Merger Update

UNICORN AIM VCT PLC

Merger Update

11 March 2010

This announcement is made further to the announcement made by Unicorn AIM VCT
plc ("the Company") dated 9 March 2010 in connection with the consolidation of
the share capital of the Company and the merger of the Company with Unicorn AIM
VCT II plc ("VCT II"), details of which were contained in the Company's
prospectus and circular to shareholders both dated 29 January 2010.

By way of implementation of the merger, the assets and liabilities of VCT II
have been transferred to the Company, in consideration for the issue of
26,879,525 new shares to VCT II shareholders at a deemed issue price of 91.78p.

The number of shares issued to VCT II shareholders in connection with the
merger was allocated on a ratio of 0.82830102 VCT I shares for each VCT II
ordinary share held and a ratio of 0.72677686 VCT I shares for each VCT II C
ordinary share held.

New share certificates will be posted to Shareholders on 15 March 2010.

For further enquiries please contact:
Rob Brittain of Matrix-Securities Limited
Company Secretary
Telephone: [phone]