Interim Results

FIDELITY ASIAN VALUES PLC

Preliminary Announcement of Unaudited Interim Results for the six months ended
31 January 2005

Performance - For the six months to 31 January 2005, the net asset value per
share rose by 22.6%. In comparison, the benchmark MSCI All Countries (Combined)
Far East ex Japan Index gained 18.5%. (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 8.8% at the period end from 14.9% six months ago.

Markets - Asian stock markets outperformed the majority of their global peers
over the six months to 31 January 2005, rebounding strongly from the moderate
setbacks seen towards the end of the second quarter in 2004 following the
administrative tightening measures implemented in China.

Amongst the larger markets, Korea proved to be one of the region's strongest
performers. While the Korean market saw only modest gains for much of the
review period, it rose strongly in January, encouraged by better than expected
fourth quarter earnings results from Samsung Electronics and expectations of
improving fund flows. These developments helped the market gain over 30% in
sterling terms for the six month period.

In Hong Kong, equities rallied against a positive economic backdrop that saw
the price of goods rise for the first time in more than five years. The
improving macroeconomic climate was reflected in a spate of encouraging
corporate results, especially from retailers, hoteliers and property
developers.

The Singapore market rose strongly in the first half following the release of
double digit second quarter economic growth figures. This enthusiasm was
somewhat muted in the second half after it was revealed that the economy had in
fact contracted over the third quarter. However, Singapore still managed to
post a solid 12% gain in sterling terms over the period.

The region's smaller exchanges outperformed their larger peers in aggregate
terms. The Indonesian market rose over 40% in sterling terms, as a combination
of receding political uncertainty and takeover activity in the banking sector
increased investors' appetite for equities. Thailand suffered early in the
period after it saw the first case of human-to-human transmission of bird `flu,
but finished strongly.

Portfolio Review - In the Hong Kong market, overweight positions amongst
retailers, consumer staples and property developers helped performance. The
Company's overweight position in Hutchison Whampoa was another key contributor
as the stock performed well, driven by positive prospects in its European
businesses.

Stock selection in the Singapore market was also rewarding. Although the market
as a whole underperformed the broader regional index, the Company's investments
in a water treatment company and in the telecommunication services sector
contributed positively to relative returns.

Telecommunications and financial sector holdings in Taiwan also aided
performance. By contrast, poor stock selection in the Korean market, including
key positions in an advertising agency and a leading food retailer had a
negative impact. The Company's investment in Samsung Electronics, one of the
top ten holdings, also disappointed. Despite its improved results the stock
suffered in the lead-up period due to speculation that an appreciating currency
could reduce profit margins. Finally, the Company's overweight position in
Malaysia also detracted from performance as the market underperformed the
broader regional index by a considerable margin.

Outlook for the Region - In terms of market sentiment the outlook for equity
based investment in the Asian region seems broadly positive. The reflation
theme, particularly relevant in markets such as Hong Kong and Singapore, should
prove supportive for a number of sectors, including banks, real estate,
building materials and retailers. There are also likely to be further
structural improvements through government reforms and greater returns on
capital as companies become more efficient. But there are some provisos, which
mean that the signs are difficult to read.

The region's prosperity has traditionally been dependent on demand from western
nations, the United States in particular, for electronic components and
consumer goods. The health of the US economy, and of the US dollar to which
regional currencies are linked, are therefore of critical concern. More
recently intra-Asian trade has been fuelled by demand from China, the region's
rapidly growing economic powerhouse. If Chinese growth were to falter, this
could have a knock-on effect.

The region has its share of terrorist problems. There are also political
uncertainties. North Korea's nuclear ambitions remain a matter of real concern
to its neighbours, to the United States and to most of the rest of the world.
But Taiwan continues to be the most serious source of potential instability.
While tensions between the United States and China over the island's status
have long been managed successfully, an increasingly assertive Japan has
recently angered China by making clear - for the first time - that it has a
security interest in Taiwan which it shares with the United States. And China's
new 'anti-secession' law has alarmed Taiwan. As with North Korea, it is in the
overwhelming interest of the region and the international community that the
situation be kept under control. But the war of words could frighten the
markets from time to time.

Gearing - The Board has decided to repay US$14 million of its US$32 million
6.28% per annum loan facility from HSBC Bank PLC on 29 March 2005 at a total
cost of US$14.315 million. This would otherwise have been due for repayment on
27 September 2006. This part repayment will be made from funds held in the
Fidelity Institutional Cash Fund which are surplus to investment requirements.
Based on the net asset value as at 23 March 2005 it is estimated that this
would reduce the Company's gross gearing to 12.65% from 22.41% and decrease the
net asset value of the Company by 0.18 pence (0.22%) to 81.07 pence per share.

