Interim Results

Murray VCT 4 PLC

Interim Results for the Six Months ended 31 August 2004

The Directors announce the unaudited interim results of Murray VCT 4 PLC for the
six months ended 31 August 2004.

Investment activity

Further unlisted and AIM investment during the six months ended 31 August 2004
totalled £2.16 million. At 31 August 2004, the portfolio stood at 39 investments
with a total cost of £24.29 million. The following new investments have been
made since the publication of the Annual Report:

Award International Holdings plc * (March 2004) - £350,000: Based in Margate,
Award is a promotional marketing and merchandising company.

Public Recruitment Group plc * (April 2004) - £467,000: Based in London, Public
Recruitment Group is a public sector recruitment and placing agent.

RMS Europe Limited (July 2004) - £771,000: RMS operates ports at Goole on the
Humber Estuary and at Flixborough and Gunness on the River Trent, providing
stevedoring and ships agency services together with the storage and onward
transport of materials. The total fundraising was £3.6 million and Murray VCT
PLC, Murray VCT 2 PLC, Murray VCT 3 PLC, Aberdeen Growth VCT I PLC, Aberdeen
Growth Opportunities PLC, Aberdeen Development Capital PLC and West Yorkshire
Pension Fund were co-investors.

Fountains plc * (July 2004) - £250,000: Based in Banbury, Fountains is a
provider of environmental services.

(*) AIM placing

Portfolio developments

Since the publication of the Annual Report, Black Teknigas has repaid the
remainder of the loan stock (£220,000) at par, plus a redemption premium of
£44,000.

It is anticipated that further amounts will be received from Conveco, in
addition to the £1.9 million repaid following the sale of the operating
subsidiaries, when the escrow period has expired, as the purchaser has confirmed
that the major condition that governs further payments has been satisfied.

Performance

The Board is able to report an overall increase in the Net Asset Value (NAV)
before provision for the interim dividend. As at 31 August 2004, before payment
of the interim dividend, the NAV per share was 75.1p, an increase from 73.7p at
29 February 2004. This reflects the impact of buying back the Company's shares
and the input of the Board and the Manager in seeking to improve the performance
of the portfolio, which is explained more fully below. The Directors consider
that the increase in NAV, before payment of the interim dividend, is a sign of
progress. The valuation of unlisted and AIM investments as at 31 August 2004
includes a number of provisions, representing an aggregate amount of £1,438,000,
that have been made since the publication of the results for the year ended 29
February 2004. However, the Board believes that there are favourable prospects
for an increasing number of the investee companies, although these will
inevitably take some time to come through.

Investment strategy

As reported at 29 February 2004, the Board has implemented a comprehensive
review of the investment strategy with the Manager, following which five primary
objectives have been identified:

    · intensive portfolio management to help restore profitability to the
      investee companies;

    · concentration of resources on investments that display real exit or
      recovery potential;

    · the resumption of dividend and interest payments to the Company from
      the portfolio, where these are in arrears;

    · disposal of under-performing investments where possible; and

    · investment of surplus cash, selectively, in larger companies with
      strong growth potential.

The aim of these objectives is to restore value and, ultimately, achieve
successful disposals from a stronger position in an improved market.

Valuation process

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

Interim dividend

The Board declares an interim dividend of 0.5p per Ordinary Share, payable on 10
December 2004 to Shareholders on the register at close of business on 12
November 2004.

Returns to date

Since the Company's launch, and including the interim dividend declared above,
most Shareholders will have received 10p per share ("pps") in tax-free
dividends. To an investor who took advantage of the initial income tax relief
and who therefore has an effective initial investment cost of 80pps, the tax
free dividends represent a return of 12.5% of that cost. The total return, being
the sum of dividends paid plus NAV, is 84.6pps representing 105.75% of the
initial investment cost. The Board is confident that the Manager is taking all
necessary actions to increase this figure. 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. The most important measures for
a VCT are the long-term record of dividend payments and the timing of those
payments over the life of the Company.

Share buy-back policy

Purchases of shares will be made within guidelines established from time to time
by the Board, at prices below the prevailing NAV per Ordinary share and in
accordance with the rules of the UK Listing Authority. Share purchases will be
funded from distributable reserves and, to the extent that shares are purchased
at a discount, the NAV of the remaining shares will increase.

