QUT Quester Vct 4

    Quester VCT 4 plc                                                              
                                                                               
The Directors are please to announce the acquisition of portfolio company OD2, 
the largest digital music provider in Europe, by Loudeye Corporation, a world  
leader in business to business digital media solutions.                        
                                                                               
The initial consideration payable by Loudeye for the entire share capital of   
OD2 is $20m in Loudeye shares with a further $17.5m in cash or shares over the 
next 18 months. In addition, the vendors have the right to earn up to an       
additional $18.8m.                                                             
                                                                               
For Quester VCT 4 plc, the value of the initial consideration received in the  
form of Loudeye shares together with the value of deferred consideration       
together give rise to an unrealised gain in Quester VCT 4's net asset value of 
approximately 0.6p per share, as at 28 June 2004, equivalent to a 0.8% increase
in the last reported net asset value of 73.4p per share. The ultimate return is
sensitive to movements Loudeye's share price, foreign exchange movements and   
the future performance of the business itself. The share price of Loudeye has  
risen by 24% since the announcement of this transaction by Loudeye on 22 June  
2004.                                                                          



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