FACT SHEET – NOVEMBER 2011

Investment objectiveHgCapital Trust plc, which was established in 1989, is an investment trust listed on the London Stock Exchange (ticker: HGT.L). The Trust’s objective is to provide shareholders with long-term capital appreciation in excess of the FTSE All-Share Index by investing in unquoted companies.

The Manager, HgCapital, seeks to meet the investment objective of the Trust using a business model that combines deep sector knowledge, a rigorous research-based approach and associated thematic investment origination and selection to systematically identify and repeatedly invest in the most attractive segments of the European mid-market, optimising deal flow and improving returns.

In addition, the Trust has diversified into the renewable energy sector and currently holds investments in two HgCapital renewable energy funds.

Why invest?The Trust provides investors with exposure to a diversified portfolio of private equity investments primarily in the UK and Continental Europe which has delivered superior returns over the past 10 years, outperforming the FTSE All Share by 2.9x on a total return* basis.

Events in Q4 2011• The sale of Mondo Minerals completed during October. The Trust initially realised £12.6 million of cash proceeds, with a further £0.3 million received

in December. Further proceeds, which are currently valued at £1.9 million, are expected over the next two years.

• In November, the public-to-private acquisition of Group NBT, a leader in the management and protection of online brands and intellectual property, was completed. HgCapital Trust plc invested £24.4 million in the deal.

• In December, it was announced that, following the separation of IRIS into two operating businesses, HgCapital acquired a majority stake in both. HgCapital Trust plc will contribute a net total of approximately £26.5 million, split between the two companies.

Outstanding commitmentsWith effect from 21 October 2011, £12 million (10% of the original £120 million loan commitment to the Hg5 Fund) was cancelled as it was unlikely to be required by the Fund.

Based on the 30 November 2011 NAV and the recently completed acquisition of IRIS and Group NBT plc, liquid resources are estimated to be £49.5 million (13.6% of the 30 November 2011 NAV) as well as a £40 million undrawn bank standby facility. The Trust’s undrawn commitment to HgCapital funds is estimated to be £192.6 million.

HgCapital Trust plc has the benefit of an opt-out provision in its commitment to invest alongside HgCapital 6, so that it can opt out of a new investment without penalty should it not have the cash available to invest.

A copy of the annual and interim reports can be found on our website www.hgcapitaltrust.com.

Net assets (as at 30 November 2011)+

Ten Largest Investments £’000 %

TeamSystem 26,427 7.3

GroupNBT 24,420 6.7

Visma 23,186 6.4

SHL 18,781 5.2

Lumesse 17,687 4.9

GoldshieldGroup 16,193 4.4

Frösunda 16,105 4.4

Achilles 14,432 4.0

MainioVire 12,428 3.4

Epyx 11,859 3.3

181,518 50.0

Otherinvestments 110,824 30.3

Total investments++ 292,342 80.3

Cashandotherliquidassets 74,820 20.5

Netcurrentliabilities (2,931) (0.8)

Net assets 364,231 100.0

+IncludesGroupNBTwhichcompletedinDecember2011.++Includinginvestmentvaluationandaccruedinterest.

Perfo

rman

ce In

dex

Share price Net asset value FTSE All-Share Index

Nov-01 Nov-02 Nov-03 Nov-04 Nov-05 Nov-06 Nov-07 Nov-09 Nov-10 Nov-11Nov-08

50

100

150

200

250

300

350

450

550

500

400

*Totalreturnassumesalldividendshavebeenreinvested.

Totalreturn*performancerecordrebasedto100at30November2001Source:Factset.

Historical Total Return* Performance % p.a. (to 30 November 2011)

11months 1 3 5 10 toNov year years years years 2011% % %p.a. %p.a. %p.a.

