Half-yearly Report

Fidelity Asian Values PLC Preliminary announcement of unaudited half yearly results for the six months ended 31 January 2008 Contents Investment Objective Summary of Results Half Yearly Report Responsibility Statement Twenty Largest Investments Financial Statements Investor Information Directory The Investment Objective The investment objective of the Company is to achieve long term capital growth through investment principally in the stock markets of the Asian Region (excluding Japan). Performance - total return (includes reinvested income) Six months to 31 January From launch 13 June 1996 2008 to 31 January 2008 Net asset value ("NAV") -5.5% +55.7% Share price -2.2% +44.4% MSCI All Countries -4.4% +17.3% (Combined) Far East Free ex Japan Index (£) Standardised performance on a total return basis Year to 31 Year to 31 Year to 31 Year to 31 Year to 31 /01/04 /01/05 /01/06 /01/07 /01/08 NAV per share +39.3% +9.2% +43.5% +8.7% +19.4% Share Price +41.4% +15.1% +44.5% +6.7% +20.8% Sources: Fidelity and Datastream (Past performance is not a guide to future returns. The value of your investment can go down as well as up.) Summary of Results 31 January 31 July 2007 % change 2008 Assets Total assets employed £161.3m £179.6m -10.2 Shareholders' funds £152.2m £170.7m -10.8 Borrowings as a %of 5.9% 5.2% shareholders' funds Borrowings less cash as % 1.6% 2.4% of shareholders' funds Net asset value per share 147.55p 156.13p -5.5 (`NAV') Stockmarket Data (1) MSCI All Countries 245.76 259.12p -5.2 (Combined) Far East Free ex Japan (2) Share Price period end 133.75p 136.75p -2.2 high 171.50p 143.75p low 106.50p 94.00p Discount to undiluted NAV period end 9.4% 12.4% high 13.7% 14.5% low 5.4% 8.2% Returns for the six months 2008 2007 to 31 January Capital (loss)/return per (8.90p) 21.35p ordinary share Capital + revenue (loss)/ (8.46p) 21.50p return per ordinary share Total Return for the six 2008 2007 months to 31 January NAV -5.5% +16.6% Share Price -2.2% +13.9% MSCI All Countries -4.4% +15.0% (Combined) Far East Free ex Japan Index (3) 1. for six month period to 31 January 2008 and year to 31 July 2007 2 price index, sterling adjusted 3 with net dividends (after tax) reinvested, expressed in sterling. Fidelity Asian Values Half Yearly Report As of January 31, 2008 PERFORMANCE For the six months to 31 January 2008 Fidelity Asian Values net asset value declined 5.5%, compared with a decline of 4.4% for the benchmark, the MSCI All Countries (Combined) Far East ex Japan Index. (All figures in sterling terms and on a total return basis). The discount at which the ordinary shares traded to the net asset value of the Company narrowed to 9.4% at the period end from 12.4% six months ago. MARKETS Over the period under review equities in the Far East region posted negative returns and underperformed the world markets. Although share prices rose in September and October, investor sentiment remained subdued over the last three months. There were concerns about a slowdown in demand from the US, inflationary pressures due to the rise in oil and commodity prices and fallout from the global credit market crisis on the Asian financial sector. Continued monetary tightening in China, the region's key trade partner, further hurt market performance. However, investors found some encouragement in the robust domestic consumption growth and resilience in exports. Stock indices in Korea, Taiwan and Singapore lagged behind their regional counterparts due to weaker than expected economic data. In Korea there was evidence that domestic consumption growth could have slowed sharply in the fourth quarter. Investors were also nervous ahead of the presidential elections held in December. Foreign funds remained net sellers over most of the period, although this was partly compensated by inflows from domestic investors. In Taiwan investors were also concerned about the political background ahead of the presidential elections in March 2008. As expected, some of the ruling party's campaign themes annoyed China. The Chinese Nationalist party's (KMT) victory in the legislative elections on 12 January increased the likelihood of winning the presidential elections in late March. As a result this has improved investor sentiment given the KMT's more favourable stance towards China. In Singapore shares fell sharply in January. According to the country's advance estimates, GDP