Interim Results - 6 Months to 31 January 2000

Fidelity Asian Values PLC
15 March 2000

Announcement of unaudited results 
for the six months ended 31 January 2000

Extract from the Interim Report

Chairman's Statement

Performance - Over the 6 months to 31 January, the net asset value per share
rose by 23.7%.  By comparison, the MSCI All Countries (Combined) Far East Free
ex Japan Index rose 12.9%. The share price rose by 25.3% over the same period.
(All performance figures are on a total return basis and expressed in
sterling.) 

Outlook - The momentum of the economic recovery in Asia has been maintained
and enhanced by the macro fundamentals in terms of both domestic demand and
trade returns.  The region is in the early stages of a corporate earnings
cycle based on this recovery. Restructuring and reform remain key themes.
Meanwhile, the environment is favourable for careful stock selection. 
Therefore, while occasional set backs may be experienced, the background
investment case remains positive.

Gearing - It has always been the Board's intention to use the capability of
the investment trust structure to borrow funds when the time was considered
right and within prudent limits.  On 29 November 1999 it was announced that a
£20 million revolving credit facility had been put in place. The full amount
available under this facility was drawn down on 1 December 1999 in US$ for a
total of $32 million for the period to 27 September 2001. The Board believes
that in the long term gearing will be beneficial to shareholders and we
continue to monitor borrowing opportunities carefully.

Continuation Vote - The continuation vote in November 1999 was passed by a
very substantial majority. (Shareholders are given the opportunity to vote on
the continuation of the Company in each year that the average discount exceeds
15%.)  Your Board continues to believe that the investment trust structure is
particularly appropriate for addressing the investment opportunities of the
various Pacific markets. 

Purchase of shares - As part of a programme to enhance shareholder value,
approval was given by shareholders in November 1999 to enable the Company to
repurchase up to 15,000,000 shares for cancellation. To date the Company has
repurchased and cancelled a total of 2,400,000 shares providing a small uplift
in the net asset value per share.  Purchases are made with the sole aim of
maximising the benefit to continuing shareholders. Over the period under
review, it was encouraging to note some reduction in the discount, although it
needs to be recognised that investor enthusiasm for our particular specialised
investment mandate will wax and wane.  This factor is likely to continue to be
the major influence on our share price and on the discount to net asset value
at which the shares trade.

Dividend - The Directors do not recommend the payment of an interim dividend.

John Morrell
15 March 2000


Investment Manager's Report

Markets - The economic recovery in the region continued to gather momentum
during the period. As an example, in the fourth quarter of 1999 real gross
domestic product in Singapore rose by 7.1%, contributing strongly to full year
growth of 5.4%. Most of the major economies in the region grew strongly in the
third quarter: the South Korean economy expanded by 12.3%, Taiwan by 5.1% and
Hong Kong by 4.5%. The growth in Taiwan was especially impressive in view of
the negative impact of the earthquake in late September. 

Such strong economic growth was mainly attributable to improving industrial
production in the region. This was a result of export growth stemming from the
strong consumer demand in the US and improving intra-regional trade. 

Towards the end of the period, an improvement in private consumption, owing to
stable or falling unemployment and more confidence in the economic outlook,
further aided economic growth in the region. 

Meanwhile, corporate fundamentals continued to improve. Corporate profits in
1999 rose as a result of cost-cutting, lower borrowing costs and strong sales
growth, particularly in the export sector.  

Stockmarkets in the region continued to see sharp volatility during the
period. This was partly due to concerns over the direction of US interest
rates.  The US Federal Reserve raised interest rates by 25 basis points twice
during the period. In view of the US credit tightening, investors in the
region shifted their focus to companies that offered more reliable profits
growth. 

Towards the end of 1999, stockmarkets across the region rose sharply due to
the strong performance of the US market, especially the technology sector. In
common with markets, investor interest concentrated on technology and internet
related stocks. Some institutional investors, who were previously cautious of
investing because of the Y2K issue and thus held high cash positions, appeared
to gain confidence and invested some of their cash in shares. Markets such as
Thailand and Malaysia benefited the most from the increased investment. 

