Fidelity Asian Values Plc – Half-year Financial Report

Fidelity ASIAN VALUES PLC

Half Yearly Report for the six months ended 31 January 2026

HIGHLIGHTS

· During the six-month period ended 31 January 2026, Fidelity Asian Values PLC
reported an ordinary share price total return of +15.2% and a Net Asset Value
(NAV) return of +10.9%.
· The benchmark index, the MSCI All Country Asia ex Japan Small Cap Index,
produced a total return of +8.9% over the same timeframe.
· Taiwan Semiconductor Manufacturing Company (“TSMC”) was the largest
contributor to performance.
· Underweight exposure to India, stock selection in Hong Kong and China, and
exposure to copper and gold mining also contributed positively during the review
period

Contact

For further information please contact:

George Bayer

Company Secretary

0207 961 4240

INVESTMENT OBJECTIVE AND OVERVIEW

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

The Portfolio Manager, Nitin Bajaj, assisted by the Co-Portfolio Manager,
Ajinkya Dhavale, aims to generate outperformance mainly through a fundamentals
-driven bottom-up security selection approach within the Asia Pacific ex Japan
smaller companies universe. The focus is on investing in smaller companies
because they tend to be less well researched, which leads to greater valuation
anomalies. The Portfolio Managers’ fundamental analysis involves the evaluation
of various factors including, but not limited to, stock valuation, financial
strength, cash flows, companies’ competitive advantages, business prospects and
earnings potential. Their style is tilted towards value and a two to three year
investment horizon.

Clare Brady, Chairman,
Fidelity Asian Values PLC

At a Glance

Six months ended 31 January 2026

Share Price total return1,2

+15.2%

(31 January 2025: +4.1%)

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

+10.9%

(31 January 2025: +3.2%)

Comparative Index total return1,3

+8.9%

(31 January 2025: -2.1%)

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

2Alternative Performance Measures. See Glossary of Terms.

3MSCI All Country Asia ex Japan Small Cap Index (net) total return (in sterling
terms).

TOTAL RETURN PERFORMANCE (%)1

Share price NAV per ordinary share Comparative Index2
1 year ended +29.4 +20.8 +19.1
31 January
2026
3 years ended +32.4 +29.8 +37.6
31 January
2026
5 years ended +73.2 +69.4 +56.0
31 January
2026
========= ========= =========

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

2MSCI All Country Asia ex Japan Small Cap Index (net) total return (in sterling
terms).

Sources: Fidelity and Datastream.

Past performance is not a guide to future returns.

Financial Highlights

Assets 31 January 31 July
2026
2025
Gross Asset Exposure1 £524.9m £470.2m
Net Market Exposure1 £445.6m £416.6m
Shareholdersʼ Funds £414.3m £402.7m
NAV per Share1,2 649.52p 604.69p
Gross Gearing1,2 26.7% 16.8%
Net Gearing1,2 7.5% 3.4%

Share Price and Discount Data
Share Price at the period end 628.00p 564.00p
Share Price: period high3 628.00p 566.00p
Share Price: period low3 556.00p 454.00p
Discount to NAV per Share at period end1,2 3.3% 6.7%
Discount: period high3 8.1% 14.5%
Discount: period low3 2.5% 6.7%

Results for the six months ended 31 January 2026 2025
Revenue Return per Share1,2 9.37p 7.88p
Capital Return per Share1,2 54.37p 8.71p
Total Return per Share1,2 63.74p 16.59p

1See Glossary of Terms.

2Alternative Performance Measures. See Glossary of Terms.

3For the six month period to 31 January 2026 and for the year ended 31 July
2025.

SUMMARY OF THE KEY ASPECTS OF THE INVESTMENT POLICY

The Company invests in securities of companies which the Portfolio Managers
consider have fundamental value that has not been recognised by the market.

The Company invests principally in the Asian Region excluding Japan and the
Portfolio Managers favour small and medium-sized companies. There are no
restrictions in terms of size or industry of companies included in the portfolio
and investments can be made 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.

The Company operates a variable management fee arrangement which is calculated
by reference to its performance against the Benchmark Index.

Portfolio Managers’ Half-Yearly Review

Performance Review

Over the six-month period ended 31 January 2026, the Company’s share price total
return was +15.2%. The Company delivered a net asset value (“NAV”) total return
of +10.9%. Over the same period, the Comparative Index, the MSCI All Country
Asia ex Japan Small Cap Index (net) total return (in sterling terms), returned
+8.9%.

Table 1: Company’s Share Price, NAV and Comparative Index total returns (as at
31 January 2026)

Share Price NAV Comparative
total return
total return Index total
per annum1 return per annum1 (%)
per annum1
(%) (%)
Tenure (since 30 Jun 2015) +10.8 +9.7 +9.9
5 Years +11.6 +11.1 +9.3
3 Years +9.8 +9.1 +11.2
1 Year +29.4 +20.8 +19.1
6 Months +15.2 +10.9 +8.9

1Only the data over 12 months is annualised.

Source: Fidelity International.

Before turning to performance attribution, it is worth revisiting our investment
process. It is simple. We invest in good businesses run by management teams we
trust. We buy them only when the price offers a comfortable margin of safety. We
rely on Fidelity’s deep fundamental research to help protect the downside and,
over time, to outperform the Comparative Index. Our portfolio construction is
Index-agnostic. Although we measure performance and risk in the context of
country and sector weights, they are not at the forefront of our minds when
selecting positions for the Company. Our exposures are simply the result of the
businesses we choose to own. Even a single holding can make us “overweight” a
country or sector by the size of that position. This approach often leads us to
take contrarian positions, as undervalued businesses are more likely to be found
in sectors or geographies that are out of favour.

