Exercise of Option

30 March 2012

ALPHA TIGER PROPERTY TRUST LIMITED ("ALPHA TIGER" OR THE "COMPANY")

Exercise of option over H2O Shopping Centre ("H2o")

Alpha Tiger announces that it has agreed to exercise its call option which will result in the Company owning 100% of H2O. The initial €14.7 million investment in H2O was announced on 1 April 2010, and extensions to the option arrangements were subsequently announced on 23 October 2010 and 25 July 2011.

Alpha Global Property Securities Fund Pte Ltd ("Alpha Global") initially invested €1.5 million. The Company will pay €2.1m to Alpha Global in accordance with the option arrangements.

Alpha Global is a wholly owned subsidiary of the Company's investment manager, Alpha Real Capital LLP.

The transaction is expected to complete by June 2012.

For further information please contact:

Alpha Tiger Property Trust Limited

David Jeffreys, Chairman, Alpha Tiger +44 (0)1481 735 540

Brad Bauman, Joint Fund Manager Alpha Tiger +44 (0)7786 875 944

Panmure Gordon, Broker to the Company

Richard Gray/Andrew Potts +44 (0)20 7459 3600

Further information is available at www.alphatigerpropertytrust.com