Interim Management Statement

SVM UK Emerging Fund plc

Interim Management Statement

This interim management statement covers the period from 1 April 2007 to 30
June 2007. 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 2007 and Notice of
Annual General Meeting to shareholders on 23 May 2007.

At the Annual General Meeting held on 28 June 2007, all of the resolutions put
to shareholders were passed, including Special 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 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 2007

                                    %
                                     
1   China Pub Company             6.9
                                     
2   Maghreb Mining                6.5
                                     
3   Meridian Petroleum            6.5
                                     
4   AT Communications             6.2
                                     
5   Dwyka Diamonds                5.7
                                     
6   Amazing Holdings              5.6
                                     
7   Kirkland Lake Gold            4.9
                                     
8   International Medical         4.6
    Devices                          
                                     
9   Music Copyright               3.8
    Solutions                        
                                     
10  CareCapital                   3.8
                                     
                             --------
                                     
    Total                        54.5
                                     
                             --------
                                     
Sector Analysis as at 30 June 2007   
                                     
                                    %
                                     
    Oil & Gas                     7.2
                                     
    Basic Materials              38.8
                                     
    Industrials                   5.9
                                     
    Consumer Goods                0.0
                                     
    Health Care                  10.8
                                     
    Consumer Services            21.3
                                     
    Telecommunications            0.0
                                     
    Utilities                     0.0
                                     
    Financials                   10.9
                                     
    Technology                    5.1
                                     
                             --------
                                     
    Total                       100.0
                                     
                             --------

Financial Position

                                 As at         As at
                                                    
                           30 Jun 2007   31 Mar 2007
                                                    
                           (unaudited)     (audited)
                                                    
                                 £'000         £'000
                                                    
Investments                      4,682         3,712
                                                    
Net current assets / (           (318)           105
liabilities)                                        
                                                    
                            ----------    ----------
                                                    
Net assets                       4,364         3,817
                                                    
                            ----------    ----------
                                                    
NAV per share                   72.68p        63.57p
                                                    

Changes to Share Capital

                                Issued
                                      
As at 31 March 2007          6,005,000
                                      
Ordinary shares bought               0
back                                  
                                      
Ordinary shares issued               0
                                      
                        --------------
                                      
As at 30 June 2007           6,005,000
                                      
                        --------------

Performance

                     3 months    1 year    3 years      Remit
                                                   change (*)
                                                             
                            %         %          %          %
                                                             
Share price             +16.0     +61.1     +173.6     +184.3
                                                             
Net asset value         +14.3     +44.4     +121.2     +125.9
                                                             
FTSE All Share           +6.5     +13.6      +43.7      +35.2
Index                                                        

* - investment remit changed September 2004

Source: SVM/Lipper Hindsight, capital return to 30/06/2007

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 30 June 2007 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, can be
found at the Manager's website: at www.svmonline.co.uk.