Interim Management Statement

FIDELITY ASIAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED  
31 OCTOBER 2008                                                                 
                                                                                
Objective                                                                       
                                                                                
The Company's objective is to achieve long-term capital growth through          
investment principally in the stock markets of the Asian Region (excluding      
Japan).                                                                         
                                                                                
Benchmark                                                                       
                                                                                
MSCI All Countries (Combined) Far East Free (Excluding Japan)                   
                                                                                
Review of Period (total return)                                                 
                                                                                
During the period:                                                              
                                                                                
- the NAV decreased by 25.6% (debt at par) and 25.7% (debt at market value)     
against a 27.6% negative return for the benchmark.                              
                                                                                
The share price decreased by 27.7%.                                             
                                                                                
As at 31 October 2008 net gearing was 1%.                                       
                                                                                
Since 31 October 2008 no share repurchases have been made.                      
                                                                                
Material Events                                                                 
                                                                                
During the period the annual report of the Company as at 31 July 2008 was       
published.                                                                      
                                                                                
On 12 September 2008 a Tender Offer was completed with a total of 41,262,764    
shares being repurchased by the Company for cancellation (40.0% of the issued   
share capital). In addition to shares repurchased under the Tender Offer, a     
total of 951,935 shares were repurchased in the quarter to 31 October 2008.     
                                                                                
Additional Information                                                          
                                                                                
Details of the Company            Dealing Information                           
                                                                                
Fund Manager: John Lo             Listed:        London Stock Exchange          
                                                                                
Enquiries:    08457 100 456                                                     
                                                                                
WWW Address:  http:/              Price Quoted:  Financial Times                
              www.fidelity.co.uk                                                
                                                 The Times                      
                                                                                
                                                 The Daily Telegraph            
                                                                                
Launch Date:  13 June 1996        Reuters Code:  FAS.L                          
                                                                                
Ordinary      60,942,501          SEAQ Code:     51094                          
Shares In                                                                       
Issue:                                                                          
                                                                                
Share price   12.2%               ISIN:                                         
discount to                                                                     
Undiluted                                                                       
NAV:                                                                            
                                                                                
Total Assets: £66.5 m                                                           
                                                                                
Loan:         £6.8 m                                                            
                                                                                
Total Net     £59.7 m                                                           
Assets:                                                                         
                                                                                
Gross Gearing 11.4%                                                             
:                                                                               
                                                                                
Net Gearing:  1%                                                                
                                                                                
                             Portfolio Breakdowns                               
                                                                                
Country   As at 31      As at 31     Largest 10    As at 31        As at 31 July
Analysis  October 2008  July 2008    Holdings (%   October 2008    2008         
(% total                             total assets)                              
assets)                                                                         
                                                                                
Korea     23.0          24.7         China Mobile  4.9             5.0          
(South)                                                                         
                                                                                
Hong Kong 20.0          21.7         Hang Seng     4.7             3.9          
                                     Bank                                       
                                                                                
China     17.0          12.7         Taiwan        4.6             4.5          
                                     Semiconduct                                
                                     Manufacturing                              
                                                                                
Taiwan    13.1          15.4         Samsung       4.6             5.0          
                                     Electronics                                
                                                                                
Singapore 13.0          14.6         China         4.2             2.6          
                                     Merchants                                  
                                     Bank `H'                                   
                                                                                
Cash      9.9           3.4          CNOOC         3.2             3.7          
                                                                                
Malaysia  2.3           4.4          Hutchison     3.1             -            
                                     Whampoa **                                 
                                                                                
India     1.7           1.5          NHN           3.0             3.1          
                                                                                
Grand     -             1.6          Swire Pacific 2.9             -            
Cayman                               `A' **                                     
(UK                                                                             
Overseas                                                                        
Ter)                                                                            
                                                                                
                                     Media Tek **  2.8             -            
                                                                                
Total     100           100          Hon Hai       -               4.6          
                                     Precision                                  
                                     Industry *                                 
                                                                                
                                     LG Household  -               3.5          
                                     & Healthcare                               
                                     *                                          
                                                                                
                                     Cheung Kong   -               3.4          
                                     Holdings *                                 
                                                                                
* No longer in top 10 at 31 October 2008 ** Not in top ten at 31 July 2008      
                                                                                
                      Performance Record (total return %)                       
                                                                                
              Price (p) Quarter to   Quarter to 31 1 Year  3 Years 5 Years to 31
                        31 October   July 2008     to 31   to 31   October 2008 
                        2008                       October October              
                                                   2008    2008                 
                                                                                
NAV (debt at  97.99     -25.6            -16.1      -48.3    8.1       38.3     
par)                                                                            
                                                                                
NAV (debt at  97.55     -25.7            -16.1      -48.4    7.4         -      
market value)                                                                   
                                                                                
Ordinary      86.00     -27.7            -17.1      -49.4    1.3       31.3     
Share price                                                                     
                                                                                
Benchmark               -27.6            -14.8      -45.6    5.3       30.6     
Index                                                                           
                                                                                

                   Standardised Performance (total return %)                   
                                                                               
               30/09/2003   30/09/2004   30/09/2005   30/09/2006   30/09/2007  
                                                                               
               30/09/2004   30/09/2005   30/09/2006   30/09/2007   30/09/2008  
                                                                               
NAV            7.4          35.3         16.5         50.1         -30.3       
                                                                               
Ordinary Share 4.9          39.8         12.2         50.5         -31.9       
price                                                                          
                                                                               
Benchmark                                                                      
Index                                                                          
                                                                               

Past performance is not a guide to future returns. The value of investments can
go down as well as up. For funds that invest in overseas markets, changes in
currency exchange rates may affect the value of an investment. Investments in
small and emerging markets can be more volatile than other more developed
markets. Source of performance: Fidelity and Datastream as at 31 October 2008.
Basis: bid-bid with net income reinvested. Fidelity only gives information
about its own products and services and does not provide investment advice
based on individual circumstances.