Interim Management Statement

Eclipse VCT 4 plc ("Eclipse 4" or "Fund") Interim Management Statement For the period from 1 September 2007 to 31 December 2007 In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and Transparency rules, Eclipse VCT 4 plc presents an Interim Management Statement for the period 1 September 2007 to 31 December 2007. The statement also includes relevant financial information between the end of the period and the date of this statement. Financial highlights As at 31 December 2007 As at 31 August 2007 Total net assets £29.0m £29.8m Net asset value per share 98.2p 101.1p Share price 80.0p 85.0p Discount to Net Asset Value 18.5% 15.9% ("NAV") Investment performance The unaudited NAV per share on 31 December 2007 was 98.2p, slightly down on the year end NAV of 101.1p. By value, the portfolio was approximately 45% invested in unquoted companies and 17% invested in AIM-quoted companies, with the balance invested in money market securities and cash. Revaluations in the unquoted portfolio have led to an overall uplift of £92,000, but due to volatility and a downturn in the AIM market, this reduced the value of the AIM portfolio by £949,000. As described in more detail below, NPI Media Group Limited was sold for a loss. The net loss realised for the Fund in the period was £922,000. Investment Activity Eclipse 4 has made four new qualifying investments in unquoted companies since the year end. £2.0 million was invested in The Grill Group Limited, £1.6 million in The History Press Limited, £1.3 million in Bruce Dunlop Associates and finally £1.0 million in Tristar Worldwide Chauffeur Services Limited. There was also a follow-on investment of £209,300 in Promotion Space Limited. The investment in The History Press Limited is a new vehicle in which all the Eclipse funds invested, set up to acquire NPI Media Group Limited through a restructuring process. In addition, guarantees totalling £1.9 million (Eclipse 4 - £519,000) were provided to support working capital facilities. NPI had performed poorly since the initial investment and had been particularly impacted by its printing operations. Through the restructuring process, initiated by Octopus, The History Press only acquired the publishing assets from NPI and we believe that this will make a more robust and exciting investment for the future. Through the new investment, Eclipse 4 realised just under half its original investment in NPI, the balance being written off. A considerable amount of time has been put into this investment by Octopus, and this has included the recruitment of a new management team. The Fund has also invested in three new qualifying AIM investments since the year end. These were £500,000 in Plastics Capital plc, £350,000 in Myhome plc and £195,000 in Optimisa plc. The Fund also fully disposed of the investment in BBI Holdings plc, realising a profit of £63,000. On a less positive note a further provision has been made against the investment Red-M Group which Octopus consider to be prudent. The total value of the investment portfolio at 31 December 2007 was £28.7 million. Ten largest qualifying holdings Company Investment Carrying Percentage of total class value £'000 investments* The Grill Group Limited Unquoted 1,954 6.9% The History Press Limited Unquoted 1,604 5.6% Bruce Dunlop Associates Unquoted 1,250 4.4% Gyro International Limited Unquoted 1,145 4.0% Sweet Cred Holdings Limited Unquoted 1,000 3.5% T4 Holdings Limited Unquoted 1,000 3.5% Tristar Worldwide Unquoted 1,000 3.5% CSL DualCom Limited Unquoted 986 3.4% Tanfield Group plc AIM-quoted 913 3.2% Adrenalin Design Limited Unquoted 905 3.2% * including cash and money market securities Dividends As stated in the annual report to 31 August 2007, a dividend of 1.5p per share will be paid on 19 February 2008 to shareholders on the register on 25 January 2008. This takes total dividends paid since launch to 2.2p. Investment objective Eclipse 4 invests in a diversified portfolio of unquoted and AIM-quoted UK companies with the intention of providing attractive tax-free dividends and long-term capital growth to its investors. Material events and transactions The Fund's board is not aware of any significant event or transaction which has occurred between the 1 January 2008 and the date of publication of this statement which would have a material impact on the financial position on the Fund. For further information please contact: Octopus Investments Limited - 020 7710 2800 ENDS ---END OF MESSAGE---