Director Shareholding

Murray VCT 4 PLC
18 March 2002


                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1) Name of company

MURRAY VCT 4 PLC

2) Name of director

SCOTT JAMIESON DOBBIE

3) Please state whether notification indicates that it is in respect of
holding of the shareholder named in 2 above or in respect of a non-beneficial
interest or in the case of an individual holder if it is a holding of that
person's spouse or children under the age of 18 or in respect of a
non-beneficial interest

AS IN 2

4) Name of the registered holder(s) and, if more than one holder, the
number of shares held by each of them (if notified)

AS IN 2

5) Please state whether notification relates to a person(s) connected
with the Director named in 2 above and identify the connected person(s)

-

6) Please state the nature of the transaction. For PEP transactions
please indicate whether general/single co PEP and if discretionary/non
discretionary

DIVIDEND REINVESTMENT SCHEME

7) Number of shares/amount of
stock acquired

281
8) Percentage of issued class

0.0007%

9) Number of shares/amount
of stock disposed

-

10) Percentage of issued class

-

11) Class of security

ORDINARY

12) Price per share

91.6p

13) Date of transaction

7/12/01

14) Date company informed

14/3/02 (Information provided by scheme administrator)

15) Total holding following this notification

26,013


16) Total percentage holding of issued class following this notification

0.067%

If a director has been granted options by the company please complete the
following boxes

17) Date of grant



18) Period during which or date on which exercisable



19) Total amount paid (if any) for grant of the option



20) Description of shares or debentures involved: class, number



21) Exercise price (if fixed at time of grant) or indication that price
is to be fixed at time of exercise



22) Total number of shares or debentures over which options held
following this notification



23) Any additional information

REINVESTMENT OF FINAL DIVIDEND

24) Name of contact and telephone number for queries

DAVID RUSSELL 0141 306 7555

25) Name and signature of authorised company official responsible for
making this notification

DAVID RUSSELL 18/3/02

Date of Notification..................................




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