Interim Management Statement

SVM UK Emerging Fund plc


Interim Management Statement

This interim management statement covers the three month period from 1 April to
30 June 2010. 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 2010 and Notice of
Annual General Meeting to shareholders on 14 June 2010.

At the Annual General Meeting held on 16 July 2010, all of the resolutions put
to shareholders were passed, including 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 or reissue treasury shares up to an aggregate nominal
amount of £300,000, representing approximately 100% of the Fund's issued share
capital.

3. continue as an investment trust for a further five years.


Largest Investments as at 30 June 2010       Sector Analysis as at 30 June 2010
                                     %                                        %
                                                                               
1   Archipelago Resources          7.9       Basic Materials               52.2
2   Norseman Resources             7.7       Industrials                    9.3
3   China Pub Company              7.6       Oil & Gas                     10.0
4   Hydrodec                       6.3       Consumer Goods                 0.0
5   Symphony Environmental         5.9       Consumer Services             18.0
6   Kirkland Lake Gold             4.6       Healthcare                     2.0
7   ToLuna                         4.5       Telecoms                       0.0
8   Mantle Diamonds                4.2       Technology                     0.0
9   Borders & Southern Petroleum   3.7       Financials                     7.4
10  Pan Pacific Aggregates         3.4       Utilities                      1.1
                              --------                                 --------
    Total                         55.8                                    100.0
                              --------                                 --------

Financial Position

                                  As at      As at
                                 30 Jun     31 Mar
                                   2010      2010
                             (unaudited)  (audited)
                                  £'000      £'000
                                                  
Investments                       3,597      3,848
Net current assets                  353        267
                             ---------- ----------
Net assets                        3,950      4,115
                             ---------- ----------
                                                  
NAV per share                    65.78p     68.53p
                                                  


Changes to Share Capital

                                  Issued
                                        
As at 31 March 2010            6,005,000
Ordinary shares bought back            0
Ordinary shares issued                 0
                          --------------
As at 30 June 2010             6,005,000
                          --------------


Performance

                     3 months    1 year    3 years      Remit
                                                   change (*)
                            %         %          %          %
                                                             
Share price               0.0      +6.4      -31.0      +96.1
Net asset value          -4.1     +21.1       -9.5     +104.5
FTSE AIM Index           -5.6     +26.3      -43.3      -23.3

* - investment remit changed September 2004

Source: SVM/Lipper Hindsight, capital return to 30/06/2010


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 2010 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.