Investing: A Guide to the Top 20 Highest Return Stocks

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1 MANAGER S QUARTERLY UPDATE NOVEMBER 201 Sector expert investors supporting management to grow industry champions

2 OVERVIEW MANAGER S OVERVIEW The current environment feels to us, reminiscent of the , particularly in terms of the abundance of credit. With such potential risks storing up, we take comfort from the resilient characteristics of our current portfolio. Nearly a third of our unrealised portfolio companies have consistently grown both revenues and EBITDA year on year for more than ten. Our continued focus on businesses that provide a business critical product or service, to a fragmented customer base, benefiting from strong contracted or recurring revenue, hopefully positions us well to enable us to continue to generate strong risk-adjusted returns for our clients across market cycles. In our view, the European private equity market seems exceptionally frothy and this very much informs our approach to both buying and selling investments. Whilst there is a strong pipeline of potential opportunities for both our mid-market buyout fund (Hg7) and our lower mid-market TMT fund (Mercury), we remain disciplined in terms of potentially committing to new investments typically pursuing opportunities where we have many of knowledge of the business and a strong relationship with a founder or management team. Equally, we are also carefully considering our own appetite for selling vs. holding onto businesses for longer (as seen in the recent minority sale of JLA). Since the end of June 201, we have completed the sales of SimonsVoss and the core Scandinavian business of e-conomic. We have additionally announced the minority sale of JLA and the full realisation of Casa Reha. We have taken advantage of buoyant debt markets by recapitalising investments where we have good visibility of their future earnings, including IRIS, JLA and Sequel. We will continue to assess further opportunities here. Our Portfolio Team takes an active role in the majority of our companies, helping to create value with growing expertise in areas such as Talent, Procurement, Sales and Marketing, Systems and Metrics and Customer Success. There are a number of projects implemented (including, for example, value creation planning at The Foundry & Eucon; implementing Tableau at A-Plan; and running data science projects at Zenith, Intelliflo and Allocate) and more underway across the portfolio driving business transformation. We remain confident in a strong portfolio of sustainable growth companies. The robust performance of these, combined with further opportunities in the medium term to realise investments will continue to drive value for the shareholders of our largest client, HgCapital Trust plc. KEY FINANCIALS +1 +9% 1m 1m +4.2% KEY FIGURES as at 1 October NAV PER SHARE* Average LTM growth in sales of the top 20 buyout investments to 0 September 201 Average LTM growth in EBITDA of the top 20 buyout investments to 0 September 201 Cash returned to the Trust since 0 June 201* Cash deployed on behalf of the Trust since 0 June 201 Total YTD return of the share price to 1 October m NET ASSETS References in this document to HgCapital Trust plc have been abbreviated to HgCapital Trust or the Trust. HgCapital 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 SHARE PRICE 99.4m MARKET CAPITALISATION * Pro-forma including estimated impact of JLA and Casa Reha transactions, subject to completion and the impact of the revaluation of the carried interest provision. 2 A copy of the annual and interim reports can be found on

3 TOP 20 PORTFOLIO TRADING PERFORMANCE 1,200 Investing in HgCapital Trust plc gives you access to a portfolio where the top 20 buyout companies (representing 88% of the portfolio by value) have aggregate sales of 2.1 billion, profits of 44 million and margins of 2%. These investments have delivered aggregate sales growth of 1 and EBITDA growth of 9% over the last 12 months ( LTM ) to 0 September 201. We continue to see consistent strong double digit performance in many of our larger companies including JLA, Zenith Leasedrive, IRIS, P&I and Visma. Some of our companies that have historically seen lower growth are now seeing robust EBITDA progression including Parts Alliance, Radius, Atlas, Teufel and QUNDIS. We continue to materially invest into the cost base of a number of our portfolio companies, including Ullink, Achilles, Sequel and The Foundry, to further strengthen management, improve sales & marketing capabilities and make other operational improvements. The consequence of this investment is that EBITDA growth is either depressed or negative in the short-term. We fundamentally believe the benefit of this investment will be long-term, high, sustainable growth, as we have delivered before within this portfolio. We believe this investment will help create more value ahead of exit. 1, , , TOP 20 LTM SALES GROWTH LTM Sales LTM EBITDA <0 20% <0 LTM EBITDA 20% 10% % <0 9 LTM Sales 10% % TOP 20 LTM PROFIT GROWTH 9 <0 8% Sales growth bands Sales growth bands EBITDA growth bands 8% 10% to <20 >20 EBITDA A copy growth of the annual bands and interim reports can be found on % to < % 10% to <20 0% 10% to <20 17% >20 >20 22% >20 0% 22%

