Final Results

Murray VCT 4 PLC

Preliminary results for the year ended 29 February 2004

The Directors announce preliminary results, subject to the conclusion of the
audit process, of Murray VCT 4 PLC for the year ended 29 February 2004.

   ·36 investments in the unlisted portfolio, with a total cost of £24.37
    million.
   ·Net Asset Value, before payment of annual dividends, of 75.4p per share.
   ·Proposed final dividend of 1.2p per share.
   ·Total return since launch, being the sum of dividends paid plus Net Asset
    Value, of 83.2p per share.

Investment activity

Further unlisted investment during the year ended 29 February 2004 totalled
£4.89 million. At 29 February 2004 the portfolio stood at 36 investments with a
total cost of £24.37 million.

In addition to follow-on fundings, the following new investments have been made
since the publication of the Interim Report:

Enterprise Food Group Limited (October 2003) - £598,000: Based in East Kilbride,
Enterprise is a provider of supply chain and management services to the bakery
sector. The total fundraising was £2.0 million and Murray VCT 3 PLC, Aberdeen
Growth VCT I PLC, Aberdeen Growth Opportunities PLC, Aberdeen Development
Capital PLC and Aberdeen City Council were co-investors.

Room 2 plc (November 2003) - £625,000: Based in East Kilbride, Room 2, which
trades as Texstyle World Home, is a retailer of household textiles, furniture,
lighting and home accessories. The total fundraising was £1.5 million and
Aberdeen Growth VCT I PLC, Aberdeen Growth Opportunities PLC and Aberdeen City
Council were co-investors.

Asfare plc * (December 2003) - £187,500: Based in Southampton, Asfare is a
manufacturer and distributor of safety equipment.

Swan Plant Services Limited (January 2004) - £250,000: Based in Cheshire, Swan
Plant is a grounds maintenance plant hire business providing equipment
predominantly to local authorities. The total fundraising was £1.4 million and
Ventures North West, West Yorkshire Pension Fund & South Yorkshire Pension
Authority were co-investors.

Bond International Software plc * (February 2004) - £300,000: Based in West
Sussex, Bond is a provider of software, hardware and related support services
principally to the recruitment industry.

* Quoted on AIM

Portfolio Developments

Since the period end, Conveco has been sold to the Co-operative Group. Cash
proceeds of £1.9 million were received on completion and are reflected in the
valuation at 29 February 2004. There are provisions for further receipts by way
of deferred consideration within the next twelve months, which if received would
represent an aggregate return of the original cost of the investment.

Performance

The Company is not yet fully invested and will continue to build its portfolio
of unlisted and AIM investments, two of which were completed during the second
half of the year. The majority of the portfolio is immature; however exit
discussions are in progress involving several of the portfolio companies.
Generally, exits are not being actively sought particularly in the current
market conditions; however, the Manager will respond to attractive offers where
appropriate.

The Net Asset Value (NAV) at 29 February 2004, before payment of all dividends
in respect of the year then ended, was 75.4p per share ("pps") compared with
79.0pps at 28 February 2003.

Investment strategy

The Board, which regularly reviews portfolio performance and the Company's
investment strategy with the Manager, has agreed two prime objectives in respect
of the existing portfolio: intense portfolio management to help restore
profitability to the investee companies in the current market conditions, and
the resumption of yield payments to the Company from the portfolio. The aim of
these objectives is to generate value and, ultimately, achieve successful
disposals from a stronger position in an improved market. Where it is believed
that future potential from an investment justifies it, further financial support
will be given. It will also be the aim to sell under-performing investments and
to recycle the proceeds into opportunities which show greater growth potential.

The Company will continue to invest in new opportunities sought through the
Manager's regional office network. Where possible, new investment activity will
be targeted on larger companies through co-investment with other private equity
funds managed by members of the Aberdeen Asset Management Group.

Valuation process

Murray VCT 4's investments in unlisted companies are valued at fair value in
accordance with the revised British Venture Capital Association guidelines. In
line with normal market practice for investment companies and investment trusts,
investments listed on the Alternative Investment Market (AIM) are valued at
their mid-market price, discounted to reflect any trading restrictions.

