Interim Management Statement

FIDELITY ASIAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 
31 OCTOBER 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 13.7% (debt at par) and 13.8% (debt at market value)    
against a 10.1% return for the benchmark.                                      
                                                                               
- the share price increased by 12.4%                                           
                                                                               
- The Board and Managers continue to believe that investment in equities should
produce strong returns for shareholders over the long term.                    
                                                                               
- main portfolio changes are detailed in the top ten holdings below            
                                                                               
Net gearing was 3.42% on 31 October 2010.                                      
                                                                               
Material transactions                                                          
                                                                               
Notification of change of holding - City of London - 10.22%; FIL Limited -     
25.17%.                                                                        
                                                                               
There have been no share repurchases during the quarter or since.              
                                                                               
50,201 ordinary shares were issued during the period following the exercise of 
rights attached to the subscription shares.                                    
                                                                               
Material Events                                                                
                                                                               
Final results and annual report for the year ended 31 July 2010 published.     
                                                                               
Following the quarter end, the remaining $6m under the revolving credit        
facility was drawn down in full.                                               
                                                                               
AGM held on 29 November 2010 and all resolutions passed.                       
                                                                               
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                                                   
           documentation relating                                              
           to the Company may be                                               
           found on the website                                                
                                                                               
Launch     13 June 1996                              Reuters     FAS.L         
Date:                                                Code:                     
                                                                               
           As at 31 October 2010    As at 3 December SEAQ Code:  51094         
                                    2010                                       
                                                                               
Ordinary   60,998,875               61,664,178       ISIN:       GB0003322319  
Shares In                                                                      
Issue:                                                                         
                                                                               
Share      9.62%                    12.34%           Registered                
price                                                office                    
discount                                                                       
to NAV:                                                                        
                                                                               
Total      £139.4m                  £149m            Beech Gate                
Assets:                                                                        
                                                     Millfield                 
                                                     Lane                      
Loan:      £5.6m                    £9.6m                                      
                                                     Lower                     
                                                     Kingswood                 
Total Net  £133.8m                  £139.4m                                    
Assets:                                              Tadworth                  
                                                                               
                                                     Surrey KT20               
Gross      4.20%                    6.85%            6RP                       
Gearing :                                                                      
                                                                               
                                                                               
Net        3.42%                    5.96%                                      
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 31     As at 31 July Largest 10     As at 31        As at 31  
Analysis   October 2010 2010          Holdings (%    October 2010    July 2010 
(% total                              total assets)                            
assets)                                                                        
                                                                               
China      25.0         27.9          China          5.1             5.5       
                                      Merchants Bank                           
                                      H                                        
                                                                               
Korea      24.2         23.4          Samsung        4.1             4.9       
(South)                               Electronics                              
                                                                               
Hong Kong  14.6         12.8          Hon Hai        4.0             3.7       
                                      Precision                                
                                      Industry                                 
                                                                               
Taiwan     10.8         11.5          Tencent        3.6             3.5       
                                      Holdings                                 
                                                                               
Malaysia   9.3          4.3           Li & Fung      3.0             3.0       
                                                                               
Singapore  7.7          10.4          Hong Kong      2.6             **        
                                      Exchanges &                              
                                      Clearing                                 
                                                                               
Indonesia  2.3          3.7           Genting        2.6             2.3       
                                      (Malayasia)                              
                                                                               
Thailand   1.6          -             Hyundai Mobis  2.5             2.0       
                                                                               
Other      3.3          3.0           Belle          2.4             2.3       
                                      International                            
                                      Holdings                                 
                                                                               
Cash       1.2          0.9           Doosan         2.4             **        
                                      Infracore                                
                                                                               
India      -            2.0           BYD `H' Shares *               3.0       
                                                                               
Total      100          100           Bank of China  *               2.0       
                                      Hong Kong                                
                                                                               
                                      * No longer in top 10 at 31 October 2010 
                                                                               
                                      ** Not in top 10 at 31 July 2010         

                      Performance Record (total return %)                      
                                                                               
               Price at 31 Quarter to Quarter   1 Year to  3 Years to  5 Years 
               October     31 July    to 31     31 October 31 October  to 31   
               2010 (p)    2010       October   2010       2010        October 
                                      2010                             2010    
                                                                               
NAV (debt at   218.51      -3.5         13.7       34.3       16.9      144.3  
par)                                                                           
                                                                               
Ordinary Share 197.50      -4.4         12.4       27.8       17.9      136.2  
price                                                                          
                                                                               
Benchmark                  -4.1         10.1       25.4       10.1      113.1  
Index                                                                          
                                                                               

As at 3 December 2010, the Company's NAV per share was 228.43p (debt at par)
and 228.37p (debt at fair value) and the Company's share price was 200.25p per
share.

                   Standardised Performance (total return %)                   
                                                                               
               31/10/2005   31/10/2006   31/10/2007   31/10/2008   31/10/2009  
                                                                               
               31/10/2006   31/10/2007   31/10/2008   31/10/2009   31/10/2010  
                                                                               
NAV            16.5         50.1         -30.3        67.0         13.7        
                                                                               
Ordinary Share 12.2         50.5         -31.9        80.7         12.4        
price                                                                          
                                                                               
Benchmark      22.7         57.7         -45.6        61.4         10.1        
Index                                                                          
                                                                               

By order of the Board

Christopher Pirnie

For and on behalf of FIL Investments International

Company Secretary

7 December 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 as at 31 October 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.