Interim Management Statement

SVM UK Emerging Fund plc


Interim Management Statement

This interim management statement covers the three month period from 1 April to
30 June 2011. It has been produced for the sole purpose of providing
information to the Company's shareholders in accordance with the requirements
of the UK Listing Authority's Disclosure and Transparency Rules. It should not
be relied upon by any other party or for any other purpose.


Investment Objective

SVM UK Emerging Fund's investment objective is long term capital growth from
investments in smaller UK companies with a particular focus on the Alternative
Investment Market (AIM)


Benchmark

FTSE AIM Index


Dividend

The Fund does not pay a dividend.


Material Events

The Fund posted its Annual Report for the year to 31 March 2011 and Notice of
Annual General Meeting to shareholders on 17 June 2011.

At the Annual General Meeting held on 22 July 2011, all of the resolutions put
to shareholders were passed, including resolutions which allow the Company to:

1. repurchase up to 900,750 of its own shares, representing approximately 15%
of the Fund's issued share capital;

2. allot new shares or reissue treasury shares up to an aggregate nominal
amount of £300,000, representing approximately 100% of the Fund's issued share
capital.


Largest Investments as at 30 June 2011       Sector Analysis as at 30 June 2011
                                     %                                        %
                        
1   Archipelago Resources          8.3       Basic Materials               54.8
2   Symphony Environmental Tech    7.2       Industrials                   16.1
3   Chalkwell Investments          6.6       Oil & Gas                     18.9
4   Kirkland Lake Gold             6.4       Consumer Goods                 0.0
5   Oracle Coalfields              5.8       Consumer Services              3.5
6   Hydrodec                       4.9       Healthcare                     0.0
7   Manroy                         4.4       Telecoms                       0.0
8   Sprue Aegis                    4.0       Technology                     0.0
9   Nautical Petroleum             3.0       Financials                     5.9
10  Clontarf Energy                2.8       Utilities                      0.8
                              --------                                 --------
Total                             53.4       Total                        100.0
                              --------                                 --------

Financial Position

                                  As at      As at
                                 30 Jun     31 Mar
                                   2011       2011
                            (unaudited)  (audited)
                                  £'000      £'000
                                                  
Investments                       4,852      4,973
Net current assets                  313        273
                             ---------- ----------
Net assets                        5,145      5,246
                             ---------- ----------
                                                  
NAV per share                    85.68p     87.36p
                                                  

Changes to Share Capital

                                            Issued
As at 31 March 2011                      6,005,000
Ordinary shares bought back                      0
Ordinary shares issued                           0
                                       ----------- 
As at 30 June 2011                       6,005,000
                                       -----------


Performance

                       3 months    1 year    3 years      Remit
                                                         change (*)
                              %         %          %          %
                                                             
Share price                +4.8     +32.0       -5.0     +158.8
Net asset value            -1.9     +30.3      +30.5     +166.3
FTSE AIM Index             -4.6     +30.6       -7.6       +0.1

* - investment remit changed September 2004

Source: SVM/Lipper Hindsight, capital return to 30/06/2011


Past performance is not necessarily a guide to the future and that the value of
investments and the income from them may fall as well as rise. Investors may
not get back the amount they originally invested.

We are not aware of any significant events or transactions which have occurred
between 30 June 2011 and the date of publication of this interim management
statement which would have a material impact on the financial position of the
Fund.


Further Information

Further information regarding the Fund, including monthly factsheets, annual
and half yearly reports, can be found at the Manager's website: at www.svmonline.co.uk.