Interim Management Statement

SVM UK EmergingFund plc

Interim Management Statement

This interim management statement covers the three month period from 1 April to
30 June 2012. 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 2012 and Notice of
Annual General Meeting to shareholders on 18 June 2012.

At the Annual General Meeting held on 18 July 2012, 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.

Largest Investments as at 30 June 2012 Sector Analysis as at 30 June 2012

                                     %                                        %
                                                                               
1   Plethora Solutions             7.9       Basic Materials               35.4
                                                                               
2   Hydrodec                       6.5       Industrials                   18.2
                                                                               
3   Manroy                         5.8       Oil & Gas                     19.2
                                                                               
4   China Pub Company              5.2       Consumer Goods                 0.0
                                                                               
5   Nostra Terra Oil & Gas         5.1       Consumer Services             19.4
                                                                               
6   Sprue Aegis                    4.4       Healthcare                     0.0
                                                                               
7   Kirkland Lake Gold             4.2       Telecoms                       0.0
                                                                               
8   Transense Technologies         4.1       Technology                     0.0
                                                                               
9   Archipelago Resources          3.9       Financials                     6.5
                                                                               
10  Symphony Env Technologies      3.8       Utilities                      1.3
                                                                               
                              --------                                 --------
                                                                               
    Total                         50.9                                    100.0
                                                                               
                              --------                                 --------

Financial Position

                                  As at      As at
                                                  
                                 30 Jun     31 Mar
                                              2012
                                   2012           
                                                  
                            (unaudited)  (audited)
                                                  
                                  £'000      £'000
                                                  
Investments                       3,831      4,064
                                                  
Net current assets                    6        228
                                                  
                             ---------- ----------
                                                  
Net assets                        3,837      4,292
                                                  
                             ---------- ----------
                                                  
NAV per share                    63.90p     71.47p
                                                  

Changes to Share Capital

                                  Issued
                                        
As at 31 March 2012            6,005,000
                                        
Ordinary shares bought                 0
back                                    
                                        
Ordinary shares issued                 0
                                        
                          --------------
                                        
As at 30 June 2012             6,005,000
                                        
                          --------------

Performance

                     3 months    1 year    3 years      Remit
                                                   change (*)
                                                             
                            %         %          %          %
                                                             
Share price              -9.1     -24.2       +6.4      +96.1
                                                             
Net asset value         -10.6     -25.4      +17.7      +98.6
                                                             
FTSE AIM Index          -14.8     -20.7      +30.8      -20.6

* - investment remit changed September 2004

Source: SVM/Lipper Hindsight, capital return to 30/06/2012

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 2012 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.