Final Results

Fidelity Asian Values PLC

Preliminary Announcement of Audited Results

For the year ended 31 July 2013

Chairman's Statement

PERFORMANCE

In the year to 31 July 2013, the Net Asset Value ("NAV") per share of the
Company increased by 18.4%, compared to a rise of 12.0% in the Benchmark Index
(the MSCI All Countries Far East ex Japan Index (net)). The ordinary share
price of the Company rose by 16.8% over the year, with the discount widening
from 9.9% to 11.2%. (All figures in UK sterling terms and on a total return
basis.)

INVESTMENT BACKGROUND

Rising confidence about growth in the US, easing concerns about the sovereign
debt crisis in Europe and the smooth political transition in China boosted
global equities over the review period. Developed markets recovered sharply and
global growth expectations were boosted by a series of positive data releases,
mainly in the US. Meanwhile, the new government in Japan unveiled a series of
fiscal and monetary stimulus measures, which fuelled investor optimism. As a
result, Far East excluding Japan equities advanced over the year but lagged
their developed market peers. From a sector perspective, defensively positioned
utilities and health care stocks surged as investors sought protection from a
rise in volatility. The financials and information technology sectors also
gained. Consumer discretionary also performed well, mainly on the back of
healthy earnings growth and an optimistic outlook. On the other hand, concerns
about a slowdown in China and the resulting lack of growth in demand hurt the
energy and materials sectors.

On the economic front, growth expectations for countries in the Asia Pacific
region have moderated as uncertain macro-economic environment continues to
weigh on exports. Besides weak global demand, measures to rein in government
spending and rising property prices led to slower-than-expected growth in
China. Premier Li Keqiang set a 7.0% growth floor to achieve long term goals,
raising hopes that authorities may intervene to support the economy. China also
unveiled fiscal stimulus measures, including tax breaks for small companies,
reduced fees for exporters and opening up of railway construction. Furthermore,
the People's Bank of China removed controls on lending rates in a step towards
interest rate liberalisation.

OUTLOOK

Asian economies are not immune to the economic crisis in developed markets.
However, with the increased role played by domestic consumption, economies
across the Far East excluding Japan region are poised to deliver stronger
growth relative to the rest of the world. This is likely to be fuelled by
rising wages and institutional reforms that encourage consumption such as
pension and tax reforms. China's economy seems to have lost some momentum. But
the country's new leadership is likely to focus on expanding domestic demand,
revitalising private sectors and speeding up the transformation of the
country's economic growth model. Authorities have already started addressing
income inequality, promoting wage growth and improving the social security net
since the start of the 12th Five Year Plan in 2011. The impact of these reforms
is likely to be felt in a broad range of sectors. The policy environment in the
rest of the region remains supportive. Moreover, 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.

SUBSCRIPTION SHARES

The right of subscription shareholders to subscribe for ordinary shares expired
on 31 May 2013. All of the 11.5m subscription shares outstanding at the
beginning of the year were either exercised prior to the final subscription
date or subsequently by a trustee. Since their issue in 2010, the subscription
shares have raised a total of £23.3m for the Company. Further details on the
subscription shares may be found in the Directors' Report section of the Annual
Report.

SHARE REPURCHASES

Purchases of ordinary 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 Annual Report. In the year under review a
total of 3,693,000 ordinary shares were repurchased for cancellation.

DIVIDEND

Subject to shareholders' approval at the forthcoming Annual General Meeting,
the Directors recommend a final dividend of 1.10 pence per ordinary share
(2012: one penny). This dividend will be payable on 6 December 2013 to
shareholders on the register at close of business on 4 October 2013
(ex-dividend date 2 October 2013). 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 future.

GEARING

At the General Meeting held on 28 November 2012, shareholders approved a change
to the Company's investment policy to permit the use of Contracts For
Difference ("CFDs"). The ability to use CFDs has increased gearing flexibility
and adds to the range of options available to the Board and the Manager in
changing market conditions.

The costs of using CFDs in the manner proposed by the Board and the Manager are
currently lower than the costs involved in traditional gearing. Accordingly the
Company repaid and cancelled the US$15,000,000 loan facility with Scotiabank
Europe PLC on 28 February 2013. Under the investment policy the level of
borrowing, whether through bank loans or CFDs, will not exceed 30% of the value
of net assets at the time it was incurred. At 31 July 2013 the level of gearing
was 7.4% (2012: 5.7%).

ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE

The Alternative Investment Fund Managers Directive (or "AIFMD") is a European
Directive that affects many investment funds, including the Company, which are
managed or promoted within the European Union. The AIFMD was implemented with
effect from 22 July 2013, although it has been confirmed that the Financial
Conduct Authority will permit a transitional period of one year. The AIFMD will
require the manager of an investment trust to be authorised as an Alternative
Investment Fund Manager ("AIFM") and to appoint a Depositary. Notwithstanding
these changes, the Board has been advised that the AIFMD is unlikely to have
any material effect on the services provided by, or to, the Company. Whilst the
Company will incur additional expenses in order to comply with the AIFMD,
current indications are that these are unlikely to be material.

