FIDELITY ASIAN VALUES PLC

Interim / Quarterly Report • Apr 16, 2024

FIDELITY ASIAN VALUES PLC

Half-Yearly Report for the six months ended 31 January 2024

Job No: 51719 Proof Event: 10 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Investment Objective and Overview

The Company's objective is to achieve long-term capital growth principally from the stockmarkets of the Asian Region excluding Japan.

Asia is the world's fastest-growing economic region, offering investors a potentially unparalleled long-term opportunity. Fidelity Asian Values PLC provides shareholders with a differentiated equity exposure to Asian markets. The Portfolio Managers achieve this differentiation by favouring undervalued small and medium-sized companies as this allows them to find quality businesses that are mispriced, the "winners of tomorrow", before they become well known. They utilise Fidelity's Asia-based analyst team and believe the current market environment offers an unprecedented opportunity to invest in high quality Asian smaller companies at attractive valuations.

Job No: 51719 Proof Event: 10 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Job No: 48973 Proof Event: 12 Black Line Event: 0 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2023 T: 0207 055 6500 F: 020 7055 6600

Job No: 51719 Proof Event: 10 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Job No: 48973 Proof Event: 12 Black Line Event: 0 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2023 T: 0207 055 6500 F: 020 7055 6600

To find out more about Fidelity Asian Values PLC visit our website at www.fidelity.co.uk/asianvalues

where you can read articles and watch videos on the Company.

Clare Brady, Chairman, Fidelity Asian Values PLC

Contents

Portfolio Managers' Half-Yearly Review Read more on pages 04 to 08

Directors' Reports

At a Glance	02
Summary of Results	03
Portfolio Managers' Half-Yearly Review	04
Twenty Largest Holdings	09
Interim Management Report and
Directors' Responsibility Statement	12

Financial Statements

Income Statement	16
Statement of Changes in Equity	18
Balance Sheet	20
Notes to the Financial Statements	21

Information for Shareholders

Shareholder Information	29
Directory	31
Data Protection	32
Glossary of Terms	33

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Ordinary Share Price as at 31 January

At a Glance

Six months ended 31 January 2024

Net Asset Value per ("NAV") Share total return1,2

-2.4%

(31 January 2023: +10.3%)

Ordinary Share Price total return1,2

-2.5%

(31 January 2023: +17.3%)

Comparative Index total return)1,3

+3.6%

(31 January 2023: +3.6%)

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600 Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Sources: Fidelity and Datastream.

Past performance is not a guide to future returns.

1 Calculated on the basis that dividends paid to shareholders are reinvested in the Company at the ex-dividend date.

• 2 Alternative Performance Measures. See Glossary of Terms on page 33.
• 3 MSCI All Countries Asia ex Japan Small Cap Index (net) total return (in sterling terms).

Summary of Results

Assets	31 January 2024	31 July 2023
Gross Asset Exposure1	£436.9m	£440.8m
Net Market Exposure1	£408.9m	£413.7m
Shareholders' Funds1	£374.0m	£394.6m
NAV per Ordinary Share1,2	521.65p	549.33p
Gross Gearing1,2	16.8%	11.7%
Net Gearing1,2	9.4%	4.9%
Share Price and Discount Data
Ordinary Share Price at the period end	492.00p	520.00p
Share Price: period high3	530.00p	534.00p
Share Price: period low3	476.00p	423.00p
(Discount) to NAV per Ordinary Share at period end1,2	(5.7%)	(5.3%)
(Discount): period low/Premium: period high3	(2.2%)	0.8%
(Discount): period high3	(10.9%)	(12.9%)
Results for the six months ended 31 January	2024	2023
Revenue Return per Ordinary Share1,2	4.80p	5.51p
Capital (Loss)/Return per Ordinary Share1,2	(18.07p)	44.39p
Total (Loss)/Return per Ordinary Share1,2	(13.27p)	49.90p

1 See Glossary of Terms on pages 34 to 36.

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600 2 Alternative Performance Measures. See Glossary of Terms on page 33.

3 For the six month period to 31 January 2024 and for the year ended 31 July 2023.

Summary of the key aspects of the Investment Policy

• The Portfolio Managers invest in securities of companies which they consider have fundamental value that has not been recognised by the market.
• The Company is not restricted in terms of size or industry of companies included in the portfolio and may invest in unlisted securities.
• The Company may also invest into other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management and investment purposes.

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

■ The Company operates a variable management fee arrangement which is calculated by reference to its Benchmark Index.

Portfolio Managers' Half-Yearly Review

Performance Review

Over the six month period ended 31 January 2024, the net asset value ("NAV") total return of Fidelity Asian Values PLC was -2.4%, underperforming the Comparative Index, the MSCI All Countries Asia ex Japan Small Cap Index (net) total return (in sterling terms),

which was +3.6%. Over the same period, the Company's share price total return was -2.5%. Whilst the Company's discount was 5.7% at the reporting period end, it widened to around 10% at the end of March, however, it was trading narrower than its peer group.

	NAV total return (%)	Share Price total return (%)	Comparative Index total return (%)
Tenure (since 1 April 2015)	+107.4	+123.2	+118.5
5 Years	+46.0	+33.1	+63.6
3 Years	+28.5	+27.5	+21.9
1 Year	-1.5	-2.5	+7.5
6 Months	-2.4	-2.5	+3.6
3 Months	+0.2	+5.4	+6.0

Company's NAV, Share Price and Comparative Index total returns (as at 31 January 2024)

Source: Fidelity International, 31 January 2024. Total returns include net income reinvested. Comparative Index: MSCI All countries Asia ex Japan Small Cap Index (net) total return (in sterling terms).

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Our stock selection continued to contribute positively to the Company's relative performance versus the Comparative Index. However, our market selection was a drag against a backdrop of continued divergence in country performance (see table below on country attribution). Small cap stocks in India rose by 26.7% and those in Taiwan gained by 9.6% during the six month review period. In contrast, small cap stocks in China and Hong Kong fell by 28.2% and 18.4% respectively. Since our investment process can lead us to take contrarian positions in undervalued businesses, our combined exposure to China and Hong Kong was close to its historical high (six month average of 40.6% versus the Index average weight of 13.0%). China and Hong Kong continue to underperform and have dragged down the Company's relative returns compared to the Index in the period under review. However, stock selection has been positive, and valuations remain attractive.

	Average weight (%)			Contribution to relative returns (%)
	Company (%)	Index (%)	Relative (%)	Stock selection	Market selection	Total
Korea (South)	+7.8	+16.1	-8.3	+1.4	+1.2	+2.6
ASEAN	+20.7	+15.1	+5.6	+1.8	-1.2	+0.6
Others	+12.2	0.0	+12.2	-0.4	0.0	-0.4
Taiwan	+1.8	+25.3	-23.5	+0.4	-1.3	-0.9
India	+20.0	+30.5	-10.5	-0.6	-2.1	-2.7
China & Hong Kong	+40.6	+13.0	+27.6	+4.5	-9.0	-4.5
Total Primary Assets	+103.1	+100.0	+3.1	+7.1	-12.4	-5.3
Cash & others	-3.1	0.0	-3.1			-0.7
Total	100.0	100.0	0.0			-6.0

Country Attribution over 6 months to 31 January 2024

Source: Fidelity International, 31 January 2024. Index: MSCI All countries Asia ex Japan Small Cap Index (net) total return (in sterling terms).