growth during the fourth quarter of 2007 slowed to 6% year on year, compared with 9% in the preceding three month period. Its exports and manufacturing production also slowed over the period. Chinese stocks fell sharply in January as extreme weather conditions led to disruption in power generation and transport services and forced manufacturing plants to shut down. A series of monetary tightening measures aimed at controlling credit growth and capital investments also affected share prices. The People's Bank of China raised interest rates four times and increased the reserve requirement ratio for banks six times during the period. The Chinese currency was also allowed to appreciate faster to curb inflationary pressures. Nonetheless, the country continued to drive economic growth in the region. Hong Kong's benchmark index fared better owing to a sharp rise in September and October when the region received strong capital inflows from China. Its monetary authority reduced interest rates, while the government cut tax rates and announced large infrastructure development projects. Indonesian and Malaysian equities also generated superior returns. In Malaysia investors focused on largely positive domestic factors such as corporate activity, ample liquidity and reforms including increased privatisation related to government linked companies. Shares in Indonesia tracked the rise in commodity prices. PORTFOLIO REVIEW The Company's Taiwan holdings, particularly in the technology sector, proved detrimental to relative returns given the uncertainty regarding a pick-up in global demand. An overweight position in semiconductor manufacturer Media Tek also detracted from performance in the light of short term demand weakness. The portfolio manager nevertheless continues to hold the stock, anticipating benefits from market share gains in the multimedia handsets and digital TV markets. Holdings in Shin Kong Financial Holdings also hurt performance after the Taiwanese insurance firm reported losses from its exposure to the US sub-prime housing market. A lack of investments in the better performing Indonesian market detracted further. Here coal producers and energy utility companies gained owing to strong demand and supply constraints that led to a rise in prices. Key holdings in Chinese and Hong Kong listed paper producers, such as Lee & Man Paper Manufacturing and Nine Dragon, underperformed. Investors were concerned about a slowdown in demand from the US and a fall in their operating margins due to higher raw material and labour costs. By contrast prudent stock selection in Korea, particularly in the consumer discretionary sector, aided performance. For instance, an active position in LG Household & Healthcare proved beneficial as investors were encouraged by strong domestic sales and a deal to sell a stake in its cola bottling company to Coca Cola. Holdings in online media company NHN Corporation also boosted returns. The firm's dominant position as a Korean internet search portal helped it increase its advertising income. In Malaysia an overweight position in the construction and property firm, Gamuda, enhanced returns, as the company continued to benefit from strong growth in infrastructure development contracts and real estate development business. Meanwhile, a stake in the energy equipment manufacturer KNM yielded positive returns, owing to synergies from the acquisition of its subsidiary and a strong order pipeline. The manager maintains a significant overweight exposure to Singapore, given the robust corporate governance environment and the general high quality of its listed companies. He is also biased towards stocks in Malaysia in view of the robust growth outlook for the country. Over the period the manager realigned the Company's exposure to financial stocks to favour those companies that directly benefit from stronger stock markets in the region. For instance, he initiated positions in Singapore Exchange and Bursa Malaysia, while liquidating holdings in Taiwan based Shin Kong Financial after it reported losses. Exposure to Hong Kong's real estate sector was also increased over the period in line with the strong appreciation in property prices in the region. The chosen companies are benefiting from strong demand for apartments, while supply in the market remains constrained. Meanwhile, exposure to Taiwan's technology hardware sector was