Interim Management Statement

HgCapital Trust plc

Interim Management Statement 10 May 2010

HgCapital Trust plc ('the Company' or the `Trust'), today issues its Interim
Management Statement in accordance with FSA Disclosure and Transparency Rule
4.3. This statement relates to the period from 1 January 2010 to 9 May 2010 and
incorporates the Company's calculation of its Net Asset Value (NAV) at 30 April
2010, in the same form as is issued following the end of each month. The NAV at
30 April 2010 is based on the valuations of unquoted investments as at 31
December 2009, as set out in the annual report issued on 5 March 2010, but is
adjusted for realisations, exchange rates, changes in value of quoted
securities, dividends payable, net revenues during the period and net proceeds
from the placing of shares.

Activity during the period

Investment Environment

During the period, the market in general for new buy-out investment remained
subdued as a result of a combination of factors: poor visibility of earnings in
many sectors; limited access to bank borrowing; over-commitment by some private
equity managers; and unwillingness of owners to sell at prices that reflect
current uncertainties.

The board believes, however, that the Company is now in the early stages of the
next significant cycle for deployment of capital, with the opportunity to make
attractive new investments over the medium term.

New and further investments

In the first four months of 2010 the Company's manager, HgCapital (`the
Manager'), has seen a marked increase in deal flow in the sectors in which it
specialises, and has announced three new buyout investments and one new
renewables investment.

HgCapital acquired a majority stake in JLA Limited, the UK's largest commercial
laundry equipment supplier, in March 2010. The Company contributed £12.1
million of the total consideration.

March also saw the Manager agree the acquisition of Stepstone Solutions, the
talent management division of Stepstone ASA, from Axel Springer AG. The Trust
will invest approximately £13.4 million in the transaction which is expected to
complete later in May.

More recently, the beginning of May 2010 saw the agreement to acquire Frösunda
LSS AB, the leading Swedish provider of specialist disability care. The
transaction is subject to regulatory approval but the Company's share of the
investment will be approximately £12.0 million, and this is expected to
complete in late May/early June.

In addition, a capital call on the Trust of £3.6 million has been made by
HgRenewable Power Partners to fund a new investment in Tyche Solar SARL,
alongside further investments in Havsnas, Ridgewind, Bayern Energie and RD Lux
for the Dew Lay Project.

Realisations

The Manager agreed to sell Hoseasons Holdings Ltd, the leading independent
self-catering holiday operator in the UK, in February. The business was
acquired by Wyndham Exchange & Rentals, the European leader in independent
holiday accommodation, for an enterprise value of £51 million. The Trust
realised total proceeds of £5.1 million, resulting in a multiple in excess of
2.0x the book value of the investment at 31 December 2009 and 2.3x original
cost.

In addition, there was a partial redemption received from Elite, returning £4.1
million to the Trust. This represents a multiple of 0.7x cost.

A further £1.1 million has been received from other investments including a
dividend of £0.9 million from Pulse Staffing and a number of smaller amounts
from the sale of Tribal Group shares, a distribution from Weston Presidio,
deferred proceeds from Hoffmann and Mednova and some loan stock interest.

Placing and Open Offer; Bonus issue of Subscription Shares

On 6 April 2010, the Company raised a total of £50 million through a Firm
Placing and Placing and Open Offer of New Ordinary Shares (with Subscription
Shares attached on a 1-for-5 basis) at 845 pence per New Ordinary Share. At the
same time a bonus issue of Subscription Shares was made to all existing
shareholders on a 1-for-5 basis.

Following the placing and open offer the Company has £122.1 million in cash and
liquid securities available for investment, of which £25.4 million is already
committed to investments in StepStone and Frösunda.

Hg6 Commitment

On 4 May 2010, HgCapital's sixth buyout fund (HgCapital 6) reached its final
closing having raised £1.9 billion. This amount is double the size of its
previous fund, HgCapital 5. The amount committed by the Trust for investment
alongside this new fund has increased to £285.0 million, but shareholders are
reminded that the Company can opt out (without penalty) of any new investment
if it does not have sufficient funds available.

Performance relative to market indices

Total return (NAV plus dividend and after adjusting for the dilutive effect of
the Placing and Open Offer) over the first 4 months of 2010 was 1.0%, compared
with 4.9% growth in the FTSE All-Share Index. The Company's share price at 30
April 2010 was 834.0 pence, a discount of 7.6% against the NAV of 902.4 pence.
The Company's share price (on a total return basis) increased by 1.8% over the
four months to 30 April 2010 in a period when the FTSE All-Share Index and FTSE
SmallCap Index increased by 4.9% and 7.6% respectively.

These performance figures are based on valuations carried out as at 31 December
2009, using market multiples at that date, and therefore do not reflect changes
in stock market indices between 1 January and 30 April. The book value of the
unquoted portfolio will next be reviewed, as usual, at 30 June 2010 in
accordance with IPEV guidelines, taking account of each company's maintainable
earnings and ratings of comparable businesses in the relevant listed markets at
that time.

