Performance at Month End

HG Capital Trust PLC
15 December 2003


HgCapital Trust plc

All information is at 28 November 2003 and unaudited.

Performance at month end with net income reinvested

                                         One month       Three months            One       Three years       Five years
                                                                                year
Net asset value                               2.5%               5.6%          11.2%             -4.0%            50.8%
Share price                                   2.6%              10.5%          32.4%            -13.7%            54.9%
FTSE All-Share Index                          1.3%               4.6%          11.2%            -19.9%            -5.8%


Sources: HgCapital, Standard & Poor's Micropal


At month end

Net asset value:*                             380.76p
Share price:                                  280.00p
Discount:                                     26.5%
Total assets:                                 £94.4m
Net yield:                                    2.86%
Gearing:                                      Nil
Ordinary shares in issue:                     25,186,755

* includes current year net revenue of 5.96p


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 2003.

Sector                                                        Total Assets %

Information Technology                                                  21.2
Healthcare                                                              18.8
Automotive                                                              15.9
Electronics                                                             10.3
Hotels & Leisure                                                         8.9
Pharmaceuticals                                                          6.6
Support Services                                                         5.3
Media                                                                    3.9
Overseas Venture Funds                                                   2.9
Other                                                                    0.3
Cash                                                                     2.3
Net Current Assets                                                       3.6
                                                                       100.0


Ten Largest Investments Company
                                                              Total Assets % Sector

Raymarine                                                               10.3 Electronics
Xtx                                                                      8.5 Information Technology
WET Automotive                                                           8.1 Automotive
FTE Automotive                                                           7.8 Automotive
Tunstall                                                                 6.2 Healthcare
Match Holdings                                                           6.0 Healthcare
Travelsphere                                                             4.8 Hotels & Leisure
Pharma Bio-Research                                                      4.5 Pharmaceuticals
Castlebeck                                                               4.0 Healthcare
Eagle Rock Entertainment                                                 3.9 Media
                                                                        64.1


15 December 2003


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