reduced. Positions in capital goods were consolidated. The manager took profits from a number of mid-sized companies in Malaysia, Korea and Singapore. OUTLOOK FOR THE REGION The Asia Pacific region has not been immune from the slowdown in the advanced economies of the world despite the region's increasing reliance on internal sources of growth. Against an unusually cloudy global background GDP growth forecasts for 2008 have been revised. Economies in Asia are nevertheless expected to outpace their counterparts elsewhere, with resilient domestic demand and large fixed asset investments the key factors. China and India should continue to drive regional growth in 2008. In China, domestic demand and fixed asset investments are expected to rise despite the government's efforts to cool down economic activity. In India, strong consumption should further boost corporate earnings. VAT ON MANAGEMENT FEES The Board noted the final judgement from the European Court of Justice in favour of the claim by JPMorgan Claverhouse plc that Her Majesty's Revenue and Customs had been wrong in requiring investment trusts domiciled in the UK to pay VAT on their management fees. However, no account has been taken of any repayment of VAT in the accompanying financial statements. The Company is working with Fidelity on VAT that may be recoverable and is no longer paying VAT on management fees. PRINCIPAL RISKS AND UNCERTAINTIES The Board believes that the principal risks and uncertainties faced by the Company continue to fall into six broad categories: • Market Risk • Performance Risk • Income Risk • Share Price Risk • Gearing Risk • Control Systems Risk Information on each of these is given in the Business Review section of the Annual Report for the year ended 31 July 2007. SUBSTANTIAL SHARE INTERESTS At the date of this report notification had been received that the shareholders listed in the table below hold more than 3% of the issued share capital of the Company. 14.75% of the issued share capital was held in aggregate by investors in the Fidelity ISA and PEP and the Fidelity Investment Trust Share Plan. Shareholder Number of ordinary shares % Carrousel Capital 26,805,404 25.99 Deutsche Bank 4,869,763 4.72 Legal & General Investment Management 4,578,554 4.44 The share register is regularly discussed by the Board and its advisers. REPURCHASE OF SHARES During the six months to 31 January 2008 the Company repurchased 6,190,000 ordinary shares for cancellation, enhancing the NAV for remaining shareholders by 0.83 pence per share. By order of the Board Fidelity Investments International 14 March 2008 RESPONSIBILITY STATEMENT The Directors confirm to the best of their knowledge that: a) the condensed set of financial statements contained within the half yearly financial report has been prepared in accordance with the UK Accounting Standards Board's Statement `Half-Yearly Financial Reports'; and b) the half yearly financial report (constituting the interim management report) includes a fair review of the information required by Rule 4.2.7R of the FSA's Disclosure and Transparency Rules and their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year. c) in accordance with Disclosure and Transparency Rule 4.2.8R there have been no related parties transactions during the six months to 31 January 2008 and therefore nothing to report on any material effect by such a transaction on the financial position or the performance of the Company during that period; and there have been no changes in this position since the last annual report that could have a material effect on the financial position or performance of the Company in the first six months of the current financial year. The half yearly financial report has not been audited or reviewed by the Company's auditors. The half yearly financial report was approved by the Board on 14 March 2008 and the above responsibility statement was signed on its behalf by Sir Victor Garland, Chairman. Top 20 Holdings as at 31 January 2008 Country of Listing Holding Marke value %(1) £000 CHINA China Mobile 9,585 5.9 Formerly China Mobile (Hong Kong) Limited, China Mobile is an investment holding company. It provides mobile telecommunications and related services in 31 provinces, autonomous regions and directly administered municipalities in mainland China and Hong Kong through 32 subsidiaries. China Merchants 4,309 2.7 Bank A commercial bank