NAV & Quarterly Disclosure

SVM UK Emerging Fund plc

The unaudited net asset value per share at the close of business on 31 March
2006 was 49.49 pence. This has been calculated using bid market prices.

In accordance with the continuing obligations under Listing Rule 21.20 (l)
(ii), the Fund's ten largest holdings as at the close of business on 31 March
2006 were as follows:-

Mercator Gold                                     8.8%
                                                      
Greystar Resources                                7.0%
                                                      
Kirkland Lake Gold                                6.6%
                                                      
Asian Citrus Holding                              6.5%
                                                      
Billing Services                                  5.6%
                                                      
Appian Technology                                 5.4%
                                                      
Ashley House                                      5.2%
                                                      
Borders & Southern Petroleum                      5.2%
                                                      
Ludgate 181                                       4.6%
                                                      
Leadcom Integrated Solutions                      4.5%