Interim Management Statement

FIDELITY ASIAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 
31 OCTOBER 2007                                                                
                                                                               
Objective                                                                      
                                                                               
The Company's objective is to achieve long-term capital growth through         
investment principally in the stockmarkets of the Asian Region (excluding      
Japan).                                                                        
                                                                               
Benchmark                                                                      
                                                                               
MSCI All Countries (Combined) Far East Free (Excluding Japan)                  
                                                                               
Review of Period (total return)                                                
                                                                               
During the period:                                                             
                                                                               
- the NAV increased by 21.3% (debt at par) and 21.4% (debt at fair value)      
against a 17.6% return for the benchmark.                                      
                                                                               
- the share price increased by 24.3%                                           
                                                                               
- main portfolio changes are detailed in the top ten holdings below.           
                                                                               
Net gearing was 3.09% on 31 October.                                           
                                                                               
The Company repurchased 5,325,000 shares for cancellation                      
                                                                               
Since the quarter end share repurchases have continued with a further 775,000  
shares being repurchased for cancellation.                                     
                                                                               
Material Events                                                                
                                                                               
The annual report as at 31 July 2007 was published.                            
                                                                               
Additional Information                                                         
                                                                               
Details of the Company           Dealing Information                           
                                                                               
Fund Mana    John Lo             Listed:        London Stock Exchange          
ger:                                                                           
                                                                               
Enquiries:   08457 100 456       Broker:        Dresdner Kleinwort             
                                                                               
WWW Address: http:/              Price Quoted:  Financial Times                
             www.fidelity.co.uk                                                
                                                The Times                      
                                                                               
                                                The Daily Telegraph            
                                                                               
Launch Date: 13 June 1996        Reuters Code:  FAS.L                          
                                                                               
Ordinary     104,022,200         SEAQ Code:     51094                          
Shares In                                                                      
Issue:                                                                         
                                                                               
Share price  10.3%               ISIN:          03322319 - Ord GBP 0.25        
discount to                                                                    
Undiluted                                                                      
NAV:                                                                           
                                                                               
Total        £205.7 m                                                          
Assets:                                                                        
                                                                               
Loan:        £8.7 m                                                            
                                                                               
Total Net    £197.1 m                                                          
Assets:                                                                        
                                                                               
Gross        4.4%                                                              
Gearing :                                                                      
                                                                               
Net Gearing: 3.1%                                                              
                                                                               
                             Portfolio Breakdowns                              
                                                                               
Country A As at 31     As at 31     Largest 10    As at 31        As at 31 July
nalysis   October      July         Holdings (%   October                      
(% total                            total assets)                 2007         
assets)   2007         2007                       2007                         
                                                                               
Hong Kong 25.9         19.9         China Mobile  6.3             4.2          
                                                                               
Korea     23.5         25.1         Hon Hai       4.0             4.3          
(South)                             Precision                                  
                                    Industry                                   
                                                                               
China     13.7         11.0         Samsung       3.6             4.7          
                                    Electronics                                
                                                                               
Taiwan    13.2         16.7         Hong Kong     3.6             -            
                                    Exchanges and                              
                                    Clear*                                     
                                                                               
Singapore 13.1         11.5         Cheung Kong   3.5             3.0          
                                    Holdings                                   
                                                                               
Malaysia  9.6          12.0         Li & Fung     3.5             4.0          
                                                                               
Cash      0.9          2.5          NHN*          3.0             -            
                                                                               
Other     0            1.3          China Life    3.0             -            
                                    Insurance `H'                              
                                    *                                          
                                                                               
Cash      0.9          -            China         2.9             3.0          
                                    Merchants                                  
                                    Bank                                       
                                                                               
                                    Doosan Heavy  2.9             2.4          
                                    Industry &                                 
                                    Construction                               
                                                                               
                                    Taiwan        -               3.4          
                                    Semiconductor                              
                                    Manufacturing                              
                                    **                                         
                                                                               
                                    Gamuda**      -               2.6          
                                                                               
                                    Hang Seng     -               2.4          
                                    Bank**                                     
                                                                               
                                    * not in top                               
                                    ten as at 31                               
                                    July 2007                                  
                                                                               
                                    ** not in top                              
                                    ten as at 31                               
                                    October 2007                               
                                                                               
                      Performance Record (total return %)                      
                                                                               
             Price (p) Quarter to   Quarter to 31 1 Year  3 Years Since launch 
                       31 October   July 2007     to 31   to 31   to           
                       2007                       October October              
                                                  2007    2007    31 October   
                                                                  2007         
                                                                               
NAV (debt at 189.46    21.3             16.9       66.4    164.8     99..99    
par)                                                                           
                                                                               
NAV (debt at 188.95    17.1             21.4       67.2      -          -      
market                                                                         
value)                                                                         
                                                                               
Ordinary     170.00    15.6             24.3       69.2    176.4      83.6     
Share price                                                                    
                                                                               
Benchmark              17.6             18.8       57.7    138.5      45.7     
Index                                                                          
                                                                               

                   Standardised Performance (total return %)                   
                                                                               
               1 Year to 31 1 Year to 31 1 Year to 31 1 Year to 31 1 Year to 31
               October 2003 October 2004 October 2005 October 2006 October 2007
                                                                               
NAV            26.0         1.0          26.7         25.6         66.4        
                                                                               
Ordinary Share 38.6         -6.1         38.0         18.4         69.2        
price                                                                          
                                                                               
Benchmark      25.4         0.6          23.2         22.7         57.7        
Index                                                                          
                                                                               

Past performance is not a reliable indicator of future returns. The value of
investments and the income from it can go down as well as up. For funds that
invest in overseas markets, changes in currency exchange rates may affect the
value of an investment. Investments in small and emerging markets can be more
volatile than other more developed markets. Source of performance: Fidelity as
at 31.10.07. Basis: bid-bid with net income reinvested. Fidelity only gives
information about its own products and services and does not provide investment
advice based on individual circumstances. Fidelity Investment Trusts are
managed by Fidelity Investments International. Fidelity, Fidelity International
and Pyramid Logo are trademarks of Fidelity International Limited. Issued by
Fidelity Investments International, authorised and regulated in the UK by the
Financial Services Authority.

CB31704/1007

M:\Legal\Cosec\aa AsianValues\IMS 31.10.07