Performance at month end

HG Capital Trust PLC
05 November 2004

HgCapital Trust plc

All information is at 31 October 2004 and unaudited.

Performance at month end with net income reinvested

                      One month    Three months       One    Three years    Five years
                                                     year

Net asset value            0.4%            5.5%     17.6%          17.1%         51.5%
Share price                2.4%            8.6%     43.9%          41.2%         73.0%
FTSE All-Share Index       1.3%            5.8%     11.6%           5.1%          -8.2


Sources: HgCapital, Standard & Poor's Micropal

At month end

Net asset value:*                             423.70p
Share price:                                  378.00p
Discount:                                     10.8%
Total assets:                                 £111.9m
Net yield:                                    3.2%
Gearing:                                      6.9%
Ordinary shares in issue:                     25,186,755

* includes current year net revenue of 8.30p

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.

Sector                                       Total Assets %

Healthcare                                             24.8
Technology                                             21.9
Industrials                                            16.1
Media                                                  12.6
Consumer                                                9.7
Leisure                                                 6.8
Other                                                   2.8
Net Current Assets                                      5.2
Cash                                                    0.1
                                                      100.0


Ten Largest Investments Company
                                             Total Assets % Sector

Raymarine                                               9.7 Consumer
Tunstall                                                9.6 Healthcare
WET Automotive                                          6.8 Industrials
FTE Automotive                                          6.4 Industrials
Xtx                                                     6.2 Technology
Blue Minerva                                            5.9 Technology
Classic Copyright                                       5.4 Media
Castlebeck                                              4.8 Healthcare
Clarion Events                                          3.8 Media
Travelsphere                                            3.7 Leisure
                                                       62.3


5 November 2004


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