Dividends and returns to date

The Board declared an interim dividend for the year ended 29 February 2004 of
0.5pps (2003 - 1.0pps), which was paid to Shareholders on 12 December 2003. The
Board is proposing a final dividend of 1.2pps (2003 - 1.5pps), to be paid on 16
July 2004 to Shareholders on the register at close of business on 18 June 2004.

Since the Company's launch, most Shareholders will have received 9.5pps in
tax-free dividends. To an investor who took advantage of all available tax
reliefs and deferrals, this represents a return of 11.9% of the effective
initial investment cost of 80pps. The total return since launch is 83.2pps,
being the sum of dividends paid plus NAV, for a Shareholder who subscribed at
launch.

The most important measures for a VCT are the long term record of income and
capital gains dividend payments and the timing of these payments over the life
of the Company. In the short term, the NAV on its own is a less important
measure of performance as the underlying investments are long-term in nature and
not readily realisable.

Dividend re-investment

The Board announced its intention to terminate the dividend re-investment scheme
in the Interim Report in view of the requirement under the rules of the scheme
to issue new shares at the prevailing NAV per share on the date of re-investment
when the Company's shares stand at a discount to the Net Asset Value. The Board
believed that it was not in Shareholders' interests for their dividends to
continue to be re-invested. Therefore, Shareholders who had previously elected
to re-invest their dividends will receive any future distributions by cheque or
bank transfer.

Share buy-back policy

During the year, a small number of shares have been bought back for
cancellation. Purchases of shares are made within guidelines established from
time to time by the Board at prices below the prevailing Net Asset Value per
Ordinary share. Under the rules of the UK Listing Authority, the maximum price
at which the Company can acquire shares is 5% above the average market value of
the shares over the five business days immediately preceding the purchase.
Shares purchased in this way will be cancelled and the Company will only deal
with member firms of the London Stock Exchange. Share purchases will be funded
from distributable reserves and, to the extent that shares are purchased at a
discount to Net Asset Value, the NAV of the remaining shares will increase.

Constitution of the Board

Following the resignations of Sir Gavin Laird and Mr S J Dobbie, at the Annual
General Meeting held on 10 July 2003, and the appointment of Mr W E Holt on 17
April 2003, the Board believed that it would be appropriate to consider the
appointment of an additional Director. Accordingly, the Board announces the
appointment, with effect from 20 May 2004, of Mrs F E Wollocombe, who has a wide
range of experience in the smaller companies sector, particularly in the areas
of corporate finance and governance. It is confirmed that no disclosure is
required under Section 6.F.2 of the Listing Rules of the UKLA.

Outlook

The Company now has a broad spread of investments and the Board believes that a
number of these have very positive prospects which should respond to an
improvement in the economic environment for smaller companies and intensive
management. Notwithstanding the expressions of interest in a number of the
portfolio companies, it is likely to be some time before these prospects can be
demonstrated in profitable realisations.

The immediate priority of the Manager is to improve the performance of the
portfolio companies. Market conditions are improving and the Manager expects
that a number of exits will be actively pursued in the medium term. Deal flow
has also increased and, if the pricing of new investments continues to be
attractive, the Manager will continue to pursue new investments on a selective
basis.


Murray VCT4 PLC
Profit and Loss Account
For the year ended 29 February 2004

                Year ended 29 February       Year ended 28 February
                        2004                         2003
              Revenue   Capital   Total   Revenue   Capital    Total
                £'000     £'000   £'000     £'000     £'000    £'000
Investment      1,518         -   1,518     1,919         -    1,919
income and
deposit
interest
Investment       (358)     (536)   (894)     (401)     (601)  (1,002)
management
fees
Other            (221)        -    (221)     (164)        -     (164)
expenses       --------    ------  ------   -------    ------   ------
Operating         939      (536)    403     1,354      (601)     753
profit
               --------    ------  ------   -------    ------   ------
(Loss)/profit
on
realisation
of
investments         -       (32)    (32)        -       147      147
               --------    ------  ------   -------    ------   ------

Profit on
ordinary
activities
before
taxation          939      (568)    371     1,354      (454)     900
Tax on           (254)      174     (80)     (399)      139     (260)
ordinary       --------    ------  ------   -------    ------   ------
activities
Profit on
ordinary
activities
after
taxation          685      (394)    291       955      (315)     640
Dividends        (655)        -    (655)     (959)        -     (959)
               --------    ------  ------   -------    ------   ------
Balance            30      (394)   (364)       (4)     (315)    (319)
transferred    ========    ======  ======   =======    ======   ======
to/(from)
reserves
Earnings per      1.8      (1.0)    0.8       2.5      (0.8)     1.7
share (pence)  ========    ======  ======   =======    ======   ======