In contrast to China and Hong Kong, small cap stocks in India and Taiwan continued to perform well despite their exuberant valuations. As a result, four of our five top contributors

were Indian companies and four out of five of our top detractors were from China as can be seen from the tables below.

Key Contributors over six months (as at 31 January 2024)

Order	Security	Average Active Weight (%)	Gain/Loss (%)	Contribution to Portfolio Returns (%)
Top 5
1	PTC India	+2.1	+113.2	+1.5
2	LIC Housing Finance	+1.1	+49.5	+0.5
3	Bank Negara Indonesia (Persero)	+2.7	+24.0	+0.5
4	Granules India	+2.1	+28.8	+0.5
5	Axis Bank	+3.7	+11.9	+0.3
	Total			+3.3

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Source: Fidelity International, 31 January 2024.

Portfolio Managers' Half-Yearly Review continued

Order	Security	Average Active Weight (%)	Gain/Loss (%)	Contribution to Portfolio Returns (%)
Top 5
1	China Overseas Grand Oceans Group	+1.2	-53.4	-1.0
2	China Yongda Automobiles Services	+1.1	-41.2	-0.5
3	Zhongsheng Group	+0.7	-51.9	-0.5
4	Focus Media Information Technology	+1.8	-23.8	-0.5
5	Arwana Citramulia	+1.7	-22.9	-0.5
	Total			-3.0

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Key Detractors over six months (as at 31 January 2024)

Source: Fidelity International, 31 January 2024.

The detractors were essentially Chinese consumer-related companies (China Yongda Automobile Services, Zhongsheng Group and Focus Media Information Technology) and the real estate company China Overseas Grand Oceans Group, which fell due to weak demand and negative investor sentiment. Indonesia's largest ceramic tiles maker Arwana Citramulia also suffered weak demand due to project delays ahead of the country's elections. We believe these to be temporary losses and continue to own the businesses for their longer-term growth prospects and attractive valuations.

On the other hand, our holdings in India (PTC India, Granules India, LIC Housing Finance and Axis Bank) and Bank Negara Indonesia (Persero) contributed the most to the Company's relative performance. We continue

to have a positive outlook on most of these stocks as they still offer a sufficient margin of safety. We trimmed our exposure to PTC India and Granules India as a result of strong performance and a reduced margin of safety.

India's fourth largest mortgage financier LIC Housing Finance was the second largest contributor to returns and is one of the top 10 positions in the Company. As it is promoted by Life Insurance Corporation, India's largest and 100% government owned insurance company, it has access to low-cost funds, helping it to focus mainly on prime borrowers and maintain high returns on equity and strong asset quality. This sustainable low to mid-teen return on equity generator and book value compounder is currently trading at par with its one year forward book value and seven times its one year forward earnings.

Investment strategy

Our investment strategy is to continue to focus on investing in good businesses, run by good management teams and available at a suitable margin of safety. Our investment process leads us to high quality undervalued businesses and a consistent value tilt.

We believe our approach to investing helps to generate sustainable performance for the Company in the long-term. Although our value style has underperformed the growth style in recent years, we believe this headwind should, at some point, become a tailwind. Small cap value stocks are currently trading at close to all-time high discounts relative to both their large cap and (as can be seen from the chart below) their small cap growth counterparts. Value stocks also generate superior earnings growth over time compared to growth stocks and provide better cash returns, in terms of dividends.

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Source: Refinitiv Datastream, 31 January 2024. Total returns in sterling terms

Macro-economic trends are difficult to forecast for anyone and building a portfolio of stocks based on such views is even more challenging. However, we do believe macro risks are more short-term in nature and owning businesses which are better quality than the market at attractive valuations has been the bedrock of our investment process for over a decade.

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600 It has served us well in the last ten years and should continue to reward us well for the future. As can be seen from the second chart below, the Return on Equity of our portfolio has frequently been at a premium to the market while the Price to Earnings ratio of our holdings (first chart below) is at a significant discount.

Portfolio Managers' Half-Yearly Review continued

Portfolio Valuation and Returns versus the Comparative Index

1 Company = Fidelity Asian Values PLC.

Source: Fidelity International, Refinitiv FactSet, 31 January 2024. Index: MSCI All Countries Asia ex Japan Small Cap Index The Price to Earnings ("P/E") Ratio measures the value of a company's share price versus its earnings. Price to Earnings based on FY1 estimates. A low P/E can indicate that a company may currently be undervalued. The Return on Equity ("RoE") measures the return on a company's stock. The higher the percentage, the more income the company is generating and adding to shareholder value.

Outlook

We are comfortable with the Company's portfolio as it stands today. We continue to have an overweight exposure to China since we are finding a significant margin of safety in owning several well-financed and well-run businesses. As the world's second largest economy, where consumption is expanding as a share of GDP, we believe that both earnings and multiples of our Chinese holdings will re-rate favourably from depressed levels. Conversely, our relative exposure to India is close to our historical low as the small cap index in India is now 40% more expensive than Asian small caps and 30% more expensive than Indian large caps. In India and Indonesia, we have focused on well-run financial companies which have attractive valuations. These are good long-term compounders as credit is

under-penetrated and the well managed banks have significant industry tail winds. Meanwhile, we continue to avoid areas that most investors find fashionable, such as AI-driven technology hardware in Taiwan and Korea. The sector has seen a capex boom post COVID due to higherthan-average demand. We are seeing earnings downgrades as new supplies come in and demand falls back, as the AI hype subsides. This strategy has served us well in the past ten years and we believe it will continue to reward us well over the future.

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

8 April 2024 8 April 2024

Nitin Bajaj Ajinkya Dhavale Portfolio Manager Co-Portfolio Manager

Twenty Largest Holdings

as at 31 January 2024

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600 The Asset Exposures shown below and on the next two pages measure exposure to market price movements as a result of owning shares, corporate bonds, equity linked notes and derivative instruments. The Fair Value is the actual value of the portfolio as reported on the Balance Sheet. Where a contract for difference ("CFD") is held, the Fair Value reflects the profit or loss on the contract since it was opened and is based on how much the price of the underlying share has moved.

