Dividend Declaration

Murray VCT 4 PLC
24 January 2007

                        MURRAY VCT 4 PLC ('the Company')

                              Dividend Declaration

Following the payment by the Company of capital dividends of 1.6p and 3.0p on 28
July and 15 December 2006 respectively, the Directors are pleased to declare
that a further special capital dividend of 4.0p per Ordinary Share will be paid
on 23 March 2007. This will be paid tax-free to Shareholders on the register at
close of business on 2 March 2007, bringing total capital dividends paid in the
year to date to 8.6p per share. In the light of the full year results to 28
February 2007, a further distribution will be considered for payment in July
2007.

These capital dividends are paid from a distributable reserve which is funded
through realised capital gains that have been generated by the sale of
investments from the Company's portfolio. The distribution of these gains is at
the discretion of the Directors and, in the Annual Report for the year ended 28
February 2006, the Board intimated its intention for the Company to distribute
realised capital gains by way of dividends whenever meaningful amounts had been
accumulated.

There have been a large number of profitable sales in recent months which have
created significant distributable reserves. Whilst the Board is pleased with
recent performance, it is not expected that such a pattern of realisations can
be repeated in the near future. The Board now wishes to balance the desire to
pay out capital dividends whenever possible against the need to make further new
investments, and provide support to existing investments, in order to continue
the recent improvement in total return. Further profitable disposals of
successful investments should ensure a continuing stream of tax-free dividends
in the future.

This dividend should, therefore, be regarded by Shareholders as a special
distribution.

By order of the Board
Murray Johnstone Limited, Secretary
24 January 2007



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