Final Results

FIDELITY ASIAN VALUES PLC

                      Preliminary Announcement of Unaudited Results

                            For the year ended 31 July 2006

Please note that past performance is not a guide to future returns. The value
of investments can go down as well as up and may be affected by exchange rate
fluctuations.

Chairman's Statement

Performance and Markets

The year under review has been positive for the Company. The undiluted net
asset value increased by 11.7%, compared to the performance of the MSCI All
Countries (Combined) Far East ex Japan Index which returned 9.2% in sterling
terms over the same period. The share price rose by 11.8% and the discount to
diluted net asset value narrowed to 7.3%.

In the comparatively short term covered by the year under review mixed returns
were delivered by Asian region stock markets but all, other than Taiwan,
finished in positive territory in sterling terms. The correction in the final
quarter of the Company's year was expected by investors in the region given the
pressures from sustained high oil prices and rising interest rates globally.
The broad based sell down took place across several emerging markets but one of
the hardest hit, Korea, enjoyed an early equity rebound helped by consumer
spending, gradual diversification in exports and increased competitiveness.

Among individual markets, China was one of the strongest performers rising over
27% in sterling terms. Global investors were encouraged by the continuing
programme of reform measures including regulatory changes intended to decrease
government holdings in traded companies and move to a more market friendly
environment. Similarly, transparency and corporate governance continued to
improve.

Of the smaller markets Indonesia posted the strongest returns rising over 20%
in sterling terms. In the Thai market political uncertainties and continued
inflationary concerns dampened consumer and investor sentiment, although export
growth has remained robust. Singapore and Malaysia performance was unexciting.

Gearing

The Board keeps the level of gearing within the Company under close control. At
31 July 2006 gross gearing was 9.7% of shareholders' funds and net gearing
(after deducting cash held including the Company's investment in Fidelity
Institutional Cash Fund) was 8.0%. At today's date gross gearing stands at 9.1%
and net gearing at 7.6%.

Continuation Vote

A continuation vote is required in any year if the average discount has
exceeded 15% of the net asset value over a defined twelve month period. This
year, because the Company has been operating for ten years, the Articles of
Association require that a continuation vote be taken. Accordingly, an ordinary
resolution proposing that the Company continue as an investment trust for five
years until the conclusion of the annual general meeting in 2011, or any
earlier date if so required under the Articles will be put to the Annual
General Meeting to be held in 2006.

Outlook

Asia is a region of significant economic growth, this being demonstrated
particularly by China. The region has proved resilient with concerns over
rising oil and commodity prices not dampening export growth. There are of
course uncertainties arising from the geopolitical background and the trend of
global interest rates but the consensus is that growth in developing Asian
economies will continue to remain robust.

The rising number of globally competitive companies strengthens the region's
position as a global export leader. Domestically driven consumption demand is
also increasingly important, and not only in China. In addition, equity
valuations remain attractive when compared to the majority of global peers and
could provide support to the markets in an environment of more muted corporate
earnings growth.

Against this background the Board is in no doubt that the Asia Pacific region
will continue to offer attractive long term investment opportunities.

Annual General Meeting

This year's AGM is scheduled for 23 November 2006 at Fidelity's Cannon Street
office commencing at 11.00 am. All shareholders, ISA, PEP and Share Plan
investors are invited to attend. The investment manager will be making a
presentation on the year under review and immediate prospects for the Company.

Sir Victor Garland
Chairman
21 September 2006

Dividend

The Company does not declare a dividend for the year ended 31 July 2006.

Enquiries:

Stephen Westwood, Head of Investment Trusts, Fidelity Investments International

- 020 7961 4477

Graham Symonds, Company Secretary, Fidelity Investments International

- 01737 837 345

Issued by Fidelity Investments International. Authorised and regulated by the
Financial Services Authority.