Consistent with this philosophy, a significant portion of the Company’s
portfolio is currently invested in China and Indonesia. Exposure to India and
Taiwan is substantially lower than that of the Index. From a sector perspective,
we found attractive opportunities in gold and copper miners, classified as
materials, as well as in consumer companies. In contrast, we have much lower
exposure to areas of the market that are currently in favour and consequently
not at attractive valuations, such as technology hardware.

We found fewer opportunities in India, due to high valuations. This contributed
positively during the period under review. Stock selection in Chinese and Hong
Kong equities also added to performance. Our Chinese holdings remain focused on
consumer goods, materials, industrials, and real estate. In addition, our
holdings in gold and copper miners proved rewarding, as their shares tracked
rising commodity prices.

Our positioning in Taiwan and Indonesia detracted from performance in this
period. In Taiwan, excluding the investment in Taiwan Semiconductor
Manufacturing Company (TSMC), the Company maintained limited exposure. AI-driven
momentum pushed hardware stocks to peak valuations that offered limited margin
of safety. Our Indonesian holdings lagged the broader Indonesian market, which
had a strong year, and this weighed on relative performance. We have largely
maintained our positions and remain confident in our preferred Indonesian
holdings, given their attractive medium- to long-term prospects.

Table 2: Country Attribution over 6 months to 31 January 2026

Average Cumulative Contribution
weight returns to relative
(%) (%) returns (%)
Company Index Relative Stock Market
Total
selection selection
(%) (%) (%)
India +11.1 +28.6 -17.5 -13.8 +1.6 +4.3 +5.9
Others +12.6 0.0 +12.6 – +3.5 0.0 +3.5
China + +39.4 +18.1 +21.3 +3.8 +3.1 -0.9 +2.3
Hong Kong
Singapore +3.3 +5.4 -2.1 +11.3 +0.7 0.0 +0.7
Malaysia +0.3 +3.2 -2.9 +12.4 +0.1 -0.1 0.0
Philippines +1.5 +1.0 +0.6 -3.0 +0.3 0.0 +0.2
Thailand +3.2 +2.8 +0.5 +0.5 -0.2 -0.1 -0.2
Korea +11.1 +15.4 -4.3 +24.3 -0.9 -0.6 -1.4
(South)
Indonesia +18.1 +2.5 +15.5 +28.0 -6.2 +3.2 -3.1
Taiwan +5.6 +23.0 -17.4 +33.9 -1.7 -4.0 -5.7
——- —– ——– ———- ———— ——— —-
–
——- — —— —- — —– —
—– —-
–
— —
Total 106.2 100.0 6.2 8.9 0.3 1.9 2.2
Primary
Assets
Cash & -6.2 0.0 -6.2 0.0 0.0 0.0 -0.2
others
——- —– ——– ———- ———— ——— —-
–
——- — —— —- — —– —
—– —-
–
— —
Total 100.0 100.0 0.0 8.9 0.0 0.0 2.0
——- —– ——– ———- ———— ——— —-
–
——- — —— —- — —– —
—– —-
–
— —

Source: Fidelity International, 31 January 2026. Company = Fidelity Asian Values
PLC. Index = MSCI All Country Asia ex Japan. Small Cap Index (net) total return
(in sterling terms). Total assets may exceed 100% where derivatives/gearing are
used; `Cash & others’ reflects net cash/derivative exposures.

Table 3: Top 5 Contributors and Detractors over six months to 31 January 2026
Top 5 Contributors

Order Security Average Gain/L Contribution to
Active oss Portfolio Returns
Weight1 (%) (%)
(%)
1 Taiwan Semiconductor +5.2 +40.2 +1.5
Manufacturing (TSMC)
2 NAC Kazatomprom +1.7 +90.1 +1.2
3 Chow Sang Sang +0.8 +67.1 +0.8
4 Perseus Mining +1.3 +89.7 +0.8
5 Samsung Electronics +1.4 +59.9 +0.7
————–
Total +5.0
————–

1Active weight is portfolio weight minus benchmark weight.

Source: Fidelity International, 31 January 2026.

Top 5 Detractors

Order Security Average Gain/Loss Contribution to Portfolio
Active
Weight1 (%) (%) Returns (%)
1 Short Position -0.8 +570.3 -1.9
– name withheld
2 Winbond -0.4 +577.4 -0.8
Electronics
3 Indofood CBP +2.1 -23.2 -0.8
Sukses Makmur
4 Phison -0.4 +312.7 -0.7
Electronics
5 Short Position -1.1 +84.4 -0.7
– name withheld
————–
Total -4.9
————–

1Active weight is portfolio weight minus benchmark weight.

Source: Fidelity International, 31 January 2026.

Taiwan Semiconductor Manufacturing Company (TSMC) was the largest contributor
during the review period. It is the world’s leading semiconductor foundry and
remains at the forefront of advanced chip manufacturing. Its scale and research
capabilities, along with long-standing partnerships with companies such as
Apple, Nvidia and AMD, underpin its competitive strength. The business requires
significant capital and technical expertise. These factors create high barriers
to entry and cement its role in global chip production. NAC Kazatomprom, the
world’s largest uranium producer with high-quality mines in Kazakhstan, also
contributed positively. It is the lowest-cost producer in a market where demand
is rising, and supply is expected to remain tight. Chow Sang Sang benefited from
stronger gold prices. The Hong Kong-listed jeweller has established brand
recognition across Hong Kong and Mainland China. We took some profits in several
of these holdings as share prices increased.

