Interim Management Statement

FIDELITY ASIAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED
30 APRIL 2009                                                                 
                                                                              
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 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 increased by 24.19 % (debt at par) and 24.55 % (debt at fair value) 
against a 21.19 % return for the benchmark.                                   
                                                                              
- the share price increased by 18.47 %                                        
                                                                              
- main portfolio changes are detailed in the top ten holdings below           
                                                                              
Net gearing was 7.0% on 30 April 2009                                         
                                                                              
Material transactions                                                         
                                                                              
During the period the Company repurchased no shares for cancellation.         
                                                                              
Since the quarter end no shares have been repurchased.                        
                                                                              
Material Events                                                               
                                                                              
The half-yearly report of the Company as at 31 January 2009 was published in  
March.                                                                        
                                                                              
Substantial shareholder notification - City of London Investment Management   
Limited announced a holding of 10.01% on 27 March 2009                        
                                                                              
Additional Information                                                        
                                                                              
Details of the Company                     Dealing Information                
                                                                              
Fund Manager:    John Lo                   Listed:           London Stock     
                                                             Exchange         
                                                                              
Enquiries:       08457 100 456             Broker:           JP Morgan        
                                                             Cazenove         
                                                                              
WWW Address:     www.fidelity.co.uk/its    Price Quoted:     Financial Times  
                                                                              
                 Copies of major                             The Times        
                 announcements and                                            
                 documentation relating to                   The Daily        
                 the Company may be found                    Telegraph        
                 on the website                                               
                                                                              
Launch Date:     13 June 1996              Reuters Code:     FAS.L            
                                                                              
                 As at 30     As at 16     SEAQ Code:        51094            
                 April 2009   June 2009                                       
                                                                              
Ordinary Shares  60,942,501   60,942,501   ISIN:             GB0003322319     
In Issue:                                                                     
                                                                              
Share price      9.8%         5.3%         Registered office                  
discount to NAV:                                                              
                                                                              
Total Assets:    £83.3m       £84.9m       Beech Gate                         
                                                                              
Loan:            £7.4m        £ 6.7m       Millfield Lane                     
                                                                              
Total Net        £75.9m       £78.2m       Lower Kingswood                    
Assets:                                                                       
                                           Tadworth                           
Gross Gearing :  9.9%         8.6%                                            
                                           Surrey KT20 6RP                    
Net Gearing:     7.0%         7.7%                                            
                                                                              
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   Largest 10      As at 30 April  As at 31       
Analysis  April 2009   31      Holdings (%     2009            January 2009   
(% total               January total assets)                                  
assets)                2009                                                   
                                                                              
Hong Kong 25.6         23.5    Taiwan          6.6             5.7            
                               Semiconduct                                    
                               Manufacturing                                  
                                                                              
China     22           23.2    Samsung         5.4             5.0            
                               Electronics                                    
                                                                              
Korea     20.7         20.4    China Mobile    5.1             6.5            
(South)                                                                       
                                                                              
Taiwan    18.4         13.5    China Merchants 4.1             4.6            
                               Bank `H'                                       
                                                                              
Singapore 9.1          10.0    Media Tek **    3.4             -              
                                                                              
Malaysia  2.4          1.9     Tencent         3.3             3.0            
                               Holdings                                       
                                                                              
Cash      1.8          6.7     Amorepacific    3.1             3.1            
                               New                                            
                                                                              
Other     -            0.8     Huabao          3.1             3.4            
                               International                                  
                               Holdings                                       
                                                                              
                               Swire Pacific A 3.0             3.0            
                                                                              
                               Hang Seng Bank  3.0             5.3            
                                                                              
                               Hutchison       -               2.9            
                               Whampoa *                                      
                                                                              
Total     100          100                                                    
                                                                              
                               * No longer in top 10 at 30 April 2009         
                                                                              
                               ** Not in top 10 at 31 January 2009            
                                                                              
                     Performance Record (total return %)                      
                                                                              
                 Price at      Quarter to  Quarter 1 Year to 30    3 Years 5 Years
                               30 April    to  April 2009      to 30   to 30  
                 30 April 2009 2009        31                  April   April  
                 (p)                       January                 2009    2009   
                                           2009                                
                                                                              
NAV (debt at     124.41        24.19       2.28      -20.1        4.9    73.7  
par)                                                                          
                                                                              
NAV (debt at     124.13        24.55       2.16      -20.1        4.6      -   
fair value)                                                                   
                                                                              
Ordinary Share   112.25        18.47       10.17      -21.1        7.5    79.1  
price                                                                         
                                                                              
Benchmark Index                21.19       9.88      -17.8        9.7    71.8  
                                                                              

As at 16 June 2009 the Company's NAV per share was 128.25p (debt at par) and
128.01p (debt at fair value) and the Company's share price was 121.50p per
share.

                   Standardised Performance (total return %)                   
                                                                               
               30/04/2004   30/04/2005   30/04/2006   30/04/2007   30/04/2008  
                                                                               
               30/04/2005   30/04/2006   30/04/2007   30/04/2008   30/04/2009  
                                                                               
NAV            8.18         53.01        11.70        17.62        -20.15      
                                                                               
Ordinary Share 9.49         52.17        12.21        21.35        -21.06      
price                                                                          
                                                                               
Benchmark      7.00         46.33        8.38         23.22        -17.83      
Index                                                                          
                                                                               

By order of the Board

Rebecca Burtonwood

For and on behalf of FIL Investments International

Company Secretary

17 June 2009

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 2009.
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.

CB35937/06/10