Statement of Total Recognised Gains and Losses
For the year ended 29 February 2004

                        Year ended 29 February       Year ended 28 February
                                2004                         2003
                     Revenue   Capital    Total   Revenue   Capital    Total
                       £'000     £'000    £'000     £'000     £'000    £'000

Profit on ordinary       685      (394)     291       955      (315)     640
activities after
taxation
Unrealised loss on
revaluation of
investments                -    (1,777)  (1,777)        -    (3,705)  (3,705)

Current taxation
attributable to
unrealised gains/
(losses) on
investments              254      (174)      80       399      (139)     260
                     --------    ------   ------   -------    ------   ------
Total recognised
gains and losses
relating to the
year                     939    (2,345)  (1,406)    1,354    (4,159)  (2,805)
                     ========    ======   ======   =======    ======   ======

Note of Historical Cost Profits and Losses
For the year ended 29 February 2004

                                             Year ended 29      Year ended 28
                                            February 2004      February 2003
                                                    £'000              £'000
Profit on ordinary activities before                  371                900
taxation
Realisation of revaluation (losses)/                 (675)               309
gains of previous years                         -----------         ----------
Historical cost (loss)/profit on
ordinary activities before taxation                  (304)             1,209
                                                -----------         ----------
Historical cost loss for the year
retained aftertaxation and dividends                 (836)              (102)
                                                -----------         ----------

All items in the above statements 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 29 February 2004
                                        29 February       28 February
                                           2004              2003
                                       £'000    £'000    £'000    £'000

Fixed assets
Investments                                   22,350            21,279
Current assets
Debtors                               1,363               877
Cash and overnight deposits           5,461             9,118
                                     --------          --------
                                      6,824             9,995
Creditors
Amounts falling due within one          807               893
year                                 --------          --------
Net current assets                             6,017             9,102
                                             -------           -------
Net assets                                    28,367            30,381
                                             -------           -------
Capital and reserves
Called up share capital                        3,849             3,846
Share premium account                         17,236            17,155
Revaluation reserve                           (6,952)           (5,727)
Capital redemption reserve                        36                27
Profit and loss account                       14,198            15,080
                                             -------           -------
Equity Shareholders' funds                    28,367            30,381
                                             -------           -------

Net Asset Value per Ordinary share              73.7              79.0
(pence)


MURRAY VCT 4 PLC
CASH FLOW STATEMENT
For the year ended 29 February 2004

                                        29 February      28 February
                                            2004             2003
                                      £'000    £'000     £'000   £'000

Operating activities
Investment income received            1,200              2,055
Deposit interest received                 9                 10
Investment management fees paid      (1,145)              (964)
Secretarial fees paid                   (80)               (63)
Cash paid to and on behalf of           (53)               (40)
Directors
Other cash payments                    (118)               (74)
Net cash (outflow)/inflow from
operating activities                           (187)              924
Taxation                                          -                36
Financial investment
Purchase of investments              (9,064)           (13,407)
Sale of investments                   6,251             22,268
                                      -------           ------
Net cash (outflow)/inflow from               (2,813)            8,861
financial investment
Equity dividends paid                          (770)             (960)
                                             ------            ------
Net cash (outflow)/inflow before
financing                                    (3,770)            8,861

Financing
Issue of Ordinary shares                154                 90
Repurchase of Ordinary shares           (41)              (176)
                                      -------            -------
Net cash inflow/(outflow) from                  113               (86)
financing                                     ------            ------
(Decrease)/increase in cash                  (3,657)            8,775
                                              ------            ------


This preliminary announcement has been prepared on the same basis as that set
out in the statutory Financial Statements for the prior year.

Although the Company is no longer an investment company, as investment company
status was revoked in order to permit the distribution of capital profits, the
Directors believe that the presentation of the profit and loss account and the
statement of total recognised gains and losses is enhanced by showing additional
non-statutory information on the returns attributable to revenue and to capital.

