Final Results

Murray VCT 4 PLC
19 April 2001


Murray VCT 4 PLC

The directors announce the results, subject to final audit, for the 59 week
period ended 28 February 2001


  * Investment in unlisted investments totalled £7.6 million.

  * The 12 investments in the unlisted portfolio represent a qualifying
    investment level of 20%.

  * Net asset value, before payment of final dividend, of 96.8p per share.

  * Recommended final dividend of 1.8p per share.



Investment activity

During the period under review, investment in unlisted investments totalled £
7.6 million. The company is in the early stages of its progress towards
qualification as a venture capital trust. At 28 February 2001, the 12
investments in the unlisted portfolio represented a qualifying investment
level of 20% and this is a satisfactory start towards this target. The Board
is confident that Murray VCT 4 will achieve the target of having at least 70%
of its total investments in qualifying holdings, to comply with the Venture
Capital Trust legislation, within the three year qualifying period which ends
on 28 February 2003.


In the six months following the announcement of the initial results, a total
of 9 new investments were made at an aggregate cost of £5.6 million. Since the
period end, a further investment has taken the total number of investments to
13 and the amount invested to £8.1 million, representing a qualifying
investment level of 21%.


The following investments have been made since the publication of the initial
report:


  * Voxsurf Limited (October 2000) - £441,449: Based in London, Voxsurf
    develops e-mail services based upon emerging voice enabling technology.
    The total fund raising was approximately £3.5 million. Murray VCT 3 was a
    co-investor.


  * BiblioTech Limited (November 2000) - £250,002: Based in London,
    BiblioTech provides internet services to education establishments. The
    total fundraising was £1 million. Murray VCT, Murray VCT 2 and Murray VCT
    3 were co-investors.


  * CCM Motorcycles Limited (November 2000) - £782,631: Based in Blackburn,
    CCM is a motorcycle manufacturer. The total fund raising was £2.4 million.
    Murray VCT 3 was a co-investor.


  * Jupiter II Limited (November 2000) - £600,000: Based in Wolverhampton,
    Jupiter is a supplier to the construction industry. The total fund raising
    was £4.1 million. Murray VCT 3 was a co-investor.


  * TLC (Tender Loving Childcare) Limited (November 2000) - £831,546: Based
    in Rugby, TLC provides work place nursery and out of school supervision
    for children aged up to 11 years. The total fundraising was £3.7 million.
    Murray VCT 3 was a co-investor.


  * First Line Limited (December 2000) - £640,775: Based in Bicester, First
    Line is a leading supplier of engine, chassis and brake products. The
    total fund raising was £5 million. Murray VCT, Murray VCT 2 and Murray VCT
    3 were co-investors.


  * Synexus Limited (January 2001) - £927,040: Based in Chorley, Synexus is
    a manager of clinical trials on behalf of pharmaceutical companies. The
    total fund raising was £4 million. Murray VCT, Murray VCT 2, Murray VCT 3
    and Ventures North West were co-investors.


  * Link Up Mitaka Limited (February 2001) - £529,928: Based in Leeds, Link
    Up provides language translation services. The total fundraising was £5
    million. Murray VCT, Murray VCT 2 and Murray VCT 3 were co-investors.


  * Visual Gold Limited (February 2001) - £622,467: Based in Telford, Visual
    Gold is a provider of animation services to the TV, games, film and
    corporate sector. The total fundraising was £2.7 million. Murray VCT,
    Murray VCT 2 and Murray VCT 3 were co-investors.


  * Clive Creaser Housewares Limited (March 2001) - £530,000: Based in
    Scunthorpe, Clive Creaser imports, distributes and merchandises small
    household items. The total fundraising was £2.5 million. Murray VCT,
    Murray VCT 2 and Murray VCT 3 were co-investors.


Most companies in the portfolio are trading satisfactorily, albeit there is as
yet only a short trading history in most of the companies. The investments are
all less than one year old, therefore it is still too early to judge long term
prospects. All investments have been valued at cost apart from one, against
which a provision has been made.




Net asset value


The net asset value per share at 28 February 2001 before payment of the final
dividend was 96.8p compared with 95p immediately after the launch. This
increase in net asset value compares with significant reductions since 5 April
2000 both in the FTSE AIM index and in the FTSE techMARK 100 index; these
indices have seen further falls since the period end.