THE BOARD

In line with the policy of periodically refreshing the composition of the
Board, Kathryn Matthews will step down from the Board at the Annual General
Meeting to be held on 29 November 2013. Kathryn has made an outstanding
contribution to the Company during her tenure. The depth of her knowledge of
both Asia and the investment industry has proved invaluable and I am sure you
would wish to join me in expressing our gratitude for her service to the
Company.

The Board is pleased to welcome Grahame Stott as a new member of the Board with
effect from 24 September 2013. Mr Stott is a qualified actuary and brings a
wealth of consultancy experience gained from developing professional services
firms. He has spent 20 years at Watson Wyatt in Hong Kong and became the
regional director for 12 countries across Asia Pacific.

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 will
take place at the Annual General Meeting in 2016.

ANNUAL GENERAL MEETING

The Annual General Meeting will be held on Friday, 29 November 2013 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
30 September 2013


Enquiries:

Glenn Williamson - Head of Investment Trusts, FIL Investments International -
01732 777 577

Keren Holland - Corporate Communications, FIL Investments International - 020
7074 5262

David Fallon - Company Secretary, FIL Investment International, - 01737 836 883



Income Statement for the year ended 31 July 2013

                                  2013                       2012              
                         revenue  capital  total    revenue  capital   total   
                         £'000    £'000    £'000    £'000    £'000     £'000   
                                                                               
Gains/(losses) on        -        24,955   24,955   -        (21,037)  (21,037)
investments designated                                                         
at fair value through                                                          
profit or loss                                                                 
                                                                               
Losses on derivative     -        (1,140)  (1,140)  -        -         -       
instruments held at                                                            
fair value through                                                             
profit or loss                                                                 
                                                                               
Income*                  2,981    -        2,981    2,999    -         2,999   
                                                                               
Investment management    (1,485)  -        (1,485)  (1,267)  -         (1,267) 
fee                                                                            
                                                                               
Other expenses           (592)    -        (592)    (515)    -         (515)   
                                                                               
Exchange (losses)/gains  (35)     299      264      (10)     217       207     
on other net assets                                                            
                                                                               
Exchange losses on bank  -        (312)    (312)    -        (447)     (447)   
loans                                                                          
                                                                               
Net return/(loss) on     869      23,802   24,671   1,207    (21,267)  (20,060)
ordinary activities                                                            
before finance costs                                                           
and taxation                                                                   
                                                                               
Finance costs            (135)    -        (135)    (204)    -         (204)   
                                                                               
Net return/(loss) on     734      23,802   24,536   1,003    (21,267)  (20,264)
ordinary activities                                                            
before taxation                                                                
                                                                               
Taxation on return/      (109)    -        (109)    (123)    -         (123)   
(loss) on ordinary                                                             
activities                                                                     
                                                                               
Net return/(loss) on     625      23,802   24,427   880      (21,267)  (20,387)
ordinary activities                                                            
after taxation for the                                                         
year                                                                           
                                                                               
Return/(loss) per                                                              
ordinary share                                                                 
                                                                               
Undiluted                1.05p    40.01p   41.06p   1.45p    (34.99p)  (33.54p)
                                                                               
Diluted                  1.05p    39.99p   41.04p   n/a      n/a       n/a     

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

                                                             2013         2012
                                                            £'000        £'000
                                                                              
Income from investments designated at fair value                              
through profit or loss                                                        
                                                                              
Overseas dividends                                          2,703        2,784
                                                                              
Overseas scrip dividends                                      234          215
                                                                              
                                                            2,937        2,999
                                                                              
Income from derivative instruments held at fair value                         
through profit and loss                                                       
                                                                              
Dividends from long CFDs                                       44            -
                                                                              
Total income                                                2,981        2,999

Reconciliation of Movements in Shareholders' Funds

for the year ended 31 July 2013

                  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 sh       15,408    1,140       1,785          7,367    19,238    95,259    1,060   141,257
areholders'                                                                                       
funds: 1                                                                                          
August 2011                                                                                       
                                                                                                  
Issue of             12       78           -              -         -         -        -        90
ordinary                                                                                          
shares on                                                                                         
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                                                                                         
                                                                                                  
Exercise of         (1)        -           1              -         -         -        -         -
rights                                                                                            
attached to                                                                                       
subscription                                                                                      
shares and                                                                                        
conversion                                                                                        
into ordinary                                                                                     
shares                                                                                            
                                                                                                  
Issue of          2,864   19,014           -              -         -         -        -    21,878
ordinary                                                                                          
shares on                                                                                         
exercise of                                                                                       
rights                                                                                            
attached to                                                                                       
subscription                                                                                      
shares                                                                                            
                                                                                                  