Directors - On 9 February 2005 William Knight and Kathryn Matthews were
appointed as Directors of the Company and Simon Haslam resigned from the Board.
Following a career in investment banking Mr Knight chairs a corporate finance
and advisory company. Miss Matthews is head of the Manager's Portfolio
Strategies Group and Mr Haslam is its Chief Administrative Officer.

By order of the Board

Fidelity Investments International

23 March 2005

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 2005(1)

              for the six months      for the year ended      for the six months   
                    ended                                            ended         
                                                                                   
                   31.01.05                31.07.04                31.01.04        
                                                                                   
                  unaudited                audited                 unaudited       
                                                                                   
                                           Restated                 Restated       
                                           (3)                      (3)            
                                                                                   
            Revenue Capital  Total Revenue  Capital   Total Revenue  Capital  Total
                                                                                   
              £'000   £'000  £'000   £'000    £'000   £'000   £'000    £'000  £'000
                                                                                   
Gains/                                                                             
(losses) on                                                                        
                                                                                   
investments       -  13,283 13,283       -    (358)   (358)      -    7,169  7,169 
                                                                                   
Income from                                                                        
UK                                                                                 
                                                                                   
dividends         5       -      5       -        -       -      -        -      - 
                                                                                   
Income from                                                                        
UK                                                                                 
                                                                                   
scrip             6       -      6      60        -      60     41        -     41 
dividends                                                                          
                                                                                   
Income from                                                                        
                                                                                   
overseas        840       -    840   1,973        -   1,973    944        -    944 
dividends                                                                          
                                                                                   
Interest on     188       -    188     291        -     291    133        -    133 
securities                                                                         
                                                                                   
Deposit          29       -     29      12        -      12      4        -      4 
income                                                                             
                                                                                   
Investment                                                                         
                                                                                   
management    (442)       -  (442)   (793)        -   (793)   (392)       -   (392)
fee                                                                                
                                                                                   
Other         (166)       -  (166)   (383)        -   (383)   (173)       -   (173)
expenses                                                                           
                                                                                   
Exchange          -    (91)   (91)       -    (216)   (216)      -     (174)  (174)
losses                                                                             
                                                                                   
Exchange                                                                           
gains                                                                              
                                                                                   
on loan           -     633    633       -    2,250   2,250      -    2,198  2,198 
                                                                                   
Net return                                                                         
                                                                                   
before                                                                             
finance                                                                            
                                                                                   
costs and       460  13,825 14,285   1,160    1,676   2,836    557    9,193   9,750
taxation                                                                           
                                                                                   
Interest      (539)       -  (539) (1,119)        - (1,119)   (575)       -   (575)
payable                                                                            
                                                                                   
(Loss)/r                                                                           
eturn on                                                                           
                                                                                   
ordinary                                                                           
activities                                                                         
                                                                                   
before tax     (79)  13,825 13,746      41    1,676   1,717    (18)   9,193  9,175 
                                                                                   
Tax on                                                                             
ordinary                                                                           
                                                                                   
activities     (66)       -   (66)   (212)        -   (212)   (143)       -   (143)
                                                                                   
(Loss)/r                                                                           
eturn) on                                                                          
                                                                                   
ordinary                                                                           
activities                                                                         
                                                                                   
after tax                                                                          
for the                                                                            
                                                                                   
period,                                                                            
transfer                                                                           
                                                                                   
(from)/to     (145)  13,825 13,680   (171)    1,676   1,505   (161)   9,193  9,032 
reserves                                                                           
                                                                                   
(Loss)/r                                                                           
eturn per                                                                          
                                                                                   
ordinary                                                                           
share(2)                                                                           
                                                                                   
Basic       (0.15p)  14.78p 14.63p (0.18p)    1.79p   1.61p (0.17p)    9.83p  9.66p

These accounts have been prepared in accordance with the AITC Statement of
Recommended Practice issued in January 2003.

1. The revenue column on this statement represents the profit and loss account
of the Company.

2. Returns per ordinary share are based on the loss on ordinary activities
after taxation of £145,000 (31.07.04:loss £171,000; 31.01.04; loss £161,000),
and the capital appreciation in the period of £13,825,000 (31.07.04:
appreciation of £1,676,000; 31.01.04: appreciation of £9,193,000) and on
93,505,653 ordinary shares (31.07.04: 93,505,653; 31.01.04: 93,505,653), being
the weighted average number of ordinary shares in issue during the year.

