Borrowings Extended to 31 October 2018

31 OCTOBER 2016

ALPHA PYRENEES TRUST LIMITED

("ALPHA PYRENEES" OR THE "TRUST")

BORROWINGS EXTENDED TO 31 OCTOBER 2018

Further to the announcement on 15 April 2016 regarding the extension of the Trust's loan facilities with Barclays Bank PLC ("Barclays") to 31 October 2016, the Board of Alpha Pyrenees is pleased to report that a new extension has been agreed and the maturity date of all its remaining borrowings (€89.8m) has now been extended to 31 October 2018.

The current interest rates will continue to apply to the facilities during the extension period. Arrangement fees (charged at 2% per annum pro-rated) on the initial and all extensions up to 15 April 2016 will be deferred to the new maturity date and will be payable to the extent that the Trust has sufficient cash funds at that time. No additional arrangement fee has been charged for the new extension period.

The Trust has the support of its lender for an orderly realisation of its remaining six investment properties with a view to winding up the Trust's group in due course.

The Trust will provide further updates in due course.

For further information:

Serena Tremlett, Chairman, Alpha Pyrenees Trust Limited 01481 231100

Paul Cable, Fund Manager, Alpha Real Capital LLP 020 7391 4700

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