The Profit and Loss Account and Statement of Total Recognised Gains and Losses
have been prepared in accordance with Schedule 4 of the Companies Act 1985 and
Financial Reporting Standard No. 3 "Reporting Financial Information". As
mentioned above, for illustrative purposes, non-statutory information comprising
revenue and capital accounts has also been presented.

In respect of the year ended 29 February 2004, earnings per Ordinary share have
been calculated using the average number of shares in issue during the year of
38,525,640. Net Asset Value per Ordinary share as at 29 February 2004 has been
calculated using the number of share in issue at that date of 38,496,295.

A summary of investment changes for the year ended 29 February 2004 and a
portfolio summary as at 29 February 2004 are attached.

The results for the year ended 29 February 2004, 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.

The financial information contained within this Preliminary Announcement does
not constitute the Company's statutory Financial Statements as defined in
Section 240 of the Companies Act 1985. The statutory Financial Statements for
the year ended 28 February 2003 have been delivered to the Registrar of
Companies and contained an audit report which was unqualified and did not
constitute statements under Sections 237(2) or (3) of the Companies Act 1985.

The Annual General Meeting will be held on 8 July 2004, commencing at 2.15 p.m.

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

By Order of the Board

MURRAY JOHNSTONE LIMITED

SECRETARY

19 May 2004



MURRAY VCT 4 PLC
SUMMARY OF INVESTMENT CHANGES
For the year ended 29 February 2004

             Valuation               Net                        Valuation
           28 February           investment/                   29 February
                2003           (disinvestment) Appreciation/        2004
                        Transfers             (depreciation)
            £'000     %   £'000    £'000          £'000        £'000     %

Unlisted
investments
Equities    3,454   11.4   447       895         (1,222)       3,574    12.6
Preference    541    1.8     1       167             (7)         702     2.5
shares
Loan stock 10,360   34.1  (635)    2,920           (461)      12,184    43.0
           ------ ------ ------   ------          ------      ------   -----
           14,355   47.3  (187)    3,982         (1,690)      16,460    58.1
           ------ ------ ------   ------          ------      ------   -----

AIM
investments
Equities        -      -   187      300              29          516     1.8
Listed
investments
Fixed       6,924   22.8     -   (1,402)           (148)       5,374    18.9
income
           ------ ------ ------   -----           ------     -------   -----
Total      21,279   70.1      -   2,880           (1,809)     22,350    78.8
investments------ ------ ------   -----           ------     -------   -----



Other net   9,102   29.9      -  (3,085)               -       6,017    21.2
assets
           ------  ----- -------  -----           ------     -------   -----
Total
assets*    30,381  100.0      -    (205)          (1,809)     28,367   100.0
           ------  ----- -------  -----           ------     -------   -----


*Total assets represents Equity
Shareholders' funds



MURRAY VCT 4 PLC
INVESTMENT PORTFOLIO SUMMARY
As at 29 February 2004


                                                                 % of
                                                    Valuation    Total
                            Nature of business          £'000   Assets

Unlisted and AIM
investments

Conveco                     Convenience store           1,903      6.7
                            operator
TLC (Tender Loving          Operator of day care        1,321      4.7
Childcare)                  nurseries
PSCA                        Government sector           1,125      4.0
                            publishing
Synexus                     Management of clinical        927      3.3
                            trials
Transys Projects            Provider of engineering       894      3.2
                            services to the rail
                            industry
Tuscan Energy Group         Oil production                850      3.0
Heathcotes Restaurants      Restaurant chain and          771      2.7
                            providers of outside
                            catering
Mining Communications       Publisher of specialist       750      2.6
                            trade journals
ScotNursing                 Provider of temporary         750      2.6
                            and agency nursing and
                            care staff
House of Dorchester         Manufacturer of high          650      2.3
Holdings                    quality chocolate
                            confectionery
Other unlisted and AIM investments valued               7,035     24.8
individually at less than £650,000                     --------   ------
                                                       16,976     59.9

Listed fixed income investments

European Investment Bank 6% 26/11/2004                  2,530      8.9
Treasury 8.5% 7/12/2005                                   857      3.0
Treasury 5% 7/6/2004                                      968      3.4
Treasury 6.5% 7/12/2003                                 1,019      3.6
                                                       --------   ------
                                                        5,374     18.9
                                                       --------   ------
Total investments                                      22,350     78.8
                                                       --------   ------