Valuations


Murray VCT 4's investments in unlisted companies are valued in accordance with
the British Venture Capital Association guidelines. Investments are normally
valued at cost or cost less a provision until they have been held for at least
one year. As a result, performance which is ahead of plan and which may imply
an increase in the value of the investment will not be reflected for at least
12 months; on the other hand material underperformance will be immediately
reflected in a reduced valuation.


The board has amended one policy during the period; namely that of valuing AIM
stocks. Although Murray VCT 4 holds no AIM stocks at present, the initial
policy was to value AIM stocks at a discount to the mid-market price. The
Murray VCTs had been unusual in the industry in taking such a discount and the
manager believes this has led to confusion in the marketplace. In future AIM
stocks will be valued at mid-market price.






Dividends


In the initial report, the board declared an interim dividend of 1.0p per
share. The dividend was paid on 8 December 2000 to shareholders on the
register at close of business on 10 November 2000. The board is now proposing
a final dividend of 1.8p per share to be paid on 13 July 2001 to shareholders
on the register at 15 June 2001. The aggregate dividend of 2.8p represents an
annualised yield of 3.1% compared with the original estimate in the Company's
Prospectus of 3.4%. This is a result of the slower than estimated rate of
investment in the period immediately following the launch and the mix of
investments in the portfolio.


The timing of realisations and the resulting distributions of capital gains
will be unpredictable and the dividend stream is likely to vary from year to
year.




Dividend reinvestment


Shareholders may opt to reinvest their dividends in new Murray VCT 4 shares
and enjoy the same tax reliefs as were available on their initial investment.
Full details of the terms and conditions applicable to the reinvestment of
dividends are available from the manager. (Freephone: 0800 289 978)


Co-investment


Murray VCT 4 has co-invested with other clients of the Aberdeen Asset
Management group in a number of investments and is expected to continue to do
so. The advantages are that, together, the funds are able to underwrite a
wider range and size of transaction than would otherwise be the case.


The presence of parallel funds ensures that when one fund becomes fully
invested, adequate deal, flow continues to be attracted by the others, thus
ensuring availability of opportunities for future investment when holdings are
realised.


Murray VCT, Murray VCT 2 and Murray VCT 3 have all passed the 70% qualifying
investment level and no longer have any prior right to investment
opportunities. Murray VCT 4 therefore has a prior right to investment
opportunities under £750,000 until that fund has reached the 70% investment
threshold.


Larger investment opportunities will be apportioned between the venture
capital trusts pro rata to the capital raised after expenses, as will all
investments after Murray VCT 4 has passed the 70% threshold. Participation in
each case is also dependent on the availability of funds and other portfolio
requirements.


These co-investment arrangements have been approved by the directors whose
approval is required to depart from the arrangements.




Outlook

The investment in the first period since launch of Murray VCT 4 has been
encouraging. There is a good spread of investments across a range of sectors.

Economic indicators are all relatively positive but the recent disruption to
international stock markets with the prospect of a downturn in the US may yet
result in more difficult conditions in the UK. The greatest impact of this has
been seen in technology stocks however this is not the main focus of Murray
VCT 4 which is targeted on value stocks at the lower risk end of the private
equity market.

Following the merger of the venture capital activities of Aberdeen Asset
Management and those of Murray Johnstone, deal flow is strong and there are
good prospects of finding attractive investment opportunities in which to
invest. The board believe that the pricing of new deals, particularly in the
light of recent falls in stock market indices, is expected to remain
favourable to the longer term success of the portfolio.



MURRAY VCT 4 PLC
STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT*)
For the 59 weeks ending 28 February 2001

                                                    Revenue   Capital   Total
                                                      £'000     £'000   £'000
 Gains on investments                                     -       423     423
 Income
 Income from investments                              1,919         -   1,919
 Other income                                            34         -      34
 Investment management fees                           (237)     (355)   (592)
 Other expenses                                       (177)         -   (177)
 Net return on ordinary activities before taxation    1,539        68   1,607
 Tax on ordinary activities                           (455)      (96)   (551)
 Return attributable to equity shareholders           1,084      (28)   1,056
 Ordinary dividends on equity shares                (1,073)         -   (1,073)
 Transfer to (from) reserves (after aggregate
 dividends paid and proposed
 of £1,073,000)                                          11      (28)    (17)
 Return per ordinary share                             2.83 p  (0.07) p  2.76 p



* The revenue column of this statement is the profit and loss account of the
company.