			Fair
	Asset Exposure		Value
	£'000	%1	£'000
Long Exposures – shares unless otherwise stated
Axis Bank
Private sector bank	15,781	4.2	15,781
Bank Negara Indonesia (Persero)
(shares and corporate bond)
Banking institution	13,801	3.7	13,801
HDFC Bank
Private sector bank	12,623	3.4	12,623
Genpact (shares and long CFD)
Global professional services firm delivering digital
transformation for businesses	11,120	3.0	7,110
Indofood CBP Sukses Makmur
Producer of packaged food products	10,753	2.9	10,753
Bank Mandiri (Persero)
Banking institution	10,495	2.8	10,495
PTC India
Provider of power trading solutions in India	9,855	2.6	9,855
LIC Housing Finance
Housing finance company	9,377	2.5	9,377
BOC Aviation (long CFDs)
Global aircraft operating leasing company	8,880	2.4	100
Granules India
Pharmaceutical manufacturing company	8,349	2.2	8,349
Galaxy Entertainment Group (long CFD)
Developer and operator of integrated entertainment and
resort facilities	7,964	2.1	59
CapitaLand India Trust (shares and long CFD)
Property trust	7,029	1.9	6,284

Twenty Largest Holdings continued as at 31 January 2024

			Fair
	Asset Exposure		Value
	£'000	%1	£'000
Chow Sang Sang Holdings International (shares and long CFD)
Jewellery retailer	6,992	1.9	6,311
Gold Road Resources
Gold production and exploration company	6,273	1.7	6,273
Taiwan Semiconductor Manufacturing Company (long CFDs)
Developer, manufacturer and distributor of semiconductor related products	6,243	1.7	606
Focus Media Information Technology (shares and equity linked notes)
Advertising solution provider	6,223	1.7	6,223
Ciputra Development
Property developer	6,127	1.6	6,127
Arwana Citramulia
Ceramics manufacturer	5,845	1.5	5,845
Crystal International Group (shares and long CFD)
Manufacturer of clothing	5,702	1.5	5,453
Federal Bank
Private sector bank	5,500	1.5	5,500
Twenty largest long exposures	174,932	46.8	146,925
Other long exposures	242,569	64.9	220,268
Total long exposures before futures (142 holdings)	417,501	111.7	367,193

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

			Fair
	Asset Exposure		Value
	£'000	%1	£'000
Add: long futures
MSCI All Countries Asia ex Japan Index Future 15/03/2024	3,773	1.0	(49)
Hang Seng China Enterprises Index Future 27/09/2024 (call option)	1,621	0.4	260
Total long exposures	422,895	113.1	367,404
Short exposures
Short CFDs (11 holdings)	12,440	3.3	649
Short future (1 holding)	1,538	0.4	(98)
Call option (1 holding)	16	–	–
Total short exposures	13,994	3.7	551
Gross Asset Exposure2	436,889	116.8
Portfolio Fair Value3			367,955
Net current assets (excluding derivative assets and liabilities)			6,023
Total Shareholders' Funds/Net Assets			373,978

1 Asset Exposure (as defined in the Glossary of Terms on page 33) is expressed as a percentage of Total Shareholders' Funds.

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600 2 Gross Asset Exposure comprises market exposure to investments of £368,002,000 plus market exposure to derivative instruments of £68,887,000.

3 Portfolio Fair Value comprises investments of £368,002,000 plus derivative assets of £1,872,000 less derivative liabilities of £1,919,000.

Interim Management Report and Directors' Responsibility Statement

Board Changes and Succession

The Board has a careful succession plan in place. As part of this plan, Kate Bolsover stepped down from the Board at the conclusion of the Annual General Meeting ("AGM") on 29 November 2023. On the same date, Clare Brady succeeded her as Chairman. Matthew Sutherland succeeded Mrs Brady as the Senior Independent Director. Sally Macdonald took over from Michael Warren as the Chairman of the Management Engagement Committee from 3 April 2024.

As was reported in the Annual Report for the year ended 31 July 2023, Mr Warren agreed to stay on the Board for an additional year beyond his nine year tenure to ensure that institutional and historical knowledge of the Company, as well as his marketing expertise, was not lost. He will retire from the Board at the conclusion of the AGM in November 2024.

A recruitment process has been conducted for his replacement as a non-executive Director using the services of Cornforth Consulting, an external consultant that has no association with the Company. As a result of this process, Lucy Costa Duarte will be appointed to the Board with effect from 1 June 2024. This will ensure a smooth handover before Mr Warren steps down from the Board. Mrs Costa Duarte is a specialist in marketing strategy and investment relations in the investment trust sector. She is a Marketing Ambassador for the Association of Investment Companies, a non-executive Director of MIGO Opportunities Trust plc and a part-time Director of Investor Relations for Schroders – International Biotechnology Trust plc. She is a past director at Citigroup where she headed the emerging markets Equity Capital Markets team in London.

Appointment of Co-Portfolio Manager

Ajinkya Dhavale has been appointed as the Company's Co-Portfolio Manager to support and closely work alongside the Portfolio Manager, Nitin Bajaj. He has extensive experience in Asian markets and companies and shares a common investment approach and complementary investment experience with the Portfolio Manager. Mr Dhavale's appointment helps to strengthen the investment process and manage key person risk.

Discount Management and Share Repurchases

The Board closely monitors the Company's share price discount to its NAV and will undertake active discount management where necessary, the primary purpose of which is to limit discount volatility. Repurchases of ordinary shares are made at the discretion of the Board, within guidelines set by it and considering prevailing market conditions. Shares will only be repurchased in the market at prices below the prevailing NAV per ordinary share, thereby resulting in an enhancement to the NAV per ordinary share. In order to assist in managing the discount, the Board has shareholder approval to hold in Treasury any ordinary shares repurchased by the Company, rather than cancelling them. Any shares held in Treasury would only be reissued at NAV per ordinary share or at a premium to NAV per ordinary share.

There has been market volatility in the reporting period, and at times the Company's discount has widened in reaction to this. The Board, therefore, approved the repurchase of 137,825 ordinary shares into Treasury during the six month reporting period. Since then and up to the latest practicable date of this report, a further 337,980 ordinary shares have been repurchased into Treasury.

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Principal Risks and Uncertainties

The Board, with the assistance of the Manager (FIL Investment Services (UK) Limited), has developed a risk matrix which, as part of the risk management and internal controls process, identifies the key existing and emerging risks and uncertainties faced by the Company.

The Board considers that the principal risks and uncertainties faced by the Company continue to fall into the following categories: economic, political and market; investment performance (including the use of derivatives and gearing); cybercrime and information security; level of discount to net asset value; key person; environmental, social and governance (ESG); business continuity and operational (including third-party service providers); and shareholder relationship risks. Other risks facing the Company are tax and regulatory risks. Information on each of these risks is given on pages 28 to 32 in the Strategic Report section of the Annual Report for the year ended 31 July 2023 which can be found on the Company's pages of the Manager's website at www.fidelity.co.uk/asianvalues.

Whilst the principal risks and uncertainties remain the same as at the last year end, the magnitude of their uncertainty continues to grow with the ongoing conflicts in Ukraine and the Middle East. Geopolitical tensions, such as those between the US and China, and China and Taiwan, are exacerbating economic headwinds, such as the cost of living crisis; inflation; high interest rates; food supply crisis; and the threat of cyberattacks on critical infrastructure. The Board remains vigilant about the changing scale of such risks.

Climate change continues to be a key principal risk confronting asset managers and their investors. Globally, climate change effects are already being experienced in the form of

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600 changing weather patterns. Climate change can potentially impact the operations of investee companies, their supply chains and their customers. Additional risks may also arise from increased regulations, costs and net-zero programmes which can all impact investment returns. The Board notes that the Manager has integrated ESG considerations, including climate change, into the Company's investment process. The Board will continue to monitor how this may impact the Company as a risk, the main risk being the impact on investment valuations and potentially shareholder returns.

