TIDMOTV4 
 
Octopus Titan VCT 4 plc 
Interim Management Statement 
 
16 September 2011 
 
In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and 
Transparency rules, Octopus Titan VCT 4 plc ('Titan 4' or 'VCT') presents an 
Interim Management Statement for the period 1 May 2011 to 31 July 2011.  The 
statement also includes relevant financial information between the end of the 
period and the date of this statement. 
 
Financial Summary 
                                                                As at 31 October 
                      As at 31 July 2011 As at 30 April 2011                2010 
=------------------------------------------------------------------------------- 
 
 
Net assets ( GBP'000s)               20,773              20,870              21,171 
 
Return after tax                   (398)               (301)               (187) 
( GBP'000s) 
 
Net asset value per                92.0p               92.4p               93.8p 
share (NAV) 
 
 
Investment performance 
As at 31 July 2011 the NAV of the VCT was 92.0p, which compares to 92.4p at 30 
April 2011. Titan 4's investments in the Open Ended Investment Companies 
('OEICs') have seen an overall uplift in value of 1.2% over the 3 months to 31 
July 2011. However, this has been offset by the VCT's standard running costs in 
the period exceeding income generated from its cash holdings awaiting investment 
in suitable qualifying companies. Over the longer term, as the underlying 
portfolio of investments is created, the VCT's NAV will be linked increasingly 
to the value of the investments in the portfolio. There have been no valuation 
movements in the unquoted portfolio. 
 
Titan 4 has continued to invest at a steady rate over the last three months. 
Since 30 April 2011, the VCT has invested  GBP493,000 into Applied Superconductor, 
a specialist developer and producer of high efficiency devices for utility and 
industry electrical networks, and also made an investment into True Knowledge of 
 GBP122,000. Titan 4 is now invested in 14 trading businesses. 
 
The total value of the investment portfolio at 31 July 2011 was  GBP20.8 million. 
By value, 19.6% of the VCT's net assets were in unquoted investments, 29.3% in 
Octopus OEICs, leaving 51.1% in cash or cash equivalents. 
 
Since the period end there has been a number of events that have affected the 
stock market and in turn the valuations of the OEIC and AiM investments. At 12 
September 2011 the bid value of these investments had decreased by  GBP205,000 
since 31 July 2011 which represents a reduction in NAV of 0.9p per share. 
 
A full update will be provided in the Annual Report for the year ending 31 
October 2011. 
 
 
Top Ten Qualifying Investments by value as at 31 July 2011 
 
Company                                           Carrying value  % of total net 
                        Sector                              GBP'000          assets 
=------------------------------------------------------------------------------- 
Vega-Chi Limited        Technology                           500            2.4% 
 
Applied Superconductor 
Limited                 Technology                           493            2.4% 
 
Curlet (UK) Limited     Media                                450            2.2% 
 
True Knowledge Limited  Media                                377            1.8% 
 
UltraSoc Technologies 
Limited                 Technology                           361            1.7% 
 
Michelson Diagnostics   Consumer lifestyle & 
Limited                 wellbeing                            323            1.6% 
 
Elonics Limited         Technology                           305            1.5% 
 
PrismaStar Inc.         Media                                300            1.4% 
 
Executive Channel 
Limited                 Media                                300            1.4% 
 
Bowman Power Limited    Environmental                        275            1.3% 
 
 
 
Material events and transactions 
Titan 4's Board is not aware of any other significant event or transaction which 
has occurred between 1 August 2011 and the date of publication of this statement 
which would have a material impact on the financial position of the VCT. 
 
For further information please contact: 
Alex Macpherson - Fund Manager 
Octopus Investments Limited - 0800 316 2295 
 
ENDS 
 
 
 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Octopus Titan VCT 4 PLC via Thomson Reuters ONE 
 
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