Maven I&g 4 Regulatory News (MAV4)

Maven Income and Growth VCT 4 PLC

Interim Results

The Directors announce the unaudited interim results for the six months ended 30 June 2011.

Interim Management Review

Overview

Financial markets were relatively stable during the six months to 30 June 2011, despite political disruption in the Middle East and continued economic uncertainty in Europe. However in early August world markets experienced serious volatility due to renewed concerns over the level of sovereign debt and the downgrading of the USA credit rating by Standard & Poor's following the protracted process to reach agreement in Congress on increasing the national debt ceiling.

The trading environment for small businesses in the UK remains fragile, due to the continued risk of short to medium term increases in interest rates and inflation, high levels of consumer debt and the threat of another recession. The majority of Maven's investments are however trading well, generating cash and benefitting from modest levels of external debt which helps mitigate the risk of corporate failure in a protracted downturn. The Manager remains cautiously positive about the medium term prospects for the private equity market and believes that the remainder of 2011 will provide continuing opportunities for well managed generalist VCTs.

Highlights for the six months:

§ Total Return on Ordinary Shares of 115.8p per share at 30 June 2011, up 3.4% over the period

§ Net Asset value (NAV) of Ordinary Shares at 97.0p per share

§ Total Return on S Ordinary Shares of 106.15p per share at 30 June 2011, up 2.2% over the period

§ Net Asset value (NAV) of S Ordinary Shares at 99.1p per share

§ Interim dividend proposed of 1.5p per Ordinary Share and 1.5p per S Ordinary Share

§ Three substantial new investments during period, and one completed after the period end

§ Disposal of Walker Technical Resources after period end, for a gross return of 2.9x cost and 70% IRR

Dividends

The board has declared an interim dividend of 1.5p per Ordinary share and 1.5p per S Ordinary share to be paid on 28 September 2011 to Shareholders on the Register at 26 August 2011.

The Company paid dividends totalling 3.5p per Ordinary share and 1.5p per S Ordinary share in respect of the year ended 31 December 2010. This is equivalent to 4.7p and 2.0p gross from a taxable UK equity and represents a yield of 5.8% per annum on the Ordinary shares and 2.1% per annum on the S Ordinary shares based on their net cost after initial tax relief.

Principal risks and uncertainties

The Board has reviewed the principal risks and uncertainties facing the Company for the second half of its financial year. These are unchanged from those it faced at the start of the year, which are set out in the annual report, and are the risks involved in investment in small and unquoted companies. In order to reduce the exposure to investment risk, the Company has invested in a diversified portfolio of established UK private company investments.

The Company is also required to meet the HMRC 70% qualifying and other tests on a continuous basis. The Board regularly reviews the VCT qualifying status of the portfolio and we are pleased to confirm that all criteria continue to be met.

Manager's Strategy

The Manager's focus is on driving shareholder value through the continued growth of a broadly based portfolio of established and high-yielding UK private companies with strong balance sheets and robust business models, generating a sustainable income stream from these assets and ultimately achieving profitable exits. In tandem with the continued selective realisation of AIM assets, this strategy should continue to provide both a revenue base capable of supporting regular dividends and the liquidity required to fund further income generating later-stage investments.

Maven deal teams operate from regional offices in Glasgow, London, Aberdeen, Edinburgh, Manchester and Birmingham and continue to see a high level of attractive investment opportunities across the country as growth businesses seek out alternative sources of funding in the face of the continued scarcity of bank finance. The Maven investment process is highly selective and employs strict quality and yield generation criteria such that during 2010 Maven executives saw 382 private company transactions across the UK and invested ultimately in seven later stage companies.

Investment Activity

During the period ended 30 June 2011, £921,000 was invested in three new private company assets and your Company has also invested in four follow-on investments where additional funding has helped to continue the growth of existing portfolio companies.

One further private company investment, in Autotech Controls Limited, was made after the period end.

Details of all investments completed during the period are noted in the table below:

There was one successful private company realisation, Dalglen 1150 (Walker Technical Resources) completed just after the period end, realising proceeds of £998,000 and an overall capital gain of £478,000 which, including the redemption premium and income received over the life of the investment, represented a 2.9x gross return on the investment cost.

The table below gives details of realisations during the reporting period:

Four AIM securities were purchased by a closed ended investment company established to acquire investments which are underperforming or trading below entry price. These transactions incurred realised losses of £127,000 (cost £181,000) and £42,000 (cost £53,000) for the Ordinary Share Pool and S Share Pool respectively. The overall net loss was incurred after the impact of disposals where Maven had lost confidence in a specific holding or a mandatory sale process or bid event was in evidence.

At the period end, the portfolio comprised of 41 private company and 16 AIM investments, at a total cost of £12.4 million and with a VCT qualifying level of 75.4%.

Portfolio Developments

During the six month period most investee companies have been trading at or ahead of budget, and in a number of cases it has been appropriate to increase valuations accordingly.

The three new private company investments which were added to the portfolio during the period were:

§ Glacier Energy Services, an oil & gas services group with two specialist trading subsidiaries, Roberts Pipeline Machining (Roberts) and Wellclad. Roberts designs and manufactures on-site portable cutting machines for blue chip oil & gas clients. Wellclad provides services to the European offshore and sub-sea equipment market. Glacier will focus on growth within its core UK market as well as promoting its technologies to the international energy services market.

