HgCapital Trust plc Regulatory News (HGT)

10 November 2015

HgCapital, the Manager of HgCapital Trust plc ("The Trust"), has announced that it has 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.

The Trust, the listed investment trust which participates in all HgCapital's investments alongside its institutional clients, will realise cash proceeds of approximately £7.9 million on completion of the transaction. This represents an uplift of £3.5 million (77%) over the carrying value of £4.4 million in the Net Asset Value ("NAV") of the Trust at 31 October 2015 which was based on the Directors' valuation as at 30 June 2015.

Based on the 31 October 2015 reported NAV, and all subsequent reported transactions, the pro-forma NAV of the Trust is expected to increase to £488.9 million or 1,309.9 pence per share (an increase of 9.2 pence). The Trust's liquid resources available for future deployment are estimated to be £53.9 million (11% of the pro-forma 31 October 2015 NAV).

HgCapital agrees to sell Casa Reha to Korian

10 November 2015: HgCapital is pleased to announce that it has 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. The purchase price has not been disclosed.

Founded in 1995, Casa Reha is one of the leading German providers of care services for the elderly and plays an important role in addressing the ageing population and the increasing demand for tailored care concepts. The company has a demonstrable track record of operating and opening care homes while simultaneously developing resident-focused services. The Company's current portfolio consists of 70 nursing homes with more than 4,000 employees and cares for c. 10,000 elderly residents. Among the operated facilities, seven are in ramp-up and represent more than 900 beds. Finally, Casa Reha has a project portfolio of 782 beds to be created.

During its ownership, HgCapital has supported Casa Reha in further building its leading position as a high quality provider of care, which facilitated the opening of a significant number of new homes, an increase in occupancy as well as a significant improvement in quality as evidenced by external inspection ratings.

Following completion of this transaction, only two pre-2010 investments now remain within the HgCapital 5 (2006) fund portfolio: Achilles and SFC-Koenig.

Yann Coléou, CEO, Korian, said:

"Casa Reha is a high-quality operator, which fits perfectly into our growth plan for Germany. Following the successful integration of Curanum, this acquisition will allow us to widen our footprint in Germany and to strengthen our projects portfolio, while benefiting from several synergy effects. Korian will then be able to generate new opportunities for controlled growth, both organic and by acquisition. The acquisition of Casa Reha is a major step towards achieving our target revenue of €3 billion."

Dr Kabir, CEO, Casa Reha, commented:

"We thank our previous owners for their strong support and dedication in positioning Casa Reha as a provider of excellent care for our customers and a great place to work for our employees. Casa Reha today stands for tailored and high quality care concepts with a clear focus on residents. My colleagues and I look forward to continuing this approach with our new owner, the leading European care provider Korian."

- Ends -

For further details:

HgCapital

Maitland

About HgCapital Trust plc

HgCapital Trust plc is an investment trust whose shares are listed on the London Stock Exchange (ticker: HGT.L). The Trust is a client of HgCapital, giving investors exposure to a portfolio of high-growth private companies, through a liquid vehicle. New investments and existing portfolio companies are managed by HgCapital, an experienced and well-resourced private equity firm with a long-term track record of delivering superior risk-adjusted returns for its investors. For further details, please see www.hgcapitaltrust.com.

Neither the contents of HgCapital's, HgCapital Trust's, Casa Reha's, nor Korian's websites nor the contents of any website accessible from hyperlinks on the websites (or any other website) is incorporated into, or forms part of, this announcement.