Holding(s) in Company

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Alpha Real Trust Limited

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

No

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

No

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

No

An event changing the breakdown of voting rights

No

Other (please specify):

Issue of New Shares

Yes

3. Full name of person(s) subject to thenotification obligation: iii

IPGL Limited

Michael Alan Spencer

4. Full name of shareholder(s)  (if different from 3.):iv

IPGL Limited

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

22 January 2013

6. Date on which issuer notified:

23 January 2013

7. Threshold(s) that is/are crossed orreached: vi, vii

Below 5%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ordinary

3,010,100

3,010,100

3,010,100

3,010,100

4.074%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

3,010,100

4.074%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

Mr Spencer, together with Trusts for the benefit of his children of which he is one of the joint trustees, own a majority shareholding in IPGL.

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will ceaseto hold:

12. Date on which proxy holder will cease to holdvoting rights:

13. Additional information:

14. Contact name:

Michelle Mooney

15. Contact telephone number:

0207 7550 8525