Final Results

Fidelity Asian Values PLC
28 September 2000


Preliminary Announcement of Unaudited Results 
for the year ended 31 July 2000

CHAIRMAN'S STATEMENT

In the year to 31 July 2000, the net asset value per share of the Company rose
by 10.0%. For reference, the MSCI All Countries (Combined) Far East Free ex
Japan Index + Malaysia rose by 8.4% over the same period. Since the Company's
launch the NAV has shown an increase of 7.1% compared to a decline in the
relevant MSCI Index of 21.2%.  (All performance figures are on a total return
basis and expressed in sterling.)  

Despite the relative outperformance and in face of the generally accepted case
for long-term growth in Asia, it is disappointing that our original
shareholders have not prospered as we anticipated at the time of the launch.
The principal culprit has been the de-rating of Asian valuations which
followed the extremes of market volatility experienced as a result of the
financial crisis that affected the whole region in 1997 and 1998. Those events
have cast a long shadow. 

Meanwhile, the underlying real economies in most Asian countries continued to
recover based  on strong demand for exports particularly from the US - and
gradually returning confidence which has recently been apparent in consumer
spending. The stockmarkets in the region remained volatile. However, there was
a very marked diversity in performance.  The ASEAN smaller markets performed
particularly poorly.  This reflected in part a drive for quality by
institutional investors who favoured the larger markets and leading issues. 
To an extent, it also reflected the re-defining of the regional indices which
gave a greater weight to Korea and Taiwan as currency liberalisation proceeded
so as to admit international investment capital.  

The dollar remains a key currency for the region.  For this reason, increases
in US interest rates, and the fear of further action by the Fed, aimed at
slowing excessive economic growth in the US, affected Asian financial markets.
   
In line with world-wide trends, Asian investors demand for technology, media
and telecommunications (TMT) exploded towards the close of 1999. As elsewhere
the subsequent collapse retraced a great part of the gains and added a further
element of uncertainty to markets. This set-back should prove to be temporary
since Asian manufacturers of electronics are achieving leadership in their
fields.  Also, as we have seen in the past, Asian cultures rapidly embrace
innovation. There is ample evidence that this is happening in relation to
internet applications and the mobile telephone revolution. 

Since the close of the Company's year, Asian markets have been volatile.  In
particular, markets were unsettled by the pressure on profit margins announced
by Intel of the US affecting manufacturers of electronic components.  This
particularly affected markets in Korea and Taiwan.  Hong Kong, our largest
exposure has fared relatively well. 

By international standards, the Asian markets now offer attractive values
which our Manager sees as providing selective investment opportunities. 
Exploitation of new technology is one of the foundations of future growth in
the region.  Further strength can be expected by China's growing presence in
the region to which accession to the World Trade Organisation can only add
significance.  In addition, any recovery in the Japanese economy will confer
regional benefits.  Despite short-term uncertainty, there is much to be
positive about as reflected in our Manager's report.

Gearing - Your Board negotiated a borrowing facility equivalent to £20 million
in US dollars in September 1999 to take advantage of attractive investment
opportunities.  The policy of the Board is to use gearing flexibly in response
to perceived opportunity.

Dividend - Your Board is not recommending the payment of a dividend (1999:
0.42p). The Company's objective is to achieve long-term capital growth and its
policy of charging its management and administrative expenses, together with
the finance costs on borrowings, against the Company's revenue account, has
resulted in the Company having insufficient income to pay a dividend. This is
likely to be the case in future years. In this respect, 1999 was exceptional
due to the high levels of liquidity maintained during the year when the
payment of a dividend was necessary to maintain our investment trust tax
status. 

Purchase of Shares - In the year to 31 July 2000 the Company purchased and
cancelled 900,000 shares. Purchases are made by the Manager within guidelines
laid down by the Board and are undertaken only if they will result in an
uplift in the fully-diluted net asset value. 

Directors - I am pleased to announce that Mr. Roger Hulett was appointed to
the Board on 21 July 2000. Roger recently retired from Dresdner Kleinwort
Benson where he was head of the investment trust team. He brings a wealth of
experience of investment trusts which will enable him to make a valuable
contribution to the deliberations of the Board. He is a most welcome addition.

