Interim Management Statement

SVM UK Emerging Fund plc

Interim Management Statement

This interim management statement covers the period from 1 October 2009 to 31
December 2009. 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 released its half yearly report for the six months to 30 September
2009 to the Stock Exchange in November 2009. A copy is available on the
Managers' website.

Largest Investments as at 31 December 2009 Sector Analysis as at 31 December 
2009

                                     %                                        %
                                                                               
1   Norseman Resources            10.7       Basic Materials               46.6
                                                                               
2   China Pub Company              7.5       Industrials                   14.5
                                                                               
3   Hydrodec                       6.3       Oil & Gas                     10.9
                                                                               
4   Archipelago Resources          5.9       Consumer Goods                 0.0
                                                                               
5   Symphony Env                   5.9       Consumer Services             18.1
    Technologies                                                               
                                                                               
6   Pan Pacific Aggregates         5.8       Healthcare                     1.8
                                                                               
7   Kirkland Lake Gold             4.5       Telecoms                       0.0
                                                                               
8   Mantle Diamonds                4.2       Technology                     0.0
                                                                               
9   ToLuna                         4.1       Financials                     5.8
                                                                               
10  Nostra Terra Oil & Gas         3.5       Utilities                      2.3
                                                                               
                              --------                                 --------
                                                                               
    Total                         58.4                                    100.0
                                                                               
                              --------                                 --------

Financial Position

                                As at         As at
                                                   
                          31 Dec 2009   30 Sep 2009
                                                   
                          (unaudited)   (unaudited)
                                                   
                                £'000         £'000
                                                   
Investments                     3,696         3,185
                                                   
Net current assets                287           546
                                                   
                           ----------    ----------
                                                   
Net assets                      3,983         3,731
                                                   
                           ----------    ----------
                                                   
NAV per share                  66.33p        62.14p
                                                   

Changes to Share Capital

                                  Issued
                                        
As at 30 September 2009        6,005,000
                                        
Ordinary shares bought                 0
back                                    
                                        
Ordinary shares issued                 0
                                        
                          --------------
                                        
As at 31 December 2009         6,005,000
                                        
                          --------------

Performance

                     3 months    1 year    3 years      Remit
                                                   change (*)
                                                             
                            %         %          %          %
                                                             
Share price              +3.8     +69.2       +7,8     +115.7
                                                             
Net asset value          +6.7     +55.4      +16.9     +106.2
                                                             
FTSE AIM Index           +1.6     +68.1      -35.4      -24.6

* - investment remit changed September 2004

Source: SVM/Lipper Hindsight, capital return to 31/12/2009

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 2009 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, annual
and half yearly reports, can be found at the Manager's website: at
www.svmonline.co.uk.