Final Results

Murray VCT 4 PLC
23 April 2002


Murray VCT 4 PLC


Preliminary results for the year ended 28 February 2002

The Directors announce preliminary results, subject to final audit, of Murray
VCT 4 PLC for the year ended 28 February 2002.



Highlights

  • Final dividend of 1.5p per share, making total dividend for the year of
    2.5p per share.

  • 19 investments in unlisted companies totalled £11.99 million at 28
    February 2002.

  • Portfolio 32% invested in qualifying investments.

  • Net asset value, before payment of annual dividends, of 91.1p per share.

  • The regional network of Aberdeen Murray Johnstone Private Equity offices
    continues to see a strong flow of investment opportunities.



Investment Activity

New unlisted investment during the year ended 28 February 2002 totalled £3.69
million taking the portfolio to 19 companies at a total cost of £11.99 million.
This represented a qualifying investment level of 32%. Since the period end,
further investments have taken the total number of investments to 22 and the
amount invested to £13.83 million, a qualifying investment level of 37%.

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

Tuscan Energy Group Limited (January 2002) - £255,000. Based in Aberdeen, Tuscan
has recently been awarded licenses to redevelop the Ardmore field - the UK's
oldest oil producing field. The total fundraising was £10 million.

Mercury Inns Group Limited (March 2002) - £643,500. Based in Tamworth, Mercury
provides consultancy services to the licensed trade and operates freehold
managed public houses. The total fundraising was £11 million.

Black Teknigas Limited (March 2002) - £500,062. Based in Huntingdon, Black is a
manufacturer of controls, for use in the combustion gas and the industrial
compressed gases market. The total fundraising was £2.75 million.

Astraeus Limited (April 2002) - £550,000. Based in West Sussex, Astraeus is a
charter airline and provider of aircrew training and airline management
services. The total fundraising was £3 million.



Market Conditions

Conditions in the UK economy remain very difficult particularly for
manufacturing industry where import substitution from countries with a lower
cost base has been an increased factor caused by the relative exchange rates.
Interest rates were cut but worries over the potential inflationary effect of
the buoyancy of retail sales and in particular the housing market have
restricted the Bank of England's Monetary Policy Committee to making no further
changes since November 2001. The Board has taken a prudent view of valuations in
these circumstances.

Portfolio Developments

There are few positive signs of improved economic conditions and further
reductions in valuations have been necessary. Murray VCT 4 is still building its
portfolio as it proceeds towards qualifying as a VCT. Trade sales are not
therefore being pursued and are only likely to occur when market conditions
improve although a limited number of sales on an opportunistic basis may occur
where attractive exits become available.

Net Asset Value

At 28 February 2002, the net asset value per share was 88.6p, of which 23.9p was
attributable to the unlisted portfolio and 64.7p attributable to gilts and other
net assets.

Before payment of annual dividends, the net asset value per share at 28 February
2002, was 91.1p compared with 95.0p at 28 February 2001. This decrease in net
asset value of 4.1% compares with the significant reductions in stock market
indices generally and in particular the FTSE SmallCap Index which fell by 20.9%
over the year and the FTSE AIM Index and the TechMark Index which fell by 36.9%
and 48% respectively.

Murray VCT 4's investments in unquoted 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, should performance be ahead of plan, which may imply an
increase in the value of the investment, this would not be reflected for at
least 12 months; on the other hand material underperformance will be immediately
reflected in a reduced valuation. AIM stocks would be valued at their mid-market
price. The Directors have taken a prudent view on valuations and provisions have
been taken in certain cases.

Dividends

An interim dividend of 1p for the year ended 28 February 2002 was paid to
shareholders on 7 December 2001. The Board is now proposing a final dividend of
1.5p per share to be paid on 22 July 2002 to shareholders on the register on 28
June 2002.

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.



