Interim Management Statement

HgCapital Trust plc

Interim Management Statement

6 October 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 July 2010 to 5 October 2010
and incorporates the Company's calculation of its Net Asset Value (NAV) at 30
September 2010, in the same form as is issued following the end of each month.
The NAV at 30 September 2010 is based on the valuations of unquoted investments
as at 30 June 2010, as set out in the half yearly report issued on 26 August
2010, with any subsequent investment completed by the date of the announcement
accounted for at cost; adjustments are made for realisations, exchange rates,
changes in the value of quoted securities and net revenues during the period.

The reader's attention is drawn to the announcement made on 26 September 2010
of the partial realisation of the Company's investment in Visma. When completed
(expected in November), it is estimated to add 59.9 pence to the 30 September
2010 basic net asset value per share (49.9 pence to the 30 September 2010
diluted net asset per share). Further information is contained in this
statement.

Activity during the period

Investment Environment

During the period, the market in general for new buyout investment improved
from the low levels seen 12 months ago. Private equity managers such as
HgCapital ("the Manager"), who had positioned themselves well so as to
withstand the recession, have been able to complete attractive acquisitions,
with reasonable leverage. Those who entered the recession over-stretched and
over-committed have found it more difficult to re-enter the market for new
deals.

Bank finance is more available, although only for quality companies and at
sensible levels of gearing. Terms are attractive for funding the acquisition of
high quality companies that have come through the recession with growth in
revenue and earnings.

The Board believes that the Company is well placed to participate in the
current stage of the cycle for deployment of capital, with the opportunity to
make new investments in attractive growing companies that have proven
themselves robust through a tough recession. At the same time, conditions are
fairly well balanced for realisations, because good companies are now being
fairly valued in the market.

New and further investments

Since 30 June 2010, alongside other clients of the Manager, the Company, for a
total consideration of £39.1 million, has participated in two new buyout
investments and two further investments.

During July 2010, HgCapital acquired Teufel, a leading designer and online
retailer of loudspeaker systems in Germany. The Trust contributed £9.1 million
of the total consideration.

In August 2010, HgCapital provided funding to Stepstone Solutions to acquire a
competitor, Mr Ted, as a bolt-on acquisition. The company's strong technology
base is complementary to Stepstone's, and its several large blue chip customers
make it an ideal addition. The Trust contributed £3.5 million to the
investment.

August also saw the Trust invest a further £1.4 million in Atlas Energy Group
Limited to support growth and assist with providing headroom to banking
covenants.

TeamSystem, a leading software and services business based in Pesaro, Italy,
was acquired in September 2010. The Trust's share of the investment was £25.1
million.

Realisations

On 26 September 2010, the Manager announced the sale of 63.5% of its stake in
Visma Holdings, the leading software and BPO services business in the Nordic
region to KKR at an enterprise value of £1.2 billion. Following the transaction
HgCapital clients will retain a 17.7% stake in the business. The Trust will
immediately realise estimated cash proceeds of £39.1 million and continue to
retain a stake in Visma with an estimated value of £22.5 million. The total
value of cash and the retained stake, £61.7 million, compares with a carrying
value of £43.0 million in the Net Asset Value of the Trust at 30 September
2010, an uplift of £18.6 million (59.9 pence per share, basic; 49.9 pence per
share, diluted). Cash proceeds together with the estimated value of the
Company's continuing interest delivered an IRR of 37% and an investment
multiple of 3.7x on total capital invested. The deal is subject to regulatory
clearance, with completion expected in November 2010.

In addition, the Trust received a distribution of £0.7 million from HgRenewable
Power Partners relating to proceeds received from the partial loan redemptions
of six renewable energy projects.

Performance relative to benchmark

Since 30 June the total return (NAV plus dividend) increased by 2.2%, compared
with a 13.6% increase in the FTSE All-Share Index. The Company's share price at
30 September 2010 was 852.0 pence, a discount of 11.2% against the NAV of 959.5
pence. The Company's share price (on a total return basis) increased by 6.7%
over the three months to 30 September 2010 in a period when the FTSE All-Share
Index increased by 13.6%.

These performance figures are based on valuations of the portfolio as at 30
June 2010, using market multiples at that date, and therefore do not reflect
changes in the ratings of comparable listed companies between 1 July 2010 and
30 September 2010. The book value of the unquoted portfolio will next be
reviewed, as usual, at 31 December 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 Manager is represented on the board of every material investment in the
portfolio and receives monthly management accounts from all the buyouts in
which the Company is invested. These are regularly discussed with the Board,
together with other information about the trading environment, 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 August 2010. As most
companies in the buyout portfolio have a December year-end it is too early to
be certain about their performance in the current year. However, almost all
have reported sales ahead of the same period last year, with 15 of the top 20
increasing sales by 5% or more including 9 by more than 10%; only one has
reported profits materially below last year.

The Company has a significant exposure to euro denominated assets; as at 30
September 2010, the appreciation of the euro against sterling, by 5.5% since 30
June 2010, has resulted in an increase in the valuation of that portion of the
portfolio. Similarly, the appreciation of Norweigan Kroner against sterling of
5.2% has resulted in an increase in the valuation of Visma.

