Notice of AGM

6 June 2014

ALPHA UK MULTI PROPERTY TRUST PLC

(the "Company")

Notice of Annual General Meeting

Change of Name

1. Introduction

The Company announces that it has today posted a circular to shareholders (the "Circular"). The Notice of AGM can be found at the end of this Circular and a Form of Proxy for use in connection with the AGM accompanies this Circular.

The purpose of this Circular is to give you notice of the Annual General Meeting ("AGM") which will be held on 30 June 2014 at 10.00 a.m. at IOMA House, Hope Street, Douglas, Isle of Man IM1 1AP and to give you details of the Resolutions.

The Company proposes that its name is changed to Industrial Multi Property Trust plc ("Name Change") and that its Articles of Association are amended to enable it to give notices, documents and information to its members electronically on the Company website ("Articles Amendment"). The directors believe that the proposed name better reflects the nature of the Company's portfolio of assets.  Full details of the proposed Articles Amendment are set out in Resolutions 8 and 9 in the Notice of AGM. Therefore, in addition to the usual business transacted at the AGM, the Resolutions will include special resolutions to approve the Name Change and Articles Amendment.

The directors of the Company believe that the Resolutions are in the best interests of the Company and its Shareholders as a whole and accordingly unanimously recommend Shareholders to vote in favour of the Resolutions to be proposed at the AGM, as they intend to do in respect of their aggregate holdings of 55,400 Ordinary Shares, representing approximately 0.7 per cent. of the Issued Ordinary Share Capital.

2. Resolutions

The Company is obliged under Isle of Man law to present its audited financial statements to the Shareholders in a general meeting within six months of the date to which such financial statements are made up (being 31 December each year in the case of the Company).

The tenth Annual General Meeting of the Company will be held on 30 June 2014 at 10.00 a.m. at IOMA House, Hope Street, Douglas, Isle of Man. You will find set out at the end of this Circular the Notice of AGM. A summary and explanation of the Resolutions to be proposed at the AGM is set out below.

A Form of Proxy for use at the AGM is enclosed with this Circular (see paragraph 4 below headed "Action to be Taken").

The Shareholders have the right to attend, speak and vote at the AGM (or, if they are not attending, to appoint someone else as their proxy to vote on their behalf) if they are on the Register at the Record Date. Changes to entries in the Register after the Record Date will be disregarded in determining the rights of any person to attend and/or vote at the AGM. If the AGM is adjourned, only those Shareholders on the Register 48 hours prior to the time to which the meeting is adjourned will be entitled to attend, speak and vote or to appoint a proxy.

The quorum required for the Annual General Meeting is two Shareholders present in person or by proxy or (being a corporation) by a duly authorised representative and entitled to vote. On a show of hands, each holder who is present in person or by proxy or (being a corporation) by a duly authorised representative has one vote for every existing Share of which such person is the holder. On a poll, each holder who is present in person or by proxy or (being a corporation) by a duly authorised representative has one vote for each existing Share of which such person is the holder. Ordinary resolutions must be passed by a majority consisting of not less than half of the total number of votes cast for and against the relevant ordinary resolution.

Resolutions 1 to 6 are being proposed as ordinary resolutions.

· Adoption of audited financial statements (Resolution 1)

To receive the audited financial statements of the Company for the year ended 31 December 2013, together with the Directors' and Auditors' report thereon.

· Approval of Directors' fees (Resolution 2)

To approve the Directors' fees for the year ended 31 December 2013.

· Reappointment of Auditors (Resolution 3)

To re-appoint the Auditors and to authorise the Directors to approve the remuneration of the Auditors.

· Approval of Director's re-election (Resolution 4)

To re-elect Geoffrey Black as a Director.

· Approval of Director's re-election (Resolution 5)

To re-elect Mark Rattigan as a Director.

· Authority for Market Purchases (Resolution 6)

To approve a general authority to be granted to the Company to make market purchases of Ordinary Shares subject to the limits set out in Resolution 6, the wording of which is provided in full in the Notice of AGM.

The Board will only exercise this general authority after due consideration, taking into account the Company's financial position together with relevant market conditions and investment opportunities.

Ordinary Shares purchased would either be cancelled (which would reduce the total number of Ordinary Shares in issue) or held as treasury shares. As at the date of this Circular, the Company does not hold any treasury shares.

Resolutions 7 to 9 are being proposed as special resolutions.

· Change of Name (Resolution 7)

To approve the change of name of the Company to Industrial Multi Property Trust plc.

· Inclusion of new articles in the Company's Articles (Resolution 8)

To approve the inclusion of two new articles in the Company's Articles to enable it to give notices, documents and information to its members electronically on the Company website. The proposed new articles are in the form set out in Resolution 8, the wording of which is provided in full in the Notice of AGM.

· Adoption of a replacement article in the Company's Articles (Resolution 9)

To approve the adoption of a replacement article in the Company's Articles to enable it to give notices, documents and information to its members electronically on the Company website. The proposed replacement article is in the form set out in Resolution 9, the wording of which is provided in full in the Notice of AGM.

3. Action to be taken

A Form of Proxy is enclosed with the Circular to use at the AGM.

Whether or not you intend to be present at the AGM, you are requested to complete the relevant Form of Proxy in accordance with the instructions printed on it and return it as soon as possible and in any case so as to be received by the Company's registrars, IOMA Fund and Investment Management Limited, no later than 10.00 a.m. on 28 June 2014. The completion and return of a Form of Proxy will not prevent you attending the Annual General Meeting and voting in person if you wish to do so.

4. Board recommendation

The Board believes that the Resolutions are in the best interests of the Company and its shareholders as a whole and accordingly unanimously recommends Shareholders to vote in favour of the Resolutions.

If you are in any doubt about the contents of this Circular or the action you should take, you should seek your own independent financial or legal advice immediately.

Contact:

Jonathan Clague

Chairman, Alpha UK Multi Property Trust Plc

+44 (0) 1624 681250

Tom Pissarro

Fund Manager, Alpha Real Capital LLP

+44 (0) 20 7391 4714

For more information on the Company please visit www.alphaukmultipropertytrust.com.

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