I shall be retiring from the Board at the forthcoming Annual General Meeting
having served as Chairman since inception. I am delighted to say that Sir
Victor Garland has agreed to take over from me as Chairman of the Company with
effect from that date. He has highly relevant experience in the investment
trust world and in the field of business in the Asian region.

Share Plan and ISAs - The Fidelity Investment Trust Share Plan and the
Fidelity 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.  

Annual General Meeting - The AGM is due to take place on 20 November 2000 at
Fidelity's new London Cannon Street office at 9.30am and all shareholders,
ISA, Share Plan and PEP investors are invited to attend. Yosawadee Polcharoen,
our portfolio manager, will be making a presentation via video conference from
Hong Kong on Asia and the prospects for Fidelity Asian Values. 

John Morrell
Chairman
28 September 2000


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 2000

                                    2000                         1999

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

Gains on investments          -   11,353   11,353         -    39,554  39,554

Income                    1,619        -    1,619     2,159         -   2,159
Investment management 
fee                      (1,270)       -   (1,270)     (821)        -    (821)

Other expenses             (469)       -     (469)     (404)        -    (404)

Exchange (losses)/gains       -      (40)     (40)        -        52      52 

Net return before finance
costs and taxation         (120)  11,313   11,193       934   39,606   40,540 

Interest payable           (980)       -     (980)       (2)       -       (2)

Exchange loss on loan         -   (1,359)  (1,359)        -        -        - 

Return on ordinary 
activities before tax    (1,100)   9,954    8,854       932   39,606   40,538 

Tax on ordinary 
activities                 (128)       -     (128)     (278)       -     (278)

Return on ordinary
activities after tax
attributable
to equity shareholders   (1,228)   9,954    8,726       654   39,606   40,260 

Dividend                      -        -        -      (426)       -     (426)

Transfer to/(from) 
reserves                 (1,228)   9,954    8,726       228   39,606   39,834 

Return per ordinary
share                    (1.22p)   9.90p    8.68p     0.64p   38.58p   39.22p 


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 
                                               2000                   1999
                                              £'000                  £'000

Investments                                 122,723                 92,906

Debtors                                         386                  1,722
Cash at bank                                    967                  1,238

Creditors - amounts falling due
within one year                                (458)                (1,637)

Net current assets                              895                  1,323

Total assets less current liabilities       123,618                 94,229

Creditors - amounts falling due
after more than one year                    (21,357)                     -

Total net assets                            102,261                 94 229

Capital and reserves
Called up share capital                      25,105                 25,329
Capital redemption reserve                      600                    375
Share premium account                             3                      -

Other reserves 
Other reserve                                63,194                 63,890
Warrant reserve                               7,371                  7,373
Capital reserve - realised                  (13,995)               (12,286)
Capital reserve - unrealised                 19,509                  7,846
Revenue reserve                                 474                  1,702

Total equity shareholders' funds            102,261                 94,229

Net asset value per ordinary share 
Basic                                       101.83p                 93.00p
Fully-diluted                               101.52p                      -



CASH FLOW STATEMENT (unaudited)
for the year to 31 July 2000
                                                       2000             1999
                                                      £'000            £'000

Operating activities
Investment income received                            1,126            1,619
Deposit interest received                                79              268
Investment management fee paid                       (1,256)            (803)
Directors' fees paid                                    (41)             (36)
Other cash payments                                    (485)            (376)

Net cash (outflow)/inflow from operating activities    (577)             672

Returns on investments and servicing of finance
Interest paid                                          (740)              (2)

Net cash outflow from servicing of finance             (740)              (2)

Taxation
UK Corporation tax paid                                  (7)               -

Financial investment
Purchase of investments                             (88,597)         (80,990)
Realised exchange (losses)/gains                        (56)             155
Disposals of investments                             70,812           78,633

Net cash outflow from financial investment          (17,841)         (2,202)

Equity dividend paid                                   (426)              -

Net cash outflow before financing                   (19,591)         (1,532)

Financing
Repurchase of ordinary shares                          (698)         (1,225)
Proceeds on conversion of warrants                        4               -
Fixed rate unsecured loan drawn down                 19,998               -

Net cash inflow/(outflow) from financing             19,304          (1,225)

Decrease in cash                                       (287)         (2,757)


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 31.07.99 have been extracted from the accounts
for the period ended 31.07.99 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
19 October 2000.