4 PORTFOLIO ACTIVITY EXITS AND REALISATIONS 1 million estimated to be returned to the Trust since 0 June 201, primarily from three realisations In September, the Industrials team completed the sale of SimonsVoss, a German-based electronic locking and access control systems provider, to Allegion plc, a listed global security products and solutions provider. The outcome fell short of our targeted return but, despite this, the business evolved over our ownership period from a single-product focused company into a broad solutions provider in electronic access control, delivering year-on-year revenue growth over the last five. In October this year, our Services team announced a minority sale and refinancing of JLA, a leading UK provider of business critical asset maintenance services to SMEs. Completion is subject to regulatory approval. HgCapital will retain c. 2% of the equity in JLA going forward, taking advantage of the significant upside we believe remains within the business. The combined return represents an investment multiple of approximately.x to date. These liquidity events have been driven by the consistently robust trading performance of the investment during our ownership period, where the business has doubled its revenues and EBITDA. In November, we agreed the sale of Casa Reha, a leading private German provider of elderly care services, specialising in high quality, assisted living, to Euronext-listed Korian, a leading European provider of elderly health care services. Completion is subject to regulatory approval. During its ownership, HgCapital supported Casa Reha in further building its position as a high quality provider of care, facilitating the opening of a significant number of new homes, an increase in occupancy and further improvement in quality. 18.2m CASH REALISED 17.m CASH REALISED* 7.9m ESTIMATED CASH TO BE REALISED* UPLIFT TO BOOK VALUE AT 1 DECEMBER m +1. pence per share +% UPLIFT TO BOOK VALUE AT 1 DECEMBER m +84% +4.8 pence per share UPLIFT TO BOOK VALUE AT 1 DECEMBER m +107% pence per share *Subject to regulatory approval. 4 A copy of the annual and interim reports can be found on

5 PORTFOLIO ACTIVITY PORTFOLIO M&A In July, the TMT team completed the sale of the core Scandinavian business of e-conomic to Visma, a leading provider of business software and outsourcing services to SMEs in the Nordic region and in which the Trust already holds a substantial interest, in an all share transaction. e-conomic is a leading European SaaS accounting solutions provider to SMEs, based in Denmark. As a result, approximately 12. of the Trust s current NAV ( 8.1 million) will be invested in Visma, which will then be our largest holding. The Trust will retain a stake in e-conomic s international business and Debitoor, an invoicing and accounting-lite solution with over 20,000 sign-ups, through its commitment to HgCapital. RE-FINANCINGS In addition to exits over the period we have continued to take advantage of the buoyant debt markets by recapitalising investments where we have good visibility of earnings. In August, the TMT team completed the recapitalisation of IRIS, a leading provider of software and services to the UK accountancy market. This transaction returned.2 million of cash proceeds to the Trust (0.24x of original cost), with a similar amount retained to support the potential pipeline in the company s ongoing M&A strategy. FURTHER INVESTMENT 1 million invested on behalf of the Trust since 0 June 201 Since 0 June 201, a further 1.4 million has been deployed on behalf of the Trust into the current portfolio. The largest share of this was a 10 million co-investment made into Achilles (free of fees or carried interest) to support its further growth. In November, the Mercury Team completed the recapitalisation of Sequel Business Solutions, the leading provider of applications software to the Lloyds of London insurance market. The refinancing is expected to return c. 2.2 million of cash proceeds to HgCapital Trust (representing c. 0.x of the investment s original cost) within 1 months of the Fund s original investment in the business. As part of our value creation strategy, we have pursued a number of bolt-on acquisitions across the portfolio through a combination of fund investment and cash from the balance sheet of the individual companies. The largest of these was the acquisition of GSF by the Parts Alliance in September 201, with.9 million invested on behalf of the Trust. A copy of the annual and interim reports can be found on

