Interim Management Statement

SVM UK Emerging Fund plc(the "Fund")

Interim Management Statement

This Interim Management Statement ("IMS") covers the three month period from 1
April 2013 to 30 June 2013, and contains information that covers this period,
and up to the date of publication of this IMS. 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

The 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 2013 and Notice of
Annual General Meeting to shareholders on 10 July 2013.

There were no buy-backs of shares for the period from 1 April 2013 to 19 July
2013 (the latest practicable date prior to the issue of this document).

The Board is not aware of any significant events or transactions, except as
disclosed, occurring between 30 June 2013 and the date of publication of this
IMS which would have a material impact on the financial position of the Fund.

Largest Investments as at 30 June 2013 Sector Analysis as at 30 June 2013

                                     %                                        %
                                                                               
1   Hydrodec 8% CULS               7.2       Basic Materials                0.0
                                                                               
2   Unite Group PLC                5.3       Industrials                   17.8
                                                                               
3   Ted Baker PLC                  4.9       Oil & Gas                      2.3
                                                                               
4   Thomas Cook                    3.5       Consumer Goods                 9.6
                                                                               
5   ASOS PLC                       3.5       Consumer Services             35.7
                                                                               
6   Tribal Group PLC               3.4       Healthcare                     3.1
                                                                               
7   Manroy PLC                     3.4       Telecoms                       0.0
                                                                               
8   Mitchells + Butlers PLC        3.2       Technology                    11.1
                                                                               
9   Delcam PLC                     3.1       Financials                    15.8
                                                                               
10  Partnership Assurance          3.1       Utilities                      0.0
                                                                               
11  Claremont Partners Ltd         3.0       Liquidity                      4.6
                                                                               
                              --------                                 --------
                                                                               
    Total                         43.6                                    100.0
                                                                               
                              --------                                 --------

Financial Position

                                  As at      As at
                                                  
                                 30 Jun     31 Mar
                                              2013
                                   2013           
                                                  
                            (unaudited)  (audited)
                                                  
                                  £'000      £'000
                                                  
Investments                       3,435      3,248
                                                  
Net current assets                   52       (11)
                                                  
                             ---------- ----------
                                                  
Net assets                        3,487      3,237
                                                  
                             ---------- ----------
                                                  
NAV per share                    58.07p     53.90p
                                                  

Changes to Share Capital

                                  Issued
                                        
As at 31 March 2013            6,005,000
                                        
Ordinary shares bought                 0
back                                    
                                        
Ordinary shares issued                 0
                                        
                          --------------
                                        
As at 30 June 2013             6,005,000
                                        
                          --------------

Performance

                     3 months    1 year    3 years      Remit
                                                   change (*)
                                                             
                            %         %          %          %
                                                             
Share price              +3.5     -11.0      -11.0      +74.5
                                                             
Net asset value          +7.7      -9.1      -11.7      +80.5
                                                             
FTSE AIM Index           -5.2      +3.2       +6.9      -18.0

* - investment remit changed September 2004

Source: SVM/Lipper Hindsight, capital return to 30/06/2013

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.

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.