Interim Management Statement

SVM UK Emerging Fund plc

Interim Management Statement

This interim management statement is for the three month period from 1 October
2013 to 31 December 2013. 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. Its aim is to outperform the IMA UK All
Companies Sector Average Index on a total return basis.

Benchmark

IMA UK All Companies Sector Average Index

Dividend

The Fund does not pay a dividend.

Material Events

The Fund released its half yearly report for the six months to 30 September
2013 to the Stock Exchange in November 2013. A copy is available on the
Managers' website www.svmonline.co.uk.

Largest Investments as at 31 December 2013   Sector Analysis as at 31 December 2013

                                     %                                        %
                                                                               
1   Ted Baker PLC                 5.2%       Consumer Services            30.3%
                                                                               
2   ASOS PLC                      4.2%       Industrials                  19.9%
                                                                               
3   Mar City                      3.7%       Financials                   18.5%
                                                                               
4   Thomas Cook                   3.7%       Consumer Goods               15.1%
                                                                               
5   ITV Television CFD            3.6%       Technology                   11.4%
                                                                               
6   WANdisco Plc CFD              3.2%       Health Care                   2.9%
                                                                               
7   Supergroup CFD                3.1%       Oil & Gas                     1.9%
                                                                               
8   Workspace Group PLC           3.0%       Basic Materials               0.0%
                                                                               
9   Unite Group PLC               2.9%       Telecommunications            0.0%
                                                                               
10  Grainger PLC                  2.8%       Utilities                     0.0%
                                                                               
                              --------                                 --------
                                                                               
    Total                         35.6                                    100.0
                                                                               
                              --------                                 --------

Financial Position

                                 As at        As at
                           31 Dec 2013  30 Sep 2013
                           (unaudited)  (unaudited)
                                                   
                                 £'000        £'000
                                                   
Investments                      4,506        3,732
                                                   
Net current assets/              (182)          102
liabities                                          
                                                   
                            ----------   ----------
                                                   
Net assets                       4,324        3,834
                                                   
                            ----------   ----------
                                                   
NAV per share                   72.01p       63.84p
                                                   

Changes to Share Capital

                                Issued
                                      
As at 30 September 2013      6,005,000
                                      
Ordinary shares bought               0
back                                  
                                      
Ordinary shares issued               0
                                      
                        --------------
                                      
As at 31 December 2013       6,005,000
                                      
                        --------------

Performance

                    3 months       1 year    3 years   Remit change
                                                                (*)
                                                                   
                           %            %          %              %
                                                                   
Share price              1.4         38.3       -6.7          115.4
                                                                   
Net asset value         12.8         54.1      -14.0          125.9
                                                                   
Benchmark +              7.1         20.8       -7.0            6.9

+ The Benchmark changed to the IMA UK All Companies Average effective 30/09/13,
the figure shown is a blended return with the FTSE AIM TR before this date.

* - investment remit changed 01/09/04

Source: SVM/Lipper, total return to 31/12/2013

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 31 December 2013 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 NAV and share price
information, can be found at the Manager's website: at www.svmonline.co.uk.