Performance at Month End

HG Capital Trust PLC
10 September 2004

HgCapital Trust plc

All information is at 31 August 2004 and unaudited.

Performance at month end with net income reinvested

                                         One month       Three months            One       Three years       Five years
                                                                                year
Net asset value                               1.3%               5.1%          16.3%             10.7%            44.9%
Share price                                   0.1%               3.9%          42.8%             19.1%            57.1%
FTSE All-Share Index                          1.6%               1.5%          10.8%             -5.6%           -12.6%


Sources: HgCapital, Standard & Poor's
At month end
Net asset value:*                             406.58p
Share price:                                  348.50p
Discount:                                     14.3%
Total assets:                                 £115.2m
Net yield:                                    3.4%
Gearing:                                      14.1%
Ordinary shares in issue:                     25,186,755

* includes current year net revenue of 5.69p

The NAV is recalculated monthly with respect to cash, cash equivalents and
quoted investments in the portfolio.
Unquoted investments were last revalued at 30 June 2004.

UK Sector                                                     Total Assets %

Healthcare                                                              23.8
Technology                                                              20.3
Industrials                                                             18.4
Consumer                                                                 9.4
Media                                                                    8.6
Leisure                                                                  8.2
Other                                                                    2.8
Net Current Assets                                                       8.1
Cash                                                                     0.4
                                                                       100.0


Ten Largest Investments Company
                                                              Total Assets % Sector

Raymarine                                                                9.4 Consumer
FTE Automotive                                                           9.4 Industrials
Tunstall                                                                 9.3 Healthcare
WET Automotive                                                           6.5 Industrials
Blue Minerva                                                             5.8 Technology
Classic Copyright                                                        5.2 Media
Xtx                                                                      5.1 Technology
Castlebeck                                                               4.6 Healthcare
Travelsphere                                                             3.5 Leisure
Eagle Rock                                                               3.4 Media
                                                                        62.2


10 September 2004


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