Investors should be prepared for market fluctuations and remember that holding shares in the Company should be considered to be a long-term investment. The Investment Company structure means that the Portfolio Managers are not required to trade to meet investor redemptions and so they are able to hold investments for a longer period.

The Manager has appropriate business continuity and operational resilience plans in place to ensure the continued provision of services. This includes investment team key activities, which also covers portfolio managers, analysts and trading/support functions. The Manager reviews its operational resilience strategies on an ongoing basis and continues to take all reasonable steps in meeting its regulatory obligations, assess its ability to continue operating and the steps it needs to take to serve and support its clients, including the Board. It has an appropriate control environment in place.

The Company's other third-party service providers also have similar measures in place to ensure that business disruption is kept to a minimum.

Interim Management Report and Directors' Responsibility Statement continued

Transactions with the Manager and Related Parties

The Manager has delegated the Company's portfolio management of assets and company secretariat services to FIL Investments International. Transactions with the Manager and related party transactions with the Directors are disclosed in Note 13 to the Financial Statements on page 28.

Going Concern Statement

The Directors have considered the Company's investment objective, risk management policies, liquidity risk, credit risk, capital management policies and procedures, the nature of its portfolio, its expenditure and cash flow projections. The Directors, having considered the liquidity of the Company's portfolio of investments (being mainly securities which are readily realisable) and the projected income and expenditure, are satisfied that the Company is financially sound and has adequate resources to meet all of its liabilities and ongoing expenses and can continue in operational existence for a period of at least twelve months from the date of this Half-Yearly Report.

This conclusion also takes into account the Board's assessment of the ongoing risks as outlined on the previous page.

Accordingly, the Financial Statements of the Company have been prepared on a going concern basis.

Continuation votes are held every five years and the next continuation vote will be put to shareholders at the AGM in 2026.

By Order of the Board FIL Investments International 8 April 2024

Directors' Responsibility Statement

The Disclosure and Transparency Rules ("DTR") of the UK Listing Authority require the Directors to confirm their responsibilities in relation to the preparation and publication of the Interim Management Report and Financial Statements.

The Directors confirm to the best of their knowledge that:

• a) the condensed set of Financial Statements contained within the Half-Yearly Report has been prepared in accordance with the Financial Reporting Council's Standard FRS 104: Interim Financial Reporting; and
• b) the Portfolio Managers' Half-Yearly Review on pages 4 to 8 and the Interim Management Report on pages 12 to 14 include a fair review of the information required by DTR 4.2.7R and 4.2.8R.

The Half-Yearly Report has not been audited or reviewed by the Company's Independent Auditor.

The Half-Yearly Report was approved by the Board on 8 April 2024 and the above responsibility statement was signed on its behalf by Clare Brady, Chairman.

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

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Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Income Statement

for the six months ended 31 January 2024

		Six months ended 31 January 2024 unaudited
Notes	Revenue £'000	Capital £'000	Total £'000
(Losses)/gains on investments	–	(4,905)	(4,905)
(Losses)/gains on derivative instruments	–	(6,058)	(6,058)
Income	4 6,960	–	6,960
Investment management fees	5 (1,362)	(389)	(1,751)
Other expenses	(522)	–	(522)
Foreign exchange gains	–	327	327
Net return/(loss) on ordinary activities before finance costs and taxation	5,076	(11,025)	(5,949)
Finance costs	6 (1,220)	–	(1,220)
Net return/(loss) on ordinary activities before taxation	3,856	(11,025)	(7,169)
Taxation on return/(loss) on ordinary activities	7 (409)	(1,945)	(2,354)
Net return/(loss) on ordinary activities after taxation for the period	3,447	(12,970)	(9,523)
Return/(loss) per ordinary share	8 4.80p	(18.07p)	(13.27p)

The Company does not have any other comprehensive income. Accordingly, the net return/(loss) on ordinary activities after taxation for the period is also the total comprehensive income for the period and no separate Statement of Comprehensive Income has been presented.

The total column of this statement represents the Income Statement of the Company. The revenue and capital columns are supplementary and presented for information purposes as recommended by the Statement of Recommended Practice issued by the AIC.

No operations were acquired or discontinued in the period and all items in the above statement derive from continuing operations.

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600 Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

	Six months ended 31 January 2023 unaudited			Year ended 31 July 2023 audited
Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
–	26,445	26,445	–	29,025	29,025
–	5,111	5,111	–	1,781	1,781
7,032	–	7,032	17,773	–	17,773
(1,316)	77	(1,239)	(2,644)	(281)	(2,925)
(484)	–	(484)	(988)	–	(988)
–	1,386	1,386	–	1,089	1,089
5,232	33,019	38,251	14,141	31,614	45,755
(829)	–	(829)	(1,997)	–	(1,997)
4,403	33,019	37,422	12,144	31,614	43,758
(437)	(1,059)	(1,496)	(1,238)	(2,882)	(4,120)
3,966	31,960	35,926	10,906	28,732	39,638
5.51p	44.39p	49.90p	15.17p	39.95p	55.12p

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Statement of Changes in Equity

for the six months ended 31 January 2024

		Share	Share premium
	Notes	capital £'000	account £'000
Six months ended 31 January 2024 (unaudited)
Total shareholders' funds at 31 July 2023		18,895	50,501
Net (loss)/return on ordinary activities after taxation for the period		–	–
Repurchase of ordinary shares	11	–	–
Dividend paid to shareholders	9	–	–
Total shareholders' funds at 31 January 2024		18,895	50,501
Six months ended 31 January 2023 (unaudited)
Total shareholders' funds at 31 July 2022		18,895	50,501
Net return on ordinary activities after taxation for
the period		–	–
Repurchase of ordinary shares	11	–	–
Dividend paid to shareholders	9	–	–
Total shareholders' funds at 31 January 2023		18,895	50,501
Year ended 31 July 2023 (audited)
Total shareholders' funds at 31 July 2022		18,895	50,501
Net return on ordinary activities after taxation for the year		–	–
Repurchase of ordinary shares	11	–	–
Dividend paid to shareholders	9	–	–
Total shareholders' funds at 31 July 2023		18,895	50,501

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600 Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Capital Other non redemption distributable Capital Revenue reserve reserve reserve reserve £'000 £'000 £'000 £'000 3,197 7,367 299,562 15,055 – – (12,970) 3,447 – – (677) – – – – (10,399) 3,197 7,367 285,915 8,103 3,197 7,367 273,448 14,215 – – 31,960 3,966 35,926 – – (2,603) – – – – (10,066) 3,197 7,367 302,805 8,115 3,197 7,367 273,448 14,215 – – 28,732 10,906 39,638 – – (2,618) – – – – (10,066) (10,066) 3,197 7,367 299,562 15,055 394,577
	Total
	shareholders'
	funds
	£'000
	394,577
	(9,523)
	(677)
	(10,399)
	373,978
	367,623
	(2,603)
	(10,066)
	390,880
	367,623
	(2,618)

