Interim Management Statement

SVM UK Emerging Fund plc

Interim Management Statement

This interim management statement is for the three month period from 1 October
2012 to 31 December 2012. 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

On 6 September 2012 it was announced that Colin McLean, supported by deputy
manager, Margaret Lawson and the SVM Asset Management team had assumed
portfolio management of the Fund.

The Fund released its half yearly report for the six months to 30 September
2012 to the Stock Exchange in November 2012. A copy is available on the
Managers' website www.svmonline.co.uk.

Largest Investments as at 31 December 2012 Sector Analysis as at 31 December 2012

                                     %                                        %
                                                                               
1   Hydrodec 8%                    7.8       Oil & Gas                      1.8
                                                                               
2   Spirit Pub Company             4.7       Basics Materials              11.8
                                                                               
3   Unite Group                    4.4       Industrials                   15.6
                                                                               
4   RBS Group                      4.4       Consumer Goods                 7.7
                                                                               
5   Manray                         3.8       Healthcare                     0.0
                                                                               
6   Ashmore Group                  3.6       Consumer Services             36.2
                                                                               
7   Ted Baker                      3.5       Telecommunications             0.0
                                                                               
8   Claremont Partners Ltd         3.3       Utilities                      0.0
                                                                               
9   Standard Life                  3.2       Financials                    20.3
                                                                               
10  Mitchells and Butlers          3.0       Technology                     6.6
                                                                               
11  Salamander Energy              3.0                                 --------
                                                                               
                              --------                                    100.0
                                                                               
    Total                         41.7                                 --------
                                                                               
                              --------                                         

Financial Position

                                 As at        As at
                           31 Dec 2012  30 Sep 2012
                           (unaudited)  (unaudited)
                                                   
                                 £'000        £'000
                                                   
Investments                      2,813        1,905
                                                   
Net current assets                 (7)          968
                                                   
                            ----------   ----------
                                                   
Net assets                       2,806        2,873
                                                   
                            ----------   ----------
                                                   
NAV per share                   46.73p       47.85p
                                                   

Changes to Share Capital

                                Issued
                                      
As at 30 September 2012      6,005,000
                                      
Ordinary shares bought               0
back                                  
                                      
Ordinary shares issued               0
                                      
                        --------------
                                      
As at 31 December 2012       6,005,000
                                      
                        --------------

Performance

                     3 months    1 year    3 years      Remit
                                                   change (*)
                                                             
                            %         %          %          %
                                                             
Share price              +1.3     -23.6      -26.4      +58.8
                                                             
Net asset value          -2.3     -32.1      -29.5      +45.3
                                                             
FTSE AIM Index           +0.4      +2.9      +10.9      -16.5

* - investment remit changed September 2004

Source: SVM/Lipper, total return to 31/12/2012

Kindly note that 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 31 December 2012 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 NAV and share price
information, can be found at the Manager's website: at www.svmonline.co.uk.