Despite strong rises in markets at the beginning of this year, renewed US
interest rate concerns triggered bouts of selling in the US which resulted in
similar activity in Asian markets.  

Throughout most of the period, global fund managers were reported to be net
buyers of equities in the region. The supply of new equities also rose over
the period, constraining markets.  

Portfolio Review - Our investment approach is to identify undervalued stocks
with strong financial positions, attractive long-term earnings growth
prospects and quality management. The Company is mainly invested in large and
medium-sized companies and has a limited exposure to smaller capitalisation
companies. In Asia, larger companies generally have longer track records. This
provides evidence of the management capability and corporate strategy as well
as business risks, making possible in depth company analysis. 

The Company's relatively large exposure to the electronics, telecommunications
and internet sectors also contributed positively to performance. These sectors
performed strongly in most markets around the world. This was especially true
in Taiwan and Korea which have a number of technology and telecommunications
related companies listed on their markets.  

Among the Company's top holdings in the electronics sector, Taiwan
Semiconductor Manufacturing Co. (TSMC) contributed significantly to
performance with an appreciation of 88% in sterling terms during the review
period. TSMC is the largest semi-conductor manufacturer world-wide and has a
dominant global market share. The company serves both manufacturers that do
not have a manufacturing plant and integrated device makers and manufactures
chip designs for use in computers, communications and consumer applications.
The recovery of the semi-conductor industry and a growing trend towards
outsourcing from its customers have contributed to the company's growth.  

Restructuring and reform continued to be major themes in Asia. We prefer
companies which are restructuring their businesses to ensure that corporate
profitability can be sustained and shareholder value can be created over the
longer term. 

Companies undergoing corporate restructuring in the portfolio include Telekom
Malaysia and Samsung Electronics. The share price of Telekom Malaysia, the
dominant integrated telecommunication provider in Malaysia, rose by 45% in
sterling terms during the review period. The company controls approximately
98% of the fixed-line market and about 15% of the mobile communications market
in the country. Against the backdrop of a difficult economic environment, the
company has been restructuring its business and finances with measures geared
towards cutting costs, disconnecting non-paying subscribers and making
adequate provisions for bad debts. These moves are intended to place the
company on a firm foundation. 

The share price of Samsung Electronics, the world's largest manufacturer of
computer chips know as DRAMs (Dynamic Random Access Memory), rose by 58% in
sterling terms during the review period. The company has restructured its
operations and finances in order to sharpen its global competitive edge in the
memory chip market. Improvements to its production processes have meant that
Samsung Electronics has maintained its position as one of the lowest cost
manufacturers of DRAMs. 

Other holdings that performed well include SK Telecom in Korea, China Telecom
in Hong Kong and United Microelectronics in Taiwan. 

The Company maintained exposure to selected cyclical or economy sensitive
stocks, particularly among the steel and petrochemical sectors in Korea and
Taiwan. These companies should benefit from rising commodity prices and
increased demand. 

In terms of country asset allocation, the Company maintains overweight
positions in Korea and Taiwan and is underweight in the Philippines, Singapore
and Indonesia. This geographical allocation is purely a result of stock
selection in response to attractive investment opportunities in Korea and
Taiwan. 

Outlook for the region - The economic outlook for the region remains
favourable. Over the past year, the region has benefited from demand from the
robust US economy, and the recovery of the Japanese economy appears to be
offering another source of growth. 

The economic recovery and the measures banks are taking to reduce their bad
loans are helping most countries restore health to their financial systems.
Brokers revised up their profits growth forecasts through much of 1999, in
particular for cyclical stocks. Although profits this year are not expected to
rise at the same rate as last year, forecasts are still in the mid teens for
most markets. 

Over the longer term, restructuring remains a key theme in the region. At the
company level, ongoing restructuring efforts are likely to improve long-term
corporate profitability.  

