FIDELITY ASIAN VALUES PLC — Fund Information / Factsheet 2012

May 31, 2012

FIDELITY INVESTMENT TRUSTS 31 MAY 2012

FIDELITY ASIAN VALUES PLC SEEKING UNRECOGNISED GROWTH POTENTIAL

Fidelity Asian Values PLC aims to produce long-term capital growth through investment in an actively managed portfolio of equities primarily in the South East Asian region (excluding Japan). The portfolio manager uses a bottom-up investment approach in the stock selection and portfolio construction process.

FIDELITY ASIAN VALUES PLC DETAILS TO 31.05.12

Share price:	177.25p
NAV:	196.27p
Discount:	9.69%
Gearing Exposure:	105.31%
Ordinary shares in	60,047,672
issue:
Launch date:	13/06/1996
Portfolio Manager:	John Lo
Appointed to trust:	01/09/2001
Years at Fidelity:	19
Investment available via ISA and Share Plan

PORTFOLIO MANAGER

The outlook for the global economy remains divergent with an improvement in US economic growth expectations balanced by concerns about Europe. However, despite the slowing pace of expansion in the Chinese economy, growth in Asia is likely to be strong given falling inflation, healthy government balance sheets and the availability of multiple policy tools to boost growth. Forward earnings expectations have improved, corporate balance sheets continue to be healthy, and robust household finances should contribute to rebalancing Asian growth towards domestic demand.

John Lo, Portfolio Manager

INVESTMENT HIGHLIGHTS

The trust underperformed the index in May due to overweight's in IT and some financials. Samsung retreated following news that Apple was contemplating placing a memory chip order from a Japanese manufacturer in order to lower its dependence on Samsung. An overweight in games producer NCSoft declined on weak results, but the position remains given the likely boost from upcoming game launches. A holding in China-based real estate investment portal, SouFun, eroded value. An overweight in Wilmar hampered returns following disappointing earnings results. A holding in Sarin Technologies, a machinery producer focused on the diamond industry, added value. An overweight in Korean cosmetics producer Genic, advanced given increased sales volumes.

FIVE YEAR PERFORMANCE COMPARISON

SINGLE YEAR PERFORMANCE (5 YEARS ENDING MAY)

		May 08 May 09 May 10 May 11 May 12			May 07- May 08- May 09- May 10- May 11-
Share Price	9.4%	-11.9%	41.7%	18.1%	-11.9%
Price Record	May 08	May 09	May 10	May 11	May 12
Share Price (pence)	139.50	121.75		171.50 202.50	177.25
NAV (pence)	150.60	133.39		192.51 230.05	196.27

PERFORMANCE RECORD

Cumulative Growth	YTD	1mth	6mths	1 yr	3 yrs	5 yrs	10 yrs	Since 13.06.96
Share Price	0.9%	-5.6%	0.9%	-11.9%	47.4%	42.0%	156.8%	95.5%
NAV	3.4%	-6.9%	5.0%	-14.2%	48.8%	36.8%	161.9%	111.2%
MSCI All Countries Far East ex Japan Index (NET)	4.0%	-4.4%	6.6%	-10.9%	38.0%	37.0%	144.9%	52.5%

Source of performance: Fidelity/Datastream, cumulative growth, total return as at 31 May 2012. bid-bid with net income reinvested. These figures do not include an initial charge.

Please remember that past performance is not a guide to what may happen in the future. The value of investments can go down as well as up and you may not get back the amount invested. Overseas investments may be subject to currency fluctuations. Investments in small and emerging markets may be more volatile than more established markets. Please remember the eligibility to invest in an ISA depends on individual circumstances and tax rules may be subject to change.

FIDELITY ASIAN VALUES PLC

TOP 10 INVESTMENTS AS AT 31.05.12

	%
SAMSUNG ELECTRONICS	7.9
TAIWAN SEMICONDUCTOR MANUFACTURING	4.8
TENCENT HOLDINGS	4.2
AIA GROUP	4.1
LI & FUNG	3.9
CHINA MERCHANTS BANK H	3.9
KIA MOTORS	3.6
LG HOUSEHOLD & HEALTHCARE	3.5
WHARF HOLDINGS	2.9
CHINA OVERSEAS LAND & INVESTMENT	2.7
Source: FIL Limited, 31 May 2012		Source: FIL Limited, 31 May 2012

INDUSTRY BREAKDOWN AS AT 31.05.12

Includes present exposure of cash and equities (other). Source: FIL Limited, 31 May 2012

DEALING INFORMATION

SEAQ Code: 51094

Listed: London Stock Exchange Quoted: London Stock Exchange Financial Times The Times The Daily Telegraph The Independent Reuters Code: FAS.L

GEOGRAPHIC BREAKDOWN AS AT 31.05.12

GLOSSARY

NAV

The total value of a company's assets less the total value of its liabilities is its net asset value (NAV). For valuation purposes it is common to divide net assets by the number of shares in issue to give the net assets per share. NAV calculations can include or exclude current financial year income. For the purposes of this factsheet, they are valued with assets including income and costs and with debt valued at the market.

DISCOUNT

If the share price of an investment company is lower than the net asset value (NAV) per share, the company is said to be trading at a discount. The discount is shown as a percentage of the NAV.

GEARING EXPOSURE

Investment trusts have the ability to borrow additional money to invest, known as gearing. The trust has the ability to use bank loans and bank overdrafts to increase its exposure to stocks.

OVERWEIGHT/UNDERWEIGHT

If a stock is deemed "overweight" this indicates that the portfolio has a higher exposure to a stock compared to its benchmark. If a stock is deemed "underweight" this indicates that portfolio has a lower exposure to a stock compared to its benchmark.

TOP 10 INVESTMENTS

The ten largest investments by value are valued at fair value and shown as a percentage of total assets less current liabilities, excluding loans.

SECTOR/GEOGRAPHICAL BREAKDOWNS

These are expressed as a percentage of total portfolio and cash.

FAIR VALUE

The fair value of the listed investments is measured at bid prices or last prices quoted, depending on the convention of the exchange on which they are listed. Where permitted, unlisted investments, where there is not an active market, are valued using an appropriate valuation technique so as to establish what the transaction price would have been and derivative instruments are valued at the quoted trade price for the contract.

Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. Investors should also note that the views expressed may no longer be current and may have already been acted upon by Fidelity. This information does not constitute investment advice and should not be used as the basis for any investment decision nor should it be treated as a recommendation for any investment. If you are unsure of the suitability of an investment, please contact a financial adviser.

For more information contact us on 0800 41 41 10, 9am – 6pm Monday to Saturday or go to www.fidelity.co.uk/asianvalues