Interim Management Statement

HgCapital Trust plc - Interim Management Statement 6th May 2008

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 1st January 2008 to 6 May 2008 and
incorporates the Company's calculation of its net asset value at the end of
April, in the same form as is issued following the end of each month. The Net
asset value (NAV) at April is based on the valuations of unquoted investments
as at 31st December, as set out in the annual report, but is adjusted for
realisations, exchange rates, changes in value of quoted securities, and net
revenues during the period.

Investment activity during the period

Since the end of the year the Company has completed one further realisation
(Classic Copyright), in addition to completing the realisations described in
the annual report and received some deferred proceeds, totalling £61.8 million
cash proceeds for the Company. One acquisition (Casa Reha) which is described
in the annual report has been completed with the Company investing € 13.4
million.

Performance since the year-end

Since 31st December the total return (NAV plus dividend) was 9.0%, compared
with the negative total return of -4.2% of the FTSE All-Share Index. The
Company's share price at the end of April was 881.0 pence, a discount of 12.6%
against the NAV (on an ex-div basis) of 1,007.82 pence. The Company's share
price (on a total return basis) increased by 16.0% over the four months to 30th
April while the FTSE All-Share Index and FTSE SmallCap Index fell by 4.2% and
7.0% respectively on a total return basis.

Roger Mountford, the Chairman of the Company, said:

"Despite the volatility in financial markets HgCapital Trust has achieved a
good start to the year, completing a series of realisations at prices
materially above their valuations at 31st December 2007. As the difficulties of
financial markets feed into the wider economy it becomes all the more valuable
that our manager, HgCapital, is represented on the board of every material
investment in the portfolio and therefore able to monitor closely and, where
necessary, ensure that management reacts to changes in trading conditions and
performance. Our manager has reported that so far only a small number of
companies within the portfolio appear to be suffering from changes in trading
conditions in their respective markets, with the majority on or ahead of plan
at this stage.

"The recent falls in equity markets have created a better environment for
purchasers able to identify sound businesses, though as expected this is not
yet recognised by all vendors of private businesses. The Company enters this
part of the investment cycle with substantial resources available for
investment and, in the Board's view, remains an attractive vehicle for
investors seeking long-term growth."

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 30th April 2008 and is unaudited.

Performance at month end with net income reinvested

                    One month    Three    One year  Three years  Five years 
                                 months                                     
                                                                            
Net asset value           2.1%       5.5%     35.9%      120.0%       231.4%
                                                                            
Share price               6.1%       5.5%      4.9%       91.5%       335.8%
                                                                            
FTSE All-Share            6.3%       4.9%     -4.3%       42.7%        93.1%
Index                                                                       

Sources: HgCapital, Capital Economics

Results

At 30th April 2008

Net asset value:*                                                     1,007.82p
                                                                               
Share price:                                                            881.00p
                                                                               
Discount                                                                  12.6%
                                                                               
Total assets:                                                           £253.8m
                                                                               
Net yield:                                                                 2.8%
                                                                               
Gearing:                                                                   Nil%
                                                                               
Ordinary shares in issue:                                            25,186,755
                                                                               
* includes 4 months net revenue of 22.66p and is after                         
providing for payment of the dividend of 25p payable on                        
12 May 2008 and after providing for the carried interest                       

Unaudited Net Asset Value per Share

The investment portfolio has not been revalued at 30th April 2008. However, it
is calculated on the basis of the NAV at 31st December 2007 adjusted to reflect
the purchases and sales of investments, currency movements and bid values in
respect of listed investments. The unaudited net asset value at 30th April 2008
was 1,007.82 pence per share by comparison with 948.20 pence at 31st December
2007, an increase of 6.3%. This is after a carried interest liability of 21.3
pence included in the balance sheet.

On the 17th March 2008, the Board declared a dividend of 25 pence per share.
This is payable on the 12th May 2008 and after providing is included as a
liability in the balance sheet as at the 30th April 2008.

Net revenue for the four months to 30th April 2008 was 22.66p.

Balance Sheet

At the 30th April 2008, the Company's balance sheet was comprised as follows:

                                      £m            %
                                                     
Unquoted investments             127,540         50.2
                                                     
Quoted investments                 1,986          0.8
                                                     
                             -----------       ------
                                                     
Total investment portfolio       129,526         51.0
                                                     
Cash/Gilts                       123,216         48.6
                                                     
Other net assets                   1,095          0.4
                                                     
                             -----------       ------
                                                     
Net asset value                  253,837        100.0

Investments

During the period, the Company made one new investment in Casa Reha, one of the
leading German private nursing home groups, with an enterprise value of €327
million. The company invested €13.4 million.

Realisations

During the period, the Manager completed the sales of Hofmann Menü, The
Sanctuary Spa, Clarion Events and Classic Copyright, as well as selling its
remaining shares in Xyratex and PRA and receiving some deferred proceeds,
returning a total of £61.8 million to the Company.

Portfolio

Ten Largest Investments

Company                  Total Assets %  Sector                
                                                               
VISMA                                5.8 TMT                   
                                                               
Casa Reha                            4.2 Healthcare            
                                                               
Voyage Heathcare                     3.5 Healthcare            
                                                               
Atlas t/a Atlas                      3.2 Services              
Interactive                                                    
                                                               
Addison                              3.2 TMT                   
                                                               
BMFCO UA t/a Fabory                  3.1 Services              
                                                               
Mondo Minerals Co-op                 3.1 Industrials           
                                                               
Sporting Index                       2.8 Consumer & Leisure    
                                                               
SLV Electronics                      2.7 Industrials           
                                                               
SHL                                  2.6 Services              
                                                               
Total                               34.2                       

Sector                   Total Assets %  
                                         
TMT                                  13.2
                                         
Industrials                           9.3
                                         
Consumer & Leisure                    8.8
                                         
Healthcare                            8.4
                                         
Services                              9.0
                                         
Renewable Energy                      1.6
                                         
Other                                 0.7
                                         
Fixed Interest                       44.8
                                         
Net current assets                    0.4
                                         
Cash                                  3.8
                                         
Total                               100.0

This statement is a general description of the financial position and
performance of the Company for the period from 1st January 2008 to 6 May
2008.  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.