Repurchase of     (924)        -         924              -  (6,964))         -        -   (6,964)
ordinary                                                                                          
shares                                                                                            
                                                                                                  
Net return on         -        -           -              -         -    23,802      625    24,427
ordinary                                                                                          
activities                                                                                        
after                                                                                             
taxation for                                                                                      
the year                                                                                          
                                                                                                  
Dividend paid         -        -           -              -         -         -    (596)     (596)
to                                                                                                
shareholders                                                                                      
                                                                                                  
Closing          16,920   20,232       3,149          7,367     9,013    97,794    1,354   155,829
shareholders'                                                                                     
funds: 31                                                                                         
July 2013                                                                                         

Balance Sheet as at 31 July 2013

Company No. 3183919

                                                              2013         2012
                                                             £'000        £'000
                                                                               
Fixed assets                                                                   
                                                                               
Investments designated at fair value through               151,273     123,758 
profit or loss                                                                 
                                                                               
Current assets                                                                 
                                                                               
Derivative assets held at fair value through               736         -       
profit or loss                                                                 
                                                                               
Debtors                                                    1,217       206     
                                                                               
Amounts held in margin accounts                            856         -       
                                                                               
Cash at bank                                               4,220       3,769   
                                                                               
                                                           7,029       3,975   
                                                                               
Creditors                                                                      
                                                                               
Derivative liabilities held at fair value                  (1,604)     -       
through profit or loss                                                         
                                                                               
Bank loans                                                 -           (9,563) 
                                                                               
Other creditors                                            (869)       (1,086) 
                                                                               
                                                           (2,473)     (10,649)
                                                                               
Net current assets/(liabilities)                           4,556       (6,674) 
                                                                               
Total net assets                                           155,829     117,084 
                                                                               
Capital and reserves                                                           
                                                                               
Share capital                                              16,920      14,981  
                                                                               
Share premium account                                      20,232      1,218   
                                                                               
Capital redemption reserve                                 3,149       2,224   
                                                                               
Other non-distributable reserve                            7,367       7,367   
                                                                               
Other reserve                                              9,013       15,977  
                                                                               
Capital reserve                                            97,794      73,992  
                                                                               
Revenue reserve                                            1,354       1,325   
                                                                               
Total equity shareholders' funds                           155,829     117,084 
                                                                               
Net asset value per ordinary share                                             
                                                                               
Undiluted                                                  230.24p     195.40p 
                                                                               
Diluted                                                    n/a         194.70p 
                                                                               

Cash Flow Statement for the year ended 31 July 2013

                                                    year        year
                                                   ended       ended
                                                31.07.13    31.07.12
                                                   £'000       £'000
                                                                       
Operating activities                                                   
                                                                       
Investment income received                        2,293       3,032    
                                                                       
Income received from long CFDs                    44          -        
                                                                       
Investment management fees paid                   (1,451)     (1,663)  
                                                                       
Directors' fees paid                              (128)       (123)    
                                                                       
Other cash payments                               (457)       (594)    
                                                                       
Net cash inflow from operating activities         301         652      
                                                                       
Servicing of finance                                                   
                                                                       
Interest paid on long CFDs and bank loans         (166)       (219)    
                                                                       
Net cash outflow from servicing of finance        (166)       (219)    
                                                                       
Financial investments                                                  
                                                                       
Purchase of investments                           (113,823)   (108,698)
                                                                       
Disposal of investments                           110,751     110,939  
                                                                       
Net cash (outflow)/inflow from financial          (3,072)     2,241    
investments                                                            
                                                                       
Derivative activities                                                  
                                                                       
Payments on long CFD positions closed             (272)       -        
                                                                       
Movements on amounts held in margin accounts      (856)       -        
                                                                       
Net cash outflow from derivative activities       (1,128)     -        
                                                                       
Dividend paid to shareholders                     (596)       (615)    
                                                                       
Net cash (outflow)/inflow before financing        (4,661)     2,059    
                                                                       
Financing                                                              
                                                                       
Repurchase of ordinary shares                     (7,190)     (3,035)  
                                                                       
Exercise of rights attached to subscription       21,878      105      
shares                                                                 
                                                                       
Net cash outflow from bank loans repaid           (9,875)     -        
                                                                       
Net cash inflow/(outflow) from financing          4,813       (2,930)  
                                                                       
Increase/(decrease) in cash                       152         (871)    
                                                                       

The above statements have been prepared on the basis of the accounting policies
as set out in the annual financial statements to 31 July 2013. This preliminary
statement, which has been agreed with the Auditor, was approved by the Board on
30 September 2013. It is not the Company's statutory financial statements.  The
statutory financial statements for the financial year ended 31 July 2012 have
been delivered to the Registrar of Companies. The statutory financial
statements for the financial year ended 31 July 2013 have been approved and
audited but have not yet been filed. The statutory financial statements for the
financial years ended 31 July 2012 and 31 July 2013 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 1 November 2013.