Interim Management Statement

Unicorn AIM VCT plc

Interim Management Statement

For the period from 1 October 2007 to 31 January 2008

Introduction

The Company has prepared this Interim Management Statement (IMS) in accordance
with the Disclosure and Transparency Rules of the UK Listing Authority. The IMS
covers the four month period ended 31 January 2008, together with relevant
information up to the date of publication.

Investment Objective

The objective of the Company is to provide Shareholders with an attractive
return from a diversified portfolio of investments, predominantly in the shares
of AIM quoted companies, by maximising the stream of dividend distributions to
Shareholders from the income and capital gains generated by the portfolio.

It is also the objective that the Company should continue to qualify as a
Venture Capital Trust, so that Shareholders benefit from the taxation
advantages that this brings. To achieve this at least 70% of the Company's
total assets are to be invested in qualifying investments of which 30% by value
must be in ordinary shares carrying no preferential rights to dividends or
return of capital and no rights to redemption.

Performance

The period under review has been a difficult one for UK equity markets
generally as investors became increasingly concerned about the economic
outlook. Smaller companies, as is often the case, were hardest hit due to their
inherent lack of liquidity. As a result, the share prices of smaller quoted
companies have been under considerable pressure. Since the start of October
2007, the FTSE AIM Index has fallen by over 13%.

Against this backdrop, the Company struggled to make progress and performance
was particularly impacted in the Ordinary Share Fund and in the Series 2 (S2)
Share Fund by a small number of profit warnings. In the Ordinary Share Fund
four investee companies disappointed, with their share price falls collectively
accounting for over 40% of the total decline recorded in the period. The S2
Share Fund had relatively large weightings in two of these companies and
performance was similarly impacted as a result.

The Net Asset Value (NAV) of the Ordinary Share Fund fell from 89.6p to 71.7p.
No dividends were paid or declared during the period under review.

The NAV of the S2 Share Fund fell from 113.8p to 89.5p. A dividend of 5.0p per
share was paid to holders of S2 shares during the period.

The NAV of the S3 Share Fund fell from 92.3p to 85.6p. No dividends were paid
or declared during the period under review.

Material Transactions

During the period under review, the Ordinary Share Fund made two new qualifying
investments into Snacktime and Tracsis at a total cost of £480,000. The Fund's
investment in Glisten was reduced, whilst the remaining holding in AssetCo was
sold. Tellings Golden Miller was the subject of a successful takeover approach.
In total, £984,000 was raised from disposals. Over the four month period, the
Fund bought back 219,370 shares at an average price of 70.3p per share.

The S2 Share Fund made three new qualifying investments into Melorio, Snacktime
and Tracsis at a total cost of £768,000. Holdings in Abcam and Zetar were
reduced. In the non-qualifying portfolio the Fund's entire holding in the
Unicorn Free Spirit Fund was sold, whilst positions in the Unicorn Mastertrust
Fund and the Unicorn UK Smaller Companies Fund were reduced. In total, £1.44
million was raised from disposals. Over the four month period, the Fund bought
back 199,827 shares at an average price of 86.5p per share.

The S3 Share Fund made four new qualifying investments into Animalcare Group,
Melorio, Snacktime and Tracsis at a total cost of £723,000.

Top 10 Equity Holdings at 31 January 2008

             Ordinary Fund                Percentage of Fund  
                                                              
Glisten                                         12.5%         
                                                              
Unicorn Free Spirit Fund                         9.6%         
                                                              
Maxima Holdings                                  6.2%         
                                                              
Mears Group                                      5.5%         
                                                              
Zetar                                            4.8%         
                                                              
Supporta                                         4.5%         
                                                              
Mattioli Woods                                   4.5%         
                                                              
Abcam                                            4.3%         
                                                              
Xpertise Group                                   3.5%         
                                                              
Prologic                                         2.9%         

                S2 Fund                   Percentage of Fund  
                                                              
Unicorn Mastertrust Fund                        12.3%         
                                                              
Unicorn UK Smaller Companies Fund               11.0%         
                                                              
Mattioli Woods                                   7.5%         
                                                              
Zetar                                            7.2%         
                                                              
Maxima Holdings                                  6.3%         
                                                              
Cohort                                           5.2%         
                                                              
Abcam                                            5.1%         
                                                              
Driver Group                                     3.2%         
                                                              
Amber Taverns                                    3.8%         
                                                              
Melorio                                          2.9%         

                S3 Fund                   Percentage of Fund  
                                                              
Unicorn Outstanding British Companies           10.3%         
Fund                                                          
                                                              
Unicorn Mastertrust Fund                         9.6%         
                                                              
Unicorn Free Spirit Fund                         9.6%         
                                                              
Unicorn UK Smaller Companies Fund                9.1%         
                                                              
Unicorn UK Income Fund                           8.7%         
                                                              
Animalcare Group                                 4.8%         
                                                              
Snacktime                                        4.5%         
                                                              
Melorio                                          4.6%         
                                                              
Tracsis                                          3.5%         

Material Events

Other than described above, there were no material events during the period
from 1 October 2007 to 31 January 2008.