Interim Management Statement

SVM UK Emerging Fund plc Interim Management Statement This interim management statement covers the period from 1 October 2007 to 31 December 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 Interim Report for the six months to 30 September 2007 in November. Largest Investments as at 31 December 2007 Sector Analysis as at 31 December 2007 % % 1 Petrel Resources CFD 8.0 Basic Materials 40.7 2 China Pub Company 7.1 Industrials 5.4 3 Petra Diamond 6.8 Oil & Gas 14.0 4 Kirkland Lake Gold 6.7 Consumer Goods 0.0 5 Amazing Holdings 5.7 Consumer Services 21.1 6 Dwyka Resources 5.4 Healthcare 9.9 7 AT Communications 5.2 Telecoms 0.0 8 Van Dieman Mines 5.0 Technology 4.4 9 Maghreb Mining 4.0 Financials 4.5 10 Mantle Diamonds 4.0 Utilities 0.0 -------- -------- Total 57.9 100.0 -------- -------- Financial Position As at As at 31 Dec 2007 30 Sep 2007 (unaudited) (unaudited) £'000 £'000 Investments 4,276 4,383 Net current assets / ( 69 (89) liabilities) ---------- ---------- Net assets 4,207 4,294 ---------- ---------- NAV per share 70.06p 63.57p Changes to Share Capital Issued As at 30 September 6,005,000 2007 Ordinary shares bought 0 back Ordinary shares issued 0 -------------- As at 31 December 2007 6,005,000 -------------- Performance 3 months 1 year 3 years Remit change (*) % % % % Share price -11.3 +38.2 +176.5 +176.5 Net asset value -2.0 +23.5 +100.5 +117.8 FTSE All Share -5.8 +0.6 +0.1 +17.3 Index * - investment remit changed September 2004 Source: SVM/Lipper Hindsight, capital return to 31/12/2007 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.
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