Half-yearly Report

FIDELITY ASIAN VALUES PLC AVAILABILITY OF THE HALF-YEARLY REPORT FOR THE SIX MONTHS TO 31 JANUARY 2009 Further to the disclosure of the Company's Half-Yearly results for the six months ended 31 January 2009 by way of an announcement dated 20 March 2009, in accordance with the Disclosure and Transparency Rules ("the Rules") 4.2.2 and 6.3.5(3) this announcement contains the text of that announcement dated 20 March 2009 together with the details of the availability of the Half-Yearly Report. Copies of the Fidelity Asian Values PLC Half-Yearly Report for the six months ended 31 January 2009 have been submitted to the UK Listing Authority, and will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at: Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS Tel: 020 7676 1000 (Documents will usually be available for inspection within six normal business hours of this notice being given). The Half-Yearly Report is available on the Company's website: www.fidelity.co.uk/its Fidelity Asian Values PLC Preliminary announcement of unaudited Half-Yearly results for the six months ended 31 January 2009 Contents Investment Objective Summary of Results Half-Yearly Report Responsibility Statement Twenty Largest Investments Financial Statements Investor Information Directory Investment Objective The investment objective of the Company is to achieve long term capital growth through investment principally in the stock markets of the Asian Region (excluding Japan). Performance - total return (includes reinvested income) Six months to 31 January From launch 13 June 1996 2009 to 31 January 2009 Net asset value ("NAV") -23.4% +6.6% Share price -19.7% +3.2% MSCI All Countries -20.5% -12.9% (Combined) Far East Free ex Japan Index (£) Standardised performance on a total return basis Year to 31/ Year to 31/ Year to 31/ Year to 31/ Year to 31/ 01/05 01/06 01/07 01/08 01/09 NAV per share +9.3% +43.9% +8.7% +19.4% -31.6% Share Price +15.1% +43.6% +6.7% +20.8% -28.5% Sources: Fidelity and Datastream Past performance is not a guide to future returns Summary of Results 31 January 2009 31 July 2008 % change Assets Total assets employed (1) £68.7m £145.0m -52.6(2) Shareholders' funds £61.1m £135.9m -55.0(2) Borrowings as % of shareholders' 12.5 6.7 funds Borrowings less cash as % of 3.8 0.1 shareholders' funds NAV per share 100.18p 131.78p -24.0 Stockmarket Data MSCI All Countries (Combined) Far 177.87 226.14 -21.3 East Free ex Japan Index (3) Share price period end 94.75p 119.00p -20.4 high 119.25p 171.00p low 71.00p 108.50p Discount % to period end 5.42 9.70 NAV high 17.79 12.87 low 1.23 2.62 Returns for the six months to 31 2009 2008 January Capital loss per ordinary share (29.66p) (8.90p) Capital + revenue loss per ordinary (28.89p) (8.46p) share Total Returnsfor the six months to 2009 2008 31 January NAV % -23.4 -5.5 Share price % -19.7 -2.2 MSCI All Countries (Combined) Far -20.5 -4.4 East Free ex Japan Index (4) 1 Total assets less current liabilities, excluding fixed term loan liability 2 total assets employed and shareholders funds include £53.1m which related to the tender offer on 5 September 2008 and represented 39% of the Company on that date 3 price index, sterling adjusted 4 with net dividends (after tax) reinvested, expressed in sterling PERFORMANCE For the six months to 31 January 2009, Fidelity Asian Values' net asset value underperformed its benchmark. The portfolio returned -23.4%, compared with -20.5% for the benchmark MSCI All Countries (Combined) Far East Free ex Japan Index. (All figures in sterling terms and on a total return basis). The discount at which the ordinary shares traded to the net asset value of the Company narrowed to 5.4% at the period end from 9.7% six months previously. MARKETS Over the six month review period, equities in the Far East region fell in line with world markets. The collapse of large US financial institutions in September precipitated a steep decline in equity indices in October. The pace at which the global financial crisis developed caught even the most bearish observers by surprise. Traditional flight to quality assets, coupled with deleveraging, led to an indiscriminate sell-off in regional markets. Disappointing economic data further weighed on market performance. Waning export demand, decelerating industrial production and cautious