NetAssetValue(basic) 4.8 20.9 3.9 13.4 13.9

NetAssetValue(diluted) 4.9 18.3 3.1 12.8 13.6

Share price 4.4 10.6 19.7 11.1 16.5

FTSEAllShareIndex (4.3) 2.6 13.9 1.7 4.7

Share price outperformance vs FTSE All Share Index 8.7 8.0 5.8 9.4 11.8

Source:Factset,HgCapital

Financial highlights (to 30 November 2011)

2.9x Ten year historic out performance of the FTSE All Share on a total return basis*

+16.5%Ten year compound annual growth rate of the share price on a total return basis vs. 4.7% p.a. from the FTSE All-Share Index

+13.9% Ten year compound annual growth rate of the NAV per share on a total return basis*

Cumulative Historic Performance % p.a. (total return* to 30 November 2011)

Financial highlights (to 30 November 2011)+ CalendarYear end 31 December Accounts published Full Year: 16 March 2012 IMS 10 May 2012

Financials as at 30 November 2011Index FTSE ALL Share Ticker Codes: Ordinary Shares HGT Subscription Shares HGTS Ordinary Shares in issue 31,822,330* Subscription Shares in issue 5,502,368* Market Capitalisation £326.2 million Net Assets £364.2 million NAV per Ordinary Share 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 premium to NAV (diluted) 8.1% Share Price Subscription Shares 85.0p Continuation Vote 2015

*In relation to the 31 October 2011 subscription date, 22,605 Ordinary Shares were issued following the exercise of subscription rights which commenced trading on 14 November. Following this issue there are now 31,822,330 Ordinary Shares and 5,502,368 Subscription Shares in issue.

Subscription SharesEach Subscription Share entitles the holder to subscribe for one Ordinary Share. The next opportunity to exercise such right is 31 May 2012 and thereafter 31 October in 2012, in each case at a subscription price of £9.50 per Ordinary Share. The final exercise date is on 31 May 2013 at a subscription price of £10.25 per Ordinary Share.

HgCapital 6 and other management fee arrangementsFor more information on the structure and fee arrangements for HgCapital Trust plc, please refer to the latest edition of the HgCapital Trust report and accounts, available at www.hgcapitaltrust.com

Board of DirectorsRoger Mountford (Chairman)

Peter Gale (Deputy Chairman)

Richard Brooman (Chairman of the Audit and Valuation Committee)

Piers Brooke

Andrew Murison

Mark Powell

ManagerHg Pooled Management Limited www.hgcapital.com

Important informationThis document is issued and approved by Hg Pooled Management Limited. Nothing in this document is intended to constitute advice and this document should not be taken as a recommendation to buy or sell shares in HgCapital Trust plc. If you are interested in HgCapital Trust plc, you should contact your financial advisor before making any investment decision. Remember that past performance is not necessarily a reliable indicator of future results, and that the value of shares can go down as well as up. HgCapital is the trading name for Hg Pooled Management Limited and HgCapital LLP, both of which are authorised and regulated by the Financial Services Authority.

Unquoted investments were last valued at 30 June 2011, and will next be revalued at 31 December 2011.

BrokersRBS Hoare Govett Limited 250 Bishopsgate London EC2M 4AA

Numis Securities Ltd The London Stock Exchange Building 10 Paternoster Square London EC4M 7LT Contact detailsHgCapital Trust plc 2 More London Riverside London SE1 2AP

T +44 (0)20 7089 7888 investorrelations@hgcapitaltrust.com www.hgcapitaltrust.com

+IncludesGroupNBTwhichcompletedinDecember2011.†Percentagesarebasedonfixedassets(excludinghedges)andaccruedinterestandareshownbyvalue

Valuation Basis†

41%Cost

35%Earnings

9%Writtendown

8%Thirdparty transaction

7%Fundnetassets

Sector by value†

46%TMT

18%Healthcare

14%Services

8%Consumer&Leisure

7%Industrials

7%Renewableenergy

Geographic spread by value†

51%UK

18%NordicRegion

11%Germany

9%Italy

7%RestofEurope

4%Benelux

Deal type by value†

93%Buyout

7%Renewableenergy