Interim Management Statement

HgCapital Trust plc

Interim Management Statement 15 October 2009

HgCapital Trust plc ('the Company'), 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 2009 to 14 October 2009 and
incorporates the Company's calculation of its net asset value at 30 September
2009, in the same form as is issued following the end of each month. The Net
Asset Value (NAV) at 30 September is based on the valuations of unquoted
investments as at 30 June, as set out in the half yearly report issued in
August, but is adjusted for realisations, exchange rates, changes in value of
quoted securities and net revenues during the period.

Transaction activity during the period

The market for new buy-out investment remains subdued as a result of a
combination of factors: poor visibility of earnings; limited access to bank
borrowing; over-commitment by some private equity managers; and unwillingness
of owners to sell at prices that reflect current uncertainties. Although the
Company has substantial liquid resources ready for investment it has made no
new investment since the buy-out of Epyx Investments Limited, which was
announced on 30 June 2009 and described in the interim report.

An offer has been announced to acquire the shares of the pharmaceuticals
company Goldshield Group plc. Following this, the investment vehicle Midas
Bidco has been funded by HgCapital via a loan and has acquired over 6.1 million
shares in Goldshield, representing 16.66% ownership. The Company's share of
this investment is £5.3 million.

The Company has also made a payment of £0.2 million to Hg Renewable Power
Partners LP, representing the Company's share of two small further investments
made within the fund in Bargas Solar and Ridge Wind.  

Following the Company's long series of realisations no further sales have taken
place during the period. However, a total of £5.7 million has been returned to
the Company, including a £2.3 million dividend and £3.2 million of redeemed
loan stock and interest thereon received from Pulse Staffing. The balance
returned relates to deferred proceeds.

Performance relative to market indices

Since 30 June the total return (NAV plus dividend) increased by 1.4%, compared
with a 22.4% increase in the FTSE All-Share Index. The Company's share price at
the end of September was 860.0 pence, a discount of 3.5% against the NAV of
890.8 pence. The Company's share price (on a total return basis) increased by
9.4% over the three months to 30 September 2009, in a period when the FTSE
All-Share Index and FTSE SmallCap Index increased by 22.4% and 30.0%
respectively.

The total return (NAV plus dividend) since 1 January was -1.5%, compared with
the total return of 23.4% of the FTSE All-Share Index. The Company's share
price (on a total return basis) increased by 32.6% over the nine months to 30
September while the FTSE All-Share Index and FTSE SmallCap Index increased by
23.4% and 59.6% respectively.

These performance figures are based on valuations carried out as at 30 June,
using market multiples at that date, and therefore do not reflect the rapid
rise in stock market indices between 1 July and 30 September.

At 14 October the share price of the Company was 852.0 pence, a discount of
4.4% to the NAV at 30 September.

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. Where there is a risk that any bank covenant may be
breached the manager is well placed to initiate negotiations well in advance.

The latest available trading figures to August 2009 show a mixed picture, with
results for most companies varying from month to month, reflecting the poor
visibility at this stage of the economic cycle. The top ten buy-out investments
in the portfolio represent 43.1% of net assets: of these, eight are reporting
sales ahead of the same period last year and seven are reporting profits ahead
of last year. Most of the remaining unquoted investments, which were
substantially written down in previous periods and which in aggregate represent
9.6% of net assets at 30 September, continued to suffer in the difficult
trading conditions. In all cases the Manager continues to work actively with
the management of these companies in order to build value for shareholders
wherever possible.

Share price and valuation

The discount of the Company's share price against published Net Asset Value has
narrowed substantially and is lower than that of all other quoted UK private
equity investment trusts. This may reflect in part the Company's holdings of
cash and other liquid assets which currently represent over 43% of the net
assets but also prudent management demonstrated through the economic cycle. The
book value of the unquoted portfolio will next be reviewed, as usual, at 31
December 2009 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.

The Company has a significant exposure to euro denominated assets as at 30
September, with the appreciation of the euro against sterling since 30 June
resulting in an increase in the valuation.

Investment objective 

HgCapital Trust plc gives the investor 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 2009 and is unaudited.

Performance at month end with net income reinvested

                One      Three      One     Three     Five    
                month    months     year    years     years   
                                                              
Net asset value     0.6%       1.4% (13.1%)     39.5%   133.8%
                                                              
Share price         9.3%       9.4%   12.1%     38.4%   159.7%
                                                              
FTSE All-Share      4.7%      22.4%   10.8%    (3.4%)    38.4%
Index                                                         

Sources: HgCapital, Factset

Results

At 30 September 2009

Net asset value:*                890.8p      
                                             
Share price:                     860.0p      
                                             
Discount                         3.5%        
                                             
Net assets:                      £224.4m     
                                             
Net yield:                       2.9%        
                                             
Gearing:                         Nil%        
                                             
Ordinary shares in issue:        25,186,755  
                                             
* includes 9 months net revenue              
of 13.0p.                                    

Unaudited Net Asset Value per Share 

The investment portfolio has not been revalued at 30 September 2009. The
unaudited Net Asset Value at 30 September 2009 is based on the Net Asset Value
at 30 June 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 September 2009 was 890.8 pence per share by
comparison with 929.4 pence at 31 December 2008, a decrease of 4.2%. 

Net revenue per share for the nine months to 30 September 2009 was 13.0p.

Balance Sheet

At 30 September 2009, the Company's summary balance sheet was as follows:

                     £m      %   
                                 
Unquoted             106.4  47.5 
investments                      
                                 
Quoted investments     0.1     -   
                                 
Total investment     106.5  47.5 
portfolio                        
                                 
Cash/Gilts            97.7  43.5 
                                 
Other net assets      20.2   9.0  
                                 
Net Asset Value      224.4 100.0 

Portfolio

The largest investments in the portfolio (at valuation including accrued
interest) and their share of net assets are shown below:

         Company          Net Assets      Sector     
                               %                     
                                                     
VISMA                         9.5     TMT            
                                                     
Pulse Staffing                8.5     Healthcare     
                                                     
Epyx                          3.6     TMT            
                                                     
Schleich Luxembourg           3.6     Consumer &     
                                      Leisure        
                                                     
Sporting Index                3.5     Consumer &     
                                      Leisure        
                                                     
Mondo Minerals Co-op          3.4     Industrials    
                                                     
Voyage Healthcare             3.2     Healthcare     
                                                     
Americana International       2.8     Consumer &     
                                      Leisure        
                                                     
Casa Reha                     2.6     Healthcare     
                                                     
Achilles                      2.4     TMT            
                                                     
Total Top 10 Buy-out         43.1                       
                                                     
Hg Renewable Power            3.4     Renewable      
Partners LP                           Energy         
                                                     
Other Buy-out Investments     9.6                    
                                                     
Total Portfolio              56.1                       



     Sector         Net   
                  Assets %
                          
TMT                   15.7
                          
Healthcare            15.2
                          
Consumer &             7.8
Leisure                   
                          
Industrials            4.4
                          
Services               1.8
                          
Renewable Energy       3.4
                          
Other                (0.8)
                          
Fixed Interest        43.5
and Cash                  
                          
Net current            9.0
assets                    
                          
Total                100.0

This statement is a general description of the financial position and
performance of the Company for the period from 1 July 2009 to 30 September
2009.  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.