Interim Management Statement

Unicorn AIM VCT plc

Interim Management Statement

For the period from 1 April 2009 to 31 July 2009

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 July 2009, 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

Equity markets made strong gains in the period under review as confidence in a
possible economic recovery gathered momentum and investors' appetite for risk
improved.

The FTSE AIM All-Share Index, driven by a substantial rebound in the value of
Mining and Resource stocks, led the way with a gain of 31.3%, whilst the Hoare
Govett Smaller Companies Index and the FTSE All-Share Index rose by 28.7% and
18.6% respectively.

In the four months to the end of July 2009, Net Asset Values (`NAVs') increased
by 14.2% in the Ordinary Share Fund, by 14.7% in the S2 Share Fund and by 12.3%
in the S3 Share Fund.

As at 31 July 2009 the unaudited NAV of the Ordinary Share Fund was 49.2 pence
per share. The unaudited NAV of the S2 Share Fund was 66.2 pence per share
whilst the unaudited NAV of the S3 Share Fund was 78.6 pence per share.

Material Transactions

During the period, the Ordinary Share Fund and the S2 Share Fund made VCT
qualifying, follow-on investments in loan stock issued by Access Intelligence
and Amber Taverns. The total purchase cost was £625,000 and the investments
were allocated to each Fund on a pro-rata basis.

The Ordinary Share Fund made non-qualifying purchases of Charles Taylor
Consulting, Intelligent Environments, Sigma Capital and Universe Group at a
total cost of £370,000. The Fund also made a partial disposal of Pilat Media
realising proceeds of £99,000.

A partial disposal of Abcam was made in both the Ordinary and the S2 Share
Funds. In addition, following a redemption, the holding in Brookwell `B'
Limited shares was reduced in the non-qualifying portfolios of the Ordinary and
S2 Share Funds.

The S3 Share Fund made a new VCT qualifying investment in Tristel at a total
cost of £155,000.

No other transactions took place during the period under review.


Top 10 Equity Holdings at 31 July 2009
 

Ordinary Share Fund                        Percentage of Fund

Abcam                                      13.5%
                                                
Mears                                       7.4%
                                                
Maxima Holdings                             5.1%
                                                
Mattioli Woods                              5.0%
                                                
Unicorn Free Spirit Fund                    3.4%
                                                
Supporta                                    3.0%
                                                
Avingtrans                                  2.5%
                                                
Robert Walters                              2.5%
                                                
Amber Taverns (Prefs)                       2.3%
                                                
Glisten                                     2.3%
                                                
Total                                      47.0%


S2Share Fund                               Percentage of Fund

Abcam                                      13.8%
                                                
Unicorn UK Smaller Companies Fund          11.6%
                                                
Unicorn Mastertrust Fund                    9.2%
                                                
Cohort                                      7.1%
                                                
Mattioli Woods                              6.8%
                                                
Maxima Holdings                             4.8%
                                                
Melorio                                     3.8%
                                                
Amber Taverns (Prefs)                       3.5%
                                                
Zetar                                       3.1%
                                                
Mears                                       2.7%
                                                
Total                                      66.4%


S3 Share Fund                              Percentage of Fund

Unicorn Outstanding British Companies      10.8%
Fund                                            
                                                
Unicorn Mastertrust Fund                    8.8%
                                                
Unicorn Free Spirit Fund                    8.3%
                                                
Unicorn UK Income Fund                      8.2%
                                                
Unicorn UK Smaller Companies Fund           8.0%
                                                
Animalcare                                  7.5%
                                                
Tracsis                                     6.2%
                                                
Melorio                                     5.0%
                                                
IS Pharma                                   4.1%
                                                
Tristel                                     4.0%
                                                
Total                                      70.9%


Material Events

Other than described above, there were no material events during the period
from 1 April 2009 to 31 July 2009.