Interim Management Statement

Unicorn AIM VCT plc

Interim Management Statement

For the period from 1 October 2009 to 31 January 2010

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 2010, 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

Equity markets registered modest gains in the period under review as confidence
in the strength and sustainability of economic recovery began to wane.

The FTSE AIM All-Share Index produced the largest gain with a total return of
3.7%, whilst the FTSE All-Share Index and the Hoare Govett Smaller Companies
Index generated total returns of 1.7% and 0.9% respectively.

In the four months to the end of January 2010, the Net Asset Value (`NAV') of
the Ordinary Share Fund increased by 2.9%, whilst the NAV of the S2 Share Fund
declined by 1.8%. The NAV of the S3 Share Fund rose by 7.8%. The NAVs are
calculated after adding back dividends paid in the period of 3.5 pence per
Ordinary share and 2.5 pence per S2 share. No dividend was paid to S3 Fund
shareholders.

As at 31 January 2010 the unaudited NAV of the Ordinary Share Fund was 54.4
pence per share. The unaudited NAV of the S2 Share Fund was 70.8 pence per
share whilst the unaudited NAV of the S3 Share Fund was 94.0 pence per share.

Material Transactions

There were a number of material transactions during the period.

A new qualifying investment was made in Green Compliance, which aims to acquire
businesses operating in the `blue collar' compliance market. All three Funds
participated in this investment.

The Ordinary and the S2 Share Funds completed VCT qualifying, secondary
investments in Snacktime and Tristel.

The Ordinary Share Fund made new non-qualifying investments in ACM Shipping, a
shipbroker, Clerkenwell Ventures, a cash shell, and Renew Holdings, a
specialist engineering and construction group.

The total cost of new investments made in the period was £1.3m, £340,000 and £
200,000 respectively.

The Ordinary and the S2 Share Funds' holdings in Essentially, were exchanged
for new shares in Chime Communications following Chime's acquisition of
Essentially.

The Ordinary Share and the S2 Share Funds disposed of their holdings in
Connaught, whilst the S2 and S3 Share Funds also disposed of their investments
in Melorio. A partial disposal of Abcam was also made in the S2 Share Fund.

Capital realisations amounted to £272,000 in the Ordinary Share Fund, £715,000
in the S2 Share Fund and £216,000 in the S3 Share Fund.

Top 10 Equity Holdings at 31 January 2010

Ordinary Share Fund Percentage of Fund

Abcam                                        17.22%
Mears                                         7.46%
Supporta                                      6.39%
Mattioli Woods                                4.87%
Maxima Holdings                               3.72%
Unicorn Free Spirit Fund                      3.68%
SnackTime                                     3.65%
Kiotech                                       3.56%
Glisten                                       3.41%
Robert Walters                                3.36%

Total                                        57.32%

S2 Share Fund Percentage of Fund

Abcam                                        13.85%
Unicorn UK Smaller Companies Fund            13.83%
Unicorn Mastertrust Fund                     10.37%
Mattioli Woods                                6.91%
Cohort                                        4.57%
Maxima Holdings                               3.67%
Kiotech                                       3.60%
Zetar                                         3.50%
Amber Taverns (Prefs)                         3.43%
Green Compliance                              2.94%

Total                                        66.67%

S3 Share Fund Percentage of Fund

Unicorn Outstanding British Companies Fund   10.74%
Unicorn Mastertrust Fund                      8.65%
Animalcare Group                              8.58%
Green Compliance                              8.58%
Unicorn UK Smaller Companies Fund             8.26%
Unicorn Free Spirit Fund                      8.25%
Unicorn UK Income Fund                        8.22%
Tracsis                                       5.02%
SnackTime                                     4.83%
Tristel                                       4.69%

Total                                        75.82%

Material Events

Announcements were released on 4 December 2009 and 29 January 2010 in respect
of a proposed merger with Unicorn AIM VCT II plc, details of which can be found
at www.unicornam.com. Shareholder meetings to consider the proposed merger will
be held on 25 February 2010, at the Company's registered office.

The Company's Annual General Meeting will be held on 25 February 2010 at 3.00
pm.

On 11 December 2009, Unicorn AIM VCT plc purchased 79,457 Ordinary Shares at a
price of 44.0 pence per share and 18,106 Series 2 Shares at a price of 56.0
pence per share for cancellation.

There were no other material events during the period from 1 October 2009 to 31
January 2010.