Performance at Month End

HG Capital Trust PLC
24 May 2004


HgCapital Trust plc

All information is at 30 April 2004 and unaudited.

Performance at month end with net income reinvested

                                         One month       Three months            One       Three years       Five years
                                                                                year
Net asset value                               0.2%               0.4%          18.9%             -3.3%            48.9%
Share price                                   6.7%              11.0%          57.4%              4.2%            64.1%
FTSE All-Share Index                          2.1%               3.6%          22.2%            -14.1%           -14.6%


Sources: HgCapital, Standard & Poor's
At month end
Net asset value:*                             389.78p
Share price:                                  348.00p
Discount:                                     10.7%
Total assets:                                 £104.2m
Net yield:                                    3.4%
Gearing:                                      7.5%
Ordinary shares in issue:                     25,186,755

* includes current year net revenue of 4.96p

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 2003.


UK Sector                                                     Total Assets %

Healthcare                                                              28.5
Technology                                                              17.9
Industrials                                                             16.8
Consumer                                                                 9.6
Media                                                                    9.3
Leisure                                                                  8.4
Other                                                                    3.1
Net Current Assets                                                       5.6
Cash                                                                     0.8
                                                                       100.0


Ten Largest Investments Company
                                                              Total Assets % Sector

Raymarine                                                                9.6 Consumer
Xtx                                                                      7.7 Technology
WET Automotive                                                           7.1 Industrials
FTE Automotive                                                           6.8 Industrials
Tunstall                                                                 6.7 Healthcare
Classic Copyright                                                        5.8 Media
Match Holdings                                                           4.6 Healthcare
Patientline                                                              4.2 Healthcare
Pharma-Bio Research                                                      4.0 Healthcare
Travelsphere                                                             3.9 Leisure
                                                                        60.4


24 May 2004


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