2018 Overview. Over the year, 12 realisations and 6 refinancings delivering 235m back to the Company

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1 Manager s pre-close update 31 December 2018 HgCapital Trust plc will be announcing its full year results to 31 December on 11 March For further information on the Company, please visit Copyright HgCapital Trust plc

2 Important information: Past performance is not necessarily a reliable indicator of future results. A copy of the annual and interim reports can be found on Overview A very active year for both exits and investments Over the year, 12 realisations and 6 refinancings delivering 235m back to the Company 11 new and further investments made into companies known well by the Manager 225m of new commitments made to the Hg Saturn ( 150m) and Hg Transition Capital ( 75m) Funds Top 20 of the portfolio continuing to see double-digit sales and EBITDA growth Strong earnings and exits at uplift to book value continue to drive NAV performance References in this document to HgCapital Trust plc have been abbreviated to HgCapital Trust or the Company. Hg refers to the trading name of Hg Pooled Management Limited and HgCapital LLP. Hg Pooled Management Limited is the Manager. References in this document to Total Return refer to a return where it is assumed that an investor has re invested all historic dividends at the time when they were paid. Copyright HgCapital Trust plc 2018 Copyright HgCapital Trust plc

3 Important information: Past performance is not necessarily a reliable indicator of future results. A copy of the annual and interim reports can be found on Portfolio activity YTD An active period with realisations made at an average 2.0x investment multiple / 14% gross IRR and 38% uplift to book value new and further investments 11c. 185 million realisations 12c. 210 million refinancings 6c. 25 million Investment JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER Q Realisations Note: All figures relate to HgCapital Trust plc returns and investments, all dates refer to completion or expected completion. Copyright HgCapital Trust plc

4 Important information: Past performance is not necessarily a reliable indicator of future results. A copy of the annual and interim reports can be found on Listed access to consistent, compounding growth A consistent track record of performance over 20 and multiple economic cycles 20 year performance: +1,480% +15% +13% +10% Total share price return Annualised share price total return Annualised NAV per share total return Share price performance relative to the FTSE All-Share Index Key financials as at 30 ember 2018 Share price NAV per share Market capitalisation Net assets LTM sales growth* LTM EBITDA growth* m 764m 26% 26% *Note: Trading data as at 30 September 2018 Copyright HgCapital Trust plc

5 Fact sheet ember 2018 Copies of the annual and interim report and accounts can be found on our website Investment objective HgCapital Trust plc (the Company ) is listed on the London Stock Exchange (HGT.L). The objective of the Company is to provide shareholders with consistent long-term returns in excess of the FTSE All-Share Index by investing predominantly in unquoted companies where value can be created through strategic and operational change. The Company provides investors with exposure to a fast-growing portfolio of more than thirty unquoted investments identified by Hg. Hg is a long-established and independent partnership that brings together operational and financial management skills. It has a significant track record of using a deep sector focus to identify businesses with specific business models that can perform well across the economic cycle. Hg specialises in technology and technology-enabled service companies from enterprise values of 50 million to in excess of 3 billion primarily, but not exclusively, in Northern Europe. The Hg team have extensive experience in these sectors and geographies and can apply the firm s knowledge to effect both strategic and operational change, and portfolio experience to help create a collaborative community of businesses with shared experience, to enhance growth. Why invest? Investment in the Company offers investors a liquid investment vehicle through which they can obtain an exposure to Hg s diversified portfolio of private equity investments across multiple vintages primarily in Northern Europe. Hg s long standing investment in establishing and maintaining deep sector expertise is a key differentiator in the European Private Equity environment which has delivered superior returns over the long-term. Based on the Company s share price at 30 ember 2018 and allowing for all historic dividends to be reinvested, an investment of 1,000 twenty ago would now be worth 14,807 a total return of +1,480%. An equivalent investment in the FTSE All-Share Index would be worth 3,187. Performance Index Top 20 investments (as at 30 September 2018) (representing 86% of the portfolio value) LTM sales growth +26% LTM EBITDA growth +26% Note: Sales and EBITDA have been calculated on a weighted basis Cumulative historic performance (total return to 30 ember 2018) 2016 Performance record rebased to 100 at 30 ember Source: Factset, Hg. Total return assumes all historic dividends have been reinvested NAV per share Share price FTSE All-Share Index Calendar Full-year Final results NAV per share: Share price: One month % Yearto-date % One year Three Five Ten Twenty Share price (3.3) NAV per share (0.3) FTSE All Share (1.6) (5.9) (1.5) Share price performance relative to FTSE All-Share Index NAV per share performance relative to FTSE All-Share Index Source: Factset, Hg 2,048.0p 1,905.0p Share price discount to NAV: 7.0% Index: Financials (as at 30 ember 2018) FTSE All-Share Net assets: Market capitalisation: million million Shares in issue: 37,324,698 Continuation vote: 2020 Ticker code: Liquid resources and outstanding commitments Liquid resources available for deployment as at 30 ember 2018, including all announced transactions, are 156 million (20% of 30 ember NAV) with outstanding commitments of 469 million (61% of 30 ember NAV). The Company also has a 80 million bank facility that is currently undrawn. HGT HgCapital Trust plc has the benefit of an opt-out provision in its commitment to invest in Hg Saturn, Hg8, Mercury 2 and Transition Capital, so that it can opt out of a new investment without penalty should it not have the cash available to invest. Historical total return performance (to 30 ember 2018) (1.7) (0.7) 7.8 Copyright HgCapital Trust plc