consumer spending resulted in weak economic growth in many Asian countries over the second half of 2008. Hong Kong and Singapore, the key barometers of regional economic health, slipped into recession. China recorded a GDP growth of 6.8% in the fourth quarter of 2008 as compared with 9.0% in the September quarter, reflecting deep retrenchment in inventories and production. Exports contracted significantly in China, Korea, Singapore, Thailand and Taiwan and economic expansion in Korea, Taiwan and Thailand was weaker than expected. The weakening in international trade led to increased project cancellations and lower GDP growth expectations across most countries. The deteriorating macroeconomic conditions led to a demand-related drop in commodities prices. The materials and industrials sectors suffered accordingly. Energy stocks lost ground amid falling crude oil prices and decreased demand. A sharp rise in the number of earnings downgrades over the period drove share prices lower. Efforts by several governments to increase liquidity and promote growth provided some support towards the end of the review period. Hong Kong guaranteed all bank deposits until the end of 2010 and set up a fund to provide capital to local lenders to restore confidence in the banking system. China announced a RMB 4 trillion stimulus package as well as a lowered cash reserve ratio and interest rates cuts. The Indian government announced two fiscal packages, which included rate cuts, easier external capital borrowing norms, increased foreign investment limits in corporate bonds and an emphasis on infrastructure developments. Most other countries in the region including Korea, Malaysia, Indonesia and Taiwan also reduced borrowing costs and took additional steps to boost growth. PORTFOLIO REVIEW The portfolio's exposure to the consumer discretionary sector weighed upon relative performance, notably in Hong Kong. In particular, the holdings in ladies' footwear firm Belle International and garments company Ports Design, detracted from performance. Over the review period, the Portfolio Manager trimmed the overweight position in the sector but continued to hold quality names. Elsewhere, a lack of exposure to electric utility companies proved unrewarding; stocks such as CLP Holdings and Hongkong Electric benefited from increased risk aversion among investors. The Portfolio Manager, nevertheless, remains cautious about these stocks given unattractive valuations and limited growth potential. Certain holdings in commodity traders and conglomerates including Keppel Corporation and Noble Group were unpopular with investors and consequently weighed upon performance. These stocks were among the positions which were liquidated over the period. Conversely, the strategy to remain underweight in materials firms and maintain overweight positions in the consumer staples sector added to returns. The holding in Korean personal products company AmorePacific contributed following the success of its new product launches. A lack of exposure to steel producers such as POSCO and China Steel proved beneficial, as steel prices fell notably. Similarly, having no exposure to coal miners Bumi Resources and China Coal enhanced performance, as declining oil prices reduced the appeal of alternative fuels. Over the period, the Portfolio Manager continued to look for companies with a proven track record of maintaining stable earnings through business cycles. Typically, these names tend to perform better than average during downturns and are likely to emerge stronger thereafter. The Manager also positioned the portfolio more defensively and raised exposure to domestically-driven businesses. In line with this strategy, a new position in a Chinese provider of online instant messaging services, Tencent Holdings, was added. The management's strong execution capabilities are important given the economic slowdown in China and across the globe. The company generates its revenues from millions of users (mostly teenagers) making micro payments, so is relatively resilient to a macroeconomic slowdown. The Manager also increased positions in banking and financials with healthy balance sheets, as valuations became attractive. Towards the end of the review period, selected property related names were added to the portfolio in view of home buyers' revived interest