MURRAY VCT 4 PLC
BALANCE SHEET
As at 28 February 2001
                                                 £'000             £'000

Fixed assets
    Investments                                                   36,064
Current assets
    Debtors                                      1,058
    Cash and overnight deposits                    798
                                                 1,856
Creditors
    Amounts falling due within one year          1,488
Net current assets                                                   368
                                                                  36,432
Capital and reserves
    Called up share capital                                        3,837
    Share premium                                                 32,612
    Realised capital losses                                        (180)
    Unrealised capital gains                                         152
    Revenue reserve                                                   11
    Equity shareholders' interest                                 36,432
Net asset value per ordinary share                                  95.0 p



MURRAY VCT 4 PLC
CASH FLOW STATEMENT
For the 59 weeks ending 28 February 2001
                                                          £'000           £'000
 Operating activities
 Investment income received                               1,848
 Deposit interest received                                   32
 Investment management fees paid                          (426)
 Secretarial fees paid                                     (39)
 Cash paid to and on behalf of directors                   (26)
 Other cash payments                                       (31)
 Net cash inflow from operating activities                                1,358
 Financial investment
 Purchase of investments                               (50,886)
 Sale of investments                                     14,260
 Net cash outflow from financial investment                            (36,626)
 Equity dividends paid                                                    (383)
 Net cash outflow before financing                                     (35,651)
 Financing
 Issue of ordinary shares                                38,364
 Expenses of share issue                                (1,915)
 Net cash inflow from financing                                          36,449
 Increase in cash                                                           798


Earnings per ordinary share have been calculated using the average number of
shares in issue during the period of 38,292,659. Net asset values per ordinary
share have been calculated using the number of share in issue at 28 February
2001 of 38,365,276.

A summary of investment changes during the year and the portfolio of
investments as at 28 February 2001 are attached.

The results for the year to 28 February 2001, which are subject to final
audit, will be filed with the Registrar of Companies.

A full copy of the annual report will be printed and issued to shareholders.

Copies of this announcement will be available to shareholders of the Company
at the registered office of the Company, One Bow Churchyard, Cheapside, London
EC4M 9HH and at Aberdeen's office at 123 St Vincent Street, Glasgow G2 5EA.


By Order of the Board


MURRAY JOHNSTONE LIMITED


SECRETARY


19 April 2001



MURRAY VCT 4
SUMMARY OF INVESTMENT CHANGES
For the year ended 28 February
2001
                     * net proceeds Net investment Appreciation       Valuation
                     of share issue (disinvestment) (depreciation)  28 February
                                                                           2001
                         £'000    %          £'000         £'000   £'000      %
Unlisted investments
Equities                     -    -          2,555         (252)   2,303    6.3
Preference shares            -    -            950             -     950    2.6
Loan stock                   -    -          4,108             -   4,108   11.3
                             -    -          7,613         (252)   7,361   20.2
Listed investments
Listed fixed income          -    -         28,028           675  28,703   78.8
Total investments            -    -         35,641           423  36,064   99.0
Other net assets        36,383 100.0       (36,015)             -     368    1.0
Total Assets            36,383 100.0          (374)           423  36,432  100.0

* After issue expenses of £1,914,908 which were equivalent to 5%
of monies raised




MURRAY VCT 4 PLC
INVESTMENT PORTFOLIO SUMMARY
As at 28 February 2001
                                                                           % of
                                                              Valuation   Total
Ten Largest Unlisted Investments Nature of business               £'000  Assets

Synexus                          Management of clinical             927     2.5
                                 trials
TLC (Tender Loving Childcare)    Operator of day care               832     2.3
                                 nurseries
Stratumsoft                      E-business & virtual media         795     2.2
                                 software designer
CCM Motorcycles                  Motorcycle manufacturer            783     2.1
ELE Advanced Technologies        Precision engineering              641     1.8
First Line                       Supplier and distributor of        641     1.8
                                 automotive parts to
                                 aftermarket
Visual Gold                      Creative design and                622     1.7
                                 animation services
Jupiter II                       Supplier to the                    600     1.6
                                 construction industry
Cool Beans Productions           Digital animation & design         550     1.5
                                 studio
Link Up Mitaka                   Language translation               530     1.5
                                 services
Other Investments valued individually at less than £520,000         440     1.2
                                                                  7,361    20.2
Listed fixed income investments
Treasury 8% 10/6/2003                                             5,094    14.0
European Investment Bank 6% 26/11/2004                            3,534     9.7
Treasury 9.75% 27/8/2002                                          4,636    12.7
Treasury 8.5% 7/12/2005                                           5,716    15.7
Treasury 5% 07/06/2004                                            9,723    26.7
                                                                 28,703    78.8
Total investments                                                36,064    99.0