Sale of PBR

HG Capital Trust PLC
19 June 2006





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 Pharma Bio Research BV, HgCapital Trust plc, a
listed investment trust giving investors the opportunity to participate in all
of HgCapital's investments, will realise a total of €8 million.


             HgCapital sells Pharma Bio-Research BV for €85 million


London, 19 June 2006. HgCapital, the European sector-focused private equity
investor, today announces the sale of Pharma Bio-Research BV (PBR), a contract
research organisation focused on managing early-phase clinical trials of new
drugs on behalf of global pharmaceutical and biotech companies. HgCapital has
sold PBR to PRA International (PRA), the US-listed global clinical research
organisation (NASDAQ: PRAI), for a consideration of €85 million. The transaction
is expected to close in early July.

The sale of PBR is HgCapital Healthcare team's fourth transaction in under18
months totalling almost €1 billion, highlighting the firm's experience in the
sector. It follows the recent €450 million acquisition of Paragon Healthcare,
the leading provider of speciality community-based residential care for people
with learning disabilities. In addition Clinphone, another HgCapital investment,
has also announced its intention to float on the London Stock Exchange.

PBR, which is one of three portfolio investments in the Benelux region and a
core investment geography for HgCapital, is based in Zuidlaren and Assen in the
Netherlands. It operates two clinical facilities in northern Holland, including
one at the world-renowned Groningen University Hospital. HgCapital invested in
PBR in December 2002. Since then, HgCapital has worked with PBR management to
broaden the company's client base, build its presence in the USA and develop
strong capabilities in proof of concept clinical studies.

The sale of PBR will realise approximately €45 million for clients, of which 25%
will be received as equity in PRA.

Lindsay Dibden, Partner of HgCapital and Head of the Healthcare team commented:
'We are very pleased to be able to continue our investment exposure in this
growing area of outsourced pharmaceutical services. Our original investment in
PBR took place at a time when the flow of new compounds into clinical testing
was beginning to grow rapidly. We now see an increasing number of opportunities
for full end-to-end clinical research organisations such as PRA to capture the
value of those compounds moving into later phase trials. The combination of
services offered by PBR and PRA points to an exciting future.'

Dr Willem Jan Drijhout, Chief Scientific Officer of PBR added: 'Establishing
integrated Phase I/IIa services in both the United States and in Europe is an
important strategic move to support our biotech and pharmaceutical clients. We
can begin to realize the synergies between PRA's late stage clinical work and
our bioanalytical laboratory for additional growth potential. The two companies
share similar values, such as a focus on quality, a commitment to science, open
communication and dedicated professionals doing the work. We believe that this
cultural fit will enable a smooth integration, creating an even more rewarding
environment for our employees.'

HgCapital was advised by William Blair International Limited (corporate finance)
and Lovells (legal).


*  HgCapital's recent transactions in the Healthcare sector include:

   April 2006: €450 million MBO of Paragon Healthcare

   June 2005: Sale of Tunstall for €315 million

   March 2005: €102 million recapitalisation of Castlebeck


** HgCapital's recent transactions in the Benelux region include:

   December 2004: Investment in Doc Morris

   June 2005: MBO of SiTel Semiconductor


Contacts:

HgCapital
Lindsay Dibden                         [phone]

Maitland
Peter Ogden                            [phone]





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