Interim Management Statement

SVM UK Emerging Fund plc

Interim Management Statement

This interim management statement covers the period from 1 April 2008 to 30
June 2008. 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 2008 and Notice of
Annual General Meeting to shareholders on 13 June 2008.

At the Annual General Meeting held on 18 July 2008, 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 2008 Sector Analysis as at 30 June 2008

                                     %                                        %
                                                                               
1   Hydrodec                       8.1       Basic Materials               44.8
                                                                               
2   China Pub Company              7.6       Industrials                    7.2
                                                                               
3   Kirkland Lake Gold             5.4       Oil & Gas                     15.7
                                                                               
4   Petra Diamond                  5.2       Consumer Goods                 0.0
                                                                               
5   Petrel Resources               4.6       Consumer Services             20.5
                                                                               
6   AMZ Holdings                   4.6       Healthcare                     3.5
                                                                               
7   Borders & Southern             4.5       Telecoms                       0.0
    Petroleum                                                                  
                                                                               
8   Archipelago Resources          4.3       Technology                     4.1
                                                                               
9   AT Communications              4.3       Financials                     4.2
                                                                               
10  Mantle Diamonds                4.2       Utilities                      0.0
                                                                               
                              --------                                 --------
                                                                               
    Total                         52.8                                    100.0
                                                                               
                              --------                                 --------

Financial Position

                                As at         As at
                                                   
                          30 Jun 2008   31 Mar 2008
                                                   
                          (unaudited)   (unaudited)
                                                   
                                £'000         £'000
                                                   
Investments                     3,680         3,692
                                                   
Net current assets / (            262           251
liabilities)                                       
                                                   
                           ----------    ----------
                                                   
Net assets                      3,942         3,933
                                                   
                           ----------    ----------
                                                   
NAV per share                  65.65p        65.50p
                                                   

Changes to Share Capital

                               Issued
                                     
As at 1 April 2008          6,005,000
                                     
Ordinary shares bought              0
back                                 
                                     
Ordinary shares issued              0
                                     
                       --------------
                                     
As at 30 June 2008          6,005,000
                                     
                       --------------

Performance

                     3 months    1 year    3 years      Remit
                                                   change (*)
                                                             
                            %         %          %          %
                                                             
Share price              +0.2      -9.7      +79.8     +104.1
                                                             
Net asset value          +3.0      -4.1     +120.6     +172.5
                                                             
FTSE AIM Index           +0.6     -19.9       -0.7       +8.3

* - investment remit changed September 2004

Source: SVM/Lipper Hindsight, capital return to 30/06/2008

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 annual reports, interim
reports and monthly factsheets, can be found at the Manager's website: at
www.svmonline.co.uk.