6 Fact sheet ember 2018 Net assets by class Deal type by value1 93% Unquoted Above 82.0% 7% Cash & Below 1.0% other assets Price of recent investment 17.0% Copies of the annual and interim report and accounts can be found on our website Net assets by class 93% Unquoted 7% Cash & other assets Portfolio (as at 30 ember 2018) Net asset value (as at 30 ember 2018) Sector by value* of our primary buyouts 79% Technology Investment vintage by value* of our primary buyouts 7% pre % % 2015 *Excluding carried interest provision Board of directors Roger Mountford (Chairman) Richard Brooman Peter Dunscombe Jim Strang Guy Wakeley Anne West 18% Services 2% Healthcare 1% Industrial technology 27% % % 2016 Manager Hg Pooled Management Limited Management fee arrangements For more information on the structure and fee arrangements for HgCapital Trust plc, please refer to the HgCapital Trust Annual report and accounts, available at Geographic spread by value* of our primary buyouts 25% Scandinavia Geographic spread by value* of Sector primary by value* buyout portfolio UK of primary buyout portfolio 34.0% Scandinavia TMT 79.0% 25.0% 34% UK North Services America 18.0% 17.0% Germany Industrials 1.0% 12.0% Other Healthcare Europe 2.0% 10.0% New Zealand 2.0% Analysis by value* of investment return relative to its original cost Investment vintage by value* of primary buyout portfolio Investment vintage by value* of primary buyout portfolio 13 BrightPay 15, % % % Net assets by class 14 Allocate 13, % % 1% Below Deal 2017 type by value1 7.0% 93% Unquoted 15 Raet 13, % % Above28.0% Above MediFox 28.0% 82.0% 11, % 7% Cash & % 17% Price of recent Below TeamSystem 9.0% 1.0% 11, % other assets investment % Price of P&I recent 22.0% investment 17.0% 8, % pre % pre Citation 7.0% 8, % Geographic spread Broker by value* of primary buyout portfolio UK 34.0% Deal type by value1 Scandinavia 25.0% 97% Buyout North America 17.0% 3% Renewable HgCapital Energy Trust plc Germany 12.0% Other Europe 10.0% New Zealand 2.0% Numis Securities Ltd The London Stock Exchange Building 10 Paternoster Square, London EC4M 7LT Contact details 17% North America 12% Germany 10% Other Europe 2% New Zealand Representing aggregate realised proceeds and unrealised valuations of an investment 2 More London Riverside, London SE1 2AP Laura Dixon: +44 (0) investorrelations@hgcapitaltrust.com Twenty largest investments Geographic spread by value* of primary buyout portfolio UK 34.0% Scandinavia 25.0% North America 17.0% Germany 12.0% Other Europe 10.0% New Zealand 2.0% Sector by value* of primary buyout portfolio Deal type by value1 TMT 79.0% 97% Buyout Services 18.0% 3% Renewable Energy Industrials 1.0% Healthcare 2.0% 1 including investment valuation and accrued interest. Total Net asset 1 valuation value 000 % 1 Visma 139, % 2 Sovos Compliance 82, % 3 IRIS 36, % 4 Mobility Holding 32, % 5 CogitalGroup 32, % 6 Access 30, % 7 A-Plan 24, % 8 Mitratech 23, % 9 Commify 19, % 10 Achilles 17, % 11 IT Relation 16, % 12 Foundry 15, % 20 DADA 8, % Total 561, % Other buyout investments 65, % Renewable energy investments 19, % Total all investments 647, % Provision for carried interest (38,864) (5.2%) Cash and other liquid assets 156, % Net current assets/(liabilities) (78) - Net asset value 764, % Copyright HgCapital Trust plc