Current trading

The Company's manager, HgCapital, is represented on the board of every material
investment in the portfolio and receives monthly management accounts from all
the businesses in which the Company is invested. These are regularly discussed
with the Board, together with other information about the strategy, prospects
and leadership of each business, and the actions that the manager is taking to
effect improvements. The latest available trading figures for companies in the
portfolio are for the period ended March 2010. As most portfolio companies have
a December year-end it is difficult to draw conclusions for their performance
in the current year. However, almost all have reported sales ahead of the same
period last year and only one, which has already been written down, has
reported profits materially behind last year.

The Company has a significant exposure to euro denominated assets as at 30
April 2010, with the depreciation of the euro against sterling by 2.3% since 31
December 2009, resulting in a decrease in the valuation of that portion of the
portfolio.

Investment objective 

The Company gives investors access to a private equity portfolio run by an
experienced and well-resourced Manager that makes investments in fast growing
companies over a number of geographies and sectors.

The objective of the Company is to provide shareholders with long-term capital
appreciation in excess of the FTSE All-Share Index by investing in unquoted
companies. The Company provides investors with exposure to a diversified
portfolio of private equity investments primarily in the UK and Continental
Europe.

The Company's Benchmark is the FTSE All-Share Index. 

Performance

All information is at 30 April 2010 and is unaudited.

Performance at month end with net income reinvested

                 One month Three       One year Three     Five     
                           months               years     years    
                                                                   
Net asset value* (0.4%)    1.5%        5.5%     31.2%     112.3%   
                                                                   
Share price      (1.9%)    4.0%        6.7%     5.5%      92.4%    
                                                                   
FTSE All-Share   (1.4%)    8.8%        36.6%    (4.4%)    42.5%    
Index                                                              

*Adjusted for the diluting effect of the Placing and Open Offer.

Sources: HgCapital, Factset

Results

At 30 April 2010

Net asset value:*                902.4p         
                                               
Share price ordinary shares:     834.0p        
                                               
Share price subscription shares: 51.0p         
                                               
Discount                         7.6%          
                                               
Total assets:                    280.7         
                                               
Net yield:                       3.0%          
                                               
Gearing:                         Nil%          
                                               
Ordinary shares in issue:        31,103,915    
                                               
Subscription shares in issue:    6,220,783     
                                               
* includes 4 months net                        
revenue of 13.9p.                              
                                               
Ticker codes:                                  
                                               
Ordinary shares                  HGT           
                                               
Subscription shares              HGTS          

Unaudited Net Asset Value per Share 

The investment portfolio has not been revalued at 30 April 2010. The unaudited
Net Asset Value at 30 April 2010 is based on the Net Asset Value at 31 December
2009 adjusted to reflect purchases and sales of investments, currency movements
and bid values in respect of listed investments. The unaudited Net Asset Value
at 30 April 2010 was 902.4 pence per share compared with 937.2 pence at 31
December 2009, a decrease of 3.7%. After adding back a dividend of 25.0 pence
per share, paid on 31 March, and adjusting for the dilutive effect of the
Placing and Open Offer, the NAV on a total return basis increased by 1.0% over
the period.

Net revenue for the four months to 30 April 2010 was 13.9p.

Balance Sheet

At 30 April 2010 the Company's summary balance sheet was as follows:

                      £m       %     
                                     
Unquoted investments  137.8    49.1  
                                     
Accrued income on     19.3     6.9   
investments                          
                                     
                      -------- ------
                                     
Total investment      157.1    56.0  
portfolio                            
                                     
Cash and other liquid 122.1    43.5  
assets(1)                            
                                     
Other net assets      1.5      0.5   
                                     
                      -------- ------
                                     
Net Asset Value       280.7    100.0 

 1. The cash and other liquid assets balance is before the Trust's investments
    in Stepstone (£13.4 million) and Frösunda (£12.0 million), both of which
    are scheduled to complete in May.
   
 2. As at 30 April the undrawn commitment to Hg6, Hg5 and RPP is £277.4
    million.
   
Portfolio

Ten Largest Investments (at valuation including accrued interest) 

Company                   Total       Sector          
                          Assets %                    
                                                      
VISMA                     10.2        TMT             
                                                      
Pulse Staffing            8.8         Healthcare      
                                                      
Hg Renewable Power        5.2         Renewable Energy
Partners LP                                           
                                                      
JLA                       4.8         Services        
                                                      
Mondo Minerals Co-op      3.8         Industrials     
                                                      
Midas (Goldshield)        3.0         Healthcare      
                                                      
Sporting Index            3.0         Consumer &      
                                      Leisure         
                                                      
Schleich Luxembourg       2.8         Consumer &      
                                      Leisure         
                                                      
SLV Electronik            2.5         Industrials     
                                                      
Americana                 2.4         Consumer &      
                                      Leisure         
                                                      
Total                     46.5                        



Sector                    Total      
                          Assets %   
                               
TMT                       14.8       
                               
Healthcare                13.4       
                               
Consumer & Leisure         5.8        
                               
Industrials                4.7        
                               
Services                   5.5        
                               
Renewable Energy           5.2        
                               
Other                      7.1        
                               
Cash and other            43.5     
liquid assets                  
                               
Total                    100.0      

This statement is a general description of the financial position and
performance of the Company for the period from 1 January 2010 to 30 April
2010.  It does not contain any profit forecast or forward looking information. 
Future performance and share price is likely to be affected by a number of
factors, including (but not limited to) general economic and market conditions
and specific factors affecting the financial performance or prospects of
individual investments within the Company's portfolio.