6 PERFORMANCE INVESTMENT OBJECTIVE FINANCIAL HIGHLIGHTS (total return to 1 October 201) NET ASSETS (as at 1 October 201) 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. HgCapital focuses on buyouts across the TMT, services and industrials sectors and specialist infrastructure through renewable energy projects. WHY INVEST? The Trust provides investors with a liquid investment vehicle through which they can obtain exposure to HgCapital s diversified portfolio of private equity investments across multiple vintages primarily in Northern Europe. HgCapital 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 Trust s share price at 1 October 201 and allowing for dividends to be reinvested, an investment of 1,000 ten ago would now be worth 2,. An equivalent FTSE All-Share Index return would be worth 1,88. A copy of the annual and interim reports and accounts can be found on our website, % +1.4% Performance Index x Twenty-year compound annual growth rate of the share price on a total return basis Twenty-year compound annual growth rate of the NAV per share on a total return basis Twenty-year historic outperformance of the FTSE-All Share Index on a total return basis HISTORICAL PERFORMANCE % P.A. (total return to 1 October 201) Year to date % 1 year % Share price NAV per share FTSE All-Share Index Share price performance p.a. relative to FTSE All-Share Index (.0) (1.8) CUMULATIVE HISTORIC PERFORMANCE % P.A. (total return to 1 October 201) Oct-0 Oct-0 Oct-07 Oct-08 Oct-09 Oct-10 Oct-11 Oct-12 Oct-1 Oct-14 Oct-1 NAV per share Share price FTSE All-Share Index Total return performance record rebased to 100 at 1 October 200. Total return assumes all historic dividends have been reinvested. Source: Factset, HgCapital. Twenty largest buyout investments Sector Year of investment Total valuation 1 ( 000 ) 1 Including investment valuation and accrued interest. 2 Valuation prior to carried interest provision of 12,4,000. This is prior to the impact of the JLA transaction announced in October. Portfolio value (%) 1 IRIS TMT , % 2 Visma TMT ,01 8.2% TeamSystem TMT 2010, P&I TMT 201,00 7. Achilles TMT ,794.2% JLA Services ,44.9% 7 Zenith Leasedrive Services 201 2, The Foundry TMT , % 9 e-conomic TMT , Radius Services ,18.9% 11 A-Plan Services 201 1,174.% 12 QUNDIS Industrials ,827.2% 1 NetNames TMT , 2.7% 14 Lumesse TMT ,40 2.% 1 Parts Alliance Services ,29 2.4% 1 Atlas Services ,19 2.% 17 Frösunda Healthcare , Ullink TMT ,9 2.0% 19 Allocate Software TMT , Sequel TMT 2014,79 1.% Top twenty investments 404,90 87.% Other investments 0,72.8% Total buyout investments 4,2 94.2% Other buyout funds (HgE) 12,81 2.8% Renewable energy funds 1,21 2.9% Total all investments 2 41, %

