Net Asset Value & Quarterly Disclosures

    The unaudited net asset value per share of SVM OFEX Fund plc at the close of
business on 31 December 2003 was as follows:-

SVM OFEX Fund                                      45.34p

In accordance with the continuing obligations under Listing Rule 21.20 (l)
(ii), SVM OFEX Fund's ten largest holdings as at the close of business on 31
December 2003 are as follows:-

Flying Scotsman                                  16.7%
                                                      
Dawmed Systems                                   11.5%
                                                      
Sprue Aegis                                       7.8%
                                                      
Symphony Plastic                                  7.3%
                                                      
Printing.com                                      6.6%
                                                      
Fotolec Technologies                              6.5%
                                                      
J4B                                               5.9%
                                                      
Appian Technology                                 5.1%
                                                      
Ludgate 181                                       3.8%
                                                      
TEG Environmental                                 3.5%



END