FACT SHEET – NOVEMBER 2011 Investment objective HgCapital 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 commitments With 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 Group NBT 24,420 6.7 Visma 23,186 6.4 SHL 18,781 5.2 Lumesse 17,687 4.9 Goldshield Group 16,193 4.4 Frösunda 16,105 4.4 Achilles 14,432 4.0 Mainio Vire 12,428 3.4 Epyx 11,859 3.3 181,518 50.0 Other investments 110,824 30.3 Total investments ++ 292,342 80.3 Cash and other liquid assets 74,820 20.5 Net current liabilities (2,931) (0.8) Net assets 364,231 100.0 + Includes Group NBT which completed in December 2011. ++ Including investment valuation and accrued interest. Performance Index 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-11 Nov-08 50 100 150 200 250 300 350 450 550 500 400 *Total return assumes all dividends have been reinvested. Total return* performance record rebased to 100 at 30 November 2001 Source: Factset. Historical Total Return* Performance % p.a. (to 30 November 2011) 11months 1 3 5 10 to Nov year years years years 2011 % % % p.a. % p.a. % p.a. Net Asset Value (basic) 4.8 20.9 3.9 13.4 13.9 Net Asset Value (diluted) 4.9 18.3 3.1 12.8 13.6 Share price 4.4 10.6 19.7 11.1 16.5 FTSE All Share Index (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)