Interim Management Statement

Unicorn AIM VCT plc

Interim Management Statement

For the period from 31 March 2011 to 30 June 2011

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 three month period ended 30 June 2011, 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

Most UK equity indices delivered modest gains in the three month period ended
30 June 2011 with the FTSE All-Share Index up 1.9% on a total return basis,
whilst the FTSE SmallCap Index gained 2.4%. In contrast, the FTSE AIM All-Share
Index fell by 4.6%.

The Company outperformed during the period with Net Asset Value (NAV)
increasing by 3.8%. NAV performance is calculated on a total return basis,
after adding back dividends paid. No dividends were paid in the period.

As at 30 June 2011, the unaudited NAV was 113.69 pence per share, compared to
an unaudited NAV of 109.51 pence per share as at 31 March 2011.

Material Transactions

There were a number of material transactions during the period under review.

In the Company's qualifying portfolio, IS Pharma completed a merger with 
Sinclair Pharma to create an international speciality pharmaceutical company
with a market capitalisation of c. £115m.

Partial disposals of Abcam were undertaken, which generated net proceeds of £
812,000 and a capital gain of over £740,000.

There were no new VCT qualifying investments in the three months to 30 June
2011, but four new investments were made for the non-qualifying portfolio:-

IQE, a leading global supplier of advanced semiconductor wafer products and
wafer services to the semiconductor industry

Scottish & Southern Energy, the UK's second largest electricity generator and
supplier of gas and electricity to over 10 million customers within Great
Britain and Ireland

Staffline,a recruitment organisation that specialises in the supply of
temporary staff

Tricorn, a manufacturer and specialist manipulator of pipe and tubing
assemblies to niche markets worldwide in the Energy, Transportation, Aerospace
and Utilities sectors.

The total cost of the four new non-qualifying investments was £1.2m and, in
aggregate, they made a positive initial contribution to performance of £
134,000.

Existing holdings in Charles Taylor Consulting,Portmeirion,Renold andSpecialist
Energy Groupwere added to at a total net cost of just over £1m.

There were no other material transactions in the period under review.

Top 10 Equity Holdings at 30 June 2011

Stock % of fund

Abcam 14.2%

Unicorn UK Smaller Companies Fund 8.0%

Animalcare Group 4.1%

Mattioli Woods 4.0%

Green Compliance 3.3%

Mears 3.2%

Kiotech 2.9%

Unicorn Mastertrust Fund 2.8%

Surgical Innovations 2.6%

Unicorn Free Spirit Fund 2.0%

Total 47.1%

Material Events

In the three months to 30 June 2011, a total of 885,407 Company Ordinary Shares
were purchased for cancellation at an average price of 97.4 pence per share.

After the period end, a further 586,564 shares were purchased for cancellation
at a price of 98 pence per share.

The Offer for Subscription, which was launched on 14 December 2010, raised a
total of £3.4m and was closed on 30 June 2011.

There were no other material events during the period under review.


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