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Balance Sheet

as at 31 January 2024 Company number 3183919

		31.01.24 unaudited	31.07.23 audited	31.01.23 unaudited
	Notes	£'000	£'000	£'000
Fixed assets
Investments	10	368,002	377,631	368,054
Current assets
Derivative instruments	10	1,872	1,758	1,988
Debtors		3,054	3,556	2,638
Amounts held at futures clearing houses and brokers		2,882	3,820	2,220
Cash at bank		5,877	13,029	21,799
		13,685	22,163	28,645
Current liabilities
Derivative instruments	10	(1,919)	(1,665)	(872)
Other creditors		(5,790)	(3,552)	(4,947)
		(7,709)	(5,217)	(5,819)
Net current assets		5,976	16,946	22,826
Net assets		373,978	394,577	390,880
Capital and reserves
Share capital	11	18,895	18,895	18,895
Share premium account		50,501	50,501	50,501
Capital redemption reserve		3,197	3,197	3,197
Other non-distributable reserve		7,367	7,367	7,367
Capital reserve		285,915	299,562	302,805
Revenue reserve		8,103	15,055	8,115
Total shareholders' funds		373,978	394,577	390,880
Net asset value per ordinary share	12	521.65p	549.33p	544.18p

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

1 Principal Activity

Fidelity Asian Values PLC is an Investment Company incorporated in England and Wales with a premium listing on the London Stock Exchange. The Company's registration number is 3183919, and its registered office is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP. The Company has been approved by HM Revenue & Customs as an Investment Trust under Section 1158 of the Corporation Tax Act 2010 and intends to conduct its affairs so as to continue to be approved.

2 Publication of Non-statutory Accounts

Notes to the Financial Statements The Financial Statements in this Half-Yearly Report have not been audited by the Company's Independent Auditor and do not constitute statutory accounts as defined in section 434 of the Companies Act 2006 (the "Act"). The financial information for the year ended 31 July 2023 is extracted from the latest published Financial Statements of the Company. Those Financial Statements were delivered to the Registrar of Companies and included the Independent Auditor's Report which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Act.

3 Accounting Policies (i) Basis of Preparation

The Company prepares its Financial Statements on a going concern basis and in accordance with UK Generally Accepted Accounting Practice ("UK GAAP") and FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland, issued by the Financial Reporting Council. The Financial Statements are also prepared in accordance with the Statement of Recommended Practice: Financial Statements of Investment Trust Companies and Venture Capital Trusts ("SORP") issued by the Association of Investment Companies ("AIC") in July 2022. FRS 104: Interim Financial Reporting has also been applied in preparing this condensed set of Financial Statements. The accounting policies followed are consistent with those disclosed in the Company's Annual Report and Financial Statements for the year ended 31 July 2023.

(ii) Going Concern

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600 The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of these Financial Statements. Accordingly, the Directors consider it appropriate to adopt the going concern basis of accounting in preparing these Financial Statements. This conclusion also takes into account the Directors' assessment of the risks faced by the Company as detailed in the Interim Management Report on pages 12 and 13.

Notes to the Financial Statements continued

4 Income

	Six months	Six months	Year
	ended	ended	ended
	31.01.24	31.01.23	31.07.23
	unaudited	unaudited	audited
	£'000	£'000	£'000
Investment income
Overseas dividends	5,501	5,953	14,847
Overseas scrip dividends	50	244	266
Interest on securities	227	35	164
	5,778	6,232	15,277
Derivative income
Dividends received on long CFDs	580	487	1,743
Interest received on CFDs	236	106	258
	816	593	2,001
Other interest
Interest received on collateral and deposits	366	207	495
Total income	6,960	7,032	17,773

No special dividends have been recognised in capital during the period (six months ended 31 January 2023: £nil and year ended 31 July 2023: £420,000).

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

	Six months	Six months	Year
	ended	ended	ended
	31.01.24	31.01.23	31.07.23
	unaudited	unaudited	audited
	£'000	£'000	£'000
Investment management fees – base
(charged to revenue)	1,362	1,316	2,644
Investment management fees – variable
(charged/(credited) to capital)1	389	(77)	281
	1,751	1,239	2,925

FIL Investment Services (UK) Limited is the Company's Alternative Investment Fund Manager and has delegated portfolio management to FIL Investments International. Both companies are Fidelity group companies.

The Company charges base investment management fees to revenue at an annual rate of 0.70% of net assets. In addition, there is +/- 0.20% variation fee based on the Company's NAV per ordinary share performance relative to the Company's Benchmark Index which is charged/ credited to capital. Fees are payable monthly in arrears and are calculated on a daily basis.

6 Finance Costs

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

	Six months	Six months	Year
	ended	ended	ended
	31.01.24	31.01.23	31.07.23
	unaudited	unaudited	audited
	£'000	£'000	£'000
Interest on bank overdrafts	1	1	2
Interest paid on CFDs1	1,140	703	1,788
Dividends paid on short CFDs	79	125	207
	1,220	829	1,997

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

1 Increased compared to the prior six months due to an increase in both exposure to CFDs and interest rates.

Notes to the Financial Statements continued

7 Taxation on Return/(Loss) on Ordinary Activities

	Six months	Six months	Year
	ended	ended	ended
	31.01.24	31.01.23	31.07.23
	unaudited	unaudited	audited
	£'000	£'000	£'000
Revenue – taxation on overseas dividends	409	437	1,238
Capital – Indian capital gains tax	1,945	1,059	2,882
Total taxation charge for the period	2,354	1,496	4,120

8 Return/(Loss) per Ordinary Share

	Six months	Six months	Year
	ended	ended	ended
	31.01.24	31.01.23	31.07.23
	unaudited	unaudited	audited
Revenue return per ordinary share	4.80p	5.51p	15.17p
Capital (loss)/return per ordinary share	(18.07p)	44.39p	39.95p
Total (loss)/return per ordinary share	(13.27p)	49.90p	55.12p

The return/(loss) per ordinary share is based on the net return/(loss) on ordinary activities after taxation for the period divided by the weighted average number of ordinary shares in issue during the period, as shown below:

	£'000	£'000	£'000
Net revenue return on ordinary activities after
taxation	3,447	3,966	10,906
Net capital (loss)/return on ordinary activities
after taxation	(12,970)	31,960	28,732
Net total (loss)/return on ordinary activities after
taxation	(9,523)	35,926	39,638
	Number	Number	Number
Weighted average number of ordinary shares
held outside Treasury during the period	71,752,985	71,993,981	71,912,335

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

	Six months	Six months	Year
	ended	ended	ended
	31.01.24	31.01.23	31.07.23
	unaudited	unaudited	audited
	£'000	£'000	£'000
Dividend of 14.50 pence per ordinary share paid
for the year ended 31 July 2023	10,399	–	–
Dividend of 14.00 pence per ordinary share paid
for the year ended 31 July 2022	–	10,066	10,066
	10,399	10,066	10,066

10 Fair Value Hierarchy

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600 The Company is required to disclose the fair value hierarchy that classifies its financial instruments measured at fair value at one of three levels, according to the relative reliability of the inputs used to estimate the fair values.

