Director Shareholding

SCHEDULE 11                                  

         NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS          

All relevant boxes should be completed in block capital letters.

1.  Name of company                     2. Name of director                    
                                                                               
    SVM UK Emerging Fund plc               Peter Dicks                         

3.  Please state whether notification   4.  Name of the registered holder(s)   
    indicates that it is in respect of      and, if more than one holder, the  
    holding of the shareholder named in     number of shares held by each of   
    2 above or in respect of a              them (if notified)                 
    non-beneficial interest or in the                                          
    case of an individual holder if it                                         
    is a holding of that person's                                              
    spouse or children under the age of                                        
    18 or in respect of a                                                      
    non-beneficial interest                                                    
                                                                               
    Beneficial Interest                     -                                  

5.  Please state whether notification   6.  Please state the nature of the     
    relates to a person(s) connected        transaction. For PEP transactions  
    with the director named in 2 above      please indicate whether general/   
    and identify the connected person       single co PEP and if discretionary/
    (s)                                     non discretionary                  
                                                                               
    -                                       -                                  

7.   Number of      8.   Percentage of  9.   Number of      10.  Percentage of 
     shares/amount       issued class        shares/amount       issued class  
     of stock                                of stock                          
     acquired                                disposed                          
                                                                               
     100,000             1.83%               -                   -             

11.  Class of       12.  Price per   13. Date of            14.  Date company  
     security            share           transaction             informed      
                                                                               
     Ordinary            24.25p          23 Sep 2004             23 Sep 2004   
     shares                                                                    

15. Total holding following this     16. Total percentage holding of issued    
    notification                         class following this notification     
                                                                               
    150,000                              2.75%                                 

If a director has been granted options by the company please complete the
following boxes.

17. Date of grant                    18. Period during which or date on which  
                                         options exercisable                   
                                                                               
    n/a                                                                        

19. Total amount paid (if any) for   20. Description of shares or debentures   
    grant of the option                  involved: class, number               
                                                                               

21. Exercise price (if fixed at time 22. Total number of shares or debentures  
    of grant) or indication that         over which options held following this
    price is to be fixed at time of      notification                          
    exercise                                                                   
                                                                               

23. Any additional information       24. Name of contact and telephone number  
                                         for queries                           
                                                                               
                                         D W Robertson                         

25.  Name and signature of authorised company official responsible for making  
     this notification                                                         
                                                                               
     Date of notification: 23 Sep 2004