Interim Management Statement

Unicorn AIM VCT plc

Interim Management Statement

For the period from 1 April 2008 to 31 July 2008

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 July 2008, 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 economic outlook for the UK has become increasingly uncertain in recent
months as confidence in many of the traditional drivers of economic growth
evaporated. As a consequence, investor sentiment has deteriorated. A volatile
and nervous market encourages mainstream investors to adopt a risk-averse
approach, which almost always has a disproportionately negative impact on the
value of smaller quoted companies. Despite a brief rally in the first six weeks
of the period under review, the FTSE AIM AllShare Index soon resumed a downward
trend registering a fall in the period of more than 14%.

The portfolios of the Ordinary, the S2 and the S3 Share Funds were not immune
from the declines experienced in the wider market.

In the four months to the end of July 2008, the Ordinary Share Fund net asset
value fell 10.9% to 60.3 pence .

Over the same period, the S2 Share Fund net asset value fell 9.4% to 78.5
pence per share.

The net asset value of the S3 Share Fund declined by 6.1% to 81.2 pence per
share.

No dividends were paid on any share fund during the period.

Material Transactions

During the period under review, the Ordinary Share Fund made three new
qualifying investments. Praesepe is a vehicle established to consolidate the
adult gaming centre market, Essentially, is a specialist sports marketing &
media company and Optare is one of the UK's leading bus & coach manufacturers.

The S2 Share Fund made two new qualifying investments in Praesepe and Keycom, a
provider of specialised broadband solutions.

The S3 Share Fund made one new qualifying investment in Keycom.

There were no disposals of investments made during the period by any of the
Funds.

The Ordinary Share Fund received proceeds of £62,800 following the de-listing
and return of cash by Finsaga.

In addition, the Ordinary Share Fund's investment in Greatfleet has had to be
written down to zero, after the company was forced into administration by a
major creditor.

Share Capital

The Company allotted and issued 953,533 new Ordinary Shares at a price of 72.0
pence per share and 220,765 new S2 Shares at a price of 92.0 pence per share
under the top-up Offers launched on 25 February 2008.

206,976 Ordinary Shares and 35,000 S2 Shares were bought back for cancellation
during the period at an average price of 55.0 pence per share and 71.0 pence
per share respectively .

Top 10 Equity Holdings at 31 July 2008

           Ordinary Share Fund              Percentage of Fund  
                                                                
Glisten                                          10.7%        
                                                                
Abcam                                             6.4%         
                                                                
Maxima                                            6.2%         
                                                                
Supporta                                          4.5%         
                                                                
Mattioli Woods                                    4.5%         
                                                                
Mears                                             3.8%         
                                                                
Avingtrans                                        3.3%         
                                                                
Zetar                                             3.0%         
                                                                
Xpertise                                          2.6%         
                                                                
Clerkenwell Ventures                              2.5%         

                 S2 Fund                    Percentage of Fund  
                                                                
Unicorn UK Smaller Companies Fund                 10.9%         
                                                                
Unicorn UK Mastertrust Fund                        8.6%         
                                                                
Abcam                                              7.3%         
                                                                
Cohort                                             6.6%         
                                                                
Mattioli Woods                                     6.3%         
                                                                
Maxima Holdings                                    6.2%         
                                                                
Zetar                                              4.3%         
                                                                
Amber Taverns                                      4.3%         
                                                                
Clerkenwell Ventures                               2.6%         
                                                                
Driver Group                                       2.6%         
                                                                
Mears                                              2.6%         
                                                                
Melorio                                            2.6%         

                 S3 Fund                    Percentage of Fund  
                                                                
Unicorn Outstanding British Companies             11.6%         
Fund                                                            
                                                                
Unicorn Mastertrust Fund                           9.4%         
                                                                
Unicorn Free Spirit Fund                           9.2%         
                                                                
Unicorn UK Smaller Companies Fund                  8.5%         
                                                                
Unicorn UK Income Fund                             7.7%         
                                                                
Animalcare Group                                   4.7%         
                                                                
Tracsis                                            3.9%         
                                                                
Melorio                                            3.8%         
                                                                
Snacktime                                          3.7%         
                                                                
Keycom                                             3.3%         

Material Events

Other than described above, there were no material events during the period
from 1 April 2008 to 31 July 2008.