Interim Management Statement

Unicorn AIM VCT plc

Interim Management Statement

For the period from 1 April 2013 to 30 June 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 three month period ended 30 June 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 three month period to 30 June 2013 was relatively volatile for equity
markets, with UK indices rising strongly in May only to fall back sharply
during June. Over the period as a whole, on a total return basis, the FTSE
All-Share Index (excluding investment trusts) fell by 1.7%, the FTSE AIM
All-Share Index was down by 5.2%, whilst the Numis Smaller Companies Index
gained by 0.8%.

The Company delivered strong outperformance during the period with Net Asset
Value (NAV) increasing by 3.4%. 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 2013, the unaudited NAV was 112.2 pence per share, compared to an
unaudited NAV of 108.5 pence per share as at 31 March 2013.

The most notable contributor to performance came from Anpario(+30%),a leading
supplier of natural high performance feed additives to the global agriculture
and aquaculture markets. In the three months to 30 June 2013, Anpario's share
price rose by 30%, whilst a final dividend of three pence per share was
approved for payment to Anpario shareholders on 27 June 2013.

Other noteworthy performances included; Accumuli(+23%), Avingtrans(+13%), 
Cohort(+12%),Mears Group (+12%) and Sagentia(+28%).

A profit warning from IDOX (-24%), a leading supplier of document management
software and services, provided the only meaningful disappointment in the
period. Trading performance was held back by delays in completing expected
large deals in IDOX's Engineering Information Management division.

Material Transactions

There were two purchases and no disposals during the period:-

Driver Group - a construction and engineering focused consultancy services
group.

The Company invested a further £410,000 in Driver Group, through a purchase of
shares in the secondary market. This investment is therefore non-qualifying for
VCT purposes.

Snacktime - the UK's third largest operator snack and drink vending machines.

A follow-on investment in Snacktime completed on 5 April 2013. The Company
invested a further £300,000 in this fundraising in the form of VCT qualifying
loan notes. With a new management team in place, a strengthened balance sheet
and a significantly reduced cost base, Snacktime is now much better positioned
to deliver a recovery of value for shareholders. Trading conditions remain
challenging however, and it should be noted that the longer term success of
Snacktime is now largely dependent upon the sales team's ability to generate
meaningful growth in new business.

Top 10 Equity Holdings at 30 June 2013

Stock % of fund

Abcam 13.8%

Unicorn UK Smaller Companies Fund 8.7%

Anpario 6.7%

Mattioli Woods 4.4%

Mears Group 4.2%

Unicorn Mastertrust Fund 3.5%

Cohort 3.1%

Avingtrans 3.0%

IDOX 3.0%

Total 50.4%

Share Buy-Backs/Issue of Equity

During the period from 1 April 2013 to 30 June 2013, the Company bought back
717,260 of its own Ordinary Shares at an average price of £0.90 per share. In
addition, on 4th April 2013, 7,365,588 Ordinary Shares were repurchased under
the Enhanced Buyback Facility, the proceeds being applied to the subscription
and allotment of 7,141,491 Ordinary Shares to participating shareholders at a
price of £1.119 per share.

During the same period, a further 928,557 Ordinary shares were issued, at
prices ranging between £1.144 and £1.26 per share under the Top Up Offer, which
currently remains open for subscription until 31 July 2013.

Since 30 June 2013, 189,757 shares have been bought back at a price of £0.945
per share and 44,997 Ordinary shares have been issued under the Top Up Offer at
a price of £1.16.

There were 56,836,873 Ordinary Shares in issue at the date of this
announcement.

Material Events

There were no other material events during the period from 1 April 2013 to 30
June 2013.