Portfolio Update

HG Capital Trust PLC
05 January 2006

HgCapital Trust plc

All information is at 30 November 2005 and unaudited.

Performance at month end with net income reinvested

                                         One month       Three months            One       Three years       Five years
                                                                                year
Net asset value                               2.1%               1.7%          39.2%             79.8%            55.3%
Share price                                  -0.4%               2.7%          50.0%            190.7%            89.4%
FTSE All-Share Index                          3.3%               3.8%          21.4%             53.4%            11.2%


Sources: HgCapital, Standard & Poor's Micropal
At month end
Net asset value:*                             587.36p
Share price:                                  582.50p
Discount:                                     0.8%
Total assets:                                 £144.0m
Net yield:                                    1.4%
Gearing:                                      Nil%
Ordinary shares in issue:                     25,186,755

* includes current year net revenue of 15.76p

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 2005.
Sector                                                          Total Assets
                                                                           %

Technology                                                              24.2
Leisure                                                                 12.7
Media                                                                   11.3
Healthcare                                                              10.4
Industrials                                                             10.3
Consumer                                                                 3.0
Other                                                                    2.2
Renewable Energy                                                         0.9
Fixed Interest                                                          22.5
Net Current Assets                                                       2.4
Cash                                                                     0.1
                                                                       -----

                                                                       100.0

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Ten Largest Investments
Company                                                         Total Assets Sector
                                                                           %

Xtx                                                                      8.6 Technology
WET Automotive                                                           4.7 Industrials
Blue Minerva                                                             4.6 Technology
Travelsphere                                                             4.5 Leisure
Elite                                                                    4.2 Technology
Classic Copyright                                                        4.2 Media
Sporting Index                                                           3.8 Leisure
Eagle Rock                                                               3.7 Media
Clarion Events                                                           3.5 Media
Hoffman-Menu                                                             3.3 Industrials

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                                                                        45.1

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5 January 2006


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