Share valuations in the region range from neutral to moderately attractive,
with the exception of Thailand which appears expensive. Many market
participants believe that interest rates are most likely to rise in Korea and
Hong Kong which could reduce their attractiveness compared to other markets in
the region. 

Key concerns remain the need for companies to issue large amounts of new
equity and the possibility of higher interest rates. While these factors may
temper the performance of markets in the short term, on a medium-term view the
region remains attractive. Economic recovery, rising corporate profits and
on-going restructuring activity should continue to have a positive effect on
investor sentiment and hence stockmarkets.

Year 2000 - The Manager successfully completed a smooth transition to the new
millennium. All systems, infrastructure, facilities and telecommunication
components owned by Fidelity International Limited and its associate companies
were fully functional over the millennium period and, to date, continue to be
fully functional. To the best of our knowledge and belief, no significant Year
2000 problems affecting the Company have, to date, arisen in any of its third
party service providers.

Fidelity Investments International
15 March 2000

Enquiries : Barbara Powley- Fidelity Investments International 01737 836883


FIDELITY ASIAN VALUES PLC

STATEMENT OF TOTAL RETURN (incorporating the revenue account)*
for the six months ended 31 January - unaudited

                                   2000                         1999
                      revenue   capital   total    revenue   capital    total
                        £'000     £'000   £'000      £'000     £'000    £'000

Gains on investments        -    21,444  21,444          -    15,774   15,774

Income                    652         -     652      1,127         -    1,127

Investment management 
fee                      (599)        -    (599)      (343)        -     (343)

Other expenses           (234)        -    (234)      (107)        -     (107)

Exchange losses             -       (13)    (13)         -       (44)     (44)

Net return before 
finance costs 
and taxation             (181)   21,431  21,250        677    15,730   16,407

Interest payable         (232)        -    (232)         -         -        -

Exchange gain on loan       -       291     291          -         -        -

Return on ordinary
activities before tax    (413)   21,722  21,309        677    15,730   16,407

Tax on ordinary 
activities                 97         -      97       (198)        -     (198)

Return on ordinary 
activities after tax for
the period, transferred 
to reserves (1)          (316)   21,722  21,406        479    15,730   16,209


Return per ordinary
share(2)               (0.31p)   21.56p  21.25p      0.47p    15.30p   15.77p


*  the revenue column on this statement is the profit and loss account of the
Company.


BALANCE SHEET
                                   31.01.00         31.07.99         31.01.99
                                  unaudited          audited        unaudited
                                      £'000            £'000            £'000

Investments                         134,344           92,906           61,852

Current assets
Debtors                                 828            1,722              689
Cash at bank                            795            1,238            9,651

Creditors - amounts falling
due within one year                  (1,319)          (1,637)            (363)

Net current assets                      304            1,323            9,977

Total assets less 
current liabilities                 134,648           94,229           71,829

Creditors - amounts falling
due after more than one year (3)    (19,706)               -                -

Total net assets                    114,942           94,229           71,829

Capital and reserves
Called up share capital              25,105           25,329           25,704
Capital redemption reserve              600              375                -

Other reserves
Other reserve (4)                    63,197           63,890           65,115
Warrant reserve                       7,372            7,373            7,373
Capital reserve - realised          (12,228)         (12,286)         (12,882)
Capital reserve - unrealised         29,510            7,846          (15,434)
Revenue reserve                       1,386            1,702            1,953

Total equity shareholders' funds    114,942           94,229           71,829

Net asset value per 
ordinary share (5)
Basic                               114.46p           93.00p           69.86p
Fully-diluted                       112.01p                -                -

The above statements have been prepared on the basis of the accounting
policies set out in the most recently published set of annual financial
statements.  The balance sheet as at 31 July 1999 has been extracted from the
accounts for the year ended 31 July 1999 which have been delivered to the
Registrar of Companies and on which the auditors gave an unqualified report.


