Performance at Month End

HgCapital Trust plc

All information is at 31 October 2011 and unaudited.

Performance at month end with net income reinvested

                    One      Three     One     Three      Five     Ten 
                    month    months    year    years     years    years      
                                                                         
Net asset value     0.5%     0.5%     20.0%    11.5%     84.7%    260.9%
(diluted)                                                                
                                                                         
Net asset value     0.6%     0.6%     23.0%    14.4%     89.6%    270.4%
(basic)                                                                  
                                                                         
Share price         2.2%    (6.2%)    11.3%    53.4%     68.1%    348.8%
                                                                         
FTSE All-Share      7.9%    (4.6%)     0.6%    46.0%      8.9%     59.1%
Index                                                                    

Sources: HgCapital, Factset

At month end

Net asset value:*                                                            
                                                                             
Basic                                                            1,149.6p
                                                                             
Diluted                                                          1,120.1p
                                                                             
Share price ordinary shares:                                     1,022.0p
                                                                             
Ordinary share price discount to NAV                                11.1%
(basic):                                                                     
                                                                             
Ordinary share price discount to NAV                                 8.8%
(diluted):                                                                   
                                                                             
Share price subscription shares:                                   114.9p
                                                                             
Total net assets:                                                 £365.6m
                                                                             
Net yield:                                                           2.7%
                                                                             
Market Capitalisation:                                            £325.0m
                                                                             
Gearing:                                                             Nil%
                                                                             
Ordinary shares in issue:                                      31,799,725
                                                                             
Subscription shares in issue:                                   5,524,973
                                                                             
* includes 10 months net revenue of 11.01p                                   
                                                                             
The sale of Mondo Minerals, which was previously announced, completed                    
during October 2011. The Trust has initially realised £12.6 million of          
cash proceeds with further proceeds, which are currently valued at
£2.3 million, expected over the next 2 years. This compares to an original  
cost of £7 million.                                                          

With effect from 21 October 2011, £12 million (10% of the original £120 million
loan commitment to the Hg5 Fund) was cancelled as it was unlikely to be
required by the Fund. The Trust's undrawn commitments to invest in or alongside
the Manager's Hg6, Hg5, Mercury, RPP and RPP2 funds therefore totalled £243.8
million as at 31 October 2011. Liquid resources totalled £99.6 million as at 31
October 2011, and an additional £40 million is available from the undrawn bank
facility.

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 2011.

Sector                                                       Total Assets
                                                                         
                                                                        %
                                                                             
Technology & Media                                                   28.4
                                                                             
Healthcare                                                           13.3
                                                                             
Services                                                              9.4
                                                                             
Industrials                                                           5.8
                                                                             
Renewable Energy                                                      5.2
                                                                             
Consumer & Leisure                                                    4.0
                                                                             
Other                                                                 6.7
                                                                             
Cash and other liquid assets                                         27.2
                                                                             
                                                                    100.0

Ten Largest Investments

Company                           Total Assets  Sector                          
                                                                               
                                             %                                 
                                                                               
TeamSystem                                 7.3  Technology & Media              
                                                                               
VISMA                                      6.5  Technology & Media              
                                                                               
SHL                                        5.1  Services                        
                                                                               
Lumesse                                    4.8  Technology & Media              
                                                                               
Frosunda                                   4.5  Healthcare                      
                                                                               
Midas EquityCo (Goldshield)                4.4  Healthcare                      
                                                                               
HG Renewable Energy (Fund 1)               4.0  Renewable Energy                
                                                                               
Achilles                                   3.9  Technology & Media              
                                                                               
Mainio Vire                                3.4  Healthcare                      
                                                                               
Epyx                                       3.2  Technology & Media              
                                                                               
                                          47.1                                 

07 November 2011