Press Release- Clarion Events

HG Capital Trust PLC
27 October 2004

The following text is taken from a press release issued by HgCapital, manager of
the investment portfolio of HgCapital Trust plc.  The trust, which participates
in all of HgCapital's investments, has invested £4.3 million in Clarion Events.



               HgCapital backs £50 million MBO of Clarion Events

            UK's largest independent exhibition and events business





London, 27 October 2004.   HgCapital, the leading sector-focused European
private equity investor, has completed the £50 million management buy-out of
Clarion Events Ltd (Clarion) from property group, Earls Court & Olympia.



Clarion is the biggest independent exhibition and events business in the UK with
a portfolio of 30 business and consumer shows. Its best known shows include the
'Top Drawer' giftware trade shows and the 'Fine Art & Antiques', 'Baby', '
Caravan & Outdoor' and 'House & Garden' consumer shows. Since new management,
headed by Simon Kimble, took over in 2001, Clarion has doubled in size by
expanding existing shows and launching new shows.  It now has 120 employees and
turnover of £35 million.



This is the second investment by HgCapital's media team in less than a year.  In
December 2003, it completed the £84 million public-to-private management buy-out
of Boosey & Hawkes plc.  The Clarion investment reconfirms HgCapital's media
team as the most active investor in the European, media, mid-sized, buy-out
market.



Robin Lincoln, Associate Director in HgCapital's media team, said, 'Clarion has
a very attractive portfolio. There is a good mix of mature, cash-generative
shows and recently-launched shows that have high intrinsic growth potential.'



Simon Kimble, CEO, Clarion, said, 'The MBO will allow us to expand significantly
and improve our offering, both to exhibitors and to visitors. Now that the
management co-owns the business, we anticipate a major release of creative and
organisational energy.'



Nick Martin, head of the HgCapital media team, said, 'Clarion is our first
investment for several years in a marketing-funded company. However, now that
the advertising and marketing cycle has turned, we hope it will be the first of
many.'



27 October 2004


                      This information is provided by RNS
            The company news service from the London Stock Exchange