In contrast, our lack of exposure to AI-driven technology hardware names such as
Winbond Electronics and Phison Electronics in Taiwan weighed on relative
returns. Not owning an Asian semiconductor company until mid-October 2025
reduced relative performance by 0.8%, and our subsequent short position in the
same company further pressured returns as its share price rose in the
environment discussed earlier. Our short position in a semiconductor packaging
company also proved detrimental. Indofood CBP Sukses Makmur, the leading instant
noodles producer, was another detractor and contributed to the underperformance
of the portfolio’s Indonesian holdings relative to the broader Indonesian
market. The company holds leading positions across Indonesia, the Middle East,
Africa and South-eastern Europe through its flagship Indomie brand. The brand
enjoys strong consumer recognition and provides important differentiation in
what is otherwise a  highly competitive category. This brand strength allows the
company to deliver solid results and defend its market position. We continue to
hold the position.

Investment strategy and outlook

We prepared this commentary before recent geopolitical developments in the
Middle East, which have contributed to a sharp increase in market volatility and
materially changed the macroeconomic and geopolitical backdrop. As a result, the
near-term outlook is now more uncertain. However, periods of disruption can also
create opportunities to invest in high quality businesses at attractive
valuations.

We continue to look for stock selection opportunities across the region. In
China, the market has re-rated, driven by a narrow group of high-dividend and
thematic stocks. Headline valuations look stretched. However, our holdings still
offer healthy returns and adequate margin of safety. In Korea, earnings growth
has been largely AI-driven. However, weak governance and poor capital allocation
continue to weigh on return on equity. Policy efforts to improve governance are
encouraging, but valuations have already re-rated, and we have started to take
some money off the table. In India, valuations remain high, although we are
beginning to see selective pockets of opportunity. Indonesia continues to offer
established companies with durable franchises and solid balance sheets at
attractive margins of safety. We do not believe the MSCI’s recent move to demand
improved ownership transparency signals economic weakness. Instead, this may
present an opportunity for regulators to improve transparency and market
structure, which we view as positive over the long-term.

Overall, the average valuation of our reference index, the MSCI AC Asia ex Japan
Small Cap Index, is now above its long-term average. Relative to its own
history, the Index no longer looks `cheap’. However, this headline number masks
a wide gap between value and growth stocks.

The chart in the Half-yearly Report illustrates the elevated gap in price to
earnings multiples between Asian ex Japan small cap growth and value stocks over
the past decade. Small cap value stocks continue to trade at a meaningful
discount.

A similar valuation gap can be seen between our portfolio and the broader
market. The Company’s price-to-earnings (P/E) ratio is 10.4x, compared with
17.8x for the MSCI All Country Asia ex Japan Small Cap Index. Our focus on high
-quality businesses is reflected in the portfolio’s higher return on equity
(ROE) of 17.8%, compared with the index ROE of 10.2%. We believe this difference
reflects the strength of Fidelity’s research platform. It allows us to identify
good businesses that are still overlooked and attractively valued.

We remain confident in our positioning. We own strong companies at a meaningful
discount to market valuations. This disciplined approach has delivered results
over the past decade, and we believe it is well placed to continue doing so over
the next three to five years.

Nitin BajajAjinkya Dhavale

Portfolio ManagerCo-Portfolio Manager

27 March 2026

Twenty Largest Holdings

as at 31 January 2026

The Asset Exposures shown below measure exposure to market price movements as a
result of owning shares, corporate bonds and derivative instruments. The Fair
Value is the realisable value of the portfolio as reported in the Balance Sheet.
Where the Company holds shares and corporate bonds, the Asset Exposure and Fair
Value will be the same. For derivative instruments, Asset Exposure is the market
value of the underlying asset to which the Company is exposed, while the Fair
Value reflects the mark-to-market on the contract since it was opened, and is
based on how much the share price of the underlying asset has moved.

Asset Fair
Exposure
Value
£’000 %1 £’000
Exposures – shares unless
otherwise stated
Taiwan Semiconductor 20,058 4.8 20,058
Manufacturing Company
Semiconductors & Semiconductor
Equipment
Axis Bank 14,221 3.4 14,221
Banks
Bank Negara Indonesia (Persero) 11,070 2.7 11,070
Banks
NAC Kazatomprom 10,731 2.6 10,731
Oil, Gas & Consumable Fuels
BOC Aviation (long CFDs) 9,284 2.2 (149)
Trading Companies & Distributors
Cognizant Technology Solutions 8,425 2.0 8,425
IT Services
Adaro Andalan Indonesia 8,134 2.0 8,134
Oil, Gas & Consumable Fuels
Bank Central Asia 8,087 2.0 8,087
Banks
Indofood CBP Sukses Makmur 7,736 1.9 7,736
Food Products
Ciputra Development 7,434 1.8 7,434
Real Estate Management &
Development
Pumtech Korea 6,685 1.6 6,685
Containers & Packaging
China Overseas Grand Oceans 6,564 1.6 1,597
Group (long CFDs)
Real Estate Management &
Development
KT 6,437 1.6 6,437
Diversified Telecommunication
Services
Samsonite Group (long CFDs) 6,422 1.6 (149)
Textiles, Apparel & Luxury Goods
Bank Mandiri (Persero) 6,025 1.5 6,025
Banks
Xtep International Holdings 5,827 1.4 (125)
(long CFDs)
Textiles, Apparel & Luxury Goods
Valaris (shares and corporate 5,732 1.4 5,732
bonds)
Energy Equipment & Services
Qingdao Port International (long 5,696 1.3 175
CFDs)
Transportation Infrastructure
ByteDance (unlisted) 5,633 1.3 5,633
Interactive Media & Services
Topco Scientific 5,608 1.3 5,608
Semiconductors & Semiconductor
Equipment
Twenty largest exposures 165,809 40.0 133,365
Other exposures 359,088 86.7 267,805
——— ————— —————
——
Total exposures before index 524,897 126.7 401,170
hedging
——— ————— —————
——
Less: index hedging
KOSPI 200 Index (option) (1) – 44
——— ————— —————
——
Total exposures after the 524,896 126.7 401,214
netting of index hedging
——— ————— —————
——
Gross Asset Exposure2 524,896 126.7
Portfolio Fair Value3 ========= ========= 401,214
Net current assets (excluding 13,052
derivative assets and
liabilities)
—————
Total Shareholders’ Funds/Net 414,266
Assets
=========

1Asset Exposure is expressed as a percentage of Total Shareholders’ Funds.

