SAR - SVM UK Emerging Fund plc

FORM SAR 3

Lodge with an RIS and Newstrack, if appropriate, and the Takeover Panel. A copy
must also be sent to the company the shares of which are acquired.

Date of disclosure: 23 Sep 2004

  DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING SUBSTANTIAL ACQUISITIONS OF   
                                SHARES ("SARs")                                

Date of acquisition: 21 Sep 2004

Acquisition in SVM UK Emerging Fund plc (name of company)

(1) Class of voting shares  Number of shares/rights    If rights over shares   
(eg ordinary shares):       over shares acquired:      acquired, as opposed to 
                                                       the shares themselves,  
Ordinary shares             Shares: 174,000            specify nature of       
                                                       rights:                 
                            Rights: -                                          
                                                       -                       

(2) Resultant total        Resultant total holding of  Total percentage:       
holding of voting shares   rights over shares (and %                           
(and % of total voting     of total voting shares in   24.43 (%)               
shares in issue):          issue):                                             
                                                                               
24.43 (%)                  - (%)                                               
                                                                               
1,334,000 shares                                                               

(3) Party making disclosure:

SVM Asset Management Limited

(4) (a) Name of person acquiring shares or rights over shares and, if
different, beneficial owner:

-

(b) Names of any other persons acting by agreement or understanding (see SAR
5):

-

Signed, for and on behalf of the party named in (3) above:

-

(Also print name of signatory):

D W Robertson

Telephone and extension number:

0131 226 6699

Note 1. Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person. Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.

Note 2. The resultant total percentage holding of voting shares and rights over
shared is to be calculated by reference to the percentage held and in issue
outside treasury

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs. If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section, Tel. No: 020 7638 0129. E-mail: [e-mail]

FORM SAR 3