Classification	Input
Level 1	Valued using quoted prices in active markets for identical assets
Level 2	Valued by reference to inputs other than quoted prices included in level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly
Level 3	Valued by reference to valuation techniques using inputs that are not based on observable market data

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Notes to the Financial Statements continued

10 Fair Value Hierarchy continued

Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset. The valuation techniques used by the Company are as disclosed in the Company's Annual Report for the year ended 31 July 2023 (Accounting Policies Notes 2 (k) and 2 (l) on pages 59 and 60). The table below sets out the Company's fair value hierarchy:

31 January 2024 (unaudited)	Level 1 £'000	Level 2 £'000	Level 3 £'000	Total £'000
Financial assets at fair value through profit or loss
Investments	345,128	22,139	735	368,002
Derivative instrument assets	260	1,612	–	1,872
	345,388	23,751	735	369,874
Financial liabilities at fair value through profit or loss
Derivative instrument liabilities	(691)	(1,228)	–	(1,919)
31 July 2023 (audited)	Level 1 £'000	Level 2 £'000	Level 3 £'000	Total £'000
Financial assets at fair value through profit or loss
Investments	367,312	9,439	880	377,631
Derivative instrument assets	172	1,586	–	1,758
	367,484	11,025	880	379,389
Financial liabilities at fair value through profit or loss
Derivative instrument liabilities	(341)	(1,324)	–	(1,665)
31 January 2023 (unaudited)	Level 1 £'000	Level 2 £'000	Level 3 £'000	Total £'000
Financial assets at fair value through profit or loss
Investments	360,555	6,135	1,364	368,054
Derivative instrument assets	729	1,259	–	1,988
	361,284	7,394	1,364	370,042
Financial liabilities at fair value through profit or loss
Derivative instrument liabilities	–	(872)	–	(872)

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

11 Share Capital
	31 January 2024 unaudited		31 July 2023 audited		31 January 2023 unaudited
	Number of shares	Nominal value £'000	Number of shares	Nominal value £'000	Number of shares	Nominal value £'000
Issued, allotted and fully paid
Ordinary shares of 25 pence each held outside of Treasury
Beginning of the period	71,829,336	17,958	72,398,336	18,100	72,398,336	18,100
Ordinary shares repurchased into Treasury	(137,825)	(34)	(569,000)	(142)	(569,000)	(142)
End of the period	71,691,511	17,924	71,829,336	17,958	71,829,336	17,958
Ordinary shares of 25 pence each held in Treasury1
Beginning of the period	3,751,553	937	3,182,553	795	3,182,553	795

Total share capital		18,895		18,895		18,895
End of the period	3,889,378	971	3,751,553	937	3,751,553	937
Ordinary shares repurchased into Treasury	137,825	34	569,000	142	569,000	142

1 Ordinary shares held in Treasury carry no rights to vote, to receive a dividend or to participate in a winding up of the Company.

The cost of ordinary shares repurchased into Treasury during the period was £677,000 (year ended 31 July 2023: £2,618,000 and six months ended 31 January 2023: £2,603,000).

Notes to the Financial Statements continued

12 Net Asset Value per Ordinary Share

The calculation of the net asset value per ordinary share is based on the total shareholders' funds divided by the number of ordinary shares held outside of Treasury.

	31.01.24 unaudited	31.07.23 audited	31.01.23 unaudited
Total shareholders' funds	£373,978,000	£394,577,000	£390,880,000
Ordinary shares held outside of Treasury at the period end	71,691,511	71,829,336	71,829,336
Net asset value per ordinary share	521.65p	549.33p	544.18p

It is the Company's policy that shares held in Treasury will only be reissued at net asset value per ordinary share or at a premium to net asset value per ordinary share and, therefore, shares held in Treasury have no dilutive effect.

13 Transactions with the Manager and Related Parties

FIL Investment Services (UK) Limited is the Company's Alternative Investment Fund Manager and has delegated portfolio management and the role of Company Secretary to FIL Investments International ("FII"). Both companies are Fidelity group companies.

Details of the fee arrangements are given in Note 5. During the period, management fees of £1,751,000 (six months ended 31 January 2023: £1,239,000 and year ended 31 July 2023: £2,925,000) and secretarial and administration fees of £38,000 (six months ended 31 January 2023: £38,000 and year ended 31 July 2023: £75,000) were payable to FII. At the Balance Sheet date, net management fees of £291,000 (31 January 2023: £296,000 and 31 July 2023: £292,000) and secretarial and administration fees of £25,000 (31 January 2023: £25,000 and 31 July 2023: £25,000) were accrued and included in other creditors. FII also provides the Company with marketing services. The total amount payable for these services during the period was £94,000 (six months ended 31 January 2023: £86,000 and year ended 31 July 2023: £195,000). At the Balance Sheet date, marketing services of £58,000 (31 January 2023: £nil and 31 July 2023: £nil) were accrued and included in other creditors.

As at 31 January 2024, the Board consisted of five non-executive Directors (as shown in the Directory on page 31), all of whom are considered to be independent by the Board. None of the Directors have a service contract with the Company. The Chairman receives an annual fee of £44,100, the Audit Committee Chairman an annual fee of £36,750, the Senior Independent Director an annual fee of £32,500 and each other Director an annual fee of £30,500. The following members of the Board held shares in the Company: Hussein Barma 2,500 ordinary shares, Clare Brady 2,500 ordinary shares, Sally Macdonald 2,734 ordinary shares, Matthew Sutherland 27,859 ordinary shares and Michael Warren 10,000 ordinary shares. Since the end of the reporting period, Clare Brady has purchased 8,089 shares in the Company.

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Shareholder Information

Investing in Fidelity Asian Values PLC

Fidelity Asian Values PLC is a company listed on the London Stock Exchange and you can buy its shares through a platform, stockbroker, share shop or bank. Fidelity also offers a range of options, so that you may invest in a way that is best for you. Details of how to invest and the latest Key Information Document can be found on the Company's pages of the Manager's website at www.fidelity.co.uk/asianvalues

CONTACT INFORMATION

Shareholders and Fidelity Platform Investors should contact the appropriate administrator using the contact details given below and in the next column. Links to the websites of major platforms can be found online at www.fidelity.co.uk/its

Shareholders on the main share register

Contact Link Group, Registrar to Fidelity Asian Values PLC, Central Square, 29 Wellington Street, Leeds LS1 4DL.

Email: shareholderenquiries@linkgroup.co.uk

Telephone: 0371 664 0300 (calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open 9:00 – 17:30, Monday to Friday, excluding public holidays in England and Wales).

Details of individual shareholdings and other information can also be obtained online from the Registrar's Share Portal at www.signalshares.com. Shareholders are able to manage their shareholding online by registering for the Share Portal, a free and secure online access service. Facilities include:

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600 Account Enquiry – Shareholders can access their personal shareholding, including share transaction history, dividend payment history and obtain an up-to-date shareholding valuation.

Amendment of Standing Data – Shareholders can change their registered postal address and add, change or delete dividend mandate instructions. Shareholders can also download forms such as change of address, stock transfer and dividend mandate forms as well as buy and sell shares in the Company.

Should you have any queries in respect of the Link Share Portal, contact the helpline on 0371 664 0391 (calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open 9:00 – 17:30, Monday to Friday, excluding public holidays in England and Wales).