2Gross Asset Exposure comprises market exposure to investments of £405,444,000
plus market exposure to derivative instruments of £119,452,000.

3 Portfolio Fair Value comprises investments of £405,444,000 plus derivative
assets of £5,161,000 less derivative liabilities of £9,391,000.

Interim Management Report and Directors’ Responsibility Statement

Board Composition

The Board comprises five non-executive Directors and there have been no changes
to the Board in the period under review. The current group of Directors’ tenures
range from two to six years and the Directors have a good mix of skills and a
diverse set of relevant backgrounds.

Discount Management and Share Repurchases

The discount to NAV ranged during the period between 2.5% at its narrowest and
8.1% at its widest, finishing the end of the reporting period at 3.3%. In the
six-month reporting period, the Company repurchased 2,816,450 shares (3.9% of
the issued share capital) for cancellation, at a cost of £16,501,000. The
Company also cancelled 822,911 shares from treasury on 2 October 2025. Since the
end of the six month reporting period to the latest practicable date of this
report, 126,965 shares have been repurchased for cancellation as part of the
Company’s active and ongoing discount management strategy. The primary purpose
of share buybacks is to limit discount volatility, and at the AGM on 26 November
2025 the Board received shareholder approval to renew the annual authority to
repurchase up to 14.99% or to allot up to 10% of the shares in issue.

The timing of repurchases of shares are made at the discretion of the Broker,
within guidelines set by the Board and considering market conditions at the
time. Shares will only be repurchased in the market at prices below the
prevailing NAV per share, thereby resulting in an accretive enhancement to the
NAV per share. Shares previously repurchased into Treasury will only be reissued
at NAV per share or at a premium to NAV per share.

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 fall into the following risk categories: economic, political and market;
competition and marketplace threats impacting business growth; changes in
legislation, taxation or regulation; level of discount to net asset value;
investment performance (including the use of derivatives and gearing);
cybercrime and information security; business continuity and crisis management;
operational; and key person. Information on each of these risks is given in the
Strategic Report section of the Annual Report on pages 23 to 27 for the year
ended 31 July 2025 which can be found on the Company’s pages on the Manager’s
website at www.fidelity.co.uk/asianvalues.

There continue to be increased geopolitical risks facing the Company, including
political and trade tensions globally, trade sanctions and a challenging
regulatory environment hindering foreign investment. Global economic uncertainty
is raised by the recent Middle East conflict injecting fresh volatility into
global markets and oil prices, the ongoing war in Ukraine, tensions between
South Korea and North Korea, South China Sea dispute and implications of China
-Taiwan relations. The Board and the Manager remain vigilant in monitoring such
risks.

In recent months, there have been developments around the proposed Consumer
Composite Investments (CCI) investment cost disclosure. The developments have
been encouraging and should help investors. On the other hand, the Pension
Schemes Bill, as currently proposed, excludes investment trusts and there is a
risk that if adopted this could divert demand away from investment trusts.

The investment company sector has suffered from significant discounts for an
extended period and this has allowed for some activist managers to take a more
aggressive approach. The Board is aware of these risks and continues to actively
monitor and take action to manage the Company’s discount, as discussed earlier
in this report.

Climate change continues to be a key emerging risk confronting asset managers
and their investors. Globally, climate change effects are already being
experienced in the form of a changing pattern of weather events. 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 into the Company’s
investment process. The Board will continue to monitor how this may impact the
Company as a risk on investment valuations and potentially affect shareholder
returns.

The Board and the Manager are also monitoring the emerging risks and rewards
posed by the rapid advancement of artificial intelligence (AI) and technology
and how this may threaten the Company’s activities and its potential impact on
the portfolio and investee companies. AI can provide asset managers powerful
tools, such as enhancing data analysis risk management, trading strategies,
operational efficiency and client servicing, all of which can lead to better
investment outcomes and more efficient operations. However, with these advances
in computer power that will impact society, there are risks from its increasing
use and manipulation with the potential to harm, including a heightened threat
to cybersecurity.

Other emerging risks may continue to evolve from unforeseen geopolitical and
economic events.

Investors should be prepared for market fluctuations and remember that holding
shares in the Company should be considered to be a long-term investment. Risks
are mitigated by the investment trust structure of the Company which means that
the Portfolio Managers are not required to trade to meet investor redemptions.
Therefore, investments in the Company’s portfolio can be held over a longer-time
horizon.

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, including those of 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.

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

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.

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 and 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 pages.

The Company’s Articles of Association require that a continuation resolution be
proposed at the forthcoming Annual General Meeting to be held in November. In
the event that such resolution is not passed, the Directors would be required to
formulate proposals to be put to shareholders for the reconstruction,
reorganisation or winding up of the Company.

The Directors have assessed the likelihood of the continuation resolution being
passed, taking account of shareholder engagement to date, the Company’s long
-term performance and the views of major shareholders. While there can be no
certainty as to the outcome of the vote, the Directors have no reason to believe
that the resolution will not be passed.

Accordingly, the Directors consider it appropriate to adopt the going concern
basis of accounting in preparing the Company’s Financial Statements.