Distributions to Date

Since the company's launch, most shareholders will have received 5.3p in tax
free dividends. To an investor who took advantage of all available tax reliefs
and deferrals, this represents a return of over 13.2% of the effective initial
investment cost of 40p per share. This is equivalent to an annual dividend yield
of 9.2% from a conventional listed equity for a higher rate taxpayer. This
compares with the FTSE SmallCap yield of 2.7% and FTSE All-share yield of 2.4%.

Outlook

Murray VCT 4 is still in the process of building a balanced portfolio. New
investments and, in some cases, further investment in existing portfolio
companies in support of acquisitions will continue to be made. The regional
network of Aberdeen Murray Johnstone Private Equity offices continues to see a
strong flow of investment opportunities. In addition, the Manager believes that
pricing in the market is becoming more attractive. The Manager will continue to
work with the portfolio of investee companies in an effort to improve
performance and to maximise proceeds from eventual exits.

The results reported here have been achieved during a financial year in which
economic conditions have been unfavourable and while some stability may now be
evident, the immediate prospects are still uncertain. The portfolio includes a
solid core of investments but it may be some time before their prospects can be
demonstrated in profitable realisations.




Murray VCT 4 PLC
Profit and Loss Account
For the year ended 28 February 2002
                                                                    Year ended        59 weeks ended
                                                              28 February 2002      28 February 2001
                                                                         £'000                 £'000
                                                                                          (restated)

Investment income and deposit interest                                   2,064                 1,953
Investment management fees                                               (854)                 (592)
Other expenses                                                           (224)                 (177)
Operating profit                                                           986                 1,184
Profit on realisation of investments                                         3                    99
Profit on ordinary activities before taxation                              989                 1,283
Tax on ordinary activities                                               (308)                 (379)
Profit on ordinary activities after taxation                               681                   904
Dividends                                                                (963)               (1,073)
Balance transferred from reserves                                        (282)                 (169)
Earnings per share (pence)                                                 1.8                   2.4


Statement of Total Recognised Gains and Losses
For the year ended 28 February 2002
                                                                    Year ended        59 weeks ended
                                                              28 February 2002      28 February 2001
                                                                         £'000                 £'000
                                                                                          (restated)
Profit on ordinary activities after taxation                               681                   904
Unrealised (loss) gain on revaluation of investments                   (2,463)                   324
Taxation attributable to unrealised gains and losses on                    305                 (172)
investments

Total recognised gains and losses relating to the year                 (1,477)                 1,056

Note of Historical Cost Profit and Losses
For the year ended 28 February 2002
                                                                    Year ended        59 weeks ended
                                                              28 February 2002      28 February 2001
                                                                         £'000                 £'000
                                                                                          (restated)

Profit on ordinary activities before taxation                              989                 1,283
Realisation of revaluation gains of previous years                          85                     -
Historical cost profit on ordinary activities before taxation            1,074                 1,283
Historical cost loss for the year retained after
taxation and dividends                                                   (223)                 (169)


All items in the above statement are derived from continuing operations. The
company has only one class of business and derives its income from investments
made in shares, securities and bank deposits.



MURRAY VCT 4 PLC
BALANCE SHEET
As at 28 February 2002
                                                       28 February 2002                 28 February 2001
                                                           £'000             £'000            £'000       £'000
Fixed assets
      Investments                                                           33,900                       36,064
Current assets
      Debtors                                                805                              1,058
      Cash and overnight deposits                            343                                798
                                                           1,148                              1,856
Creditors
      Amounts falling due within one year                    878                              1,488

Net current assets                                                             270                          368
                                                                            34,170                       36,432
Capital and reserves
      Called up share capital                                                3,856                        3,837
      Share premium account                                                 17,021                       32,612
      Revaluation reserve                                                  (2,065)                          152
      Profit and loss account                                               15,358                        (169)
      Equity shareholders' interest                                         34,170                       36,432

Net asset value per ordinary share (pence)                                    88.6                         95.0