CB28451

FIDELITY ASIAN VALUES PLC

Income Statement

- unaudited - for the year ended 31 July (1)

                                       2006                        2005        
                           revenue  capital    total  revenue   capital   total
                             £'000    £'000    £'000    £'000     £'000   £'000
                                                                               
Gains on investments             -   10,253   10,253        -    28,065  28,065
                                                                               
Income                                                                         
                                                                               
- UK dividends                   -        -        -       28         -      28
                                                                               
- Overseas dividends         2,385        -    2,385    2,757         -   2,757
                                                                               
- Overseas interest             19        -       19      253         -     253
                                                                               
- Deposit interest              42        -       42       41         -      41
                                                                               
Investment management fee  (1,125)        -  (1,125)    (900)         -   (900)
                                                                               
Other expenses               (457)        -    (457)    (391)         -   (391)
                                                                               
Exchange gains/(losses)         12    (208)    (196)     (10)      (85)    (95)
                                                                               
Exchange gains/(losses)          -      597      597        -      (89)    (89)
on loans                                                                       
                                                                               
Net return before finance      876   10,642   11,518    1,778    27,891  29,669
costs and taxation                                                             
                                                                               
Interest payable             (637)        -    (637)    (924)         -   (924)
                                                                               
Loan redemption costs            -        -        -        -     (168)   (168)
                                                                               
Net return on ordinary         239   10,642   10,881      854    27,723  28,577
activities before                                                              
taxation                                                                       
                                                                               
Taxation on return on        (299)        -    (299)    (308)         -   (308)
ordinary activities*                                                           
                                                                               
Net (loss)/return on          (60)   10,642   10,582      546    27,723  28,269
ordinary activities after                                                      
tax for the year                                                               
                                                                               
Net (loss)/return per                                                          
ordinary share (2)                                                             
                                                                               
Basicand diluted           (0.06p)   11.38p   11.32p    0.58p    29.65p  30.23p
                                                                               

A Statement of Total Recognised Gains and Losses has not been prepared as there
are no gains and losses other than those reported in this Income Statement. The
total column of the Income Statement is the profit and loss account of the
Company. All revenue and capital items in the above statement derive from
continuing operations. No operations were acquired or discontinued in the year.

* This relates to overseas taxation only.FIDELITY ASIAN VALUES PLC

Reconciliation of Movements in Shareholders' Funds

- unaudited - for the year ended 31 July (3)

                   called   share    capital   other warrant  capital    capital revenue  total
                       up premium redemption reserve reserve  reserve    reserve reserve equity
                    share account    reserve                 realised unrealised               
                  capital                                                                      
                                                                                               
                    £'000   £'000      £'000   £'000   £'000    £'000      £'000   £'000  £'000
                                                                                               
Opening            23,376       7      2,330  59,282   7,369 (35,263)      5,468 (2,134) 60,435
shareholders'                                                                                  
funds: 1 August                                                                                
2004                                                                                           
                                                                                               
Net recognised          -       -          -       -       -    9,718     18,005       - 27,723
gains for the                                                                                  
year                                                                                           
                                                                                               
Revenue after           -       -          -       -       -        -          -     546    546
taxation                                                                                       
                                                                                               
Closing            23,376       7      2,330  59,282   7,369 (25,545)     23,473 (1,588) 88,704
shareholders'                                                                                  
funds: 31 July                                                                                 
2005                                                                                           
                                                                                               
Effect of               -       -          -       -       -        -      (215)       -  (215)
changing prices                                                                                
from middle                                                                                    
market to bid at                                                                               
1 August 2005                                                                                  
                                                                                               
Net recognised          -       -          -       -       -   16,435    (5,793)       - 10,642
gains/(losses)                                                                                 
for the year                                                                                   
                                                                                               
Revenue loss            -       -          -       -       -        -          -    (60)   (60)
after taxation                                                                                 
                                                                                               
Exercise of             1       5          -       2     (2)        -          -       -      6
warrants                                                                                       
                                                                                               
Closing            23,377      12      2,330  59,284   7,367  (9,110)     17,465 (1,648) 99,077
shareholders'                                                                                  
funds: 31 July                                                                                 
2006                                                                                           