Outlook

The Company has a broad spread of investments and the Board and the Manager
believe that a number of these have positive prospects which should respond to
an improvement in the economic environment for smaller companies, and to
intensive management. The immediate priority of the Manager is to concentrate
efforts with a view to improving performance. Market conditions are improving
and the Manager expects that a number of exits will be actively pursued in the
short to 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 VCT 4 PLC
SUMMARY OF INVESTMENT CHANGES
For the six months ended 31 August 2004

               Valuation
              29 February  Net investment/  Appreciation/    Valuation
                 2004     (disinvestment)  (depreciation) 31 August 2004
               £'000        %       £'000          £'000    £'000       %

Unlisted
investments
Equities       3,574     12.6         252            753    4,579    16.1
Preference       702      2.5           -              6      708     2.5
shares
Loan stocks   12,184     43.0      (1,219)          (544)  10,421    36.8
              ------   ------  ----------      ---------   ------ -------
              16,460     58.1        (967)           215   15,708    55.4
AIM
investments
Equities         516      1.8       1,067            161    1,744     6.1
Listed
investments
Fixed          5,374     18.9         (78)           (34)   5,262    18.6
income        ------   ------  ----------      ---------   ------ -------
Total         22,350     78.8          22            342   22,714    80.1
investments
Other net      6,017     21.2        (377)             -    5,640    19.9
assets
              ------   ------  ----------      ---------   ------ -------
Total         28,367    100.0        (355)           342   28,354   100.0
assets        ------   ------  ----------      ---------   ------ -------


MURRAY VCT 4 PLC
INVESTMENT PORTFOLIO SUMMARY
As at 31 August 2004
                                                                 % of
                                                   Valuation    total
Unlisted investments       Nature of business          £'000   assets

Synexus                    Management of clinical      1,458      5.1
                           trials
PSCA                       Government sector           1,322      4.7
                           publishing
TLC (Tender Loving         Operator of day care        1,321      4.7
Childcare)                 nurseries
Heathcotes Restaurants     Restaurant chain and          975      3.4
                           providers of outside
                           catering
Transys Projects           Provider of engineering       894      3.2
                           services to the rail
                           industry
TMI Foods                  Supplier of cooked            826      2.9
                           bacon products
RMS Europe                 Port operator                 771      2.7
ScotNursing                Provider of temporary         750      2.6
                           and agency nursing and
                           care staff
Transrent Holdings         Provider of transport         718      2.5
                           and trailer solution
                           services
Room 2                     Retailer of textiles,         700      2.5
                           furniture, lighting and
                           home accessories
Other investments valued individually at less than     7,717     27.2
£700,000                                              --------   ------
                                                      17,452     61.5
Listed fixed income investments
European Investment Bank 6% 26/11/2004                 2,506      8.9
Conversion 9.5% 8/4/2005                               1,226      4.3
Treasury 8.5% 7/12/2005                                1,073      3.8
Treasury 6.75% 7/11/2004                                 457      1.6
                                                      --------   ------
                                                       5,262     18.6
                                                      --------   ------
Total investments                                     22,714     80.1
                                                      --------   ------


MURRAY VCT 4 PLC
INDEPENDENT REVIEW REPORT TO MURRAY VCT 4 PLC

Introduction

We have been instructed by the Company to review the financial information for
the six months ended 31 August 2004 which comprises the Profit and Loss Account,
Balance Sheet, Cash Flow Statement, Statement of Total Recognised Gains and
Losses and the related Notes 1 to 3. We have read the other information
contained in the interim report and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.

This report is made solely to the Company in accordance with guidance contained
in Bulletin 1999/4 'Review of interim financial information' issued by the
Auditing Practices Board. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Company, for our work,
for this report, or for the conclusions we have formed.

Directors' responsibilities

The Interim Report, including the financial information contained therein, is
the responsibility of, and has been approved by, the Directors. The Directors
are responsible for preparing the Interim Report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/4
'Review of interim financial information' issued by the Auditing Practices Board
for use in the United Kingdom. A review consists principally of making enquiries
of management and applying analytical procedures to the financial information
and underlying financial data, and based thereon, assessing whether the
accounting policies and presentation have been consistently applied, unless
otherwise disclosed. A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with United
Kingdom Auditing Standards and therefore provides a lower level of assurance
than an audit. Accordingly we do not express an audit opinion on the financial
information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 August 2004.

