Interim Management Statement

Matrix Income & Growth 4 VCT plc (the Company)                 

                         INTERIM MANAGEMENT STATEMENT                          

                      For the quarter ended 30 April 2011                      

In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK
Listing Authority, Matrix Income & Growth 4 VCT plc presents an Interim
Management Statement for the quarter ended 30 April 2011. The statement also
includes relevant financial information between the end of the period and the
date of this statement.

NET ASSET VALUE AND TOTAL RETURN PER SHARE

                                                30 April 2011 31 January 2011
                                                                             
Net assets attributable to shareholders           £28,949,815     £25,345,179
                                                                             
Shares in issue                                    24,977,712      22,455,802
                                                                             
Net asset value per Ordinary Share                    115.90p         112.87p
                                                                             
Cumulative dividends paid per Ordinary Share           18.70p          18.70p
                                                                             
Total return per share (net asset value basis)        134.60p         131.57p
since inception                                                              

ANNUAL GENERAL MEETING & DIVIDENDS

All resolutions were duly passed at the Company's Annual General Meeting on 20
June 2011.

Shareholders approved a final dividend of 3 pence per share payable on 24 June
2011 to Shareholders on the register on 3 June 2011. This will bring cumulative
dividends paid to 21.7 pence per share.

Shareholders approved the introduction of a dividend investment scheme which
will be applicable for the forthcoming final dividend and future dividend
payments.

NEW INVESTMENTS

During the quarter the Company completed a follow-on investment in ASL
Technology Holdings Limited of £409,000. After the quarter end the Company
completed a follow-on investment in Fullfield Limited of £280,879 and committed
to invest a further £158,000 in Monsal Holdings Limited of which £42,000 had
been invested.

DIVESTMENTS

The Company received loan repayments and associated premia from several of its
investee companies being, IGLU.com Holidays Limited (£876,207), Machineworks
Software Limited (£116,588) and Vectair Holdings Limited (£90,322).
Machineworks Software Limited is one of two companies the Company now has an
investment in, arising from the demerger of VSI Limited. The other is
Lightworks Software Limited. As a result of the loan repayment by Machineworks,
the Company retains an equity investment in both companies.

LINKED OFFER

During the quarter the Linked Offer launched in November 2010 with two other
Matrix advised VCTs, has raised a further £2.91 million of net funds. 2,521,910
Ordinary Shares were allotted at a price of 121.8 pence per share in the
quarter. On 10 May 2011 a further 302,300 Ordinary Shares were allotted at
119.5 pence per share.

The Board expects that one further allotment under this Offer will occur in
early July. The underlying NAV per share to be used will therefore be 112.90p
(115.90p as above less the 3p dividend to be paid on 24 June 2011) giving an
offer price of 119.50p per share.

SHARE BUY-BACKS

The Company bought back 139,952 of its own Ordinary Shares at a price of 101.5
pence per share on 19 May 2011.

For further information, please contact:

Robert Brittain, for Matrix-Securities Limited, Company Secretary: 020 3206 7000