Directorate Change

30 April 2012

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

APPOINTMENT OF DIRECTOR

The Trust announces the appointment of David Rowlinson (the "Director") as a Non-Executive Director with effect from 1 May 2012.

David has 30 years' experience in the financial services industry. The majority of David's experience has been gained from working in the fiduciary sector in Guernsey. However, he has also worked in Gibraltar and Switzerland and served in a key role working for an investment management company in Guernsey.

After playing a major part in establishing a large trust company in Guernsey in 1997 which he left in June 2006, David established Liberation Management Limited in 2007. David has been a full member of The Society of Trust and Estate Practitioners since 1994.

David is a director of Antler Investment Holdings ("Antler"). Antler holds 21,437,393 shares (18.2%) in the Trust. David is the managing director of Liberation Management Limited which is a trustee of the Rockmount Purpose Trust that indirectly owns 75.3% of Alpha Real Capital LLP, the investment manager of the Alpha Pyrenees Trust.

There are no matters to disclose under paragraphs 9.6.13 (2) to (6) of the Listing Rules in respect of David Rowlinson's appointment.

Contact:

Dick KingstonChairman, Alpha Pyrenees Trust 01481 735540For more information on the Trust please visit www.alphapyreneestrust.com.

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