Ernst & Young LLP
Edinburgh

15 October 2004



MURRAY VCT 4 PLC
PROFIT AND LOSS ACCOUNT

                   Six months to 31 August     Six months to 31 August
                     2004 (unaudited)            2003 (unaudited)
                 Revenue   Capital   Total   Revenue   Capital   Total
                   £'000     £'000   £'000     £'000     £'000   £'000
Investment           600         -     600       611         -     611
income and
deposit income
Investment          (168)     (251)   (419)     (181)     (272)   (453)
management
fees
Other expenses       (99)        -     (99)     (111)        -    (111)
                   -------    ------  ------   -------    ------  ------
Operating            333      (251)     82       319      (272)     47
profit
Profit/(loss) on       -       398     398         -         2       2
realisation of
investments
Amounts written        -      (569)   (569)        -         -       -
off                -------    ------  ------   -------    ------  ------
investments
(Loss)/profit on     333      (422)    (89)      319      (270)     49
ordinary
activities
before
taxation
Tax on ordinary      (78)       78       -       (58)       52      (6)
activities         -------    ------  ------   -------    ------  ------
(Loss)/profit on     255      (344)    (89)      261      (218)     43
ordinary
activities after
taxation
Ordinary
dividends on
equity shares
Interim 0.5p        (190)        -    (190)     (193)        -    (193)
(2004 - 0.5p)
Final 2004 -           -         -       -         -         -       -
1.2p
Over accrual in        3         -       3         -         -       -
prior years
                   -------    ------  ------   -------    ------  ------
Balance               68      (344)   (276)       68      (218)   (150)
transferred from   -------    ------  ------   -------    ------  ------
reserves
Earnings per         0.7      (0.9)   (0.2)      0.7      (0.6)    0.1
share (pence)      -------    ------  ------   -------    ------  ------
(Note 3)

MURRAY VCT 4 PLC
PROFIT AND LOSS ACCOUNT
                                               Year ended 29 February
                                                       2004
                                                    (audited)
                                            Revenue   Capital    Total
                                              £'000     £'000    £'000

Investment income and deposit income          1,518         -    1,518
Investment management fees                     (358)     (536)    (894)
Other expenses                                 (221)        -     (221)
                                            -------  -------- --------
Operating profit                                939      (536)     403
Profit/(loss) on realisation of                   -       (32)     (32)
investments
Amounts written off investments                   -         -        -
                                            -------  -------- --------
(Loss)/profit on ordinary activities before     939      (568)     371
taxation
Tax on ordinary activities                     (254)      174      (80)
                                            -------  -------- --------
(Loss)/profit on ordinary activities after      685      (394)     291
taxation
Ordinary dividends on equity shares
Interim 0.5p (2004 - 0.5p)                     (193)        -     (193)
Final 2004 - 1.2p                              (462)        -     (462)
Over accrual in prior years                       -         -        -
                                            -------  -------- --------
Balance transferred from reserves                30      (394)    (364)
                                            -------  -------- --------
Earnings per share (pence) (Note 3)             1.8      (1.0)     0.8
                                            -------  -------- --------


MURRAY VCT 4 PLC
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

                                         Six months to 31 August 2004
                                                  (unaudited)
                                        Revenue      Capital     Total
                                          £'000        £'000     £'000

(Loss)/profit on ordinary activities        255         (344)      (89)
after taxation
Unrealised gain/(loss) on revaluation         -          514       514
of investments
Current tax attributable to unrealised       78          (78)        -
gains and losses on
Investments
                                         --------     --------  --------
Total recognised gains and losses           333           92       425
relating to the period                   --------     --------  --------


STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

                                     Six months to 31 August 2003
                                               (unaudited)
                                      Revenue       Capital     Total
                                        £'000         £'000     £'000

(Loss)/profit on ordinary                 261          (218)       43
activities after taxation
Unrealised gain/(loss) on                   -          (428)     (428)
revaluation of investments
Current tax attributable to                58           (52)        6
unrealised gains and losses on
investments
                                        -------      --------  --------
Total recognised gains and                319          (698)     (379)
losses relating to the period           -------      --------  --------


STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

                                         Year ended 29 February 2004
                                                (audited)
                                        Revenue      Capital     Total
                                          £'000        £'000     £'000

(Loss)/profit on ordinary activities        685         (394)      291
after taxation
Unrealised gain/(loss) on revaluation         -       (1,777)   (1,777)
of investments
Current tax attributable to unrealised      254         (174)       80
gains and losses on
Investments                            --------     --------  --------
Total recognised gains and losses           939       (2,345)   (1,406)
relating to the period                 --------     --------  --------