Directors’ Responsibility Statement

The Disclosure Guidance and Transparency Rules (“DTR”) of the Financial Conduct
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 and the Interim Management Report
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 27 March 2026 and the above
responsibility statement was signed on its behalf by Clare Brady, Chairman.

Income Statement

for the six months ended 31 January 2026

Six Six
Year
months months
ended 31
ended 31 ended 31
July
January January
2025
2026 2025

audited
unaudited unaudited
Notes Revenue Capital Total Revenue Capital Total
Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
£’000 £’000 £’000
Gains on – 44,445 44,445 – 4,641 4,641
– 21,141 21,141
investments
(Losses)/gai – (6,411) (6,411) – 2,952 2,952
– 12,024 12,024

ns
on
derivative
instruments
Income 4 7,592 – 7,592 7,237 – 7,237
19,419 – 19,419
Investment 5 (356) (665) (1,021) (345) (1,360) (1,705)
(673) (2,577) (3,250)
management
fees
Other (466) (16) (482) (487) (6) (493)
(963) (6) (969)
expenses
Foreign – (1,012) (1,012) – 308 308
– (761) (761)
exchange
(losses)/gai

ns
——— ——– ——– ——— ——– ——-
– ——– ——– ——–
—- —– —– —- —– —–
—– —– —–
Net return 6,770 36,341 43,111 6,405 6,535 12,940
17,783 29,821 47,604
on
ordinary
activities
before
finance
costs and
taxation
Finance 6 (282) (845) (1,127) (280) (838) (1,118)
(688) (2,065) (2,753)
costs
——— ——– ——– ——— ——– ——-
– ——– ——– ——–
—- —– —– —- —– —–
—– —– —–
Net return 6,488 35,496 41,984 6,125 5,697 11,822
17,095 27,756 44,851
on
ordinary
activities
before
taxation
Taxation on 7 (429) (357) (786) (591) 415 (176)
(1,563) 85 (1,478)
return on
ordinary
activities
——— ——– ——– ——— ——– ——-
– ——– ——– ——–
—- —– —– —- —– —–
—– —– —–
Net return 6,059 35,139 41,198 5,534 6,112 11,646
15,532 27,841 43,373
on
ordinary
activities
after
taxation
for the
period
——— ——– ——– ——— ——– ——-
– ——– ——– ——–
—- —– —– —- —– —–
—– —– —–
Return per 8 9.37p 54.37p 63.74p 7.88p 8.71p 16.59p
22.51p 40.34p 62.85p
share
======== ======== ======== ======== ========
======== ======== ======== ========

The Company does not have any other comprehensive income. Accordingly, the net
return 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.

Statement of Changes in Equity

for the six months ended 31 January 2026

Notes Share Share Capital Other non Capital
Revenue Total
premium -distributable
shareholders’
capital redemption reserve
reserve funds
account
£’000 reserve £’000
£’000 £’000
£’000 reserve
£’000
£’000
Six months
ended 31
January
2026
(unaudited)
Total 18,895 50,501 3,197 7,367 302,519
20,229 402,708
shareholders’
funds at 31
July 2025
Net return on – – – – 35,139
6,059 41,198
ordinary
activities
after
taxation
for
the period
Repurchase of 11 (704) – 704 – (16,501)
– (16,501)
shares for
cancellation
Cancellation 11 (206) – 206 – –
– –
of
shares from
Treasury
Dividend paid 9 – – – – –
(13,139) (13,139)
to
shareholders
——— ——— ———- ————- ——–
– ——— ————-
—— —— —– — ——
—— —
Total 17,985 50,501 4,107 7,367 321,157
13,149 414,266
shareholders’
funds at 31
January 2026
========= ========= ========= =========
========= ========= =========
Six months
ended 31
January
2025
(unaudited)
Total 18,895 50,501 3,197 7,367 297,210
14,844 392,014
shareholders’
funds at 31
July 2024
Net return on – – – – 6,112
5,534 11,646
ordinary
activities
after
taxation
for
the period
Repurchase of 11 – – – – (7,550)
– (7,550)
shares
Dividend paid 9 – – – – –
(10,147) (10,147)
to
shareholders
——— ——— ———- ————- ——–
– ——— ————-
—— —— —– — ——
—— —
Total 18,895 50,501 3,197 7,367 295,772
10,231 385,963
shareholders’
funds at 31
January 2025
========= ========= ========= =========
========= ========= =========
Year ended 31
July 2025
(audited)
Total 18,895 50,501 3,197 7,367 297,210
14,844 392,014
shareholders’
funds at 31
July 2024
Net return on – – – – 27,841
15,532 43,373
ordinary
activities
after
taxation
for
the year
Repurchase of 11 – – – – (22,532)
– (22,532)
shares
Dividend paid 9 – – – – –
(10,147) (10,147)
to
shareholders
——— ——— ———- ————- ——–
– ——— ————-
—— —— —– — ——
—— —
Total 18,895 50,501 3,197 7,367 302,519
20,229 402,708
shareholders’
funds at 31
July 2025
========= ========= ========= =========
========= ========= =========

