NAV and Quarterly Disclosure

SVM UK Emerging Fund plc

The unaudited net asset value per share at the close of business on 31 December
2004 was 33.39 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 2004 are as follows:-

United Clearing                                   9.3%
                                                      
CES Software                                      9.0%
                                                      
Fotolec Technologies                              8.9%
                                                      
Dawmed Systems                                    8.8%
                                                      
Consolidated Communications Corp                  8.2%
                                                      
Greystar Resources                                7.2%
                                                      
J4B                                               6.6%
                                                      
Van Dieman Mines                                  5.7%
                                                      
Ludgate 181                                       5.1%
                                                      
Appian Technology                                 5.0%