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SVM UK Active Fund (SVU)

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Thursday 13 April, 2006

SVM UK Active Fund

Holding(s) in Company


                   NOTIFICATION OF MAJOR INTERESTS IN SHARES                   

All relevant boxes should be completed in block capital letters.

1. Name of company                   2. Name of shareholder having a major     
   SVM UK Active Fund plc                                                      
                                        BNP Paribas Arbitrage SNC              

3. Please state whether notification 4. Name of the registered holder(s) and,  
   indicates that it is in respect      if more than one holder, the number of 
   of holding of the shareholder        shares held by each of them            
   named in 2 above or in respect of                                           
   a non-beneficial interest or in      BNP Paribas Arbitrage SNC              
   the case of an individual holder                                            
   if it is a holding of that                                                  
   person's spouse or children under                                           
   the age of 18                                                               
   Beneficial interest                                                         

5. Number of      6. Percentage of  7. Number of shares 8. Percentage of      
   shares/amount     issued class      /amount of stock    issued class       
   of stock                            disposed                               
   acquired          0.7 %                                 -                  

9. Class of security                10. Date of          11. Date company      
                                        transaction          informed          
   Ordinary Shares                                                             
                                        12 April 2006        13 April 2006     

12. Total holding following this     13. Total percentage holding of issued    
    notification                         class following this notification     
    3,906,172                            9.0 %                                 

14. Any additional information       15. Name of contact and telephone number  
                                         for queries                           
    The current issued share capital                                           
    of Undervalued Assets Trust plc      Carolina Viola                        
    is 43,377,324 Ordinary Shares.                                             
                                         SVM Asset Management Limited          
                                         0131 226 6699                         

16. Name and signature of authorised company official responsible for making   
    this notification                                                          
    Carolina Viola                                                             
Date of notification ________13 April 2006