FIDELITY ASIAN VALUES PLC

Balance Sheet

- unaudited - as at 31 July

                                                          2006         2005
                                                                           
                                                         £'000        £'000
                                                                           
Fixed assets                                                               
                                                                           
Investments held at fair value through profit or       107,538       97,779
loss                                                                       
                                                                           
Current assets                                                             
                                                                           
Debtors                                                  4,111        2,325
                                                                           
Cash at bank                                             1,313          919
                                                                           
                                                         5,424        3,244
                                                                           
Creditors - amounts falling due within one year                            
                                                                           
Fixed rate unsecured loan                              (9,655)            -
                                                                           
Other creditors                                        (4,230)      (2,067)
                                                                           
                                                      (13,885)      (2,067)
                                                                           
Net current (liabilities)/assets                       (8,461)        1,177
                                                                           
Total assets less current liabilities                   99,077       98,956
                                                                           
Creditors - amounts falling due after more than one                        
year                                                                       
                                                                           
Fixed rate unsecured loan                                    -     (10,252)
                                                                           
Total net assets                                        99,077       88,704
                                                                           
Capital and reserves                                                       
                                                                           
Called up share capital                                 23,377       23,376
                                                                           
Share premium account                                       12            7
                                                                           
Capital redemption reserve                               2,330        2,330
                                                                           
Other reserve                                           59,284       59,282
                                                                           
Warrant reserve                                          7,367        7,369
                                                                           
Capital reserve - realised                             (9,110)     (25,545)
                                                                           
Capital reserve - unrealised                            17,465       23,473
                                                                           
Revenue reserve                                        (1,648)      (1,588)
                                                                           
Total equity shareholders' funds                        99,077       88,704
                                                                           
Net asset value per ordinary share:                                        
                                                                           
Basic                                                  105.95p       94.86p
                                                                           
Diluted                                                104.88p       94.86p

FIDELITY ASIAN VALUES PLC

Cash Flow Statement

- unaudited- for the year ended 31 July

                                                               2006        2005
                                                                               
                                                              £'000       £'000
                                                                               
Operating activities                                                           
                                                                               
Investment income received                                    2,310       2,123
                                                                               
Interest received                                                56         294
                                                                               
Investment management fee paid                              (1,445)       (848)
                                                                               
Directors' fees paid                                           (79)        (51)
                                                                               
Other cash payments                                           (288)       (338)
                                                                               
Net cash inflow from operating activities                       554       1,180
                                                                               
Returns on investments and servicing of finance                                
                                                                               
Interest paid                                                 (641)       (966)
                                                                               
Loan redemption costs                                             -       (168)
                                                                               
Net cash outflow from returns on investments and              (641)     (1,134)
servicing of finance                                                           
                                                                               
Financial investment                                                           
                                                                               
Purchase of investments                                    (90,518)    (73,315)
                                                                               
Disposal of investments                                      91,013      75,555
                                                                               
Net cash inflowfrom financial investment                        495       2,240
                                                                               
Net cash inflowbefore financing                                 408       2,286
                                                                               
Financing                                                                      
                                                                               
Exercise of warrants                                              6           -
                                                                               
6.28% fixed rate unsecured loan part repaid                       -     (7,457)
                                                                               
Net cash inflow/(outflow)from financing                           6     (7,457)
                                                                               
Increase/(decrease)in cash                                      414     (5,171)

1. The Statement of Total Return is now called the Income Statement and the
total column, as opposed to the revenue column, is now the profit and loss
account of the Company.

2. (Losses)/returns per ordinary share are based on the net revenue loss on
ordinary activities after taxation of £60,000 (2005: return £546,000) and the
capital return in the year of £10,642,000 (2005: £27,723,000) and on 93,509,538
ordinary shares (2005: 93,505,653) being the weighted average number of
ordinary shares in issue during the year.

The basic and fully diluted returns have been calculated according to the
provisions of FRS22. 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 diluted return.

3. A new primary statement, the Reconciliation of Movements in Shareholders'
Funds, has been introduced. The issue of ordinary shares from the exercise of
warrants is reported through this statement.

The above statements have been prepared on the basis of the accounting policies
as set out in annual financial statements to 31 July 2006. The figures for the
year to 31 July 2005 have been extracted from the financial statements for the
year ended 31 July 2005 which have been delivered to the Registrar of Companies
and on which the Auditors gave an unqualified report.

The annual report and financial statements will be posted to shareholders as
soon as is practicable and in any event no later than 24 October 2006.