§ Space Student Living, a provider of contracted management services across the student housing sector, offering a fully integrated accommodation solution which covers a range of activities from the initial identification of sites, through overseeing the planning and development phases, to ultimately managing the accommodation under long term contract.

§ Exodus, a new company established by Penta Capital to implement a buy-and-build strategy in the B2B telecoms service sector based on the converging of mobile, fixed-line, broadband, internet and IT technology businesses. Penta is an established private equity firm with which Maven previously co-invested in the successful 2010 MBO of esure.

Maven Income and Growth VCT 4 has co-invested in the four new transactions with Maven Income and Growth VCT, Maven Income and Growth VCT 2, Maven Income and Growth VCT 3, Maven Income and Growth VCT 5 (formerly Bluehone AiM VCT2), Talisman First Venture Capital Trust and Ortus VCT, and is expected to continue to co-invest with these as well as other clients of the Manager. The advantage of this ability to co-invest with other Maven VCTs is that the Company is able to underwrite a wider range and larger size of transaction than would be the case on a stand alone basis.

Realisations

There was one successful disposal from the unlisted portfolio after the period end. The investment in Dalglen 1150 (Walker Technical Resources) was realised in July for proceeds of £998,000 (including income and redemption premium amounting to £172,000) which equates to a 2.9x gross return on initial investment cost, generating a gain of £478,000 on exit with an IRR of 70%. The exit was via a secondary buyout funded by Gresham Private Equity, just two years after Maven originally led the MBI in June 2009. Walker provides some of the most advanced composite repairs technology available for the global oil & gas industry and has consistently traded ahead of budget, more than doubling earnings since the initial investment by Maven client VCTs.

In line with the strategy of reducing exposure to the quoted markets in favour of profitable later-stage private companies, the Maven team has continued to pursue the structured realisation of the AIM portfolio and has taken the opportunity to sell holdings where either there was limited future upside or sales were enforced by other corporate events.

Share Capital

In the period to 29 April 2011 the Manager raised further funds for the Company, through the Maven Linked VCT Offer 2. The maximum amount which the Company could raise via a top-up offer was restricted to 10% of its listed share capital thereby avoiding the higher costs associated with issuing a full prospectus and allows the Company to spread the annual running costs over a larger asset base. The net proceeds of the top-up offer can be used for a variety of purposes and effectively preserve for investment purposes an equivalent sum of the valuable 'old money' pool, which operates under more advantageous VCT regulations, for investment in new later-stage private company opportunities. An additional £395,843 was raised, at a cost of only 5% of total funds raised, and 431,672 new shares were issued.

Distributable Reserve

On 13 June 2011, the Court order approving the reduction in share premium account, as voted for by shareholders at the General Meeting on 1 February 2011, became effective. The purpose of the reduction was to provide the Company with greater flexibility in returning funds to shareholders, whether through the payment of dividends, share buy-backs or other means.

Outlook

Although at the time of writing the economic outlook remains uncertain, the Manager is encouraged by the performance and resilience of the portfolio and expects several new private company transactions to conclude in the near future.

There is also continuing M&A activity within the portfolio and a number of investee companies are in discussion with potential trade or private equity acquirers, although there can of course be no certainty that these discussions will result in profitable realisations. The Manager aims to achieve a regular turnover in the portfolio, generating cash inflows which can be used for both new investment and maintaining an attractive level of tax free dividends to Shareholders.

Maven Capital Partners UK LLP

Manager

15 August 2011

Directors' Responsibility Statement

We confirm that to the best of our knowledge:

·; The Financial Statements have been prepared in accordance with applicable accounting standards and with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies" issued in January 2009

·; The Interim Management Report includes a fair review of the information required by DTR 4.2.7 R in relation to the indication of important events during the first six months, and of the principal risks and uncertainties facing the Company during the second six months

·; The Interim Management Report includes adequate disclosure of the information required by DTR 4.2.8 R in relation to related party transactions and any changes to them.

On behalf of the Board

Maven Capital Partners UK LLP

Secretary

15 August 2011

A Statement of Total Recognised Gains and Losses has not been prepared, as all gains and losses are recognised in the Income Statement.

All items in the above statement are derived from continuing operations. The Company has only one class of business

and derives its income from investments made in shares, securities and bank deposits.

The total column of this statement is the Profit and Loss Account of the Company.

The accompanying notes are an integral part of the financial statements.

A Statement of Total Recognised Gains and Losses has not been prepared, as all gains and losses are recognised in the Income Statement.

All items in the above statement are derived from continuing operations. The Company has only one class of business

and derives its income from investments made in shares, securities and bank deposits.

The total column of this statement is the Profit and Loss Account of the Company.

The accompanying notes are an integral part of the financial statements.

A Statement of Total Recognised Gains and Losses has not been prepared, as all gains and losses are recognised in the Income Statement.

All items in the above statement are derived from continuing operations. The Company has only one class of business and

derives its income from investments made in shares, securities and bank deposits.

The total column of this statement is the Profit and Loss Account of the Company.

The accompanying notes are an integral part of the financial statements.

The Financial Statements were approved by the Board of Directors and were signed on its behalf by

ID Cormack

Director

15 August 2011

The accompanying notes are an integral part of the financial statements.