Interim Management Statement

FIDELITY ASIAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 
31 OCTOBER 2011                                                                
                                                                               
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 decreased by 12.33% (debt at par) against a 11.09% decrease for the  
benchmark.                                                                     
                                                                               
- The share price decreased by 9.62 %                                          
                                                                               
- The Board and Managers continue to believe that investment in equities will  
produce strong returns for shareholders over the long term.                    
                                                                               
- The main portfolio changes are detailed in the top ten holdings below        
                                                                               
Net gearing was 4.11% on 31 October 2011.                                      
                                                                               
Material transactions                                                          
                                                                               
327,500 shares were repurchased for cancellation during the quarter.           
                                                                               
130,000 shares have been repurchased since the quarter end.                    
                                                                               
20,556 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 2011 published.     
                                                                               
AGM held on 23 November 2011 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:                        
                                                                               
WWW        www.fidelity.co.uk                   Price Quoted:  Financial Times 
Address:   /its                                                                
                                                               The Times       
           Copies of major                                                     
           announcements and                                   The Daily       
           documentation                                       Telegraph       
           relating to the                                                     
           Company may be                                      The Independent 
           found on the                                                        
           website                                                             
                                                                               
Launch     13 June 1996                         Reuters Code:  FAS.L           
Date:                                                                          
                                                                               
           As at 31 October   As at 15 December SEAQ Code:     51094           
           2011               2011                                             
                                                                               
Ordinary   61,621,095         60,953,704        ISIN:          GB0003322319    
Shares In                                                                      
Issue:                                                                         
                                                                               
Share      8.90%              9.78%             Registered                     
price                                           office                         
discount                                                                       
to NAV:                                                                        
                                                                               
Total      £125.8m            £122.8m           Beech Gate                     
Assets:                                                                        
                                                Millfield Lane                 
                                                                               
Loan:      £3.3m              £9.7m             Lower                          
                                                Kingswood                      
                                                                               
Total Net  £122.5m            £113.1m           Tadworth                       
Assets:                                                                        
                                                Surrey KT20                    
                                                6RP                            
Gross      7.63%              8.59%                                            
Gearing :                                                                      
                                                                               
                                                                               
Net        4.11%              5.98%                                            
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 2011 2011           Holdings (%     October 2011   July 2011
(% total                               total assets)                           
assets)                                                                        
                                                                               
Korea      31.2         29.4           Samsung         4.9            4.5      
(South)                                Electronics                             
                                                                               
China      20.8         18.3           Taiwan          3.8            3.3      
                                       Semiconductor                           
                                       Manufacturing                           
                                                                               
Taiwan     17.2         16.1           LG Household &  3.6            3.2      
                                       Healthcare                              
                                                                               
Hong Kong  14.6         17.9           Tencent         3.3            2.4      
                                       Holdings                                
                                                                               
Singapore  5.4          5.1            China Merchants 3.3            3.3      
                                       Bank H                                  
                                                                               
Malaysia   3.2          3.9            Hutchison       3.2            3.3      
                                       Whampoa                                 
                                                                               
Indonesia  1.6          -              Kia Motors      2.5            2.4      
                                                                               
Israel     1.2          -              Shinhan         2.2            -        
                                       Financial Group                         
                                                                               
India      -            1.5            Bank of China   2.2            2.3      
                                       Hong Kong                               
                                                                               
Thailand   -            1.5            SJM Holdings    2.1            2.8      
                                                                               
Other      2.4          3.5            Lock&Lock       -              2.6      
                                                                               
Cash       2.4          2.8                                                    
                                                                               
Total      100          100                                                    
                                                                               

                      Performance Record (total return %)                      
                                                                               
               Price at   Quarter to Quarter to  1 Year to  3 Years to 5 Years 
               31 October 31 July    31 October  31 October 31 October to 31   
               2011 (p)   2011       2011        2011       2011       October 
                                                                       2011    
                                                                               
NAV (debt at   199.78     -0.77        -12.33      -8.04      106.22    78.92  
par)                                                                           
                                                                               
Ordinary Share 182.00     -1.34         -9.62      -7.28      114.23    85.00  
price                                                                          
                                                                               
Benchmark                 -0.79        -11.09      -6.14      89.90     62.96  
Index                                                                          
                                                                               

As at 15 December 2011 the Company's NAV per share was 185.52p (debt at par)
and 185.43p (debt at fair value) and the Company's share price was 167.38p per
share.

                   Standardised Performance (total return %)                   
                                                                               
               31/10/2006   31/10/2007   31/10/2008   31/10/2009   31/10/2010  
                                                                               
               31/10/2007   31/10/2008   31/10/2009   31/10/2010   31/10/2011  
                                                                               
NAV            50.1         -30.3        67.0         13.7         -8.04       
                                                                               
Ordinary Share 50.5         -31.9        80.7         12.4         -7.28       
price                                                                          
                                                                               
Benchmark      57.7         -45.6        61.4         10.1         -6.14       
Index                                                                          
                                                                               

By order of the Board

Christopher Pirnie

For and on behalf of FIL Investments International

Company Secretary

16 December 2011

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 2011. 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.