NAV & Quarterly Disclosure

SVM UK Emerging Fund plc

The unaudited net asset value per share at the close of business on 31 December
2006 was 56.73 pence. This has been calculated using bid market prices.

In accordance with the continuing obligations under Listing Rule 15.4.11, the
Fund's ten largest holdings as at the close of business on 31 December 2006
were as follows:-

International Medical Devices                     7.3%
                                                      
Appian Technology                                 6.2%
                                                      
Mercator Gold                                     5.1%
                                                      
ToLuna                                            5.0%
                                                      
Kirkland Lake Gold                                4.8%
                                                      
Tinopolis                                         4.8%
                                                      
Ludgate 181                                       4.4%
                                                      
Rheochem                                          4.3%
                                                      
Music Copyright Solutions                         4.1%
                                                      
Symphony Plastic                                  3.9%