Annual Financial Report

31 March 2011

ALPHA PYRENEES TRUST LIMITED ("ALPHA PYRENEES" OR THE "COMPANY")

ANNUAL REPORT AND FINANCIAL STATEMENTS

Further to the Company's results announcement dated 18 March 2011, the Directors of Alpha Pyrenees confirm that the annual report and financial statements of the Company (the "Annual Report") for the year ended 31 December 2010 have been posted to shareholders today.

A copy of the Annual Report has been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.Hemscott.com/nsm.do. Copies of the Annual Report can be downloaded from Alpha Pyrenees' website at www.alphapyreneestrust.com.

Contact:

Dick KingstonChairman, Alpha Pyrenees Trust Limited01481 735540Paul CableFund Manager, Alpha Real Capital LLP 020 7268 0300

For more information on the Trust please visit www.alphapyreneestrust.com.

For more information on the Trust's Investment Manager please visit www.alpharealcapital.com.