7 HgCapital Trust plc Net assets by class 94% Unquoted Cash & Analysis by value of investment return* relative to its original cost 78% Above 22% Below SHAREHOLDER INFORMATION outer circle 41mm CALENDAR inner circle 2mm 1.pt stroke Year-end funds are approximately 1 million (4% of the 1mm round corners LIQUID RESOURCES AND OUTSTANDING COMMITMENTS Based on the 1 October 201 NAV, liquid resources (including all subsequent reported transactions) are estimated to be.9 million (1 of the pro-forma 1 October 201 NAV). The Trust also has a 40 million bank facility that is currently undrawn. The Trust s undrawn commitments to HgCapital pro-forma 1 October 201 NAV). HgCapital Trust plc has the benefitinner of anglow opt-out white provision in its commitment to invest alongside screen 20% HgCapital 7, so that it can opt out2mm of a new blur investment without penalty should it not have the centre cash available to invest. outer circle 41mm MANAGEMENT FEE ARRANGEMENTS Geographic spread by value of Full year results published 7 March 201 For more information on the primary buyout portfolio Analysis by value of investment return* relative to its structure and fee arrangements 8% for UK Sector by value of primary HgCapital Trust plc, Analysis please refer original portfolio cost byto value of investm FINANCIALS 1 Nordic Region buyout the latest edition of the HgCapital original cost (as at 1 October78% 201) Above 14% Germany % TMT Trust report and accounts, available 22% Below 8% 78%ItalyAbove 2% Services at Index: FTSE All Share Below 2% 22%France Industrials Ticker code: HGT Switzerland 4% Healthcare outer circle 41mm BOARD OF DIRECTORS Ordinary shares in issue: 7,24,98 Republic of Irelan inner circle 2mm inner circle 2mm 1.pt stroke 1mm round corners Net assets1: PORTFOLIO (as at 1 October 201) Sector by value of primary buyout portfolio Investment vintage by value of primary buyout portfolio % TMT 9% 201 2% Services 2014 Industrials 2% 201 4% Healthcare % pre 2011 inner glow white screen 20% 2mm blur centre 1 December Roger Mountford (Chairman) Richard Brooman 1mm round corners Market capitalisation: million Peter Dunscombe Sector by value 99.4 of primary Investment vintage by value of Mark Powell NAV per buyout share: portfolio 1,282. p 9%by value 201of primary Sector inner glow white Anne West % 2TMT Pro-formaNet NAV per share : 1,09.9 p 2014 buyout portfolio assets by class 478. million 1.pt stroke screen 20% Services Unquoted 1,070.0blur p 2mm Industrials Cash & centre Healthcare other assets discount to pro-forma NAV: 18.% 2% Ordinary Share price 4% 94% Ordinary share price: Continuation vote: 2020 Includes ten months net revenue of 2.8p. Includes estimated impact of the JLA and Casa Reha transactions, subject to completion, and the impact of the revaluation of the carried interest provision. 2%%201 TMT % Services MANAGER 2011 Industrials Hg Pooled Management Limited 20% % Healthcare 12% pre Geographic spread by value of primary buyout portfolio 7 8% UK 1 Nordic Region 14% Germany 8% Italy 2% France Switzerland Republic of Ireland Net assets by class 94% Unquoted Cash & * Based on the 1 October 201 reported NAV, and all subsequent reported transactions. Net assets byvalued class Unquoted investments were last at 0 June 201, Geographic spread201. by value of and will next be revalued 94% at 1 December Unquoted BROKER Numis Securities Ltd The London Stock Exchange Building Deal type by value 10 Paternoster Square assets by class Buyout London EC4M 7LT Net 9 primary buyout portfolio Cash & 8% UK IMPORTANT INFORMATION Unquoted % 94%Renewable Energ This document is issued 1 and approved by Hg Pooled Nordic Region Cash & Buyout small-ca Management Limited. Nothing in this document is 14%and this Germany intended to constitute advice document should CONTACT DETAILS not be taken as a recommendation to buy or sell shares 8% Italy in HgCapital Trust plc. If you are interested in HgCapital HgCapital Trust plc 2%your financial France Trust plc, you should contact advisor 2 More London Riverside before making any investment decision. Remember that Switzerland past performance is not necessarily a reliable indicator of London SE1 2AP Republic of Ireland future results, and that the value of shares can go down +44 (0) spread value of as well as up. Geographic HgCapital is the trading name by for Hg investorrelations@hgcapitaltrust.com Pooled Management Limited and HgCapital LLP, both of primary buyout portfolio which are authorised and regulated by the Financial Geographic spread by value 8% vintage UK by value of primary buyout portfolio Conduct Authority. Investment 1 Nordic Region primary buyout portfolio 9% % Germany 8% UK 2014