Interim Results

Murray VCT 4 PLC
10 October 2000

MURRAY VCT 4 PLC
----------------
Initial Report for the period to 31 August 2000               
-----------------------------------------------

The directors are pleased to announce the unaudited interim results of Murray
VCT 4 PLC for the period 12 January to 31 August 2000.


Key Points
----------

- £38.3 million raised at launch of fund

- Three investments completed 

- Interim dividend of 1.0p for the period to 28 February 2001 

- Portfolio 4% invested in qualifying investments at 31 August 2000  


SUMMARY OF INVESTMENT CHANGES 
FOR THE PERIOD TO 31 AUGUST 2000                                              
                                           Net
                                         invest-   Apprec-
                                          ment     iation
                       Net proceeds    (disinv-   (deprec-       Valuation
                         of share       estment)   iation)        31.8.00
                          issue*
                           £000    %      £000      £000        £000     %
Venture capital 
 investments
  Equities                    -    -       541         -         541    1.5
  Loan stock                  -    -       827         -         827    2.3
                      ------------------------------------------------------
                              -    -     1,368         -       1,368    3.8
Listed investments
 Listed fixed income          -    -    34,532        82      34,614   94.9
                      ------------------------------------------------------
Total investments             -    -    35,900        82      35,982   98.7

Other net assets         36,383  100.0 (35,924)        -         459    1.3
                      ------------------------------------------------------
Equity shareholders'
interest                 36,383  100.0     (24)       82      36,441  100.0
                      ======================================================

* After issue expenses of £1,914,908 which were equivalent to 5% of monies    
  raised.


INVESTMENT PORTFOLIO SUMMARY
AS AT 31 AUGUST 2000
                                                      Valuation     % of      
 
Venture capital investments Nature of business           £000       fund      

ELE Advanced Technologies   Precision Engineering         641        1.8
 Limited                    
Stratumsoft Limited         E - business & virtual 
                             media software designer      397        1.1
Cool Beans Production       Digital animation &
 Limited                     design studio                330        0.9      
                                                        -----------------
                                                        1,368        3.8
                                              
Listed fixed income 
 Treasury 8% Stock 2003                                 6,197      17.0
 Treasury 10% Stock 2001                                6,110      16.8
 Treasury 5% Stock 2004                                 5,830      16.0
 Treasury 8.5% Stock 2005                               5,613      15.4
 Treasury 9.75% Stock 2002                              5,335      14.6
 European Investment Bank 6% 2004                       3,432       9.4
 Treasury 6.75% Stock 2004                              2,097       5.7
                                                       ------      ----
                                                       34,614      94.9
                                                       ------      ----
Total investments                                      35,982      98.7       
                                                       ======      ====
 
Investment Activity
-------------------

Three investments, at a total cost of £1.37 million, were made during the
period under review. 

The first three investments were: -

- ELE Advanced Technologies Limited (May 2000) - £640,775: Operating from Coln
and Kelbrook in Lancashire ELE is engaged in the precision milling of
sophisticated materials and other engineering processes for companies serving
the gas turbine industry. The total fundraising was approximately £2.5
million. Murray VCT, Murray VCT 2 and Murray VCT 3 were co-investors.

- Stratumsoft Limited (June 2000) - £397,250: Stratumsoft is an established
e-business and virtual media software designer whose technology enables
operation in digital television, PC and WAP environments. The total
fundraising was £1.75 million with a further £1.75 million committed up to
March 2001. Murray VCT, Murray VCT 2, Murray VCT 3 and Ventures North West
were co-investors.

- Cool Beans Productions Limited (June 2000) - £330,000: Based in Sheffield,
Cool Beans is a well-established producer of computer generated animations for
computer games and broadcast media. The total fundraising was approximately
£1.5 million with a further £1 million to be drawn down over the next 18
months. Murray VCT, Murray VCT 2, Murray VCT 3 and South Yorkshire Venture
Fund were co-investors.

All three fundraisings were led by Murray Johnstone Limited

Co-investment
-------------

Murray VCT 4 has co-invested with the other Murray VCTs in a number of
investments and will continue to do so. The advantages are that, together, the
funds are able to underwrite a wider range and size of transaction than would
otherwise be the case.

The presence of parallel funds ensures that when one fund becomes fully
invested, adequate deal flow continues to be attracted by the others, thus
ensuring availability of opportunities for future investment when holdings are
realised.

Murray VCT 3 has a prior right to investment opportunities under £750,000
until that fund first achieves the 70% investment threshold. Murray VCT 3 has
achieved a qualifying investment level of 38% as at 31 August 2000.  The
priority right will then transfer to Murray VCT 4 until if first achieves the
70% qualifying investment level.

Larger investment opportunities will be apportioned between the venture
capital trusts pro rata to the their respective issued share capital.
Participation in each case is also dependent on the availability of funds and
other portfolio requirements.

