Final Results

FIDELITY ASIAN VALUES PLC

Preliminary Announcement of Unaudited Results

For the year ended 31 July 2007

PERFORMANCE AND MARKETS

Your Company has had another good year. The net asset value per share rose by
47.4% over the twelve months to 31 July 2007. In comparison, the benchmark MSCI
All Countries (Combined) Far East ex Japan Index gained 41.3%. (All figures in
sterling terms and on a total return basis.)

The Asian region saw continued economic growth during the period, largely
driven by domestic demand. Real GDP growth in China, the dominant player in the
region, accelerated in the second quarter of 2007.

Asian stock markets advanced over much of the twelve months, despite sharp
declines, in tandem with global equities, at the end of February and in the
closing week of the period. Overall, equities saw positive gains in sterling
terms. While China, India and Singapore were strong performers, smaller markets
including those of the Philippines, Malaysia and Indonesia also gained
significantly. Strong earnings encouraged foreign funds to invest more in the
region, while takeovers and corporate consolidations further supported investor
sentiment. Plantation companies in Malaysia and Indonesia benefited from rising
agricultural commodities prices and a slew of economic reforms. Conversely,
equities in Hong Kong underperformed the region, due to concerns about Chinese
government policy measures. However the benchmark index rose towards the end of
the review period, supported by robust corporate earnings results and by
inflows from China, following the mainland's relaxation on restrictions on
overseas investment. Hong Kong-listed Chinese stocks in particular helped drive
up the market. Korea and Taiwan benefited from a slight rebound in exports
during the three month period to June. In July, investor sentiment throughout
the region was affected by renewed concerns about the US sub-prime market,
though steps taken by monetary authorities, including those in Australia, Korea
and Malaysia, towards the end of the period helped to calm nerves.

OUTLOOK

The economic outlook for the region remains largely favourable. Strong domestic
demand and robust business and government investments should continue to drive
GDP growth in the remainder of 2007, although an expected slowdown in exports
might prove a dampener, especially if the US economy slows as a result of the
sub-prime mortgage and subsequent liquidity issues.

While the recent nervousness and volatility in global markets may continue for
some time, over the long-term Asian growth has remained strong, in part due to
the continued strength of the Asian consumer and government investment
spending. In addition, equity valuations remain attractive when compared to the
majority of global peers, and could provide support to the markets in an
environment of more muted corporate earnings growth.

From a company perspective, attractive dividend payouts, improved balance
sheets and sound corporate governance are just some of the characteristics that
continue to appeal to investors. Against this background, the Board remains
confident the Asia Pacific region continues to offer attractive long term
investment opportunities.

GEARING

Historically the Company's gearing has been in the higher part of the peer
group, but is now towards the lower end. The portfolio manager is permitted by
the Board to maintain gearing between 5% and 7% depending on the strength or
weakness of the markets.

WARRANTS

In December 2006 an aggregate of 20,462,735 ordinary shares of 25p each were
issued and allotted fully paid at a price of 100p per share following exercises
of warrants in November and December 2006. The proceeds of the exercise of
warrants added £20,463,000 in cash to the assets of the Company which was
applied in accordance with the Company's investment policy.

SHARE REPURCHASES

Shares may be repurchased when, in the opinion of the Directors, the discount
is excessive or is wider than the peer group average or a block becomes
available in the market. During the period under review your Company
repurchased a total of 4,627,000 shares These share repurchases have resulted
in an increase in the net asset value per remaining share of approximately 0.94
pence. Since the year end a further 1,250,000 shares have been repurchased.

ANNUAL GENERAL MEETING

This year's AGM is scheduled for 7 December 2007 at Fidelity's Cannon Street
office commencing at 11.00 am. All shareholders, Fidelity ISA, PEP and Share
Plan investors are invited to attend. The portfolio manager will be making a
presentation on the year under review and immediate prospects for the Company.

Sir Victor Garland

Chairman

21 September 2007

Enquiries:

Stephen Westwood, Head of Investment Trusts, Fidelity Investments International

- 0207 961 4477

Richard Miles, Director Corporate Communications, Fidelity Investments
International

- 01737 837844

Issued by Fidelity Investments International. Authorised and regulated by the
Financial Services Authority.

The value of the fund can go down as well as up so you may get back less than
you invested. Past performance is not a guide of what might happen in the
future. You may get back more or less than this as a result of currency
fluctuations. Investments in small and emerging markets can be more volatile
than other more developed markets. Fidelity only gives information about its
own products and services and does not provide investment advice based on
individual circumstances. Fidelity Investment Trusts are managed by Fidelity
Investments International. Source of performance: Fidelity as at 31.07.07
performance is excluding initial charge. Basis: bid-bid with net income
reinvested. Issued by Fidelity Investments International, authorised and
regulated in the UK by the Financial Services Authority.

