Interim Management Statement

Unicorn AIM VCT plc

Interim Management Statement

For the period from 1 October 2013 to 31 December 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 31 December 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 Company delivered strong absolute and relative performance during the
period under review. As at 31 December 2013, the unaudited Net Asset Value
(NAV) was 145.7 pence per share, compared to an audited NAV of 129.8 pence per
share as at 30 September 2013. In the three months ended 31 December 2013, NAV
therefore increased by 12.2%. By comparison, the FTSE All-Share Index
(excluding investment trusts) rose by 5.5%, while the FTSE AIM All-Share Index
gained by 7.5%. NAV and Index performance is calculated on a total return
basis, after adding back dividends paid. No dividends were paid by the Company
during the period.

The most significant contributor to absolute performance came from Anpario, a
leading international producer and distributor of natural feed additives for
animal health, hygiene and nutrition. In the three months to 31 December 2013,
Anpario's share price rose by 59%, following the release of strong half year
results in September 2013.

Other noteworthy performances included; Avingtrans (+24%), Crawshaw Group
(+123%), HML Holdings (+50%), Pressure Technologies (+35%) and Tangent (+39%).

A second profit warning from IDOX (-17%), a supplier of document management
software and services, provided the only meaningful disappointment in the
period. The profitability of this business continues to suffer from extended
delays in securing new contracts for its Engineering Information Management
Division.

Material Transactions

There were four new investments and one follow-on purchase made during the
period:-

Eclectic Bar Group - a leading operator of premium bars in the UK. Eclectic's
portfolio comprises venues located in major UK towns and cities, predominantly
targeting a customer base of sophisticated students during week nights and
young professionals at weekends. A VCT qualifying investment of £426,000 was
made in Eclectic at the time of its admission to AIM in November 2013.

The City Pub Company (East & West) - an owner and operator of high quality,
predominantly freehold pubs in cities and major provincial towns in the South
East and South West of England. The Company made a VCT qualifying investment of
£1m in The City Pub Company (East & West), which is currently an unquoted
business.

Interactive Investor - a privately owned and managed business which started in
1995 and has developed an online investment platform providing competitively
priced execution-only products and services, enabling users to trade securities
and invest directly from its website iii.co.uk. The investment of £1.75m was
made through a purchase of shares from an existing holder. This investment is
therefore non-qualifying for VCT purposes. The Company's Chairman, Peter Dicks,
is also Chairman of Interactive Investor but took no part in the decision to
invest.

WYG - a Leeds based global project management and technical consultancy
operating in a number of sectors. A total of £1.1m was invested in WYG through
a secondary market purchase of AIM listed shares. This investment is also
therefore non-qualifying for VCT purposes.

Sanderson Group - a supplier of software solutions to multi-channel retail and
manufacturing businesses. A small follow-on investment of £125,000 was made in
Sanderson Group; an existing holding within the portfolio. This investment was
part of a £3.5m placing of new shares designed to help fund the acquisition of
`One iota'; a competitor focused on the provision of cloud-based multi-channel
retail solutions.

A holding in Chime Communications was realised in full during the period.

In order to manage stock specific risk effectively and to maintain appropriate
cash balances, a number of partial disposals were also made. The total cost of
purchases in the period amounted to £4.39m, while realisations generated cash
proceeds of £3.71m. Full and partial disposals resulted in a realised gain for
the period of £437,000, and a total realised gain of £2m over book cost.

Top 10 Equity Holdings as at 31 December 2013

Stock % of portfolio

Abcam                               10.9%

Anpario                             8.6%

Unicorn UK Smaller Companies Fund   4.9%

Mattioli Woods                      4.6%

Tracsis                             4.6%

Mears Group                         4.1%

Avingtrans                          3.4%

Cohort                              3.4%

Unicorn Mastertrust Fund            3.0%

Pressure Technologies               2.8%

Total                               50.3%

Share Buy-Backs/Issue of Equity

During the period from 1 October 2013 to 31 December 2013, the Company bought
back 770,000 of its own ordinary shares at an average price of 113.6 pence per
share. The average discount to the net asset value per share at which the
shares were bought back during the period was 16.7%.

Two allotments were made in the period under review. These allotments relate to
the £20m Offer for Subscription, which was launched on 20 September 2013. A
total of 3,245,153 new Ordinary Shares were issued at an average price of 146.0
pence per share.

As a result of these transactions, the total number of shares in issue at the
period end was 59,242,844.

After the period end, on 13 January 2014, the Company bought back a further
179,650 of its own Ordinary Shares at an average price of 122.5 pence per
share. Following the buy-back, the total number of shares in issue was
59,063,194.

Material Events

There were no other material events during the period from 1 October 2013 to 31
December 2013.