Termination of Currency Hedge

14 October 2013

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

TERMINATION OF CURRENCY HEDGE

Alpha Pyrenees Trust Limited announces that on 11 October 2013 it terminated the currency hedges scheduled to expire on 16 October 2013.

The resulting settlement value after applying collateral held by the counterparty, Barclays Bank PLC ("Barclays"), is €24.7 million. As at 30 June 2013 the fair value of the currency hedge liability, net of collateral, was €25.5 million as previously reported.

The Trust has agreed with Barclays to settle this liability on 25 October 2013 and in the meantime the Trust and Barclays are in advanced discussions in relation to financing this settlement and will report further once these discussions are concluded.

Contact:

Dick KingstonChairman, Alpha Pyrenees Trust 01481 231 100

Paul CableFund Manager, Alpha Real Capital LLP 020 7268 0300

For more information on the Trust please visit www.alphapyreneestrust.com.

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