in the luxury segment area in Hong Kong. The Manager avoided firms exporting to the US and European markets and sold stocks affected by volatility in equity markets. In particular, the holdings in retail fashion firm Esprit, which accrues more than four-fifths of its sales from Europe, was sold due to the weak economic environment there. The overweight stance in the consumer discretionary sector was trimmed due to a deteriorating consumption outlook. Against that the Manager significantly increased the funds in industrials, mainly by reducing allocation to construction stocks and commodity traders. Given the weakening oil price, the exposure to China's largest offshore oil producer CNOOC was reduced and a holding in Malaysia based energy equipment supplier KNM was sold. OUTLOOK FOR THE REGION Over the next 6 to 12 months Asian markets are likely to remain volatile as weakening export earnings dampen domestic demand. Though the private consumption component of GDP should remain robust, sentiment seems likely to remain negative. More positively the stimulus measures implemented by Asian governments are likely to be further enhanced. Inflationary pressures have also eased and the focus is clearly on reviving economic growth. Long term structural trends of high savings and investment in China as well as increasing industry consolidation remain intact. However it is clear that growth in the region has been hit hard by the global economic recession. Markets are likely to continue to be affected by structural overhangs, such as undercapitalised banks, declining capital expenditure and rising unemployment. Although market upside is constrained by weak global growth and the operating environment will undoubtedly remain challenging, cheap valuations are emerging and government stimulus policies should provide support. There should be good opportunities for the adroit stockpicker. VAT ON MANAGEMENT FEES The decision of the European Court of Justice in the JPMorgan Claverhouse Investment Trust/AIC case (C-363/05) confirmed that the VAT exemption applicable to the management of special investment funds will also extend to investment trust companies. Although the Company had recovered virtually all the VAT charged, as a result of this case it has further recovered £12,385 VAT plus interest previously charged on such management fees from HM Revenue and Customs. TENDER OFFER AND REDUCTION OF CAPITAL During the six month period under review a tender offer was made for up to 40% of the Company's issued share capital. The Board took this action to avoid the potentially destabilising effect on the share price of certain shareholders wishing to realise their holdings. Following shareholders' approval at an Extraordinary General Meeting of the Company held on 5 September 2008 and completion of the tender offer a total of 41,262,764 ordinary shares were cancelled from the Register of Members. The shares were repurchased at 126.3940 pence per share. This equated to 40% of the issued share capital immediately prior to the offer being made. Exiting shareholders bore the costs involved and the remaining shareholders received the benefit of uplift to the net asset value of some 2% on the day the tender offer was completed. As agreed by shareholders at the 5 September 2008 EGM the Company applied to the Court to confirm a reduction of capital by way of the cancellation of the share premium account and capital redemption reserve, including the capital redemption reserve arising on the implementation of the tender offer. This was done in order to ensure that the Company would have sufficient distributable reserves to continue to implement share repurchases. Principal Risks and Uncertainties The Board believes that the principal risks and uncertainties faced by the Company continue to fall into six broad categories: • Market Risk • Performance Risk • Income Risk • Share Price Risk • Gearing Risk • Control Systems Risk Information on each of these is given in the Business Review section of the Annual Report for the year ended 31 July 2008. Repurchase of Shares In addition to the shares repurchased under the tender offer the Company repurchased 951,935 ordinary shares during the six months to 31 January 2009, with the total repurchase enhancing the NAV for remaining shareholders by 0.50 pence per share. By