
                                                                                                 
Issue of             12       78           -              -        -         -        -        90
ordinary                                                                                         
shares on the                                                                                    
exercise of                                                                                      
rights                                                                                           
attached to                                                                                      
subscription                                                                                     
shares                                                                                           
                                                                                                 
Repurchase of     (439)        -         439              -  (3,261)         -        -   (3,261)
ordinary                                                                                         
shares                                                                                           
                                                                                                 
Net (loss)/           -        -           -              -        -  (21,267)      880  (20,387)
return on                                                                                        
ordinary                                                                                         
activities                                                                                       
after                                                                                            
taxation for                                                                                     
the year                                                                                         
                                                                                                 
Dividend paid         -        -           -              -        -         -    (615)     (615)
to                                                                                               
shareholders                                                                                     
                                                                                                 
Closing          14,981    1,218       2,224          7,367   15,977    73,992    1,325   117,084
shareholders'                                                                                    
funds: 31                                                                                        
July 2012                                                                                        



Balance Sheet as at 31 July 2012

                                                               2012        2011
                                                              £'000       £'000
                                                                               
Fixed assets                                                                   
                                                                               
Investments designated at fair value through                123,758     146,156
profit or loss                                                                 
                                                                               
Current assets                                                                 
                                                                               
Debtors                                                         206         738
                                                                               
Cash at bank                                                  3,769       4,423
                                                                               
                                                              3,975       5,161
                                                                               
Creditors                                                                      
                                                                               
Bank loans                                                  (9,563)     (9,116)
                                                                               
Other creditors                                             (1,086)       (944)
                                                                               
                                                           (10,649)    (10,060)
                                                                               
Net current liabilities                                     (6,674)     (4,899)
                                                                               
Total net assets                                            117,084     141,257
                                                                               
Capital and reserves                                                           
                                                                               
Share capital                                                14,981      15,408
                                                                               
Share premium account                                         1,218       1,140
                                                                               
Capital redemption reserve                                    2,224       1,785
                                                                               
Other non-distributable reserve                               7,367       7,367
                                                                               
Other reserve                                                15,977      19,238
                                                                               
Capital reserve                                              73,992      95,259
                                                                               
Revenue reserve                                               1,325       1,060
                                                                               
Total equity shareholders' funds                            117,084     141,257
                                                                               
Net asset value per ordinary share                                             
                                                                               
Basic                                                       195.40p     229.21p
                                                                               
Diluted                                                     194.70p     223.20p



Cash Flow Statement for the year ended 31 July 2012

                                                          2012        2011
                                                                          
                                                         £'000       £'000
                                                                          
Operating activities                                                      
                                                                          
Investment income received                               3,032       2,410
                                                                          
Investment management fee paid                         (1,663)     (1,105)
                                                                          
Directors' fees paid                                     (123)        (78)
                                                                          
Other cash payments                                      (594)       (322)
                                                                          
Net cash inflow from operating activities                  652         905
                                                                          
Servicing of finance                                                      
                                                                          
Interest paid on bank loans                              (219)       (215)
                                                                          
Net cash outflow from servicing of finance               (219)       (215)
                                                                          
Financial investment                                                      
                                                                          
Purchase of investments                              (108,698)   (142,254)
                                                                          
Disposal of investments                                110,939     139,813
                                                                          
Net cash inflow/(outflow) from financial                 2,241     (2,441)
investment                                                                
                                                                          
Dividend paid to shareholders                            (615)           -
                                                                          
Net cash inflow/(outflow) before financing               2,059     (1,751)
                                                                          
Financing                                                                 
                                                                          
Repurchase of ordinary shares                          (3,035)           -
                                                                          
Exercise of rights attached to                             105       1,244
subscription shares                                                       
                                                                          
Net cash inflow from bank loans                              -       3,674
                                                                          
Net cash (outflow)/inflow from financing               (2,930)       4,918
                                                                          
(Decrease)/increase in cash                              (871)       3,167

The above statements have been prepared on the basis of the accounting policies
as set out in the annual financial statements to 31 July 2012. This preliminary
statement, which has been agreed with the Auditor, was approved by the Board on
28 September 2012. It is not the Company's statutory financial statements.  The
statutory financial statements for the financial year ended 31 July 2011 have
been delivered to the Registrar of Companies. The statutory financial
statements for the financial year ended 31 July 2012 have been approved and
audited but have not yet been filed. The statutory financial statements for the
financial years ended 31 July 2011 and 31 July 2012 received unqualified audit
reports, did not include a reference to any matters to which the Auditor drew
attention by way of emphasis without qualifying the report and did not contain
statements under section 498(2) and (3) of the Companies Act 2006. The annual
report and financial statements will be posted to shareholders as soon as is
practicable and in any event no later than 26 October 2012.