These co-investment arrangements have been approved by the directors whose
approval is required to depart from the above arrangements.

Net asset performance
---------------------

The net asset value per share at 31 August 2000, before payment of the interim
dividend was 96.2p compared with 95p immediately after launch.

Murray VCT 4's investments in unlisted companies are valued in accordance with
the British Venture Capital Association guidelines. Investments are normally
valued at cost or cost less a provision until they have been held for at least
one year. As a result, performance which is ahead of plan and which may imply
an increase in the value of the investment will not be reflected for at least
twelve months; on the other hand material underperformance will be immediately
reflected in the valuation. AIM stocks are valued at a discount to mid-market
price.

Dividends
---------

The board has declared an interim dividend for the period ended 28 February
2001 of 1.0p per share. The dividend will be paid on 8 December 2000 to
shareholders on the register at close of business on 10 November 2000.

Outlook
-------

The deal flow is strong with a growing number of larger investment
opportunities being considered by Murray Johnstone's regional network of six
offices.

The economic environment remains challenging. However, with modest economic
growth in a low inflation environment, prospects are encouraging for both
existing and new investments and conditions will improve if, as is widely
believed, UK interest rates are now at or close to their cyclical peak. 

The board is confident that Murray VCT 4 will achieve the minimum investment
target of 70% to comply with the Venture Capital Trust legislation within the
three year qualifying period ending on 28 February 2003.


MURRAY VCT 4 PLC
STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT)
for the 33 weeks ending 31 August 2000

                                   Revenue        Capital         Total 
                                     £000           £000          £000    

Gains on investments                    -             82            82
Income
 Income from investments              830              -           830
 Other income                          25              -            25
Investment management
 fees                                (106)          (159)         (265)
Other expenses                        (77)             -           (77)
                                     ---------------------------------
Net return on ordinary
 activities before tax                 672           (77)          595

Tax on ordinary activities            (202)           48          (154)
                                     ---------------------------------
Return attributable to  
equity shareholders                    470           (29)          441

Ordinary dividends on
 equity shares                        (383)            -          (383)
                                     ---------------------------------
Transfer to (from) reserves 
(after aggregate dividends declared
 of £383,000)                           87           (29)           58
                                     =================================

Return per ordinary share              1.2p          (0.1)p        1.1p

Note:

The revenue column of the statement of total return is the profit and loss
account of the company.


MURRAY VCT 4 PLC
BALANCE SHEET 
as at 31 August 2000
                                                   £000          £000

Fixed assets                                                   35,982
  Investments 

Current assets
Debtors                                             552  
Cash and overnight deposits                         663
                                                -------
                                                  1,215              
Creditors 
Amounts falling due within 
 one year                                           756                       
                                                 -------
Net current assets                                                 459
                                                               -------
                                                                36,441
                                                               =======
Capital and reserves 
 Called up share capital                                         3,830
 Share premium                                                  32,553    
 Realised capital losses                                           (85)
 Unrealised capital gains                                           56 
 Revenue reserve                                                    87
                                                                ------
 Equity shareholders' funds                                     36,441
                                                                ======

Net asset value per ordinary share                              95.2p


MURRAY VCT 4 PLC
CASH FLOW STATEMENT
For the 33 weeks ending 31 August 2000

                                                   £000          £000

Operating activities                                                  
Investment income received                          538
Deposit interest received                            24
Investment management fees paid                    (100)
Secretarial fees paid                                (9) 
Cash paid to directors                               (7)
Other cash payments                                  (8)
                                                -------
                                                                  438   
Financial investment 
Purchase of investments                         (40,371)
Sale of investments                               4,252
                                               --------
Net cash outflow from financial investment                    (36,119)        
 
                                                               ------
Net cash outflow before use of liquid 
resources and financing                                        35,681
Issue of ordinary shares                         38,298
Expenses of share issue                          (1,954)
                                               --------
Net cash inflow from financing                                 36,344
                                                               ------
Increase in cash                                                  663
                                                               ======


INDEPENDENT REVIEW REPORT TO MURRAY VCT 4 PLC

Introduction
------------

We have been instructed by the company to review the financial information set
out on pages **   to **  and 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.


Directors' responsibilities
---------------------------

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The Listing
Rules of the Financial Services Authority 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 of work performed
------------------------

We conducted our review in accordance with guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board.  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 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 period from
12 January to 31 August 2000.


Ernst & Young
Glasgow
10 October 2000


A full copy of the initial report and accounts will be printed and issued to
shareholders.

By Order of the Board
Murray Johnstone Limited


10 October 2000


Copies of this announcement will be available to shareholders of the Company
at the registered office of the Company, 2 Cavendish Square, London  W1M 9HA
and at Murray Johnstone's office at 7 West Nile Street, Glasgow  G1 2PX.