order of the Board FIL Investments International 19 March 2009 Responsibility Statement The Directors confirm to the best of their knowledge that: a) the condensed set of financial statements contained within the Half-Yearly financial report has been prepared in accordance with the UK Accounting Standards Board's Statement `Half-Yearly Financial Reports'; and b) the Half-Yearly financial report (constituting the interim management report) includes a fair review of the information required by Rule 4.2.7R of the FSA's Disclosure and Transparency Rules and their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year. c) in accordance with Disclosure and Transparency Rule 4.2.8R there have been no related parties transactions during the six months to 31 January 2009 and therefore nothing to report on any material effect by such a transaction on the financial position or the performance of the Company during that period; and there have been no changes in this position since the last annual report that could have a material effect on the financial position or performance of the Company in the first six months of the current financial year. The Half-Yearly financial report has not been audited or reviewed by the Company's auditor. The Half-Yearly financial report was approved by the Board on 19 March 2009 and the above responsibility statement was signed on its behalf by Sir Victor Garland, Chairman. Enquiries: Chris Davies - Head of Investment Trusts, FIL Investments International - 01737 837 723 Anne Reid - Corporate Communications, FIL Investments International - 0207 961 4409 Tracey Cousins - Head of Company Secretariat, FIL Investments International - 01737 836 883 Rebecca Tyerman - Company Secretariat, FIL Investments International - 01737 837758 Twenty Largest Investments as at 31 January 2009 Country of Listing Holding Fair value %+ £000 CHINA China Mobile 4,465 6.5 An investment holding company providing mobile telecommunications and related services in 31 provinces, autonomous regions and directly administered municipalities in mainland China and Hong Kong. China Merchants 3,127 4.6 Bank A commercial bank offering corporate banking, retail banking and treasury businesses. It is headquartered in Shenzhen. Tencent Holdings 2,081 3.0 The company provides internet, mobile and telecommunications value-added services in China. It has an instant messaging community in China. It also provides advertising services. China National 1,669 2.4 Offshore Oil Corporation (CNOOC) The company mainly engages in China's offshore oil and natural gas exploration, production and sales activities. HONG KONG Hang Seng Bank 3,609 5.3 The bank in which HSBC Group has a majority ownership provides banking and related financial services. It operates more than 210 service outlets, including 106 branches. Huabao 2,339 3.4 International Holdings The company, through its subsidiaries, produces and supplies flavours and fragrances for tobacco, food and household related products. The company also provides product research, development and marketing services to its customers. Swire Pacific 2,050 3.0 The company operates through five business divisions: property, marine services, aviation, beverages and trading and industrial. It holds large developed and undeveloped commercial and residential real estate, distributes the products of The Coca Cola Company and operates a fleet of speciality vessels. Hutchison Whampoa 1,999 2.9 An international corporation whose activities are focused on five core businesses: ports and related services; property and hotels; retail; energy, infrastructure, finance and investments and telecommunications. China Life 1,828 2.7 Insurance The largest life insurance company in China providing individual and group life insurance, accident insurance and health insurance. Cheung Kong 1,589 2.3 Holdings An investment holding and project management company. Its subsidiaries are engaged in property development and investment, hotel and serviced suite operation, property and project management and investment in securities. Sun Hung Kai 1,573 2.3 Properties The company through its subsidiaries develops and invests in properties, operates hotels, manages properties, car parking and transportation infrastructure. In addition Sun Kai operates logistics business, construction, financial