Fund Management Arrangements

Murray VCT 4 PLC
24 March 2005


     Murray VCT plc, Murray VCT 2 plc, Murray VCT 3 plc and Murray VCT 4 plc

                Joint Statement on Fund Management arrangements

March 24, 2005

Murray VCT plc, Murray VCT 2 plc, Murray VCT 3 plc and Murray VCT 4 plc announce
that they have reviewed the future management of the four Trusts' portfolios
with Close Venture Management Limited and Murray Johnstone Limited.

As previously announced, Close Venture Management Limited will take over
management of the portfolios of Murray VCT, Murray VCT 2 and Murray VCT 3. It is
now expected that the handover to Close Venture Management Limited will take
place as soon as practicable.

Murray VCT 4 announced on February 8 that it had served notice of termination on
Murray Johnstone Limited which was to expire in six months. However, the trust
announces that it is now in fresh discussions with Murray Johnstone Limited
regarding a new contract. It is intended that this notice of termination will be
withdrawn in the event of successful completion of these discussions. A further
announcement will be made following the conclusion of these discussions.

The Board of each of the Murray VCTs believes that the envisaged new fund
management arrangements are in the best interests of all of its shareholders.
Each of the chairmen of the Murray VCTs will provide full details to
shareholders soon.

                                    - Ends -

Media inquiries:

Beattie Communications - Derek Douglas - 01324 602550

Maitland - Neil Bennett, Fiona Piper - 0207 3795151



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