that offers financial services to both corporate and individual clients. The company is headquartered in Shenzhen, Guangdong Province, the People's Republic of China. China National 3,687 2.3 Offshore Oil Corporation CNOOC is 70.6% owned by the PRC government and manages China's offshore oil and gas exploration and production activities in partnership with international oil and gas firms. HONG KONG Cheung Kong 5,925 3.7 Holdings An investment holding and project management company. Its subsidiaries are engaged in the field of property development and investment, hotel and serviced suite operation, property and project management, and investment in securities. The company also has substantial interests and operations in life sciences and other businesses. The company operates in Hong Kong, mainland China, Asia, Europe and North America. Hang Seng Bank 5,424 3.4 The second largest bank incorporated in Hong Kong in which HSBC Group has a majority ownership. It has over 150 branches in Hong Kong and also has banking operations in mainland China. The bank serves more than one third of Hong Kong's people. Li & Fung 5,418 3.4 A buying agency for consumer goods, managing the supply chain for retailers and brands worldwide. The company is headquartered in Hong Kong, and it services its customers globally through a sourcing network of over 70 offices in more than 40 economies. Swire Pacific 4,909 3.0 A trading company which operates via five divisions: property, marine services, aviation, beverages, and industrial. Swire holds large developed and undeveloped commercial and residential real estate in Hong Kong, China, and the US, primarily in Florida. Hong Kong Exchanges 4,814 3.0 Through its subsidiaries, it owns and operates the stock and futures exchange in Hong Kong and their related clearing houses. China Life 3,450 2.1 Insurance The largest life insurance company in China holding 47% of market share. In addition to life insurance the company provides asset management and health and accident insurance. Lee & Man Paper 3,037 1.9 Manufacturing The second largest containerboard manufacturer in China, with around 8% market share. KOREA Samsung Electronics 7,210 4.5 A Korea based company that specialises in the provision of communication products. The company operates its business through five business divisions: communication, semiconductor, digital media, liquid crystal display (LCD) and home appliances. NHN Corporation 4,699 2.9 An online media industry company, which owns the biggest internet search portal in Korea called Naver. The company also operates websites in Korea. LG Household and 4,622 2.9 Healthcare The largest home and personal care product company in Korea with 35% market share. The home and personal care sales accounts for 70% of sales while cosmetics account for 30%. Kookmin Bank 3,192 2.0 The largest bank in Korea with over 20% market share (based on loans). It focuses on retail, small and medium enterprise market segments. Shinsegae 2,998 1.9 Department Stores The largest retailing company in Korea deriving 80% of its revenue from discount stores (E-Mart) and 20% from department stores. MALAYSIA Gamuda 4,895 3.0 Gamuda is engaged in investment holding and civil engineering construction. The Malaysian company operates in areas such as engineering and construction, property development, water concession and expressway concessions. Gamuda operates principally in Malaysia, India, Taiwan, Mauritius and Qatar. Parkson Holdings 3,452 2.1 After a recent restructioning exercise, this Malaysian company has spun off its steel and other non-core businesses and is now purely involved in the retail and retail related businesses. The company has a number of stores in Malaysia, China and Vietnam. SINGAPORE Keppel 3,560 2.2 A Singapore based diversified congolmerate, with 3 main business areas; offshore and marine, property development and infrastructure.It also has several investment holdings. TAIWAN Hon Hai Precision 7,235 4.5 HH Precision is principally engaged in the production and sale of electronic products. Based in Taiwan, the company provides its products under three categories: electronic interconnections, such as connectors and cable assemblies for computers and peripherals; modules, including mechanic modules and electronic modules, and assembled electronic products. The products are applied in computer, communication and consumer