Performance at Month End

HG Capital Trust PLC
07 December 2004


HgCapital Trust plc

All information is at 30 November 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%             5.5%     16.2%          17.9%         48.9%
Share price                  4.4%            13.2%     46.4%          50.9%         75.1%
FTSE All-Share Index         2.4%             6.6%     12.9%           3.1%        -11.6


Sources: HgCapital, Standard & Poor's Micropal


At month end

Net asset value:*                             429.07p
Share price:                                  394.50p
Discount:                                     8.1%
Total assets:                                 £109.4m
Net yield:                                    3.0%
Gearing:                                      3.5%
Ordinary shares in issue:                     25,186,755

* includes current year net revenue of 9.67p

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.

Note:  The impact of the recent IPO of Raymarine is not included in these
figures as they are as at 30 November and the IPO took place on 1 December.

Sector                                   Total Assets %

Healthcare                                         25.5
Technology                                         23.3
Media                                              12.9
Industrials                                        12.3
Consumer                                            9.9
Leisure                                             7.0
Renewable Energy                                    0.9
Other                                               2.8
Net Current Assets                                  5.3
Cash                                                0.1
                                                  100.0


Ten Largest Investments Company
                                         Total Assets % Sector

Raymarine                                           9.9 Consumer
Tunstall                                            9.8 Healthcare
Xtx                                                 7.3 Technology
WET Automotive                                      7.0 Industrials
Blue Minerva                                        6.1 Technology
Classic Copyright                                   5.5 Media
Castlebeck                                          4.9 Healthcare
Clarion Events                                      3.9 Media
Travelsphere                                        3.7 Leisure
Eagle Rock                                          3.5 Media
                                                   61.6

7 December 2004


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