NAV & quarterly disclosure

SVM UK Emerging Fund plc

The unaudited net asset value per share at the close of business on 31 December
2005 was 41.89 pence.

In accordance with the continuing obligations under Listing Rule 21.20 (l)
(ii), the Fund's ten largest holdings as at the close of business on 31
December 2005 were as follows:-

Greystar Resources                                7.3%
                                                      
Borders & Southern Petroleum                      7.1%
                                                      
Appian Technology                                 6.6%
                                                      
Ashley House                                      6.4%
                                                      
United Clearing                                   5.6%
                                                      
Ludgate 181                                       5.5%
                                                      
Hurlingham                                        5.4%
                                                      
Fotolec Technologies                              5.2%
                                                      
Van Dieman Mines                                  5.2%
                                                      
Black Sea Property Fund                           5.1%