services, telecommunication internet infrastructure and enabling services. KOREA Samsung Electronics 3,423 5.0 The company specialises in the provision of communication products. It operates its business through five business divisions: communication, semiconductor, digital media, liquid crystal display (LCD) and home appliances. AmorePacific 2,148 3.1 Corporation The company develops, manufactures and exports skincare, make-up and fragrance products. It also produces and markets personal care and health related products, such as shampoos, soaps, toothpastes, and health teas. NHN Corporation 1,387 2.0 The company is engaged in the online media industry company and owns the biggest internet search portal in Korea called Naver. The company also operates websites in Korea. DC Chemical 1,250 1.8 A chemical manufacturer that specialises in the areas of basic chemicals, agro chemicals, fine chemicals, petro chemicals, coal chemicals and material processing. It also produces polyvinyl chloride (PVC) windows. Shinhan Financial 1,233 1.8 Group A financial holding company offering a range of financial products and services, including commercial banking, corporate banking, private banking, asset , brokerage and insurance services. SINGAPORE DBS Group Holdings 1,727 2.5 DBS and its subsidiaries provide a variety of financial services which are organised into consumer and wholesale banking business groups and central operations. TAIWAN Taiwan 3,905 5.7 Semiconductor Manufacturing Company The company is engaged in the manufacturing, selling, packaging, testing and computer-aided designing of integrated circuits (ICs) and other semiconductor devices and the manufacturing of masks. It manufactures semiconductors for customers based on their own or third parties' IC designs. MediaTek 1,887 2.7 The company designs, manufactures and markets compact disk-read only memory (CD-ROM) and digital versatile disc read only memory (DVD-ROM) chip sets. It sells its products in Taiwan and exports to other countries in Asia. Hon Hai Precision 1,193 1.7 The company is principally engaged in the production and sale of electronic products. It provides its products under three categories: electronic parts and components, such as connectors and cable assemblies; modules, including mechanic modules and electronic modules, and assembled electronic products. The products are applied in computer, communication and consumer electronics (3C) products. Twenty Largest 44,482 64.7 Investments + % of total assets less current liabilities, excluding loan liability Fidelity Asian Values PLC Income Statement for the six for the year for the six months ended ended months ended 31.01.09 31.07.08 31.01.08 unaudited audited unaudited revenue capital total revenue capital total revenue capital total Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Losses on - (20,567) (20,567) - (26,390) (26,390) - (9,053) (9,053) investments Income 2 1,375 - 1,375 4,579 - 4,579 2,151 - 2,151 Investment 3 (442) - (442) (1,688) - (1,688) (938) - (938) management fee Other (199) - (199) (474) - (474) (258) - (258) expenses Exchange 177 2,158 2,335 (14) (26) (40) (2) (103) (105) gains/ (losses) on other net assets Exchange - (2,455) (2,455) - (247) (247) - (206) (206) losses on loans Net return/ 911 (20,864) (19,953) 2,403 (26,663) (24,260) 953 (9,362) (8,409) (loss) before finance costs and taxation Interest (254) - (254) (516) - (516) (256) - (256) payable Loan - (83) (83) redemption costs* Net return/ 657 (20,947) (20,290) 1,887 (26,663) (24,776) 697 (9,362) (8,665) (loss) on ordinary a ctivities before taxation Taxation on 4 (115) - (115) (398) - (398) (232) (13) (245) return on ordinary activities Net return/ 542 (20,947) (20,405) 1,489 (26,663) (25,174) 465 (9,375) (8,910) (loss) on ordinary activities after taxation for the period Return/ 5 0.77p (29.66p) (28.89p) 1.43p (25.57p) (24.14p) 0.44p (8.90p) (8.46p) (loss) per ordinary s hare *This relates to the cost incurred on the partial redemption of the loan and was included in the costs of the tender offer to shareholders. 