Fidelity Platform Investors

Contact Fidelity, using the freephone numbers given below, or in writing to: UK Customer Service, Fidelity, PO Box 391, Tadworth KT20 9FU.

Website: www.fidelity.co.uk

Private investors: call free on 0800 41 41 10, 9:00 – 18:00 Monday to Saturday.

Financial advisers: call free on 0800 41 41 81, 8:00 – 18:00, Monday to Friday.

Shareholder Information continued

General Enquiries

General enquiries should be made to the Secretary, at the Company's registered office: FIL Investments International, Investment Trusts, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP.

Telephone: 0207 961 4240

Email: investmenttrusts@fil.com

Website: www.fidelity.co.uk/its

If you hold Fidelity Asian Values PLC shares in an account provided by Fidelity International, you will receive a report every six months detailing all of your transactions and the value of your shares.

ShareGift

You may donate your shares to charity free of charge through ShareGift. Further details are available at www.sharegift.org.uk.

Financial Calendar 2024
31 January 2024	Half-Year Period End
April 2024	Announcement of the Half-Yearly Results
April 2024	Publication of the Half-Yearly Report
31 July 2024	Financial Year End
October 2024	Publication of the Annual Report
November 2024	Annual General Meeting
December 2024	Payment of the Annual Dividend

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Directory

Board of Directors

Clare Brady (Chairman) Hussein Barma (Chairman of the Audit Committee) Sally Macdonald (Chairman of the Management Engagement Committee from 3 April 2024) Matthew Sutherland (Senior Independent Director) Michael Warren (Chairman of the Management Engagement Committee until 2 April 2024)

Alternative Investment Fund Manager (AIFM/the Manager)

FIL Investment Services (UK) Limited Beech Gate Millfield Lane Lower Kingswood Tadworth Surrey KT20 6RP

Investment Manager, Secretary and Registered Office

FIL Investments International Beech Gate Millfield Lane Lower Kingswood Tadworth Surrey KT20 6RP Email: investmenttrusts@fil.com

Banker and Custodian

JPMorgan Chase Bank (London Branch) 125 London Wall London EC2Y 5AJ

Depositary

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600 J.P. Morgan Europe Limited 25 Bank Street London E14 5JP

Financial Adviser and Stockbroker

Jefferies International Limited 100 Bishopsgate London EC2N 4JL

Independent Auditor

Ernst & Young LLP 25 Churchill Place London E14 5EY

Lawyer

Simmons & Simmons LLP 1 Ropemaker Street London EC2Y 9SS

Registrar

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Link Group Central Square 29 Wellington Street Leeds LS1 4DL

Data Protection

General Data Protection Regulation ("GDPR")

What personal data is collected and how is it used

The Company is an investment trust which is a public limited company and has certain regulatory obligations such as the requirement to send documents to its shareholders, for example, the Annual Report and other documents that relate to meetings of the Company. The Company will, therefore, collect shareholders' personal data such as names, addresses and identification numbers or investor codes, and will use this personal data to fulfil its statutory obligations.

Any personal data collected will be kept securely on computer systems and in some circumstances on paper. Personal information is kept secure in line with Fidelity's Information Security policies and standards. If you are unhappy with how we have used your personal data, you can complain by contacting the UK Data Protection Officer, Fidelity International, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP.

Sharing personal data

In order to assist the Company in meeting its statutory requirements, the Company delegates certain duties around the processing of this data to its third party service providers, such as the Company's Registrar and Printers. The Company has appointed Fidelity to undertake marketing activities for the Company and their privacy statement can be found on the Company's website at https://investment-trusts.fidelity.co.uk/security-privacy/

The Company's agreements with the third party service providers have been updated to be compliant with GDPR requirements. The Company confirms to its shareholders that their data will not be shared with any third party for any other purpose, such as for marketing purposes. In some circumstances, it may be necessary to transfer shareholders' personal data across national borders to Fidelity Group entities operating in the European Economic Area ("EEA"). Where this does occur, the European standard of protections will be applied to the personal data that is processed. Where personal data is transferred within the Fidelity group, but outside of the EEA, that data will subsequently receive the same degree of protection as it would in the EEA.

Retention period

Personal data will be kept for as long as is necessary for these purposes and no longer than legally permitted to do so.

Requesting access, making changes to personal data and other important information Shareholders can access the information that the Company holds about them or ask for it to be corrected or deleted by contacting Fidelity's UK Data Protection Officer, Fidelity International, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP.

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Glossary of Terms

AIC

The Association of Investment Companies ("AIC"). The Company is a member of the AIC.

AIF

Alternative Investment Fund ("AIF"). The Company is an AIF.

AIFM

Alternative Investment Fund Manager ("AIFM"). The Board has appointed FIL Investment Services (UK) Limited to act as the Company's AIFM (the Manager).

AIFMD

The Alternative Investment Fund Managers Directive ("AIFMD") is a European Union Directive implemented on 22 July 2014.

Alternative Performance Measures

The Company uses the following Alternative Performance Measures which are all defined in this Glossary of Terms:

• Discount/Premium;
• Gearing;
• Net Asset Value (NAV) per Ordinary Share;
• Ongoing Charges Ratio;
• Revenue, Capital and Total Returns; and
• Total Return Performance (Net Asset Value Total Return and Ordinary Share Price Total Return).

Asset Exposure

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600 The value of an underlying security or instrument to which the Company is exposed, whether through direct or indirect investment (including the economic value of the exposure in the underlying asset of derivatives).

Benchmark Index

The MSCI All Countries Asia ex Japan Small Cap Index (net) total return (in sterling terms). This is used to calculate the Company's Variable Management Fee, in accordance with the European Benchmark Directive.

Collateral

Asset provided as security for the unrealised gain or loss under a contract for difference.

Comparative Index

The MSCI All Countries Asia ex Japan Small Cap Index (net) total return (in sterling terms) against which the performance of the Company is measured.

Contract For Difference (CFD)

A contract for difference is a derivative. It is a contract between the Company and an investment house at the end of which the parties exchange the difference between the opening price and the closing price of an underlying asset of the specified financial instrument. It does not involve the Company buying or selling the underlying asset, only agreeing to receive or pay the movement in its share price. A contract for difference allows the Company to gain access to the movement in the share price by depositing a small amount of cash known as collateral. The Company may reason that the asset price will rise, by buying ("long" position) or fall, by selling ("short" position). If the Company holds long positions, dividends are received and interest is paid. If the Company holds short positions, dividends are paid and interest is received.

Custodian

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

An entity that holds (as intermediary) the Company's assets, arranges the settlement of transactions and administers income, proxy voting and corporate actions. The Company's Custodian is JPMorgan Chase Bank.

Glossary of Terms continued

Depositary

An entity that oversees the custody, cash arrangements and other AIFM responsibilities of the Company. The Company's Depositary is J.P.Morgan Europe Limited.

Derivatives

Financial instruments (such as futures, options and contracts for difference) whose value is derived from the value of an underlying asset.

Discount

If the share price of the Company is lower than the net asset value per ordinary share, the Company is said to be trading at a discount. It is shown as a percentage of the net asset value per ordinary share.

Equity Linked Notes (ELNs)

Debt instruments whose return on investment is linked to specific equities or equity markets. The return on equity linked notes may be determined by an equity index, a basket of equities or a single equity.

