Disposal

HG Capital Trust PLC
11 April 2008


The following is the text of a press release issued by HgCapital, which manages
the investment portfolio of HgCapital Trust plc alongside those of other
institutional clients. On completion of the sale of Boosey & Hawkes, HgCapital
Trust plc, a listed investment trust giving investors the opportunity to
participate in all of HgCapital's investments, will realise a total of about
£8.8 million. The impact of the realisation on the net asset value of HgCapital
Trust plc represents an increase of approximately 29.0 p per share over the
published 31st March 2008 net asset value of 986.7p.


   HgCapital agrees to sell Boosey & Hawkes for £126 million to Imagem Music


• Sale completes successful four-year investment and turnaround programme

• B&H reinforced as world class music publishing group

London, 11th April 2008: HgCapital, the European sector-focused private equity
investor, today announced that it has agreed to sell Boosey & Hawkes, the
leading classical music publishing and rights group, to Imagem Music, the music
publishing fund of Stichting Pensioenfonds ABP (ABP) and CP Masters BV and one
of Europe's leading independent music publishers, for a consideration of
approximately £126 million.

The sale completes a successful four-year investment for HgCapital and
represents a significant return following its original acquisition of Boosey &
Hawkes, then a public company, for £75 million in December 2003.

During that time the firm supported Boosey & Hawkes' management in executing a
transformation from a traditional classical music publisher into a 21st century
music rights group. It has outsourced a number of non-core activities such as
printing and distribution and developed a series of new revenue streams. In
particular it has developed a strong presence in the market for music in
advertising and film, where revenues are currently growing at approximately 30%
per annum.

In 2003, Boosey & Hawkes made earnings (before interest, tax, depreciation and
amortisation) of approximately £3.3 million; by 2007 it achieved earnings of
£6.8 million.

Boosey & Hawkes controls the rights to more than 116,000 works of music and
choreography, from many of the world's most famous classical composers,
including Stravinsky, Rachmaninoff, Benjamin Britten and Prokofieff. It also
works with many of the world's most renowned living composers such as Peter
Maxwell Davies, Karl Jenkins, John Adams and Steve Reich.

During HgCapital ownership it has made six acquisitions that have moved it into
new areas such as tango and jazz, including signings with composer/performers
such as Wynton Marsalis. The existing management team led by John Minch, the
Chief Executive, will be retained.

Imagem Music - the music publishing fund of ABP (represented by APG) and CPM -
has acquired the classical catalogue managed by Boosey & Hawkes. The acquisition
is a long term strategic investment for Imagem Music, which also recently
acquired various music rights catalogues from Universal Music Group, such as
Zomba UK, Rondor UK, 19 Music and the greatest part of the BBC catalogue.

Commenting on the transaction, Nick Turner from HgCapital said:
'We are very pleased to have reached this agreement with Imagem Music. Boosey &
Hawkes is a first class music publisher that has thrived under HgCapital's
ownership and this transaction fully reflects the hard work and success that the
company and its management have enjoyed in recent years. We wish them well for
the future.'

Ronald Wuijster, head of Strategy and Research of APG Investments, said:
'We view this transaction as a great add-on to our recent acquisition of certain
catalogues with popular music content from Universal (UMG). This acquisition of
the largest classical music rights catalogue in the world greatly diversifies
our portfolio and strengthens our position.

'We are committed to be a long term investor in this space and find intellectual
property rights, among which music rights is an important category, a lucrative
new asset class with interesting characteristics for a long term investor that
is looking for real absolute returns.'

Andre de Raaff, CEO of CP Masters BV, said:
'We are extremely excited to be connected now with the world's best classical
music from many legendary composers as well as many successful living composers.
Classical entertainment is enjoying tremendous growth, because of the ageing of
the world population. Boosey & Hawkes and our other music publishing assets will
be run separately, however synergies with regard to syncs, finance, royalties &
copyrights and the Boosey & Hawkes offices in Berlin and New York will be
created immediately. '

John Minch added:
'This is an excellent outcome for everyone concerned. HgCapital has been a
tremendous owner for Boosey & Hawkes over the past four years and enabled it to
undergo transformational change. In 2003 Boosey & Hawkes was in some
difficulties as a public company and going private enabled us to make the
radical changes necessary for the survival of the business.

'Imagem Music meanwhile promises to be a highly supportive long-term owner that
can reap steady and predictable financial benefits from our world class music
portfolio. We look forward to working with them.'

HgCapital was advised in this transaction by Close Brothers Corporate Finance
and Weil Gotshal & Manges. APG was advised by ABN AMRO Bank N.V., Herbert Smith
and Statham Gill Davies Solicitors.

                                     -Ends-

Contacts:

HgCapital
Nick Turner                               Tel: [phone]

Boosey & Hawkes
John Minch                                 Tel: [phone]

Maitland (PR Advisers to HgCapital and
Boosey & Hawkes)
Neil Bennett                              Tel: [phone]

CP Masters BV
Andre de Raaff                            Tel: [phone]

APG
Thijs Steger                              Tel: [phone]


About HgCapital

HgCapital is a sector focused private equity investor in the European
mid-market. We focus on investments with an enterprise value in the range of
£50-£500 million. Our business model combines sector specialisation with
dedicated, pro-active support to our portfolio companies as well as the
corresponding management expertise across all phases of the investment process.
HgCapital manages more than €2 billion for some of the world's leading
institutional and private investors. Our goal is to achieve outstanding results
for our investors, management team and intermediaries.
For further details, see www.hgcapital.com

About APG

APG is an independent pension services company based in the Netherlands. APG
Investments is a division of APG, All Pensions Group. APG Investments manages
more than €200 billion and it is one of the largest managers of pension assets
in the world. APG promotes the pension interests of 2.7 million Dutch citizens
and more than 4000 Dutch employers. APG employs 2500 people, 450 of which are
active in asset management. APG has offices in the Netherlands in Amsterdam and
Heerlen.
www.apg.nl

About CP Masters

CP Masters is one of Europe's leading independent music companies and is owned
by Andre de Raaff and Denis Wigman (CP Masters' CFO).  Andre de Raaff has over
thirty years' experience working in and running music publishing companies.  He
is a board member of the Dutch performing rights society BUMA and chairman of
the Dutch Music Publishing Association (NMUV).  CTM is an entertainment company
active in several sectors such as; film, TV, records and music publishing. CP
Masters is the music publishing business of CTM.





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