electronics (3C) products. Taiwan 4,898 3.0 Semiconductor Manufacturing Company TSMC is engaged in the manufacturing, selling, packaging, testing and computer-aided designing of integrated circuits (ICs) and other semiconductor devices, and the manufacturing of masks. The company manufactures semiconductors for customers based on their own or third parties' IC designs. Top 20 Holdings 97,319 60.4 (1) % of total assets less liabilities, excluding loan liability Fidelity Asian Values PLC Income Statement for the six months ended 31 January 2008 for the six months for the six months for the six months ended 31.01.08 ended 31.07.07 ended 31.01.07 unaudited audited unaudited revenue capital total revenue capital total revenue capital total Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 (Losses)/ - (9,053) (9,053) - 55,516 55,516 - 20,744 20,744 gains on investments Income 2 2,151 - 2,151 3,669 - 3,669 1,687 - 1,687 Investment (938) - (938) (1,528) - (1,528) (767) - (767) management fee Other (258) - (258) (498) - (498) (258) - (258) expenses Exchange (2) (103) (105) (5) (238) (243) - (70) (70) losses Exchange - (206) (206) - 815 815 - 477 477 (losses)/ gains on loans Net return/ 953 (9,362) (8,409) 1,638 56,093 57,731 662 21,151 21,813 (loss) before finance costs and taxation Interest (256) - (256) (519) - (519) (272) - (272) payable Net return/ 697 (9,362) (8,665) 1,119 56,093 57,212 390 21,151 21,541 (loss) on ordinary a ctivities before taxation Taxation on 3 (232) (13) (245) (461) (35) (496) (246) - (246) return on ordinary activities Return/ 465 (9,375) (8,910) 658 56,058 56,716 144 21,151 21,295 (loss) on ordinary activities after taxation for the period Return/ 4 0.44p (8.90p) (8.46p) 0.63p 53.37p 54.00p 0.15p 21.35p 21.50p (loss) per ordinary s hare Basic Diluted 0.44p (8.90p) (8.46p) 0.62p 53.35p 53.97p 0.15p 21.35p 21.50p 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 on this statement is the profit and loss account of the Company. These financial statements have been prepared in accordance with the AIC Statement of Recommended Practice ("SORP") issued in January 2003 and revised in December 2005. Reconciliation of Movements in Shareholders' Funds called share capital Other Other Warrant capital capital revenue total up premium redemption non-distributable reserve reserve reserve reserve reserve equity share account reserve reserve realised unrealised capital £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Opening 23,377 12 2,330 - 59,284 7,367 (9,110) 17,465 (1,648) 99,077 shareholders' funds: 1 August 2006 Net - - - - - - 5,417 15,734 - 21,151 recognised gains for the period Revenue after - - - - - - - - 144 144 taxation for the period Exercise of 5,116 15,347 - - 7,367 (7,367) - - - 20,463 warrants Closing 28,493 15,359 2,330 - 66,651 - 3,693 33,199 (1,504) 140,835 shareholders' funds: 31 January 2007 Opening 23,377 12 2,330 - 59,284 7,367 (9,110) 17,465 1,648 99,077 shareholders' funds: 1 August 2006 Net - - - - - - 19,908 36,150 - 56,058 recognised gains for the year Repurchase of (1,157) - 1,157 - (5,535) - - - - (5,535) ordinary shares Revenue after - - - - - - - - 658 658 taxation for the year Exercise of 5,116 15,347 - 7,367 - (7,367) - - - 20,463 warrants Closing 27,336 15,359 3,487 7,367 53,749 - 10,798 53,615 (990) 170,721 shareholders' funds: 31 July 2007 Net - - - - - - 13,006 (22,381) - (9,375) recognised gains/ (losses) for the period Repurchase of (1,547) - 1,547 - (9,606) - - - - (9,606) ordinary shares Revenue after - - - - - - - - 465 465 taxation for the period Closing 25,789 15,359 5,034 7,367 44,143 - 23,804 31,234 (525) 152,205 shareholders' funds: 31 January 2008 Balance Sheet 31.01.08 31.07.07 31.01.07 unaudited audited unaudited Notes £'000 £'000 £'000 Fixed assets Investments held at fair value 154,773 175,057 148,424 through profit or loss Current assets Debtors 1,808 5,949 441 Cash at bank 6,673 4,696 2,119 8,481 10,645 2,560 Creditors - amounts falling due (2,003) (6,141) (971) within one year Other creditors (2,003) (6,141) (971) Net current assets 6,478 4,504 1,589 Total assets less current 161,251 179,561 150,013 liabilities Creditors - amounts falling due 7 (9,046) (8,840) (9,178) after more than one year Fixed rate unsecured loan Total net assets 152,205 170,721 140,835 Capital and reserves Called up share capital 25,789 27,336 28,493 Share premium account 15,359 15,359 15,359 