Share buyback policy

Share Buyback Policy - Unicorn AIM VCT PLC

Unicorn AIM VCT PLC ("the Company") has operated a share buyback facility for
its shareholders. This facility has enabled selling shareholders to realise
their investment despite very limited liquidity in the secondary market. The
Board has now completed a thorough evaluation of the buyback policy taking into
account a number of factors, namely; current equity market conditions, the
average discount to Net Assets of the AIM quoted VCT sector, the availability
of capital to fund share purchases, the long term investment objectives of the
Fund and the interests of all shareholders.

The Board believes that it is important to maintain a share buyback facility
but after consideration of the above factors is increasing the discount to the
last published NAV at which the Company buys back shares for cancellation from
10% to a range of between 15%-20%. The Board will continue to review the
appropriateness of the buyback policy paying particular regard to possible
changes in market conditions, sector discounts and availability of capital.

Shareholders should note that if they wish to sell their shares back to the
Company for cancellation they should seek independent advice and use a
stockbroker, authorised and regulated by the FSA. Further details on how to
sell your shares are available on the Unicorn Asset Management Limited website
at www.unicornam.com.