Final Results

FIDELITY ASIAN VALUES PLC
23 September 1999


Preliminary Announcement of Unaudited Results 
for the year ended 31 July 1999

COMMENT FROM THE CHAIRMAN

Performance 
The Asian economies are in a broad-based recovery from the financial crisis
which took place in the second half of 1997. In the year under review, the
stockmarkets in the region experienced high volatility especially in the third
quarter of 1998. Thanks in part to three US interest rate cuts from late
September to mid November 1998, designed to stave off the adverse economic
impact of the Asian collapse on world markets, Asian markets staged sharp
recoveries, which continued through the first half of 1999. However, the
recent increases in US interest rates in late June and late August in effect
cancelled out the earlier reductions  and raised concerns about future
interest rate trends. 

The net asset value per share rose 71.9% over the year to 31 July 1999. The
MSCI All Countries (Combined) Far East Free ex Japan Index (expressed in
sterling) rose 86.0% over the same period. Over the period since the Company's
launch both the NAV and share price have significantly outperformed the index,
falling 2.6% and 12.1%, respectively, compared with a fall of 29.3% in the
benchmark. The protection of value is as important as the creation of value in
these turbulent times.

The investment environment was significantly different from that of the
previous year. In 1998, the high proportion of the Company's assets invested
in Hong Kong provided protection from the relatively steeper declines which
occurred in most of the smaller regional markets. In 1999, the high initial
weighting in Hong Kong equities was unhelpful as these smaller markets
rebounded spectacularly, thanks to interest rate cuts and positive news about
restructuring at government and corporate levels. In conjunction with your
Manager, the portfolio has been rebalanced so as to provide a broader exposure
to the regional markets while maintaining Hong Kong as our largest single
country investment.


Outlook
Investor confidence in Asia has gradually returned, currencies have steadied,
and interest rates stabilised.  Now that the market extremes of last year have
receded, Asia is embarking on the road of restructuring the real economy
coupled with some degree of political reform. In this process the very high
savings rates in most Asia Pacific countries are helpful in providing
liquidity and flexibility. Recovery rates will vary in relation to the extent
of their problems and the intensity of their reform efforts. Political
factors, including the continuing tension between China and Taiwan and the
threat of instability in Indonesia, may also influence sentiment. All this
calls for a selective approach.

Further recovery will be led by cost cutting and efficiency improvements
rather than by exports.  This is a testing process for companies and countries
alike. Many inefficient and highly leveraged companies must change
significantly if they are to survive. Unemployment will remain high as
capacity is reduced and businesses adjust to weaker demand. 

There is no doubt that the restructuring process should enhance corporate
profitability over the long term. In the interim, Asian stockmarkets overall
are likely to remain volatile but your Board believes there will be good
investment opportunities. Moreover, portfolio and longer-term fund flows
should on balance favour the Asian markets as most global funds are still
underweight in the region and waiting for re-entry opportunities on market
weaknesses.

With improving major regional economies and consensus forecasts of an earnings
rebound this year and in 2000, it is a time for positive investment policy. We
think that the equity market is likely to become much more two-tiered. Those
companies that are strong will trade at large premiums, and at the other end
of the spectrum the weaker companies will be at sharp discounts.  So clearly,
the focus is to identify the winners.  


Dividend
Your Board recommends the payment of a dividend of 0.42 pence per share
(1998:nil) payable on 26 November 1999 to shareholders on the register at
close of business on 8 October 1999.  The proposed dividend is required for
the purposes of maintaining the Company's investment trust status.  The
Company's objective is to achieve long-term capital growth and its policy of
charging its management and administration expenses, together with the finance
costs of borrowings, against the Company's revenue account, is likely to
result in the Company having insufficient income to pay dividends in future
years.


Gearing
It had always been the Board's intention to renew the gearing when the time
was right and I am pleased to announce that a multi-currency revolving credit
facility in the sum of £20 million has now been put in place. Amounts will be
drawn down under this facility as opportunity offers.


Fund Manager
On 10 March 1999 Yosawadee Polcharoen was appointed Associate Portfolio
Manager. I am pleased to report that Mrs Polcharoen has now been appointed as
Portfolio Manager in succession to Mr K C Lee. We thank Mr KC Lee for his
valuable contribution to the Company's performance since its launch in 1996.
Mrs Polcharoen has been with Fidelity for over six years and is the manager of
a number of Fidelity funds investing in Asia. She also acts as investment
adviser to The Thailand International Fund Limited, an offshore closed end
fund. 


Directorate
During the year we were pleased to welcome Simon Haslam as a Director of the
Company.  Simon is chief financial officer of Fidelity International.  Since
December 1998 he has had responsibility for the relationships between Fidelity
and the boards of directors of all the closed end funds managed by Fidelity. 
Before joining Fidelity, he spent ten years as an audit partner in Deloitte &
Touche.  His new responsibilities make his appointment to the Board an
appropriate addition.  Simon replaces Martin Cambridge who has taken on new
marketing responsibilities for Fidelity.  Martin was a founding Director of
the Company and has made useful contributions to our affairs for which we are
very grateful.


Continuation Vote
The average discount in the 12 month period leading up to the approval of this
report and accounts was 15.99%. We announced on 9 October 1998 that were the
average 12 month discount to exceed 15% a resolution for continuation would be
proposed at the forthcoming annual general meeting and at future annual
general meetings, if appropriate. Accordingly the text of such a resolution is
set out in the Notice of Meeting in the annual report. For your information,
as at 22 September 1999, the share price stood at a discount of 10.65% to net
asset value.