CASH FLOW STATEMENT
for the six months ended 31 January - unaudited
                                                       2000             1999
                                                      £'000            £'000

Net cash (outflow)/inflow from operating activities    (284)             282

Interest paid                                            (5)               -

Net cash (outflow)/inflow from financial investment (19,062)           5,303

Equity dividend paid                                   (425)               -

Net cash inflow from financing                       19,303                1
 
(Decrease)/increase in cash                            (473)           5,586

Notes
1  Return on ordinary activities - Attributable to equity shareholders.

2  Return per ordinary share - Returns per ordinary share have been calculated
using 100,761,357 being the weighted average number of shares in issue during
the 6 months to 31 January 2000 (1999 : 102,816,129 being the weighted average
number of shares in issue during the 6 months to 31 January 1999).  As the
basic and fully-diluted returns, calculated according to the provisions of
FRS14, are identical, the fully-diluted return has not been disclosed.  Since
the effect of the warrants outstanding on the first day of the accounting
period is not dilutive, they have not been included in the calculation of the
fully-diluted return.

3  Loan facility - On 29 November 1999, the Company drew down for value on 1
December 1999 a fixed rate loan facility of the US dollar equivalent of £20
million (US$32 million) at an interest rate of 7.03% per annum, repayable on
27 September 2001.

4  Reserves - On 18 December 1998, the Company cancelled its share premium
account and transferred an amount of £65,115,000 to a new reserve, which is
distributable.

5  Net asset value per share - The basic net asset value per ordinary share is
based on net assets of £114,942,000 (1999: £94,229,000) and on 100,420,796
ordinary shares (1999 : 102,816,396), being the number of ordinary shares in
issue at the period end.  The fully-diluted net asset value per ordinary share
has been calculated on the assumption that the outstanding warrants of
20,474,404 at 31 January 2000 (1999: 20,478,804) were exercised on that date. 
This basis of calculation is considered to be more appropriate than the basis
given in FRS14 as it is consistent with the calculation of fully-diluted net
asset value which is prepared in accordance with guidelines laid down by the
Association of Investment Trust Companies and is provided to the London Stock
Exchange on an ongoing basis.

6  Share repurchases - The Company made the following repurchases of shares
for cancellation in the period:

                               Number of        price per      discount to
                                  shares            share              NAV
7 October 19999                  500,000           78.00p            12.6%
12 October 1999                  400,000           77.00p            14.1%

The resultant uplift in the net asset value per share was 0.1p per share.

7  Exercise of warrants - On 30 November 1999, 4,400 ordinary shares of 25p
per share were issued and allotted, fully paid at a price of 100p, following
an exercise of warrants.  The number of warrants in issue as at 31 January
2000 was 20,474,404 (1999: 20,478,804).

8  Loss of investment company status - A technical consequence of the share
buy back is that the Company ceased to be an investment company within the
meaning of S266 , Companies Act 1985 on 8 April 1999.  However, it continued
to conduct its affairs as an investment trust for taxation purposes under S842
of the Income and Corporation Taxes Act 1988 and the Articles of the Company
prohibit capital profits from being distributed by way of dividend.  As such,
the Directors consider it necessary to continue to present the accounts in
accordance with the Statement of Recommended Practice ('Financial Statements
of Investment Trust Companies' (the SORP)).  Under the SORP, the financial
performance of the Company is presented in a statement of total return in
which the revenue column is the profit and loss account of the Company.  The
revenue column excludes net profits on disposals of investments, calculated by
reference to their previous carrying amount of £58,000 (1999 : (£3,938,000)). 
Following the issue of statutory instrument number 2770, which became
effective on 8 November 1999, the Company re-registered as an investment
company on 13 January 2000.

Copies of the Interim Report will be posted to shareholders as soon as
practicable.  Copies will also be available to the public at the Company's
registered office: Beech Gate, Millfield Lane, Lower Kingswood, Tadworth,
Surrey KT20 6RP