Capital redemption reserve 5,034 3,487 2,330 Other non-distributable reserve 7,367 7,367 - Other reserve 44,143 53,749 66,651 Capital reserve - realised 23,804 10,798 (3,693) Capital reserve - unrealised 31,234 53,615 33,199 Revenue reserve (525) (990) (1,504) Total equity shareholders' funds 152,205 170,721 140,835 Net asset value per ordinary share 5 147.55p 156.13p 123.57p Cash Flow Statement 31.01.08 31.07.07 31.01.07 unaudited audited unaudited £'000 £'000 £'000 Operating activities Investment income received 1,570 2,713 943 Interest received 69 144 66 Investment management fee (963) (1,447) (632) paid Directors' fees paid (41) (71) (36) Other cash payments (421) (379) (247) Net cash inflow from 214 960 94 operating activities Returns on investments and servicing of finance Interest paid (252) (403) (150) Net cash outflow from returns (252) (403) (150) on investments and servicing of finance Financial investment Purchase of investments (46,830) (123,551) (64,151) Disposal of investments 58,561 111,301 44,419 Net cash outflow from 11,731 (12,250) (19,732) financial investment Net cash inflow/(outflow) 11,693 (11,693) (19,788) from financing Financing Repurchase of ordinary shares (9,606) (5,535) - Exercise of warrants - 20,463 20,463 5.60% fixed rate unsecured - 9,541 9,541 loan drawn down 6.28% fixed rate unsecured - (9,541) (9,541) loan repaid Net cash (outflow)/inflow (9,606) 14,928 20,463 from financing Increase in cash 2,087 3,235 675 Notes to the Financial Statements 1. ACCOUNTING POLICIES The half yearly financial statements have been prepared on the basis of the accounting policies set out in the Company's annual report and financial statements dated 31 July 2007. 2. INCOME 31.01.08 31.07.07 31.01.07 unaudited audited unaudited £'000 £'000 £'000 Income from investments Overseas dividends 1,859 3,350 1,471 Overseas scrip dividends 227 164 155 Overseas interest - 16 11 Deposit interest 65 139 50 Total income 2,151 3,669 1,687 3. TAXATION ON RETURN ON ORDINARY ACTIVITIES 31.01.08 31.07.07 31.01.07 unaudited audited unaudited revenue capital total revenue capital total revenue capital total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Overseas taxation suffered 245 - 245 496 - 496 246 - 246 Taxation (credit) /charge for the use of revenue expenses (13) 13 - (35) 35 - - - - Total Taxation 232 13 245 461 35 496 246 - 246 4. RETURN/(LOSS) PER ORDINARY SHARE 31.01.08 31.07.07 31.01.07 unaudited audited unaudited revenue capital total revenue capital total revenue capital total Basic 0.44p (8.90p) (8.46p) 0.63p 53.37p 54.00p 0.15p 21.35p 21.50p Diluted 0.44p (8.90p) (8.46p) 0.62p 53.35p 53.97p 0.15p 21.35p 21.50p Basic returns per ordinary share are based on the revenue return on ordinary activities after taxation of £465,000 (31.07.07: return £658,000; 31.01.07: return £144,000), the capital loss in the period of £9,375,000 (31.07.07: return £56,058,000; 31.01.07: return £21,151,000) and the total loss of £ 8,910,000 (31.07.07: return £56,716,000; 31.01.07: return £21,295,000) and on 105,355,977 ordinary shares (31.07.07: 105,041,064; 31.01.07: 99,050,696) being the weighted average number of shares in issue during the period. 5. NET ASSET VALUE PER ORDINARY SHARE The basic net asset value per ordinary share is based on net assets of £ 152,205,000 (31.07.07: £170,721,000; 31.01.07: £140,835,000) and on 103,157,200 ordinary shares (31.07.07: 109,347,200; 31.01.07: 113,974,200), being the number of ordinary shares in issue at the period end. 6. COST OF INVESTMENT TRANSACTIONS 31.01.08 31.07.07 31.01.07 unaudited audited unaudited £'000 £'000 £'000 Included in the gains on investments are the following costs of investment transactions: Purchases 100 286 131 expenses Sales expenses 179 362 147 279 648 278 7. LOAN FACILITY A fixed rate unsecured loan from Lloyds TSB Bank PLC of US$18,000,000 was drawn down on 27 September 2006 for a period of three years at an interest rate of 5.60% per annum. The loan is repayable on 25 September 2009. 