Fair Value

The fair value is the best estimate of the value of the investments, including derivatives, at a point in time and this is measured as:

• Listed investments valued at bid prices, or last market prices, where available, otherwise at published price quotations;
• Unlisted investments valued using an appropriate valuation technique in the absence of an active market;
• Contracts for difference valued as the difference between the settlement price of the contract and the value of the underlying shares in the contract (unrealised gains or losses);
• Futures and options valued at the quoted trade price for the contract; and
• Forward currency contracts valued at the appropriate quoted forward foreign exchange rate ruling at the Balance Sheet date.

Fidelity International (Fidelity)

FIL Limited and its subsidiary group companies including FIL Investment Services (UK) Limited and FIL Investments International which act as AIFM, Secretary and Investment Manager.

Forward Currency Contract

An agreement to buy or sell a currency at a specified future date and at a pre-agreed price.

Future

An agreement to buy or sell a fixed amount of an asset at a fixed future date and a fixed price.

Gearing

The economic exposure of the portfolio to its underlying assets in excess of total net assets. It represents the additional exposure to the market above Shareholders' Funds. The Company uses two measures of gearing (Gross Gearing and Net Gearing) which are both defined in this Glossary of Terms.

Gross Assets

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Net Assets plus borrowings. The Company does not have any borrowings.

Gross Asset Exposure

The value of the portfolio to which the Company is exposed, whether through direct or indirect investment (including the economic value of the exposure in the underlying asset of the derivatives but excluding forward currency contracts). It is the sum total of all Asset Exposures.

DIRECTORS' REPORTS DIRECTORS' REPORTS

INFORMATION FOR SHAREHOLDERSINFORMATION FOR SHAREHOLDERS

Gross Gearing

The amount by which Gross Asset Exposure exceeds Shareholders' Funds expressed as a percentage of Shareholders' Funds.

Growth Stocks

Those companies which are considered to have the potential to outperform the overall market over time because of their future potential.

Hedging

A strategy aimed at minimising or eliminating the risk or loss through adverse movements, normally involving taking a position in a derivative such as a future or an option.

Independent Valuer

Kroll who provide an objective and independent assessment on the value of unlisted and hard to price assets using sophisticated valuation methodologies.

Investment Manager

FIL Investments International under delegation from FIL Investment Services (UK) Limited (the appointed AIFM).

Manager

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600 FIL Investment Services (UK) Limited is the appointed Manager under the AIFMD. It has delegated the portfolio management of assets to the Investment Manager.

Net Assets or Net Asset Value (NAV)

Sometimes also described as "Shareholders' Funds", net assets represent the total value of the Company's assets less the total value of its liabilities. For valuation purposes it is common to express the net asset value on a per ordinary share basis.

Net Asset Value per Ordinary Share

The net asset value divided by the number of ordinary shares in issue.

Net Gearing

The amount by which Net Market Exposure exceeds Shareholders' Funds expressed as a percentage of Shareholders' Funds.

Net Market Exposure

Net Market Exposure is the total of all long exposures, less short exposures and less exposures hedging the portfolio.

Ongoing Charges Ratio (excluding variable management fee)

Total operating expenses (excluding finance costs and taxation) incurred by the Company as a percentage of the average daily net asset values for the reporting period.

Option

An option is a contract which gives the right but not the obligation to buy or sell an underlying asset at an agreed price on or before an agreed date. Options may be calls (buy) or puts (sell) and are used to gain or reduce exposure to the underlying asset on a conditional basis.

Portfolio Managers

Nitin Bajaj is the appointed Portfolio Manager for the Company and is responsible for managing the Company's assets. He is assisted by the Co-Portfolio Manager, Ajinkya Dhavale.

Premium

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

If the share price of the Company is higher than the net asset value per ordinary share, the Company's shares are said to be trading at a premium. The premium is shown as a percentage of the net asset value per ordinary share.

Price to Book Ratio

The Price to Book ratio (also known as P/B ratio) is a measure of valuing a company's share price versus its book value.

Glossary of Terms continued

Price to Earnings Ratio

The Price to earnings ratio (also known as P/E ratio) is a measure of valuing a company's share price versus its earnings.

Registrar

An entity that manages the Company's shareholder register. The Company's Registrar is Link Group.

Reserves

• Share premium account represents the amount by which the proceeds from the issue of new ordinary shares or the issue of ordinary shares on the exercise of rights attached to subscription shares, exceeded the nominal value of those ordinary shares. It is not distributable by way of dividends and cannot be used to fund share repurchases.
• Capital redemption reserve maintains the equity share capital of the Company and represents the nominal value of shares repurchased and cancelled. It is not distributable by way of dividends and cannot be used to fund share repurchases.
• Other non-distributable reserve represents amounts transferred from the warrant reserve in prior years with High Court approval. It is not distributable by way of dividends and cannot be used to fund share repurchases.
• Capital reserve represents realised gains and losses on investments and derivatives sold, unrealised increases and decreases in the fair value of investments and derivatives held and other income and costs recognised in the capital column of the Income Statement. It is distributable by way of dividends and can be used to fund share repurchases.

• Revenue reserve represents retained revenue surpluses recognised in the revenue column of the Income Statement. It is distributable by way of dividends.

Return

The return generated in a given period from investments:

• Revenue return reflects the dividends and interest from investments and other income net of expenses, finance costs and taxation;
• Capital return reflects the return on capital, excluding any revenue return; and
• Total return reflects the aggregate of revenue and capital return.

Return on Equity

Return on Equity ("RoE") is a measure of the return on a company's stock. The higher the percentage, the more income the company is generating and adding to shareholder value.

Shareholders' Funds

Shareholders' funds are also described as "net asset value" and represent the total value of the Company's assets less the total value of its liabilities as shown in the balance sheet.

Total Return Performance

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

The return on the share price or net asset value per ordinary share taking into account the rise and fall of share prices and the dividends paid to shareholders. Any dividends received by the shareholder are assumed to have been reinvested in additional shares (for share price total return) or the Company's assets (for net asset value total return).

Treasury Shares

Ordinary shares of the Company that have been repurchased by the Company and not cancelled but held in Treasury. These shares do not pay dividends, have no voting rights and are excluded from the net asset value per ordinary share calculation.

Value Stocks

Job No: 51719 Proof Event: 12 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600 Usually companies that are currently trading below what they are really worth and will thus theoretically provide a superior return.

where you can read articles and watch videos on the Company.

Job No: 51719 Proof Event: 10 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Job No: 48973 Proof Event: 12 Black Line Event: 0 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2023 T: 0207 055 6500 F: 020 7055 6600 To find out more about Fidelity Asian Values PLC visit our website at www.fidelity.co.uk/asianvalues where you can read articles and watch videos on the Company.

To find out more about Fidelity Asian Values PLC visit our website at www.fidelity.co.uk/asianvalues

Job No: 51719 Proof Event: 10 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

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Job No: 51719 Proof Event: 10 Black Line Event: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: Fidelity Project Title: Asian Values Half Year Rpt 2024 T: 0207 055 6500 F: 020 7055 6600