The outlook for the Asian region in the medium to long term is positive and
the Manager has demonstrated expertise in investing in this area. We believe
that there is significant potential for capital appreciation in the region. 
Your Board continues to believe that an investment trust is an attractive
long-term investment vehicle which offers a number of advantages over an open
ended fund, including the ability to borrow monies for investment over the
medium and longer term and the freedom to invest without the distraction of
potential cash inflows and outflows. 

Your Board therefore recommends that you vote in favour of the continuation of
the trust. 


AITC 'its' campaign
The Association of Investment Trust Companies has launched a number of
initiatives to raise the profile of investment trusts. These include a generic
advertising campaign entitled 'its' which is due to start in early October.
Your Company has agreed to support this campaign and we believe that it will
benefit shareholders by improving demand for investment trust shares.


Authority to repurchase shares
Approval was given by shareholders in November 1998 to enable the Company to
repurchase up to 15,000,000 shares for cancellation. The Company has
repurchased and cancelled 1,500,000 shares in the period to 31 July. This
resulted in an overall uplift to net asset value of 0.22 pence per share.  A
resolution will be proposed at the forthcoming annual general meeting to renew
this authority and your Board recommends that you vote in favour of the
resolution. 


Share Plan and ISAs
The Fidelity Investment Trust Share Plan and the Fidelity Investment Trust
Individual Savings Account provide investors with a simple and cost effective
way to invest in the Company. We believe the plans to be beneficial to
shareholders in stimulating demand for shares in the Company and thereby
reducing the discount to net asset value. Further details of how to invest
through these plans is given in the annual report.


Annual General Meeting
The AGM is due to take place on 25 November 1999 at Fidelity's London office.
Yosawadee Polcharoen, our portfolio manager, will be making a presentation on
Asia and the prospects for Fidelity Asian Values.

The AGM is particularly important this year in view of the special business to
be considered and we warmly invite shareholders to join us and to take
advantage of the opportunity to discuss investment prospects. Full details of
the meeting are given in the annual report.

John Morrell
22 September 1999

Enquiries : Barbara Powley - Fidelity Investments International
            01737 836883


FIDELITY ASIAN VALUES PLC

STATEMENT OF TOTAL RETURN (unaudited)
(incorporating the revenue account) of the Company for the year ended
31 July 1999


                                    1999                         1998*

                        revenue  capital    total   revenue   capital   total
                          £'000    £'000    £'000     £'000     £'000   £'000

Gains/(losses) on 
investments                   -   39,554   39,554         -  (51,591) (51,591)

Income                    2,159        -    2,159     4,851        -    4,851 

Investment management 
fee                        (821)       -     (821)   (1,284)       -   (1,284)

Other expenses             (404)       -     (404)     (408)       -     (408)

Exchange gains/(losses)       -       52       52         -     (249)    (249)

Net return before finance
costs and taxation          934   39,606   40,540     3,159  (51,840) (48,681)

Interest payable             (2)       -       (2)   (1,543)       -   (1,543)

Exchange gain on loan         -        -        -         -      284      284 

Return on ordinary 
activities before tax       932   39,606   40,538     1,616  (51,556) (49,940)

Tax on ordinary 
activities                 (278)       -     (278)     (490)       -     (490)

Return on ordinary
activities after tax
attributable
to equity shareholders      654   39,606   40,260     1,126  (51,556) (50,430)

Dividend                   (426)       -     (426)        -        -        -

Transfer to/(from) reserves 228   39,606   39,834     1,126  (51,556) (50,430)

Return per ordinary
share                     0.64p   38.58p   39.22p     1.10p  (50.16p) (49.06p)

* for the 15 months to 31 July 1998

All revenue and capital items in the above statement derive from continuing
operations
No operations were acquired or discontinued in the year


BALANCE SHEET (unaudited)
as at 31 July 


                                               1999                   1998
                                              £'000                  £'000

Investments                                  92,906                 50,907

Debtors                                       1,722                  1,094
Cash at bank                                  1,238                  4,005

Creditors - amounts falling due
within one year                              (1,637)                  (386)

Net current assets                            1,323                  4,713

Total net assets                             94,229                 55,620

Capital and reserves
Called up share capital                      25,329                 25,704
Share premium account                             -                 65,115
Capital redemption reserve                      375                      -

Other reserves 
Other reserve                                63,890                      -
Warrant reserve                               7,373                  7,373
Capital reserve - realised                  (12,286)                (8,944)
Capital reserve - unrealised                  7,846                (35,102)
Revenue reserve                               1,702                  1,474

Total equity shareholders' funds             94,229                 55,620

Net asset value per ordinary share           93.00p                 54.10p


CASH FLOW STATEMENT (unaudited)
for the year to 31 July 1999

                                                       1999             1998*
                                                      £'000            £'000

Net cash inflow from operating activities               672            2,103

Net cash outflow from returns on 
investments and servicing of finance                     (2)          (1,648)

Taxation recovered                                        -              149

Net cash (outflow)/inflow from financial investment  (2,202)          20,175

Net cash outflow from financing                      (1,225)         (18,676)

(Decrease)/increase in cash                          (2,757)           2,103



The above statements have been prepared on the basis of the accounting
policies as set out in the most recently published set of annual financial
statements.

The figures for the period to 31.07.98 have been extracted from the accounts
for the period ended 31.07.98 which have been delivered to the Registrar of
Companies and on which the Auditors gave an unqualified report.

The annual report and accounts will be posted to shareholders by no later than
13 October 1999.