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 on the Income Statement is the profit and loss account of the Company. These financial statements have been prepared in accordance with the AIC Statement of Recommended Practice ("SORP") issued in January 2003 and revised in December 2005. Reconciliation of Movements in Shareholders' Funds Notes called share capital other other capital capital revenue total up share premium redemption non-distributable reserve reserve reserve reserve equity capital account reserve reserve realised unrealised £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Opening 27,336 15,359 3,487 7,367 53,749 10,798 53,615 (990) 170,721 shareholders' funds: 1 August 2007 Net - - - - - 13,006 (22,381) - (9,375) recognised capital gains /(losses) for the period Repurchase of 10 (1,547) - 1,547 - (9,606) - - - (9,606) ordinary shares Net revenue - - - - - - - 465 465 after taxation for the period Closing 25,789 15,359 5,034 7,367 44,143 23,804 31,234 (525) 152,205 shareholders' funds: 31 January 2008 Opening 27,336 15,359 3,487 7,367 53,749 10,798 53,615 (990) 170,721 shareholders' funds: 1August 2007 Transfer - - - - - 52,787 (52,787) - - between reserves* Net - - - - - (26,432) (231) - (26,663) recognised capital losses for the year Repurchase of 10 (1,547) - 1,547 - (9,606) - - - (9,606) ordinary shares Net revenue - - - - - - - 1,489 1,489 after taxation for the year Closing 25,789 15,359 5,034 7,367 44,143 37,153 597 499 135,941 shareholders' funds: 31 July 2008 Net - - - - - (15,116) (5,748) - (20,864) recognised capital losses for the period Share premium - (15,359) - - 15,359 - - - - account cancelled Capital - - (13,803) - 13,803 - - - - redemption reserve cancelled Repurchase of 10 (238) - 238 - (988) - - - (988) ordinary shares Ordinary 11 (10,316) - 10,316 - (53,082) - - - (53,082) shares cancelled on completion of the tender offer Net revenue - - - - - - - 542 542 after taxation for the period Dividend paid 8 - - - - - - - (496) (496) to shareholders Closing 15,235 - 1,785 7,367 19,235 22,037 (5,151) 545 61,053 shareholders' funds: 31 January 2009 * In accordance with TECH 01/08: Distributable Profits, changes in the fair value of investments which are readily convertible to cash without accepting adverse terms at the balance sheet date are included in realised capital reserves rather than unrealised capital reserves. This change was effective from 1 August 2007 and the balances on both reserves at that date have been amended by a reserve transfer. At the balance sheet date all investments held by the Company were considered to be readily convertible to cash. Balance Sheet 31.01.09 31.07.08 31.01.08 unaudited audited unaudited Notes £'000 £'000 £'000 Fixed assets Investments at fair value through 64,070 136,356 154,773 profit or loss Current assets Debtors 168 634 1,808 Cash at bank 5,333 8,954 6,673 5,501 9,588 8,481 Creditors - amounts falling due (889) (916) (2,003) within one year Other creditors Fixed rate unsecured loan 9 (7,629) - - (8,518) (916) (2,003) Net current (liabilities)/assets (3,017) 8,672 6,478 Total assets less current liabilities 61,053 145,028 161,251 Creditors - amounts falling due after 9 - (9,087) (9,046) more than one year Fixed rate unsecured loan Total net assets 61,053 135,941 152,205 Capital and reserves Called up share capital 15,235 25,789 25,789 Share premium account - 15,359 15,359 Capital redemption reserve 1,785 5,034 5,034 Other non-distributable reserve 7,367 7,367 7,367 Other reserve 19,235 44,143 44,143 Capital reserve - realised 22,037 37,153 23,804 Capital reserve - unrealised (5,151) 597 31,234 Revenue reserve 545 499 (525) Total equity shareholders' funds 61,053 135,941 152,205 Net asset value per ordinary share 6 100.18p 131.78p 147.55p Cash Flow Statement 31.01.09 31.07.08 31.01.08 unaudited audited unaudited £'000 £'000 £'000 Operating activities Investment income received 1,345 3,546 1,570 Deposit interest received 66 154 69 Investment management fee paid (357) (1,272) (963) Directors' fees paid (57) (60) (41) Other cash receipts/(payments) 216 (566) (421) Net cash inflow from operating 1,213 1,802 214 activities Returns on investments and servicing of finance Interest paid (287) (511) (252) Net cash outflow from returns (287) (511) (252) on investments and servicing of finance Financial investment Purchase of investments (19,890) (84,344) (46,830) Disposal of investments 77,115 96,901 58,561 Net cash inflow from financial 57,225 12,557 11,731 investment Dividend paid to shareholders (496) - - Net cash inflow before 57,655 13,848 11,693 financing Financing Repurchase of ordinary shares (988) (9,606) (9,606) Ordinary shares cancelled on (53,082) - - completion of the tender offer 5.60% fixed rate unsecured loan (3,710) - - part repaid Net cash outflow before (57,780) (9,606) (9,606) financing (Decrease)/increase in cash (125 4,242 2,087 Notes to the Financial Statements 1. ACCOUNTING POLICIES The Half-Yearly financial statements have been prepared on the basis of the accounting policies set out in the Company's annual report and financial statements dated 31 July 2008. 