Mgmt & Administration Deed

Murray VCT 4 PLC
12 May 2005

                                  ANNOUNCEMENT



                        Murray VCT 4 plc (the 'Company')



                          Fund Management Arrangements





Further to the Announcement made by the Company on 24 March 2005, the Company is
pleased to announce that the Company has today entered into a new Management and
Administration Deed with Murray Johnstone Limited ('Murray Johnstone') which
confirms Murray Johnstone's continuing appointment for the portfolio management
and company secretarial responsibility for the Company.  The notice of
termination served on Murray Johnstone which was to expire on 8 August 2005 has
now been withdrawn.



Key features of the new Management and Administration Deed with Murray Johnstone
include:



Term:    the new Management and Administration Deed operates for an initial
period to 31 August 2006 and is thereafter capable of being terminated by three
months' notice given by either the Company or Murray Johnstone.  It also
contains, inter alia, provisions regarding termination for material breach.  In
addition, inter alia, the Company has the right to terminate with immediate
effect subject to the payment of fees in lieu of notice.



Fees:    the Company will pay to Murray Johnstone a performance related fee
which is subject to a minimum amount being payable.  (The minimum amount is
based on a gross assets test or a net assets test and for the period from 1
March 2005 to 31 August 2005 will be calculated by using the percentage of
0.4735% per quarter of a gross asset test, for the period from 1 September 2005
to 31 August 2006 will be calculated by using the percentage of 0.125% per
quarter of a net asset test and thereafter will be calculated by using the
percentage of 0.25% per quarter of a net asset test.  The performance fee is
calculated as 20% of the increase in net asset value over a 6 month or 12 month
period taking into consideration distributions made over that period (subject to
an overall cap of £1.25 million) and the minimum amount due.) Murray Johnstone
is also entitled to receive an annual administrative and secretarial fee of
£50,000 per annum.








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