Performance at Month End

HgCapital Trust plc

All information is at 30 November 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    (0.4%)     (0.9%)   18.3%     9.5%     83.0%    257.4%
(diluted)                                                                
                                                                         
Net asset value    (0.4%)     (1.0%)   20.9%    12.3%     87.7%    266.6%
(basic)                                                                  
                                                                         
Share price         0.3%      (6.4%)   10.6%    71.6%     69.4%    361.0%
                                                                         
FTSE All-Share     (0.4%)       2.1%    2.6%    47.9%      8.8%     37.1%
Index                                                                    

Sources: HgCapital, Factset

At month end

Net asset value:*                                                            
                                                                             
Basic                                                         1,144.6p
                                                                             
Diluted                                                       1,115.9p
                                                                             
Share price ordinary shares:                                  1,025.0p
                                                                             
Ordinary share price discount to NAV                           
(basic):                                                        10.4%                 
                                                                             
Ordinary share price discount to NAV                            
(diluted):                                                       8.1%              
                                                                             
Share price subscription shares:                                85.0p
                                                                             
Total net assets:                                              £364.2m
                                                                             
Net yield:                                                        2.7%
                                                                             
Market Capitalisation:                                         £326.2m
                                                                             
Gearing:                                                          Nil%
                                                                             
Ordinary shares in issue:                                   31,822,330
                                                                             
Subscription shares in issue:                                5,502,368
                                                                             
* includes 10 months net revenue of 11.57p                                   

The previously announced investment in Group NBT is due to complete in December
2011. The total investment will be £154.7 million and the Trust's share of this
is £23.2 million. The investment will be funded entirely from funds managed by
HgCapital with no requirement for any third-party debt, although some of the
investment may be refinanced.

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                                                28.2
                                                                             
Healthcare                                                        13.3
                                                                             
Services                                                           9.4
                                                                             
Industrials                                                        5.8
                                                                             
Renewable Energy                                                   5.3
                                                                             
Consumer & Leisure                                                 3.9
                                                                             
Other                                                              6.9
                                                                             
Cash and other liquid assets                                      27.2
                                                                             
                                                                 100.0

Ten Largest Investments

Company                           Total Assets  Sector                          
                                                                               
                                             %                                 
                                                                               
TeamSystem                                 7.3  Technology & Media              
                                                                               
VISMA                                      6.4  Technology & Media              
                                                                               
SHL                                        5.2  Services                        
                                                                               
Lumesse                                    4.9  Technology & Media              
                                                                               
Frosunda                                   4.4  Healthcare                      
                                                                               
Midas EquityCo (Goldshield)                4.4  Healthcare                      
                                                                               
HG Renewable Energy (Fund 1)               4.1  Renewable Energy                
                                                                               
Achilles                                   4.0  Technology & Media              
                                                                               
Mainio Vire                                3.4  Healthcare                      
                                                                               
Epyx                                       3.3  Technology & Media              
                                                                               
                                          47.4                                 

06 December 2011