Balance Sheet

as at 31 January 2026
Company number 3183919

Notes 31 31 July 31 January 2025
January
2026 2025 unaudited

unaudited audited £’000

£’000 £’000
Fixed assets
Investments 10 405,444 377,051 371,447
——— ————— —————
——
Current assets
Derivative instruments 10 5,161 2,278 1,473
Debtors 1,086 1,839 1,394
Amounts held at futures 9,943 2,674 3,419
clearing houses and
brokers
Cash and cash equivalents 5,142 25,407 10,546
——— ————— —————
——
21,332 32,198 16,832
Current liabilities
Derivative instruments 10 (9,391) (2,045) (717)
Other creditors (3,119) (4,494) (1,599)
Bank overdraft – (2) –
(12,510) (6,541) (2,316)
——— ————— —————
——
Net current assets 8,822 25,657 14,516
——— ————— —————
——
Net assets 414,266 402,708 385,963
——— ————— —————
——
Capital and reserves
Share capital 11 17,985 18,895 18,895
Share premium account 50,501 50,501 50,501
Capital redemption 4,107 3,197 3,197
reserve
Other non-distributable 7,367 7,367 7,367
reserve
Capital reserve 321,157 302,519 295,772
Revenue reserve 13,149 20,229 10,231
Total shareholders’ funds 414,266 402,708 385,963
——— ————— —————
——
Net asset value per share 12 649.52p 604.69p 554.89p
========= ========= =========

Notes to the Financial Statements

1 Principal Activity

Fidelity Asian Values PLC is an Investment Company incorporated in England and
Wales that is listed 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

The Financial Statements in this Half-Yearly Report have not been audited or
reviewed 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 2025 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 2025.

(ii) Going Concern

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.

4 Income

Six months ended Six months ended Year
ended
31 January 2026 31 January 2025 31 July

unaudited £’000 unaudited 2025

£’000 audited

£’000
Investment income
Overseas dividends 5,903 5,531 15,258
Overseas scrip 45 40 40
dividends
Interest on securities 130 302 625
————— ————— —————
6,078 5,873 15,923
Derivative income
Dividends received on 1,108 889 2,529
long CFDs
Interest received on 218 216 360
CFDs
————— ————— —————
1,326 1,105 2,889
Other interest
Interest received on 188 259 607
bank deposits,
collateral
and money market funds
————— ————— —————
Total income 7,592 7,237 19,419
========= ========= =========

No special dividends have been recognised in capital during the period (six
months ended 31 January 2025: £nil and year ended 31 July 2025: £nil).

5 Investment Management Fees

Revenue Capital Total

£’000 £’000 £’000
Six months ended 31
January 2026
(unaudited)
Investment management 356 1,069 1,425
fees – base
Investment management – (404) (404)
fees – variable1
————— ————— —————
356 665 1,021
Six months ended 31
January 2025
(unaudited)
Investment management 345 1,036 1,381
fees – base
Investment management – 324 324
fees – variable1
————— ————— —————
345 1,360 1,705
Year ended 31 July
2025 (audited)
Investment management 673 2,020 2,693
fees – base
Investment management – 557 557
fees – variable1
————— ————— —————
673 2,577 3,250
========= ========= =========

1For the calculation of the variable management fee, the Company’s NAV return
was compared to the Benchmark Index return on a rolling three year basis.

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

FII charges base investment management fees 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 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.

The base management fees have been allocated 75% to capital reserve in
accordance with the Company’s accounting policies.

6 Finance Costs

Revenue Capital Total

£’000 £’000 £’000
Six months ended 31
January 2026
(unaudited)
Interest paid on bank 5 15 20
deposits
Interest paid on CFDs 273 818 1,091
Dividends paid on 4 12 16
short CFDs
————— ————— —————
282 845 1,127
========= ========= =========
Six months ended 31
January 2025
(unaudited)
Interest paid on bank – 1 1
deposits
Interest paid on CFDs 261 782 1,043
Dividends paid on 19 55 74
short CFDs
————— ————— —————
280 838 1,118
========= ========= =========
Year ended 31 July
2025 (audited)
Interest paid on bank 7 22 29
deposits
Interest paid on CFDs 447 1,340 1,787
Dividends paid on 234 703 937
short CFDs
————— ————— —————
688 2,065 2,753
========= ========= =========

Finance costs have been allocated 75% to capital in accordance with the
Company’s accounting policies.

7 Taxation on Return on Ordinary Activities

Six months ended Six months ended Year
ended
31 January 2026 31 January 2025 31 July

unaudited £’000 unaudited 2025

£’000 audited

£’000
Revenue – taxation 429 591 1,563
on overseas
dividends
Capital – Indian 357 (415) (85)
capital gains tax
————— ————— —————
Total taxation 786 176 1,478
charge for the
period
========= ========= =========

8 Return per Share

Six months ended Six months ended Year
ended
31 January 2026 31 January 2025 31 July

unaudited unaudited 2025

audited
Revenue return per share 9.37p 7.88p 22.51p
Capital return per share 54.37p 8.71p 40.34p
————— ————— —————
Total return per share 63.74p 16.59p 62.85p
========= ========= =========

The return per share is based on the net return on ordinary activities after
taxation for the period divided by the weighted average number of shares held
outside of Treasury during the period, as shown below:

£’000 £’000 £’000
Net revenue return on 6,059 5,534 15,532
ordinary activities after
taxation
Net capital return on 35,139 6,112 27,841
ordinary activities after
taxation
———- ————— —————
—–
Net total return on ordinary 41,198 11,646 43,373
activities after taxation
========= ========= =========

Number Number Number
Weighted average number of 64,631,243 70,197,994 69,010,726
shares held outside of
Treasury
========= ========= =========

9 Dividends Paid to Shareholders

Six Six Year
months months ended
ended ended 31 July

31 31 2025
January January
2026 2025 audited

unaudited unaudited £’000
£’000
£’000
Dividend paid
Dividend of 20.5 pence per share 13,139 – –
paid for the year ended 31 July
2025
Dividend of 14.5 pence per share – 10,147 10,147
paid for the year ended 31 July
2024
——— ——— —————
—— ——
13,139 10,147 10,147
========= ========= =========

No dividend has been declared in respect of the six months ended 31 January 2026
(six months ended 31 January 2025: £nil).

