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

X

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

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

An event changing the breakdown of voting rights

Other (please specify):

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

Michael Alan Spencer

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

IPGL Limited (3,010,100 ordinary shares)

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

22 December 2014

6. Date on which issuer notified:

22 December 2014

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

No change - Holding remains at over 4%

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 shares GB00B13VDP26

3,010,100

3,010,100

-

-

3,010,100

-

4.26%

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

4.26%

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

IPGL (Holdings) LimitedIPGL Limited

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:

Michael Spencer owned a majority shareholding in IPGL Limited and was deemed to be interested in all the shares in Alpha Real Trust Limited held by IPGL Limited. As part of a reorganisation of the group of companies of which IPGL Limited forms part, a new holding company, called IPGL (Holdings) Limited was inserted above IPGL Limited and IPGL Limited's former shareholders now hold shares in IPGL (Holdings) Limited in the same proportions as they did in IPGL Limited immediately prior to the insertion. As result of that new holding company having been put in place, Michael Spencer was deemed to have disposed of his indirect interest in the shares in Alpha Real Trust Limited held through IPGL Limited and to have immediately reacquired it through his shareholding in IPGL (Holdings) Limited.

14. Contact name:

Michelle Mooney

15. Contact telephone number:

020 7550 8525