2. INCOME 31.01.09 31.07.08 31.01.08 unaudited audited unaudited £'000 £'000 £'000 Overseas dividends 1,278 4,188 1,859 Overseas scrip 42 241 227 dividends Deposit interest 55 150 65 Total income 1,375 4,579 2,151 Deposit interest 3. INVESTMENT MANAGEMENT FEE 31.01.09 31.07.08 31.01.08 unaudited audited unaudited £'000 £'000 £'000 Investment 454 1,688 938 management fee VAT recovered* (12) - - 442 1,688 938 *The decision of the European Court of Justice in the JPMorgan Claverhouse Investment Trust/AIC case (C-363/05) confirmed that the VAT exemption applicable to the management of special investment funds will also extend to investment trust companies. Although the Company had recovered virtually all the VAT charged, as a result of this case it has further recovered £12,385. 4. TAXATION ON RETURN ON ORDINARY ACTIVITIES 31.01.09 31.07.08 31.01.08 unaudited audited unaudited revenue capital total revenue capital total revenue capital £ total £'000 £'000 £'000 '000 £'000 £'000 £'000 £'000 £'000 Overseas 115 115 398 398 245 245 taxation suffered Taxation - - - - - - (13) 13 - (credit) /charge for the use of revenue expenses 115 115 398 398 232 13 245 5. RETURN/(LOSS) PER ORDINARY SHARE 31.01.09 31.07.08 31.01.08 unaudited audited unaudited Revenue 0.77p 1.43p 0.44p Capital (29.66p) (25.57p) (8.90p) Total (28.89p) (24.14p) (8.46p) Returns/(losses) per ordinary share are based on the net revenue return on ordinary activities after taxation of £542,000 (31.07.08: £1,489,000; 31.01.08: £465,000), the capital loss in the period of £20,947,000 (31.07.08: £ 26,663,000; 31.01.08: £9,375,000) and the total loss of £20,405,00 (31.07.08: £ 25,174,000; 31.01.08: £8,910,000) and on 70,632,359 ordinary shares (31.07.08: 104,262,596; 31.01.08: 105,355,977) being the weighted average number of shares in issue during the period. 6. NET ASSET VALUE PER ORDINARY SHARE The basic net asset value per ordinary share is based on net assets of £ 61,053,000 (31.07.08: £135,941,000; 31.01.08: £152,205,000) and on 60,942,501ordinary shares (31.07.08: 103,157,000; 31.01.08: 103,157,200), being the number of ordinary shares in issue at the period end. 7. COST OF INVESTMENT TRANSACTIONS Included in the losses on investments are the following costs of investment transactions: 31.01.09 31.07.08 31.01.08 unaudited audited unaudited £'000 Purchases 49 162 100 expenses Sales expenses 168 250 179 217 412 279 8. DIVIDEND No dividend has been declared in respect of the current period. The dividend shown in the Reconciliation of Movements in Shareholders' Funds for the six months ended 31 January 2009 relates to the year ended 31 July 2008. 9. LOAN FACILITY A fixed rate unsecured loan from Lloyds TSB Bank PLC of US$18,000,000 was drawn down on 27 September 2006 for a period of three years at an interest rate of 5.60% per annum. US$7,000,000 of this loan was repaid on 12 September 2008 as part of the Tender Offer to shareholders. The Balance of US$11,000,000 is repayable on 25 September 2009. 10. SHARE REPURCHASES The following share repurchases were made in the periods: 31.01.09 31.07.08 31.01.08 unaudited audited unaudited Number of shares 951,935 6,190,000 6,190,000 repurchased Average price per 103.79p 155.19p 155.19p share Total cost including 988,000 9,606,000 9,606,000 stamp duty and commission (£) 11.TENDER OFFER On completion of the tender offer a total of 41,262,764 ordinary shares were cancelled from the Register of Members. Below are details of the costs and expenses of the tender offer borne by the exiting shareholders: 31.01.09 unaudited £'000 Assets attributable to tender offer 53,082 Costs associated to the tender offer (522) Loan redemption costs incurred (83) Stamp duty paid on the cost of shares (261) repurchased Commission paid to JPMorgan Cazenove (63) Cash paid to exiting shareholders 52,153 