All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the year.

3. Restatement - The capital net return before finance costs and taxation for
the year ended 31 July 2004 has been restated from a loss of £574,000 to a gain
of £1,676,000 and for the six months ended 31 January 2004 from a gain of £
6,995,000 to a gain of £9,193,000. This restatement has been necessary as
exchange gains/(losses) are now included as part of the net return before
finance costs rather than as a finance cost. This restatement has no impact on
the Company's return on ordinary activities for the year ended 31 July 2004 and
the six months ended 31 January 2004.

FIDELITY ASIAN VALUES PLC

Balance Sheet

as at 31 January 2004

                                         31.01.05     31.07.04     31.01.04 
                                                                            
                                         unaudited      audited    unaudited
                                                                            
                                            £'000        £'000        £'000 
                                                                            
Fixed assets                                                                
                                                                            
Investments                                 88,848       71,445      85,475 
                                                                            
Current assets                                                              
                                                                            
Debtors - amounts falling due within           567        2,269         887 
one year                                                                    
                                                                            
Cash at bank                                 2,695        6,196         388 
                                                                            
                                             3,262        8,465       1,275 
                                                                            
Creditors - amounts falling due            (1,008)      (1,855)      (1,247)
within one year                                                             
                                                                            
Net current assets                           2,254        6,610          28 
                                                                            
Total assets less current liabilities       91,102       78,055      85,503 
                                                                            
Creditors - amounts falling due after                                       
more than one year                                                          
                                                                            
Fixed rate unsecured loan                 (16,987)     (17,620)     (17,672)
                                                                            
Total net assets                            74,115       60,435      67,831 
                                                                            
Capital and reserves                                                        
                                                                            
Called up share capital                     23,376      23,376       23,376 
                                                                            
Share premium account                            7           7            7 
                                                                            
Capital redemption reserve                   2,330       2,330        2,330 
                                                                            
Other reserves                                                              
                                                                            
Other reserve                               59,282      59,282       59,282 
                                                                            
Warrant reserve                              7,369       7,369        7,369 
                                                                            
Capital reserve - realised                (34,425)     (35,263)     (34,748)
                                                                            
Capital reserve - unrealised                18,455       5,468       12,339 
                                                                            
Revenue reserve                            (2,279)      (2,134)      (2,124)
                                                                            
Total equity shareholders' funds            74,115      60,435       67,831 
                                                                            
Net asset value per ordinary share:                                         
                                                                            
Basic                                       79.26p       64.63p       72.54p
                                                                            

The results for the six months to 31 January 2005 and 31 January 2004, which
are unaudited, constitute non-statutory accounts within the meaning of s240 of
the Companies Act 1985. The latest published accounts for the year ended 31
July 2004, on which the Auditors gave an unqualified report, have been
delivered to the Registrar of Companies.

FIDELITY ASIAN VALUES PLC

Cash Flow Statement

for the six months ended 31 January 2005

                                31.01.05       31.07.04      31.01.04 
                                                                      
                               unaudited        audited     unaudited 
                                                                      
                                   £'000          £'000         £'000 
                                                                      
Operating activities                                                  
                                                                      
Investment income received            868          1,637          861 
                                                                      
Interest received                     217            303            5 
                                                                      
Investment management fee           (405)          (793)         (367)
paid                                                                  
                                                                      
Directors' fees paid                 (21)           (36)          (20)
                                                                      
Other cash payments                  (79)          (335)         (122)
                                                                      
Net cash inflow from                                                  
operating                                                             
                                                                      
activities                            580            776          357 
                                                                      
Returns on investments and                                            
servicing of finance                                                  
                                                                      
Interest paid                       (543)        (1,130)         (581)
                                                                      
Net cash outflow from                                                 
returns on                                                            
                                                                      
investments and servicing of        (543)        (1,130)         (581)
finance                                                               
                                                                      
Financial investment                                                  
                                                                      
Purchase of investments          (26,750)       (72,447)      (32,345)
                                                                      
Disposals of investments           23,329         78,549        32,788
                                                                      
Net cash (outflow)/inflow                                             
from financial                                                        
                                                                      
investment                        (3,421)          6,102          261 
                                                                      
(Decrease)/increase in cash       (3,384)          5,748           37 
                                                                      

Copies of the interim report will be posted to shareholders as soon as
practicable. Copies will also be available to the public from the Company's
registered office, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth,
Surrey KT20 6RB.