8. SHARE REPURCHASES 31.01.08 31.07.07 31.01.07 unaudited audited unaudited £'000 £'000 £'000 The following share repurchases were made in the periods: Number of shares 6,190,000 4,627,000 - repurchased Average price per 155.19p 119.62p - share Total cost including stamp duty and commission (£) 9,606,000 5,535,000 - 9. WARRANTS The last remaining warrants were exercised in November and December 2006. An aggregate of 20,462,735 ordinary shares of 25p per share were issued and allotted, fully paid at a price of 100p. 10. UNAUDITED FINANCIAL STATEMENTS The results for the six months to 31 January 2008 and 31 January 2007, which are unaudited, constitute non-statutory accounts within the meaning of s240 of the Companies Act 1985. The figures and financial information for the year ended 31 July 2007 are extracted from the latest published financial statements. These financial statements on which the auditors gave an unqualified report, have been delivered to the Registrar of Companies. CONTACT INFORMATION Private investors: can call free on 0800 414110 9am to 6pm, seven days a week Financial advisers: can call free on 0800 414181 8am to 6pm, Monday to Friday. Existing investors who have specific queries regarding their holding or need to provide update information, for example a change of address, should contact the appropriate administrator: Holders of ordinary shares: Capita Registrars (Registrars of Fidelity Asian Values PLC) The Registry 34 Beckenham Road, Beckenham Kent BR3 4TU Telephone: 0870 162 3100 (calls to this number cost 10p per minute plus network extras.) Share Plan investors: Fidelity Investment Trust Share Plan Equiniti Limited* PO Box 4605 Aspect House Spencer Road, Lancing West Sussex BN99 6QY Telephone: 0871 384 2781 (calls to this number are charged at 8p per minute from a BT landline. Other telephone providers' costs may vary.) * Lloyds TSB Registrars was taken over by Advent International on 1 October 2007. The new name of the administrators of the Fidelity Investment Trust Share plan is Equiniti Limited. Fidelity ISA/PEP investors: Fidelity, using the freephone number given above, or by writing to: UK Customer Service, Fidelity Investments, Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge, Kent, TN11 9DZ Fidelity Share Network: http://www.fidelity.co.uk/sharenetwork General enquiries should be made to Fidelity, the Investment Manager and Secretary, at the Company's registered office: Fidelity Investments International Investment Trusts, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP Internet site: http://www.fidelity.co.uk/its FINANCIAL CALENDAR 2008 31 January - half yearly period end 17 March - announcement of half yearly results to 31 January 26 March - publication of half yearly report 31 July - financial year end October - publication of annual report December - Annual General Meeting DIRECTORY BOARD OF DIRECTORS The Hon Sir Victor Garland, KBE (Chairman) Hugh Bolland (Chairman of Audit Committee) William Knight Kathryn Matthews Sir Robin McLaren, KCMG (Senior Independent Director) MANAGER, SECRETARY AND REGISTERED OFFICE Fidelity Investments International Beech Gate, Millfield Lane Lower Kingswood Tadworth Surrey KT20 6RP FINANCIAL ADVISERS AND STOCKBROKERS Dresdner Kleinwort 30 Gresham Street London EC2P 2XY INDEPENDENT AUDITORS Grant Thornton UK LLP Chartered Accountants and Registered Auditors 30 Finsbury Square London EC2P 2YU BANKERS AND CUSTODIAN JPMorgan Chase Bank (London Branch) 125 London Wall London EC2Y 5AJ REGISTRARS Capita Registrars The Registry 34 Beckenham Road Beckenham Kent BR3 4TU LAWYERS Slaughter and May One Bunhill Row London EC1 8YY The Fidelity Individual SavingsAccount ("ISA") is offered andmanaged by FinancialAdministration Services Limited. The Fidelity Investment Trust Share Plan is managed by Fidelity Investments International, administered by Equiniti Limited and with shares held in the name of Lloyds TSB Registrars Savings Nominees Limited. The value of tax savings and eligibility to invest in an ISA will depend on individual circumstances and all tax rules may change in the future. Fidelity investment trusts are managed by Fidelity Investments International. Fidelity only gives information about its own products and services and does not provide investment advice based on individual circumstances. For funds that invest in overseas markets, changes in currency exchange rates may affect the value of your investment. Investments in small and emerging markets can be more volatile than other more developed markets. Should you wish to seek advice please contact a Financial Adviser. Issued by Fidelity Investments International, authorised and regulated in the UK by the Financial Services Authority. CB33544/na.

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