Interim Management Statement

Unicorn AIM VCT plc

Interim Management Statement

For the period from 1 October 2012 to 31 January 2013

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 2013, 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 Company's new financial year has started positively with the portfolio
generating a total return of 8.5% in the four month period ended 31 January
2013.

As at 31 January 2013, the unaudited Net Asset Value (NAV) was 111.0 pence per
share, compared to an audited NAV of 102.3 pence per share for the financial
year ended 30 September 2012.

Equity markets were also buoyant in the period under review with the FTSE
All-Share Index generating a total return of 10.4%. The FTSE AIM All-Share
Index underperformed the main equity indices, recording a total return of 4.1%.

Within the qualifying portfolio, there were a number of notable performances
from investee companies including; Access Intelligence (+25%), Anpario (+17%),
Cohort (+17%), Dillistone (+38%), EG Solutions (+57%), IDOX (+50%), Mattioli
Woods (+24%), Sanderson (+26%) andTracsis (+18%). In addition, a meaningful
contribution to performance was made by Zetar (+31%), which was acquired by a
German confectionery manufacturer in the period.

Although there were no unexpected profit warnings during the four months under
review, share price weakness continued in a small number of our holdings
including; Augean (-17%), Green Compliance (-67%), Instem (-27%) and SnackTime
(-53%).

Material Transactions

There were several material transactions during the period under review.

Green Compliance the provider of fire prevention, water hygiene and pest
control services has continued to suffer from challenging market conditions. As
a result, the business has not delivered anticipated profit growth. In order to
provide necessary working capital, a £2m equity fundraising was undertaken, to
which the Company contributed a further £200,000. Bob Holt, the Chairman of
Green Compliance has been appointed as the new Chief Executive with a remit to
implement a recovery strategy.

Hangar 8, one of Europe's largest operators of privately owned passenger jet
aircraft, acquired a competitor during the period. In order to fund the
acquisition, Hangar 8 raised £4.2m before expenses through an institutional
placing. The Company participated in this placing committing a further £500,000
to acquire additional VCT qualifying shares.

Maxima Holdings, an established but struggling provider of IT business systems
and managed services to the small and medium sized business was acquired by 
Redstone in the period under review. Redstone is also an AIM quoted, IT managed
services business. It is anticipated that the enlarged Group will become a
focused managed services business with a diversified customer base across a
number of industry sectors. As a combined entity Redstone and Maxima will be
able to explore opportunities to cross sell complementary services thereby
improving profit margins through increased operational leverage. The Company
received equity in Redstone as a result of the acquisition of Maxima.

Tangent, is a digital marketing and printing specialist with a blue chip
corporate client base, a rapidly expanding online print division and a growing
reputation for service excellence. In October 2012, Tangent announced the
acquisition of an international online printing services company, Goodprint for
a net consideration of approximately £6.8m. The acquisition of Goodprint allows
Tangent to access an additional 120,000 customers, and achieves international
presence in 17 countries, including Germany, France, and the Netherlands.
Goodprint delivered underlying operating profit of £1.2m for the year ended 30
September 2012. The acquisition was funded by way of a £10 million placing, in
which the Company subscribed for a further 8 million VCT qualifying shares at a
price of 10 pence per share.

Zetar, a leading UK manufacturer of confectionery and natural snacks, announced
in October 2012 that they had agreed the terms of a recommended cash offer from
a privately owned German food manufacturing group. On completion of this
transaction, the Company received cash proceeds of £1.1m for its equity stake
in Zetar, crystallising a capital gain on disposal of £373,000.

Non-qualifying holdings in Air Partner, ATH Resources, Charles Taylor
Consulting, Communisis, London Capital Group, Park Group, Phoenix IT Group, 
Parseq, Sigma Capital Group, Stadium Group, Staffline Group and Tricorn Group
were all disposed of in full during the period under review. Partial disposals
were also made in Huntsworth, Mears Group, Scapa Group and Unicorn UK Smaller
Companies Fund.

The total realised from all disposals in the period amounted to £4.55m, whilst
total purchases amounted to almost £2m.


Top 10 Equity Holdings at 31 January 2013

Stock                                    % of fund

Abcam                                    12.6%

Unicorn UK Smaller Companies Fund        7.5%

Anpario                                  4.7%

IDOX                                     4.4%

Mattioli Woods                           4.0%

Mears Group                              3.9%

Tangent Communications                   3.3%

Unicorn Mastertrust Fund                 3.2%

Cohort                                   3.0%

Animalcare Group                         2.8%

Total                                   49.4%


Material Events

There were no material events during the period from 1 October 2012 to 31
January 2013.



Contact details for general enquiries:

Chris Hutchinson of Unicorn Asset Management Limited (the Investment Manager),
on 020 7253 0889 or by email on [e-mail].

Robert Brittain of Mobeus Equity Partners LLP (the Company Secretary), on 020
7024 7600 or by e-mail on [e-mail]