10 Fair Value Hierarchy

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

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 2025 (Accounting Policies
Notes 2 (k) and 2 (l) on pages 58 and 59). The table below sets out the
Company’s fair value hierarchy:

31 January 2026 (unaudited) Level 1 Level 2 Level 3 Total

£’000 £’000 £’000 £’000
Financial assets at fair
value through profit or loss
Investments 397,556 1,940 5,948 405,444
Derivative instrument assets 91 5,070 – 5,161
——- ——- ——- —————
——- ——- ——-
– – –
397,647 7,010 5,948 410,605
Financial liabilities at fair
value through profit or loss
Derivative instrument (931) (8,460) – (9,391)
liabilities
——- ——- ——- —————
——- ——- ——-
– – –

31 July 2025 (audited) Level 1 Level 2 Level 3 Total

£’000 £’000 £’000 £’000
Financial assets at fair
value through profit or loss
Investments 366,943 4,774 5,334 377,051
Derivative instrument assets 124 2,154 – 2,278
——- ——- ——- —————
——- ——- ——-
– – –
367,067 6,928 5,334 379,329
Financial liabilities at fair
value through profit or loss
Derivative instrument (157) (1,888) – (2,045)
liabilities
——- ——- ——- —————
——- ——- ——-
– – –

31 January 2025 (unaudited) Level 1 Level 2 Level 3 Total

£’000 £’000 £’000 £’000
Financial assets at fair
value through profit or loss
Investments 355,263 11,581 4,603 371,447
Derivative instrument assets 12 1,461 – 1,473
——- ——- ——- —————
——- ——- ——-
– – –
355,275 13,042 4,603 372,920
Financial liabilities at fair
value through profit or loss
Derivative instrument (118) (599) – (717)
liabilities
——- ——- ——- —————
——- ——- ——-
– – –

The increase in level 3 investments relates to revaluing ByteDance and shares
purchased in Fireside Ventures Investment Fund IV, an unlisted security, during
the six months ended 31 January 2026. As part of the transaction the Company has
committed a capital investment of $5,000,000.

11 Share Capital

31 January 31 July 31 January
2026 2025 2025

unaudited audited unaudited
Number of Nominal Number of Nominal Number of
Nominal
shares value shares value shares value

£’000 £’000 £’000
Issued,
allotted and
fully paid
Ordinary
shares of 25
pence (the
“shares”)
each held
outside of
Treasury
Beginning of 66,597,059 16,650 71,060,556 17,766 71,060,556
17,766
the period
Shares (2,816,450) (704) – – – –
repurchased
for
cancellation
Shares – – (4,463,497) (1,116) (1,503,615) (376)
repurchased
into
Treasury
———– ——— ———– ——— ———– —–
—-
—- —— —- —— —- —–
–
End of the 63,780,609 15,946 66,597,059 16,650 69,556,941
17,390
period
========= ========= ========= ========= =========
=========

Shares held
in
Treasury1
Beginning 8,983,830 2,245 4,520,333 1,129 4,520,333 1,129
of the
period
Shares – – 4,463,497 1,116 1,503,615 376
repurchased
into
Treasury
Shares (822,911) (206) – – – –
cancelled
from
Treasury
End of the 8,160,919 2,039 8,983,830 2,245 6,023,948 1,505
period
——— ——— ——— ——— ——— ———
—— —— —— —— —— ——
Total share 17,985 18,895 18,895
capital
========= ========= ========= ========= ========= =========

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

As part of its active discount management strategy, the Company repurchases its
shares in the market as explained in the Interim Management Report. Up to 31
July 2025, shares repurchased were held in Treasury allowing them to be reissued
in the future at a discount to NAV. From 1 August 2025, to ensure that the
number of shares held in Treasury did not become excessive, some shares held in
Treasury at the start of the period were cancelled, and any shares repurchased
from that date were also cancelled rather than held in Treasury.

During the six months ended 31 January 2026, 2,816,450 shares were repurchased
for cancellation at a cost of £16,501,000 and additionally 822,911 shares held
in Treasury at the start of the were cancelled.  During the six months ended 31
January 2025, 1,503,615 shares were repurchased into Treasury at a cost of
£7,550,000 and during the full year ended 31 July 2025, 4,463,497 shares were
repurchased into Treasury at a cost of £22,532,000.

12 Net Asset Value per Share

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

31 January 2026 31 July 31 January 2025

unaudited 2025 unaudited

audited
Total shareholders’ £414,266,000 £402,708,000 £385,963,000
funds
Shares held outside of 63,780,609 66,597,059 69,556,941
Treasury at the period
end
————— ————— —————
Net asset value per 649.52p 604.69p 554.89p
share
========= ========= =========

It is the Company’s policy that shares held in Treasury will only be reissued at
net asset value per share or at a premium to net asset value per 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 to FIL Investments
International (“FII”). Both companies are Fidelity group companies.

Details of the current fee arrangements are given in Note 5.

During the period, the following expenses were payable to FII:

Six months ended Six months ended Year
ended
31 January 2026 31 January 2025 31 July

unaudited £’000 unaudited 2025

£’000 audited

£’000
Investment 1,021 1,705 3,250
management fees
Secretarial and 38 38 75
administration
fees
Marketing 93 93 181
services1
========= ========= =========

1Marketing services includes costs paid to FII to reimburse it for third party
costs it has incurred on behalf of the Company in providing marketing services.

At the Balance sheet date, the following balances payable to Fidelity were
accrued and included in other creditors:

Six months ended Year Six months ended
ended
31 January 2026 31 July 31 January 2025

unaudited £’000 2025 unaudited

audited £’000

£’000
Investment 168 217 289
management fees
Secretarial and 13 44 6
administration
fees
Marketing – – 106
services
========= ========= =========

At the date of this report, the Board consisted of five non-executive Directors
(as shown below) all of whom are considered to be independent by the Board. None
of the Directors has a service contract with the Company.

