AGM Statement

SVM Ofex Fund PLC
06 September 2004

News Release
6 September 2004

SVM Ofex changes name to
SVM UK Emerging Fund and revises investment emphasis

At the Company's AGM held on Friday, 3 September 2004, shareholders of SVM Ofex
plc voted overwhelmingly in favour of changing the name of the fund to SVM UK
Emerging Fund plc, reflecting the Fund's new investment objective.

Shareholders also agreed with the Board's recommendation to change the
investment objective to allow the Company to hold investments in unquoted, OFEX
and Alternative Investment Market (AIM) companies, and up to 20 % of the Fund
(calculated by cost of the investment) may be invested in other securities and
instruments.

Previous restrictions regarding portfolio percentage limits will be removed,
with the intention that the focus of investment activity will be on AIM.  The
Board intends to grant to the Managers a limited authority to invest up to 20%
of the Fund in other securities and instruments, including hedging instruments
to assist risk management of the portfolio.

As a consequence of the proposed changes, the benchmark index for the SVM UK
Emerging Fund will be changed to the AIM Index.

David Stevenson, Manager, SVM UK Emerging Fund plc, says:

'The OFEX market has not developed as expected at launch in 2000 and share
prices have not benefited from the recovery of interest in smaller companies
over the past twelve months. As a result the Board has been examining ways in
which prospects for the Fund can be improved in order to enhance the investment
opportunities for shareholders.

'The resolution passed today provides the SVM UK Emerging Fund with a broader
investment objective which we believe will result in greater opportunity to
deliver the potential for superior investment returns in the future.'

                                      Ends

For further information, please contact:

David Stevenson           SVM Asset Management            0131 226 6699
Roland Cross              Broadgate                       0207 726 6111


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