Interim Management Statement

FIDELITY ASIAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 
30 APRIL 2010                                                                  
                                                                               
Issued pursuant to the requirements of Chapter 4 of the Disclosure and         
Transparency Rules                                                             
                                                                               
Objective                                                                      
                                                                               
The Company's objective is to achieve long-term capital growth through         
investment in an actively managed portfolio of equities in the South East Asian
region (excluding Japan).                                                      
                                                                               
Benchmark                                                                      
                                                                               
MSCI All Countries (Combined) Far East Free (Excluding Japan)                  
                                                                               
Review of Period (total return)                                                
                                                                               
During the period:                                                             
                                                                               
- the NAV increased by 16.15% (debt at par) and 16.06% (debt at market value)  
against a 14.74% return for the benchmark.                                     
                                                                               
- the share price increased by 14.67%                                          
                                                                               
- Gearing reintroduced during the quarter. The Board and Managers continue to  
believe that investment in equities will produce strong returns for            
shareholders over the long term.                                               
                                                                               
- main portfolio changes are detailed in the top ten holdings below            
                                                                               
Net gearing was 3.75% on 30 April 2010                                         
                                                                               
Material transactions                                                          
                                                                               
Revolving credit facility of USD 15 million entered into on 3 February 2010.   
USD 9 million drawn down on 12 April 2010.                                     
                                                                               
12,188,212 subscription shares issued. The subscription price is 191 p per     
share. The conversion rights attaching to the subscription shares are          
exercisable from the last business day of May 2010 until the last business day 
of May 2013.                                                                   
                                                                               
Since the quarter end no shares have been repurchased.                         
                                                                               
Material Events                                                                
                                                                               
Publications of prospectus and introduction of subscription shares following   
holding of General Meeting in March 2010. Half -yearly report published.       
                                                                               
10,634 ordinary shares issued and allotted on 2 June 2010 with effect from 28  
May 2010 following the exercise of conversion rights attaching to subscription 
shares.                                                                        
                                                                               
Additional Information                                                         
                                                                               
Details of the Company                                Dealing Information      
                                                                               
Fund Mana  John Lo                                    Listed:      London Stock
ger:                                                               Exchange    
                                                                               
Enquiries: 08457 100 456                              Broker:      JP Morgan   
                                                                   Cazenove    
                                                                               
WWW        www.fidelity.co.uk/its                     Price        Financial   
Address:                                              Quoted:      Times       
           Copies of major                                                     
           announcements and                                       The Times   
           documentation relating                                              
           to the Company may be                                   The Daily   
           found on the website                                    Telegraph   
                                                                               
                                                                   The         
                                                                   Independent 
                                                                               
Launch     13 June 1996                               Reuters      FAS.L       
Date:                                                 Code:                    
                                                                               
           As at 30 April 2010    As at 3 June 2010   SEAQ Code:   51094       
                                                                               
Ordinary   60,942,501             60,953,135          ISIN:        GB0003322319
Shares In                                                                      
Issue:                                                                         
                                                                               
Share      9.05%                  11.23%              Registered               
price                                                 office                   
discount                                                                       
to NAV:                                                                        
                                                                               
Total      £128.1m                £124.6m             Beech Gate               
Assets:                                                                        
                                                      Millfield                
                                                      Lane                     
Loan:      £5.8m                  £6.2m                                        
                                                      Lower                    
                                                      Kingswood                
Total Net  £122.3m                £118.4m                                      
Assets:                                               Tadworth                 
                                                                               
                                                      Surrey KT20              
Gross      4.81%                  5.23%               6RP                      
Gearing :                                                                      
                                                                               
                                                                               
Net        3.75%                  3.61%                                        
Gearing :                                                                      
                                                                               
The Company's net asset value per share is announced daily and may be found on 
the Stock Exchange website www.londonstockexchange.com                         
                                                                               
                             Portfolio Breakdowns                              
                                                                               
Country    As at 30     As at 31      Largest 10    As at 30 April   As at 31  
Analysis   April 2010   January 2010  Holdings (%   2010             January   
(% total                              total assets)                  2010      
assets)                                                                        
                                                                               
China      29.8         26.8          Samsung       5.4              5.6       
                                      Electronics                              
                                                                               
Korea      22.9         25.2          China         5.1              4.9       
(South)                               Merchants                                
                                      Bank H                                   
                                                                               
Taiwan     15.4         17.0          Hon Hai       4.3              4.4       
                                      Precision                                
                                      Industry                                 
                                                                               
Singapore  9.3          8.4           Tencent       4.2              3.7       
                                      Holdings                                 
                                                                               
Hong Kong  8.0          16.3          Media Tek     3.3              3.7       
                                                                               
Malaysia   3.1          2.7           Li & Fung     2.6              3.9       
                                                                               
Indonesia  3.0          2.2           BYD `H'       2.4              2.3       
                                      Shares                                   
                                                                               
Cash       1.0          1.4           Baidu ADR **  2.5              -         
                                                                               
Other      7.7          -             Belle         2.1              -         
                                      International                            
                                      Holdings **                              
                                                                               
                                      Au Optronics  2.0              2.2       
                                                                               
                                      Hong Kong     -                3.0       
                                      Exchanges &                              
                                      Clearing *                               
                                                                               
Total      100          100           Swire Pacific -                3.0       
                                      A *                                      
                                                                               
                                      * No longer in the top 10 at 30 April    
                                      2010                                     
                                                                               
                                      ** Not in top 10 at 31 January 2010      

                      Performance Record (total return %)                      
                                                                               
               Price at   Quarter to  Quarter to  1 Year to 3 Years   5 Years  
               30 April   30 April    31 January  30 April  to 30     to 30    
               2010 (p)   2010        2010        2010      April     April    
                                                            2010      2010     
                                                                               
NAV (debt at   199.84     16.2            5.7       61.5      51.7      159.3  
par)                                                                           
                                                                               
NAV (debt at   199.69     16.1            N/A       60.9      51.4      160.6  
market value)                                                                  
                                                                               
Ordinary Share 181.75     14.7            2.6       62.9      56.0      166.5  
price                                                                          
                                                                               
Benchmark                 14.7            2.9       43.0      44.8      129.7  
Index                                                                          
                                                                               

As at 3 June 2010 the Company's NAV per share was 194.33p (debt at par) and
194.18p (debt at fair value) and the Company's share price was 172.50p per
share and 24.25p per subscription share.

                   Standardised Performance (total return %)                   
                                                                               
               30/04/2005  30/04/2006  30/04/2007  30/04/2008  30/04/2009      
                                                                               
               30/04/2006  30/04/2007  30/04/2008  30/04/2009  30/04/2010      
                                                                               
NAV            53.01       11.70       17.62       -20.15      61.54           
                                                                               
Ordinary Share 52.17       12.21       21.35       -21.06      62.90           
price                                                                          
                                                                               
Benchmark      46.33       8.38        23.22       -17.83      43.02           
Index                                                                          
                                                                               

By order of the Board

4 June 2010

For and on behalf of FIL Investments International

Company Secretary

4 June 2010

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 30 April 2010.
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.