MURRAY VCT 4 PLC
CASH FLOW STATEMENT
For the year ended 28 February 2002
                                                      Year ended                59 weeks ended
                                                   28 February 2002            28 February 2001
                                                  £'000          £'000        £'000        £'000
    Operating activities
    Investment income received                          2,028                     1,848
    Deposit interest received                              19                        32
    Investment management fees paid                     (807)                     (426)
    Secretarial fees paid                                (60)                      (39)
    Cash paid to and on behalf of directors              (56)                      (26)
    Other cash payments                                 (114)                      (31)
    Net cash inflow from operating activities                       1,010                      1,358
    Taxation                                                        (544)                          -
    Financial investment
    Purchase of investments                           (4,444)                  (50,886)
                                                      
    Sale of investments                                 4,420                    14,260
    Net cash outflow from financial                                  (24)                   (36,626)
    investment
    Equity dividends paid                                         (1,075)                      (383)
    Net cash outflow before financing                               (633)                   (35,651)
    Financing
    Issue of ordinary shares                              178                    38,364
    Expenses of share issue                                 -                   (1,915)
    Net cash inflow from financing                                    178                     36,449
    (Decrease)/ increase in cash                                    (455)                        798




The results stated above for the year ended 28 February 2001 are abridged from
the full accounts for that year, which received an unqualified report from the
Auditors and have been filed with the Registrar of Companies.


Earnings per Ordinary share have been calculated using the average number of
shares in issue during the period of 38,458,269. Net asset values per Ordinary
share have been calculated using the number of share in issue at 28 February
2002 of 38,554,939.


A summary of investment changes during the year and the portfolio of investments
as at 28 February 2002 are attached.


The results for the year to 28 February 2002, 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



23 April 2002


MURRAY VCT 4
SUMMARY OF INVESTMENT CHANGES
For the year ending 28 February 2002

                                                Valuation        Net investment     Appreciation        Valuation
                                             28 February 2001    (disinvestment)   (depreciation)   28 February 2002
                                             £'000        %           £'000            £'000         £'000        %
Unlisted investments
Equities                                        2,303       6.3             1,686            (941)     3,048         8.9
Preference shares                                 950       2.6                 4            (505)       449         1.3
Loan stock                                      4,108      11.3             2,689          (1,065)     5,732        16.8
                                                7,361      20.2             4,379          (2,511)     9,229        27.0
Listed investments
Listed fixed income                            28,703      78.8           (4,083)               51    24,671        72.2
Total investments                              36,064      99.0               296          (2,460)    33,900        99.2
Other net assets                                  368       1.0              (98)                -       270         0.8
Total assets*                                  36,432     100.0               198          (2,460)    34,170       100.0


* Total assets represents equity shareholders' funds.



MURRAY VCT 4 PLC
INVESTMENT PORTFOLIO SUMMARY
As at 28 February 2002
                                                                                                  % of
                                                                                  Valuation      total
Unlisted investments              Nature of business                                  £'000     assets
CCM Motorcycles                   Motorcycle manufacturer                             1,027        3.0
Conveco                           Convenience store operator                          1,000        2.9
Synexus                           Management of clinical trials                         927        2.7
TLC (Tender Loving Childcare)     Operator of day care nurseries                        832        2.4
Visual Gold                       Creative design and animation services                659        1.9
ELE Advanced Technologies         Precision engineering                                 641        1.9
First Line                        Supplier and distributor of automotive                641        1.9
                                  parts
Jupiter II                        Supplier to the construction industry                 600        1.8
Unique Communications             Communications & media consultancy                    549        1.6
Interak                           Import & distribution of small household              530        1.6
                                  items

Other investments valued individually at less than £530,000                           1,823        5.3
                                                                                      9,229       27.0
Listed fixed income investments
Treasury 5% 07/06/2004                                                                7,760       22.7
Treasury 8.5% 7/12/2005                                                               5,256       15.4
Treasury 9.75% 27/8/2002                                                              4,344       12.7
Treasury 8% 10/6/2003                                                                 3,734       10.9
European Investment Bank 6% 26/11/2004                                                3,577       10.5
                                                                                     24,671       72.2
Total investments                                                                    33,900       99.2



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