The annual fee structure from 1 August 2025 is as follows:

1 August

2025

£
Chairman 47,500
Chairman of the Audit Committee 39,500
Senior Independent Director 34,500
Director 32,500
=========

Directors’ Shareholdings:

31 January

2026

unaudited
Clare Brady 13,073
Hussein Barma 2,500
Lucy Costa Duarte 3,800
Sally Macdonald 2,734
Matthew Sutherland 27,859
=========

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 MUFG Corporate Markets, Registrar to Fidelity Asian Values PLC, Central
Square, 29 Wellington Street, Leeds LS1 4DL.

Email: [email protected]

Telephone: +44 (0) 371 664 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 Investor Centre at
https://uk.investorcentre.mpms.mufg.com/. Shareholders are able to manage their
shareholding online by registering for the Investor Centre, a free and secure
online access service. Facilities include:

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 Shareholder Portal, contact the
helpline on +44 (0) 371 664 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).

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.

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: [email protected]

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 2026

31 January 2026 Half-Year Period End
March 2026 Announcement of the Half-Yearly Results
April 2026 Publication of the Half-Yearly Report
31 July 2026 Financial Year End
October 2026 Publication of the Annual Report
November 2026 Annual General Meeting
December 2026 Payment of the Annual Dividend

Directory

Board of Directors

Clare Brady (Chairman)

Hussein Barma (Chairman of the Audit Committee)

Lucy Costa Duarte

Sally Macdonald (Chairman of the Management Engagement Committee)

Matthew Sutherland (Senior Independent Director)

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: [email protected]

Banker and Custodian

JPMorgan Chase Bank (London Branch)

125 London Wall

London

EC2Y 5AJ

Depositary

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

PricewaterhouseCoopers LLP

7 More London Riverside

London

SE1 2RT

Lawyer

Simmons & Simmons LLP

1 Ropemaker Street

London

EC2Y 9SS

Registrar

MUFG Corporate Markets

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 at 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 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.

Fair treatment of investors

The legal and regulatory regime to which the Company and the Directors are
subject ensures the fair treatment of investors. The UK Listing Rules require
that the Company treats all shareholders of the same class of shares equally. In
particular, the Directors have certain statutory duties under the Companies Act
2006 with which they must comply. These include a duty upon each Director to act
in the way she or he considers, in good faith, would be most likely to promote
the success of the Company for the benefit of its members as a whole.

Glossary of Terms

AAF Report

A report prepared in accordance with the Audit and Assurance Faculty guidance
issued by the Institute of Chartered Accountants in England and Wales.

ADR (American Depositary Receipt)

A negotiable certificate issued by a US bank representing a specified number of
shares in a foreign stock that is traded on a US Exchange.

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:

·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

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 Country 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.

Capital Gains Tax (CGT)

The tax that may be payable if shares are sold at a profit.

Collateral

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

Comparative Index

The MSCI All Country 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.

Corporation Tax

The tax the Company may have to pay on its profits for a year. As an investment
trust, the Company is exempt from corporation tax on its capital gains and does
not pay tax on any UK dividends. It can also offset expenses against any taxable
income and consequently it is tax efficient for the Company.

Custodian

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.

Depositary

An entity that oversees the custody, cash arrangements and other AIFM
responsibilities of the Company. J.P.Morgan Europe Limited act as the Company’s
Depositary.

Derivatives

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

Diluted Net Asset Value per Share

The diluted net asset value per share reflects what the net asset value per
share would have been if all the rights attached to any outstanding subscription
shares had been exercised at a particular date. A dilution occurs when the
exercise price of the subscription share rights is less than the net asset value
per share.

Discount

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

Gross Assets

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.

Gross Gearing

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

Growth Stocks

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.

Initial Public Offering (IPO)

An initial public offering (“IPO”) is the first sale of stock by a private
company to the public. IPOs are often issued by smaller, younger companies
seeking the capital to expand, but can also be done by large privately owned
companies looking to become publicly traded.

Investment Manager

FIL Investments International.

Manager

FIL Investment Services (UK) Limited is the appointed Manager under the AIFMD.
It has delegated the investment management of the Company 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 share
basis.

Net Asset Value per Share

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

Net Gearing

The amount by which Net Market Exposure in excess of Shareholders’ Funds
expresses 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 operational expense (excluding finance costs and taxation) incurred by the
Company as a percentage of average net asset values for the reporting year.

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, Portfolio Manager, and Ajinkya Dhavale, Co-Portfolio Manager, are
responsible for managing the Company’s assets.

Pre-Emption Rights

Section 561 of the Companies Act 2006 provides that a company offering a new
issue of shares must first make an offer of these shares, on the same or more
favourable terms, in proportion to the nominal value held to existing
shareholders. At each Annual General Meeting, the Board seeks shareholder
approval to disapply pre-emption rights provision, up to 10% of the Company’s
issued share capital.

Premium

If the share price of the Company is higher than the net asset value per 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 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.

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 MUFG Corporate Markets.

Reserves

·Share premium account represents the amount by which the proceeds from the
issue of shares or the issue of shares on the exercise of rights attached to
subscription shares, exceeded the nominal value of those 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 it 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 it cannot be used to fund share repurchases.

·Capital reserve represents realised gains or 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.
It can be used to fund share repurchases.

·Revenue reserve represents retained revenue surpluses recognised through 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 returns.

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.

Share or shares

The ordinary shares of 25p each in the capital of the Company.

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

The return on the share price or net asset value per 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

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 share calculation.

Value Stocks

Usually companies that are currently trading below what they are really worth
and will thus theoretically provide a superior future return.

END

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