CB32354/na

FIDELITY ASIAN VALUES PLC

Income Statement

- unaudited - for the year ended 31 July 2007 (1)

                                       2007                        2006         
                                                                                
                           revenue  capital    total  revenue   capital    total
                                                                                
                             £'000    £'000    £'000    £'000     £'000    £'000
                                                                                
Gains on investments             -   55,516   55,516        -    10,253   10,253
                                                                                
Income                       3,669        -    3,669    2,446         -    2,446
                                                                                
Investment management fee  (1,528)        -  (1,528)  (1,125)         -  (1,125)
                                                                                
Other expenses               (498)        -    (498)    (457)         -    (457)
                                                                                
Exchange (losses)/gains        (5)    (238)    (243)       12     (208)    (196)
on other net assets                                                             
                                                                                
Exchange gains on loans          -      815      815        -       597      597
                                                                                
Net return before finance    1,638   56,093   57,731      876    10,642   11,518
costs and taxation                                                              
                                                                                
Interest payable             (519)        -    (519)    (637)         -    (637)
                                                                                
Net return on ordinary       1,119   56,093   57,212      239    10,642   10,881
activities before                                                               
taxation                                                                        
                                                                                
Taxation on ordinary         (461)     (35)    (496)    (299)         -    (299)
activities                                                                      
                                                                                
Net return on ordinary a       658   56,058   56,716     (60)    10,642   10,582
ctivities after taxation                                                        
for the year                                                                    
                                                                                
Return/(loss) per                                                               
ordinary share                                                                  
                                                                                
Basic                        0.63p   53.37p   54.00p  (0.06p)    11.38p   11.32p
                                                                                
Diluted                      0.62p   53.35p   53.97p  (0.06p)    11.38p   11.32p

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.

FIDELITY ASIAN VALUES PLC

Reconciliation of Movements in Shareholders' Funds - unaudited - for the year
ended 31 July 2007

               called   share    capital             other   other warrant  capital    capital revenue   total
                   up premium redemption non-distributable reserve reserve  reserve    reserve reserve  equity
                share account    reserve           reserve                 realised unrealised                
              capital                                                                                         
                                                                                                              
                £'000   £'000      £'000             £'000   £'000   £'000    £'000      £'000   £'000   £'000
                                                                                                              
Opening        23,376       7      2,330                 -  59,282   7,369 (25,545)     23,258 (1,588)  88,489
shareholders'                                                                                                 
funds: 1                                                                                                      
August 2005                                                                                                   
                                                                                                              
Net                 -       -          -                 -       -       -   16,435    (5,793)       -  10,642
recognised                                                                                                    
gains/                                                                                                        
(losses) for                                                                                                  
the year                                                                                                      
                                                                                                              
Revenue loss        -       -          -                 -       -       -        -          -    (60)    (60)
after                                                                                                         
taxation                                                                                                      
                                                                                                              
Exercise of         1       5          -                 -       2     (2)        -          -       -       6
warrants                                                                                                      
                                                                                                              
Closing        23,377      12      2,330                 -  59,284   7,367  (9,110)     17,465 (1,648)  99,077
shareholders'                                                                                                 
funds: 31                                                                                                     
July 2006                                                                                                     
                                                                                                              
Net                 -       -          -                 -       -       -   19,908     36,150       -  56,058
recognised                                                                                                    
gains for the                                                                                                 
year                                                                                                          
                                                                                                              
Repurchase of (1,157)       -      1,157                 - (5,535)       -        -          -       - (5,535)
ordinary s                                                                                                    
hares                                                                                                         
                                                                                                              
Revenue after       -       -          -                 -       -       -        -          -     658     658
taxation                                                                                                      
                                                                                                              
Exercise of     5,116  15,347          -             7,367         (7,367)        -          -       -  20,463
warrants                                                                                                      
                                                                                                              
Closing        27,336  15,359      3,487             7,367  53,749       -   10,798     53,615   (990) 170,721
shareholders'                                                                                                 
funds: 31                                                                                                     
July 2007                                                                                                     

