FIDELITY ASIAN VALUES PLC: Interim Management Statement

FIDELITY ASIAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 31 OCTOBER 2012

Issued pursuant to the requirements of Chapter 4 of the Disclosure and Transparency Rules

Objective

The Company's objective is to achieve long-term capital growth through investment in an actively managed portfolio of equities in the South East 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 6.90% (debt at par) and 6.92% (debt at market value) against a 2.79% increase for the benchmark.

- The share price increased by 4.47%.

- The Board and Managers continue to believe that investment in equities will produce strong returns for shareholders over the long term.

- The main portfolio changes are detailed in the top ten holdings below

Gearing exposure was 107% as at 31 October 2012.

Material transactions

186,000 shares were repurchased for cancellation during the quarter.

1,900,000 shares have been repurchased since the quarter end.

1,078 ordinary shares were issued during the period following the exercise of rights attached to the subscription shares.

Material Events

Final results and annual report for the year ended 31 July 2012 published.

AGM held on 28 November 2012 and all resolutions passed.

EGM held on 28 November 2012 and the resolution to change the Investment Policy of the Company was passed.

Additional Information

Details of the Company Dealing Information

Fund Mana John Lo Listed: London Stock ger: Exchange

Enquiries: 08457 100 456 Broker: Canaccord

Genuity Ltd

WWW www.fidelity.co.uk/its Price Quoted: Financial Address: Times

           Copies of major                                                     
           announcements and                                       The Times   
           documentation relating                                              
           to the Company may be                                   The Daily   
           found on the website                                    Telegraph   
                                                                               
                                                                   The         
                                                                   Independent 

Launch 13 June 1996 Reuters Code: FAS.L Date:

                                                                               
           As at 31 October 2012  As at 14 December  SEAQ Code:    51094       
                                  2012                                         

Ordinary 59,191,261 57,292,339 ISIN: GB0003322319 Shares In Issue:

Share 12.03% 13.37% Registered price office discount to NAV:

Total £132.3m £133.3m Beech Gate

Assets:

Millfield

Lane Loan: £9.3m £9.3m

Lower

Kingswood Total Net £123m £124m

Assets: Tadworth

Surrey KT20 Gearing 107% 106.42% 6RP Exposure :

The Company's net asset value per share is announced daily and may be found on the Stock Exchange website www.londonstockexchange.com

Portfolio Breakdowns

Country As at 31 As at 31 Largest 10 As at 31 As at 31 July Analysis October 2012 July 2012 Holdings (% October 2012 2012 (% total total assets) assets)

Korea 31.1 29.4 Samsung 7.0 8.8 (South) Electronics

China 25.8 23.6 Taiwan 4.7 4.5

                                     Semiconductor                             
                                     Manufacturing                             

Hong Kong 23.5 21.2 LG Household & 4.5 5.3

Healthcare

Taiwan 8.5 9.6 Tencent 4.3 4.7

Holdings

Indonesia 3.7 1.9 Techtronic 3.9

                                     Industries Ord*                           
                                     *                                         

Singapore 3.1 5.5 Wharf Holdings 3.8 4.3

Israel 2.0 2.4 AIA Group 3.7 4.3

Other 1.8 1.3 Sung Hung Kai 3.0

Properties**

Cash 0.5 5.1 Soufun Holdings 3.0

                                     ADR**                                     
                                                                               
                                     Petrochina H**  2.9                       
                                                                               
                                     Kia Motors*                  4.8          

Total 100 100 Li & Fung * 4.7

                                                                               
                                     China Overseas               3.0          
                                     Land &                                    
                                     Investment*                               
                                                                               
                                     Bank of China                3.0          
                                     Hong Kong*                                
                                                                               
                                     * Not in top 10 at 31 October 2012        
                                                                               
                                     ** Not in top 10 at 31 July 2012          

Performance Record (total return %)                                            
                                                                               
               Price at   Quarter to  Quarter to  1 Year to 3 Years   5 Years  
               31 October 31 July     31 October  31        to 31     to 31    
               2012 (p)   2012        2012        October   October   October  
                                                  2012      2012      2012     

NAV (debt at 207.89 -7.35 6.90 4.56 29.10 12.43 par)

NAV (debt at 207.81 -7.36 6.92 4.56 29.05 12.06 market value)

Ordinary Share 182.88 -6.26 4.47 1.03 19.75 10.49 price

Benchmark -0.84 2.79 7.93 27.10 11.61 Index

                                                                               

As at 14 December 2012 the Company's NAV per share was 217.07p (debt at par)
and 217.00p (debt at fair value) and the Company's share price was 188.00p per
share.

Standardised Performance (total return %)                                      
                                                                               
               31/10/2007   31/10/2008   31/10/2009   31/10/2010   31/10/2011  
                                                                               
               31/10/2008   31/10/2009   31/10/2010   31/10/2011   31/10/2012  

NAV -30.3 67.0 13.7 -8.04 4.56

Ordinary Share -31.9 80.7 12.4 -7.28 1.03 price

Benchmark -45.6 61.4 10.1 -6.14 7.93 Index

By order of the Board

Christopher Pirnie For and on behalf of FIL Investments International Company Secretary

17 December 2012

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 31 October 2012. 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.

END

-0- Dec/17/2012 16:42 GMT