Performance at Month End

HG Capital Trust PLC
13 May 2003

HgCapital Trust plc

All information is at 30 April 2003 and unaudited.

Performance at month end with net income reinvested

                                         One month       Three months            One       Three years       Five years
                                                                                year
Net asset value                               1.7%               1.7%          -9.3%             -0.9%            35.3%
Share price                                   7.3%               8.0%         -24.9%            -13.6%            14.2%
FTSE All-Share Index                          9.4%              11.5%         -22.0%            -31.4%           -22.5%


Sources: Merrill Lynch Investment Managers, Standard & Poor's Micropal
At month end
Net asset value:*                             337.90p
Share price:                                  227.0p
Discount:                                     32.8%
Total assets:                                 £84.9m
Net yield:                                    3.52%
Gearing:                                      Nil
Ordinary shares in issue:                     25,186,755

* includes current year net revenue of 0.8p.

The NAV is recalculated monthly with respect to cash, cash equivalents and
quoted investments in the portfolio.

Unquoted investments were last revalued at 31 December 2002.

UK Sector                                             Total Assets
                                                                 %

Healthcare                                                    21.9
Information Technology                                        15.7
Electronics                                                   13.7
Overseas venture funds                                        12.8
Hotels & Leisure                                               7.5
Support Services                                               4.4
Media                                                          4.3
Pharmaceuticals                                                4.2
Other                                                          0.6
Fixed Interest                                                11.2
Net current assets                                             3.2
Cash                                                           0.5
                                                             100.0


Ten Largest Investments Company
                                                       Total Assets Sector

                                                                  %
Raymarine                                            13.7 Electronics
FTE Automotive                                        8.7 Overseas Funds
Pharma Bio-Research                                   5.1 Healthcare
Match Holdings                                        4.8 Healthcare
Travelsphere                                          4.8 Hotels & Leisure
Castlebeck                                            4.4 Healthcare
Eagle Rock Entertainment                              4.3 Media
Alizyme                                               4.2 Pharmaceuticals
Acuid                                                 4.0 Information Technology
Tunstall                                              3.4 Healthcare
                                                     57.4


13 May 2003


                      This information is provided by RNS
            The company news service from the London Stock Exchange