MURRAY VCT 4 PLC
BALANCE SHEET
as at 31 August 2004


                                                          29 February
                            31 August 2004  31 August 2003       2004
                              (unaudited)     (unaudited)    (audited)
                                    £'000           £'000       £'000

Fixed assets
Investments                        22,714          21,832      22,350
Current assets
Debtors                             1,369           1,047       1,363
Cash and overnight                  4,737           7,505       5,461
deposits                      -----------      ----------  ----------
                                    6,106           8,552       6,824
Creditors
Amounts falling due within            466             482         807
one year                      -----------      ----------  ----------

Net current assets                  5,640           8,070       6,017
                              -----------      ----------  ----------
                                   28,354          29,902      28,367
                              -----------      ----------  ----------
Capital and reserves
Called-up share capital             3,801           3,858       3,849
Share premium account              17,236          17,236      17,236
Revaluation reserve                (5,864)         (6,204)     (6,952)
Capital redemption                     82              27          36
reserve
Profit and loss account            13,099          14,985      14,198
                              -----------      ----------  ----------
Equity Shareholders'               28,354          29,902      28,367
funds                         -----------      ----------  ----------

Net Asset Value per                  74.6            77.5        73.7
Ordinary share (pence)


MURRAY VCT 4 PLC
CASH FLOW STATEMENT
for the six months ended 31 August 2004 (unaudited)


                            Six months to   Six months to    Year ended
                            31 August 2004  31 August 2003   29 February 2004
                               (unaudited)     (unaudited)    (audited)
                                    £'000           £'000        £'000
Operating activities
Investment income                     494             420        1,200
received
Deposit interest received               5               1            9
Other income received                  12               4            -
Investment management fees           (177)           (474)      (1,145)
paid
Secretarial fees paid                 (19)            (32)         (80)
Cash paid to and on behalf            (25)            (32)         (53)
of Directors
Other cash payments                  (106)            (58)        (118)
                                 ----------       ---------     --------
Net cash inflow/(outflow)             184            (171)        (187)
from operating activities
Financial investment
Purchase of investments            (3,774)         (4,326)      (9,064)
Sale of investments                 3,574           3,307        6,251
                                 ----------       ---------     --------
Net cash outflow from                (200)         (1,019)      (2,813)
financial investment
Equity dividends paid                (459)           (577)        (770)
                                 ----------       ---------     --------
Net cash outflow before              (475)         (1,767)      (3,770)
financing
Financing
Issue of Ordinary shares                -             154          154
Repurchase of Ordinary               (249)              -          (41)
shares                           ----------       ---------     --------
Net cash (outflow)/inflow            (249)            154          113
from financing

                                 ----------       ---------     --------
Decrease in cash                     (724)         (1,613)      (3,657)
                                 ----------       ---------     --------


MURRAY VCT 4 PLC

NOTES


1. Accounting policies

The financial information for the six months ended 31 August 2004 and
the six months ended 31 August 2003 comprises non-statutory accounts
within the meaning of Section 240 of the Companies Act 1985. The
financial information contained in this report has been prepared on the
basis of the accounting policies set out in the Annual Report for the
year ended 29 February 2004. The results for the year ended 29 February
2004 are extracted from the full accounts for that year, which received
an unqualified report from the Auditors and have been filed with the
Registrar of Companies.

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 the returns attributable to revenue and to
capital.

2. Movement in reserves

                           Share                    Capital     Profit
                         Premium   Revaluation   redemption   and loss
                         Account       Reserve      reserve    account
                            £000          £000         £000       £000

As at 1 March 2004        17,236        (6,952)          36     14,198
Transfer of realised           -           574            -       (574)
losses to profit and
loss account
Net increase in value of       -           514            -          -
investments
Repurchase and                 -             -           46       (249)
cancellation of shares
Retained loss for the          -             -            -       (276)
period
                          --------      --------     --------    -------
As at 31 August 2004      17,236        (5,864)          82     13,099
                          ========      ========     ========    =======

3. Earnings per share

Earnings per Ordinary share have been calculated using the weighted
average number of shares in issue during the period of 38,262,927. Net
Asset Value per Ordinary share have been calculated using the number of
shares in issue at 31 August 2004 of 38,019,567.

A full copy of the Interim Report will be printed and issued to Shareholders.

Copies of this announcement will be available 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

15 October 2004