Manager Change - Replacement

Murray VCT 4 PLC
08 February 2005

The following amendment has been made to the 'Manager Change' announcement 
released today at 07.00am under RNS No 3277I.

The fourth paragraph has been amended. 

All other details remain unchanged.

The full amended text is shown below.



For immediate release:. 8 February 2005



                 Murray VCT 4 PLC and Close Venture Management


The Board of Murray VCT 4 PLC is pleased to announce that Close Venture
Management has agreed to take over the management of the portfolio. The Board
also announces that it has served notice terminating its management agreement
with Murray Johnstone Limited in six months' time, or earlier if agreement for a
shorter notice period is reached with Murray Johnstone Limited.


Similar announcements are being made at the same time by the Boards of Murray
VCT PLC, Murray VCT 2 PLC and Murray VCT 3 PLC.


The Murray VCT Boards have each come to their decisions individually but each of
the Murray VCT companies operate in accordance with a co-investment arrangement
which regulates the allocation of funds each invests in investee companies. More
than two thirds of the investee companies in which the Murray funds are invested
are co-invested between two or more of the Murray VCT companies.


The failed management buy out of part of the Aberdeen group's private equity and
investment business by its senior executives, which was abruptly terminated at
the end of September 2004, caused each of the Murray VCT Boards (as they are in
any event required to do) to review Murray Johnstone's performance and to
consider, as they should, alternatives available from other service providers.


Given Close Venture Management's willingness to accept the appointment as
manager of each of the Murray VCT companies and to co-invest on a basis which
relates to cash available across the whole of Close's venture capital trust
portfolio, each of the Boards reached its own unanimous conclusion that
shareholders' interests would undoubtedly be best served by appointing Close
Venture Management to manage the Murray VCT funds under the terms of a new
co-investment agreement which will be implemented as soon as management of the
funds moves to the new manager.


Details of the change of manager and of a special resolution of the Company to
change the name of the Company to Crown Place VCT 4 PLC will be circulated to
shareholders in due course.


Commenting upon the proposed change Anthony Whitworth, Chairman of Murray VCT 4
PLC, said, 'I am delighted that we have been able to secure the appointment of
Close Venture Management as manager of our funds. Close has an excellent
reputation and its record as a manager of venture capital trusts speaks for
itself. The move to Close Venture Management will bring to an end a period of
uncertainty for Murray VCT 4 and the board is confident the appointment should
bring significant benefits in terms of shareholder value in the medium term'.


Patrick Reeve, Managing Director of Close Venture Management, added: 'We were
very pleased to be asked to take over the management of the Company. Close
Brothers has a strong commitment to venture capital trusts and we look forward
to working with the Board to improve shareholder value.'

For further information please visit www.closeventures.co.uk or contact:

Murray VCT 4          Close Venture Management       Tavistock Communications

Anthony Whitworth     Patrick Reeve/Emil Gigov       John West /
Chairman              Managing Director/Director     Clemmie Carr
Tel: [phone]    Tel: [phone]             Tel: [phone]



                      This information is provided by RNS
            The company news service from the London Stock Exchange