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 September 2010 and is unaudited.

Performance at month end with net income reinvested

                         One      Three       One      Three     Five       Ten
                       month     months      year      years    years     years       
                                                                               
NAV per Ordinary        2.2%       2.2%     10.6%      21.8%    84.7%    184.6%
share (basic)                                                                  
                                                                               
Ordinary Share          4.8%       6.7%      2.0%      12.5%    61.3%    201.6%
price                                                                          
                                                                               
FTSE All-Share          6.5%      13.6%     12.5%     (3.1%)    24.7%     31.9%
Index                                                                          

Sources: HgCapital, Factset

Results

At 30 September 2010

Net asset value per share:*                     
                                                
-Basic                            959.5p        
                                                
-Diluted                          957.9p        
                                                
Share price - ordinary shares:    852.0p        
                                                
Ordinary share price discount  to 11.2%         
NAV (basic):                                    
                                                
Share price - subscription        56.0p         
shares:                                         
                                                
Net yield:                        2.9%          
                                                
Gearing:                          Nil%          
                                                
Ordinary shares in issue:         31,103,915    
                                                
Subscription shares in issue:     6,220,783     
                                                

* includes 9 months net       
revenue of 16.4p.             

Ticker codes:                                          
                                                       
Ordinary shares                   HGT                  
                                                       
Subscription shares               HGTS                 

Unaudited Net Asset Value per Share

The investment portfolio has not been revalued at 30 September 2010. The
unaudited Net Asset Value at 30 September 2010 is based on the Net Asset Value
at 30 June 2010 adjusted to reflect purchases and sales of investments,
currency movements and market prices (at bid) in respect of listed investments.

Net revenue for the nine months to 30 September 2010 was 16.4p.

Balance Sheet

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

                           £m       %     
                                     
Unquoted investments    250.9    84.1  
                                     
Accrued income on        23.9     8.0   
investments                          
                     --------  ------
                                     
Total investment        274.8    92.1  
portfolio                            
                                     
Cash and other liquid    22.7     7.6   
assets                               
                                     
Other net assets          0.9     0.3   
                                     
                     --------  ------
                                     
Net Asset Value         298.4   100.0 

(1) As at 30 September 2010, the undrawn commitment to Hg6, Hg5, RPP and RPP2
is £195.3 million.

(2) Following the partial realisation of Visma (expected to be completed in
November 2010), the NAV is estimated to be £317.1 million (1,019.4 pence per
share basic) and liquid resources are estimated to be £60.6 million (19.0% of
the estimated NAV). Assuming all subscription shares in issue are exercised at
their minimum price of 950 pence, the diluted Net Asset Value per share is
estimated to be 1,007.8 pence per share.

Portfolio

Twenty Largest Investments at 30 September 2010 (at valuation including accrued
interest):

Company                         Total     Sector          
                             Assets %                    
                                                      
VISMA*                           14.4     TMT             
                                                      
TeamSystem                        8.5     TMT             
                                                      
Pulse Staffing                    7.6     Healthcare      
                                                      
Stepstone Solutions               6.5     TMT             
                                                      
Frosunda                          4.7     Healthcare      
                                                      
Hg Renewable Power                4.7     Renewable Energy
Partners LP                                           
                                                      
JLA                               4.5     Services        
                                                      
Mondo Minerals Co-op              3.8     Industrials     
                                                      
Manx Telecom                      3.7     TMT             
                                                      
SimonsVoss                        3.5     Industrials     
                                                      
SLV Electronik                    3.3     Industrials     
                                                      
Teufel                            3.1     Industrials     
                                                      
Voyage                            2.9     Healthcare      
                                                      
Epyx                              2.9     TMT             
                                                      
Midas (Goldshield)                2.9     Healthcare      
                                                      
Schleich                          2.7     Consumer &      
                                             Leisure         
                                                      
Achilles                          2.7     TMT             
                                                      
Americana                         2.4     Consumer &      
                                             Leisure         
                                                      
Sporting Index                    2.1     Consumer &      
                                             Leisure         
                                                      
Elite                             1.2     TMT             
                                                      
Total                            88.1                 

* The partial realisation of Visma will reduce its value to an estimated £22.5
million, representing 7.1% of the estimated total asset value, post this
transaction.

Sector               Total Assets
                           %           
                                     
TMT*                     41.0        
                                     
Healthcare               19.1        
                                     
Consumer & Leisure        7.3         
                                     
Industrials              13.7        
                                     
Services                  5.9         
                                     
Renewable Energy          5.0         
                                     
Other                     0.4         
                                     
Cash and other liquid     7.6        
assets                               
                                     
Total                   100.0       
                                     

*The partial realisation of Visma will reduce the share relating to TMT to
32.2% of the estimated total asset value post this transaction.

This statement is a general description of the financial position and
performance of the Company for the period from 1 July 2010 to 5 October 2010. 
It does not contain any profit forecast or forward looking information. Future
performance and share price are 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.