12. UNAUDITED FINANCIAL STATEMENTS The results for the six months to 31 January 2009 and 31 January 2008, which are unaudited, constitute non-statutory accounts within the meaning of s240 of the Companies Act 1985. The figures and financial information for the year ended 31 July 2008 are extracted from the latest published financial statements. These financial statements, on which the auditor gave an unqualified report, have been delivered to the Registrar of Companies. CONTACT INFORMATION Private investors: can call free on 0800 414110 9am to 6pm, Monday to Saturday Financial advisers: can call free on 0800 414181 8am to 6pm, Monday to Friday www.fidelity.co.uk/its Existing investors who have specific queries regarding their holding or need to provide update information, for example a change of address, should contact the appropriate administrator: Holders of ordinary shares: Capita Registrars (Registrars of Fidelity Asian Values PLC) Northern House, Woodsome Park, Fenay Bridge, Huddersfield, Yorkshire, HD8 0GA Telephone: 0871 644 0300 (calls to this number cost 10p per minute plus network extras.) If calling from overseas, telephone +44 208 639 3399 Email: ssd@capitaregistrars.com Share Plan investors: Fidelity Investment Trust Share Plan Equiniti Limited* PO Box 4605 Aspect House Spencer Road, Lancing West Sussex BN99 6QY Telephone: 0871 384 2781 (calls to this number are charged at 8p per minute from a BT landline. Other telephone providers' costs may vary.) * Formerly Lloyds TSB Registrars Fidelity ISA investors: Fidelity, using the freephone number given above, or by writing to: UK Customer Service, Fidelity International, Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge, Kent, TN11 9DZ Fidelity Share Network: http://www.fidelity.co.uk/sharenetwork General enquiries should be made to Fidelity, the Investment Manager and Secretary, at the Company's registered office: FIL Investments International Investment Trusts, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP Internet site: http://www.fidelity.co.uk/its FINANCIAL CALENDAR 2009 31 January - Half-Yearly period end 20 March - announcement of Half-Yearly results to 31 January April - publication of Half-Yearly report 31 July - financial year end October - publication of annual report December - Annual General Meeting DIRECTORY BOARD OF DIRECTORS The Hon Sir Victor Garland, KBE (Chairman) Hugh Bolland (Chairman of Audit Committee) William Knight Kathryn Matthews Sir Robin McLaren, KCMG (Senior Independent Director) MANAGER, SECRETARY AND REGISTERED OFFICE FIL Investments International Beech Gate, Millfield Lane Lower Kingswood Tadworth Surrey KT20 6RP FINANCIAL ADVISERS AND STOCKBROKERS JPMorgan Cazenove 20 Moorgate London EC2R 6DA INDEPENDENT AUDITOR Grant Thornton UK LLP Chartered Accountants and Registered Auditor 30 Finsbury Square London EC2P 2YU BANKERS AND CUSTODIAN JPMorgan Chase Bank (London Branch) 125 London Wall London EC2Y 5AJ REGISTRARS Capita Registrars Northern House Woodsome Park Fenay Bridge Huddersfield Yorkshire HD8 0GA LAWYERS Slaughter and May One Bunhill Row London EC1 8YY The Fidelity Individual Savings Account ("ISA") is offered and managed by Financial Administration Services Limited. The Fidelity Investment Trust Share Plan is managed by FIL Investments International, administered by Equiniti Limited and with shares held in the name of Lloyds TSB Registrars Savings Nominees Limited. The value of tax savings and eligibility to invest in an ISA will depend on individual circumstances and all tax rules may change in the future. Fidelity Investment Trusts are managed by FIL Investments International. FIL Investments International are authorised and regulated in the UK by the Financial Services Authority. Fidelity only gives information about its own products and services and does not provide investment advice based on individual circumstances. For funds that invest in overseas markets, changes in currency exchange rates may affect the value of your investment. Investments in small and emerging markets can be more volatile than other more developed markets. Should you wish to seek advice please contact a Financial Adviser. Issued by Fidelity Asian Values PLC, authorised and regulated in the UK by the Financial Services Authority. CB35600/na.

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