Interim Management Statement

FIDELITY ASIAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED  
30 APRIL 2008                                                                   
                                                                                
Objective                                                                       
                                                                                
The Company's objective is to achieve long-term capital growth through          
investment principally in the stock markets 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 6.46% (debt at par) and by 6.57% (debt at fair value)    
against a 9.6% return for the benchmark.                                        
                                                                                
- the share price increased by 7.29%.                                           
                                                                                
- main portfolio changes are detailed in the top ten holdings below.            
                                                                                
Net gearing was 0.1% on 30 April 2008.                                          
                                                                                
During the period the Company repurchased no shares for cancellation.           
                                                                                
Since the quarter end no shares have been repurchased.                          
                                                                                
Material Events                                                                 
                                                                                
The half yearly report of the Company as at 31 January 2008 was published in    
March.                                                                          
                                                                                
At 30 April 2008 the Company's largest shareholder, Carrousel Capital Limited,  
held 26.2%.                                                                     
                                                                                
Additional Information                                                          
                                                                                
Details of the Company            Dealing Information                           
                                                                                
Fund Manager: John Lo             Listed:          London Stock Exchange        
                                                                                
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      103,157,200         SEAQ Code:       51094                        
Shares In                                                                       
Issue:                                                                          
                                                                                
Share price   8.6%                ISIN:                                         
discount to                                                                     
Undiluted                                                                       
NAV:                                                                            
                                                                                
Total Assets: £171.1 m                                                          
                                                                                
Loan:         £9.1 m                                                            
                                                                                
Total Net     £162.0 m                                                          
Assets:                                                                         
                                                                                
Gross Gearing 5.6%                                                              
:                                                                               
                                                                                
Net Gearing:  0.1%                                                              
                                                                                
                             Portfolio Breakdowns                               
                                                                                
Country   As at 30      As at 31     Largest 10      As at 30 April  As at 31   
Analysis  April 2008    January 2008 Holdings (%     2008            January    
(% total                             total assets)                   2008       
assets)                                                                         
                                                                                
Korea     22.9          22.0         China Mobile    6.3             6.0        
(South)                                                                         
                                                                                
Hong Kong 22.1          27.5         Hon Hai         5.0             3.7        
                                     Precision                                  
                                     Industry                                   
                                                                                
Taiwan    14.6          11.0         Samsung         4.9             4.0        
                                     Electronics                                
                                                                                
Singapore 14.1          13.2         Taiwan          4.1             -          
                                     Semiconduct                                
                                     Manufacturing *                            
                                     *                                          
                                                                                
China     13.5          12.9         NHN **          3.9             -          
                                                                                
Cash      6.6           1.3          Cheung Kong     3.4             3.6        
                                     Holdings                                   
                                                                                
Malaysia  6.2           11.5         Li & Fung       3.2             2.8        
                                                                                
Other     -             0.6          Hang Seng Bank  3.2             3.0        
                                                                                
                                     LG Household &  2.9             2.9        
                                     Healthcare                                 
                                                                                
                                     China Merchants 2.8             -          
                                     Bank `H' **                                
                                                                                
Total     100           100          Hong Kong       -               3.4        
                                     Exchanges &                                
                                     Clear *                                    
                                                                                
                                     Lee & Man Paper -               3.1        
                                     Manufacturing *                            
                                                                                
                                     Gamuda *        -               2.8        
                                                                                
* No longer in top 10 at 30 April 2008                                          
                                                                                
** Not in top 10 at 31 January 2008                                             
                                                                                
                      Performance Record (total return %)                       
                                                                                
              Price (p) Quarter to 3 Quarter to 31   1 Year  3 Years 5 Years to 
                        0 April 2008 January 2008    to 30   to 30   30 April   
                                                     April   April   2008       
                                                     2008    2008               
                                                                                
NAV (debt at  157.07    6.5               -22.1       17.6    101.0     219.1   
par)                                                                            
                                                                                
NAV (debt at  156.55    6.6               -22.3       17.7    102.7      n/a    
market value)                                                                   
                                                                                
Ordinary      143.50    7.3               -21.3       21.4    107.2     239.6   
Share price                                                                     
                                                                                
Benchmark               9.6               -19.5       23.2    95.4      190.4   
Index                                                                           

                   Standardised Performance (total return %)                   
                                                                               
               30/04/2003   30/04/2004   30/04/2005   30/04/2006   30/04/2007  
                                                                               
               30/04/2004   30/04/2005   30/04/2006   30/04/2007   30/04/2008  
                                                                               
NAV            46.7         8.2          53.0         11.7         17.6        
                                                                               
Ordinary Share 49.7         9.5.         52.2         12.2         21.4        
price                                                                          
                                                                               
Benchmark      38.9         7.0          46.3         8.4          23.2        
Index                                                                          
                                                                               

Past performance is not a guide to future returns. The value of investments 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 30.4.08. Basis: bid-bid with net
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