FIDELITY ASIAN VALUES PLC

Balance Sheet

- unaudited - as at 31 July2007

                                                             2007          2006
                                                                               
                                                            £'000         £'000
                                                                               
Fixed assets                                                                   
                                                                               
Investments held at fair value through profit or loss     175,057       107,538
                                                                               
Current assets                                                                 
                                                                               
Debtors                                                     5,949         4,111
                                                                               
Cash at bank                                                4,696         1,313
                                                                               
                                                           10,645         5,424
                                                                               
Creditors - amounts falling due within one year                                
                                                                               
Fixed rate unsecured loan                                       -       (9,655)
                                                                               
Other creditors                                           (6,141)       (4,230)
                                                                               
                                                          (6,141)      (13,885)
                                                                               
Net current assets/(liabilities)                            4,504       (8,461)
                                                                               
Total assets less current liabilities                     179,561        99,077
                                                                               
Creditors - amounts falling due after more than one                            
year                                                                           
                                                                               
Fixed rate unsecured loan                                 (8,840)             -
                                                                               
Total net assets                                          170,721        99,077
                                                                               
Capital and reserves                                                           
                                                                               
Called up share capital                                    27,336        23,377
                                                                               
Share premium account                                      15,359            12
                                                                               
Capital redemption reserve                                  3,487         2,330
                                                                               
Other non-distributable reserve                             7,367             -
                                                                               
Other reserve                                              53,749        59,284
                                                                               
Warrant reserve                                                 -         7,367
                                                                               
Capital reserve - realised                                 10,798       (9,110)
                                                                               
Capital reserve - unrealised                               53,615        17,465
                                                                               
Revenue reserve                                             (990)       (1,648)
                                                                               
Total equity shareholders' funds                          170,721        99,077
                                                                               
Net asset value per ordinary share:                                            
                                                                               
Basic                                                     156.13p       105.95p
                                                                               
Diluted                                                   156.13p       104.88p

FIDELITY ASIAN VALUES PLC

Cashflow Statement

- unaudited- for the year ended 31 July 2007

                                                               2007        2006
                                                                               
                                                              £'000       £'000
                                                                               
Operating activities                                                           
                                                                               
Investment income received                                    2,713       2,310
                                                                               
Interest received                                               144          56
                                                                               
Investment management fee paid                              (1,447)     (1,445)
                                                                               
Directors' fees paid                                           (71)        (79)
                                                                               
Other cash payments                                           (379)       (288)
                                                                               
Net cash inflow from operating activities                       960         554
                                                                               
Returns on investments and servicing of finance                                
                                                                               
Interest paid                                                 (403)       (641)
                                                                               
Net cash outflow from returns on investments and              (403)       (641)
servicing of finance                                                           
                                                                               
Financial investment                                                           
                                                                               
Purchase of investments                                   (123,551)    (90,518)
                                                                               
Disposal of investments                                     111,301      91,013
                                                                               
Net cash (outflow)/inflowfrom financial investment         (12,250)         495
                                                                               
Net cash (outflow)/inflowbefore financing                  (11,693)         408
                                                                               
Financing                                                                      
                                                                               
Repurchase of ordinary shares                               (5,535)           -
                                                                               
Exercise of warrants                                         20,463           6
                                                                               
5.60% fixed rate unsecured loan drawn down                    9,541           -
                                                                               
6.28% fixed rate unsecured loan repaid                      (9,541)           -
                                                                               
Net cash inflowfrom financing                                14,928           6
                                                                               
Increasein cash                                               3,235         414

 1. The total column of the Income Statement is the profit and loss account of
    the Company.
   
 2. Returns/(losses) per ordinary share are based on the net revenue return on
    ordinary activities after taxation of £658,000 (2006: loss £60,000), the
    net capital return in the year of £56,058,000 (2006: £10,642,000) and the
    total return in the year of £56,716,000 (2006: £10,582,000) and on
    105,041,064 ordinary shares (2006: 93,509,538) being the weighted average
    number of ordinary shares in issue during the year.
   
    In accordance with the provisions of FRS14, the diluted returns have been
    calculated on the assumption that the warrants in issue were converted on the
    first day of the financial period on a weighted average basis for the period
    over which they were outstanding and that the proceeds from the conversion have
    been used by the Company to purchase its own shares at a fair market price.

 3. The above statements have been prepared on the basis of the accounting
    policies as set out in annual financial statements to 31 July 2007. The
    figures for the year to 31 July 2006 have been extracted from the financial
    statements for the year ended 31 July 2006 which have been delivered to the
    Registrar of Companies and on which the Auditors gave an unqualified
    report. The annual report and financial statements will be posted to
    shareholders as soon as is practicable and in any event no later than 7
    November 2007.