Investment Policy

HG Capital Trust PLC
21 October 2003

HgCapital Trust plc

Policy on investment in investment companies

In light of the recent publication of Investment Entities (Listing Rules and
Conduct of Business) Instrument 2003, the Board wishes to announce that it is
the Company's policy to invest no more than 15% of its gross assets in other
listed investment companies (including listed investment trusts).

By order of the Board

Miss D A Fish
for HgPooled Management Limited
Secretary

21 October 2003

Contact for queries:  Miss D A Fish, 020 7743 5153


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