EGM Statement

Alpha Pyrenees Trust Limited
20 December 2007





                          ALPHA PYRENEES TRUST LIMITED

                    RESULT OF EXTRAORDINARY GENERAL MEETING

                            SHARE BUY BACK PROGRAMME



20 December 2007



Alpha Pyrenees Trust Limited ('Alpha Pyrenees' or the 'Company') announces that
at the Extraordinary General Meeting, convened earlier today, the proposed
special resolution to allow an amendment to the Company's Articles of
Association to enable the Company to hold any repurchased ordinary shares in
treasury was supported by nearly 55 per cent. of shareholders who voted. Despite
this level of shareholder support, the resolution was not passed as it did not
receive the 75 per cent. support required under Guernsey law.



However, the Company has existing authority to buy back up to 14.99 per cent of
its issued share capital and duly announces the commencement of a share buy back
programme. Any shares repurchased by the Company will be cancelled.



Given the prevailing share price of the Company at around 80 pence per share,
the shares currently offer a prospective yield of over 8 per cent. based on the
Board's current intention to pay a dividend of 7 pence per share in respect of
the financial year commencing 1 January 2008.



The Board will determine the timing and amount of any repurchases based on its
evaluation of market conditions, share price and other factors. The share
repurchase program may be suspended or discontinued at any time.



The Company's property portfolio is currently valued on an average yield of over
7 per cent., has a high grade tenant base and is well positioned to enjoy
healthy rental growth through indexation.  The Company's portfolio continues to
benefit from a high level of occupancy (over 95 per cent.) and within the
portfolio there are a number of asset management opportunities which offer the
potential to create additional value.



Results of the Extraordinary General Meeting



The results of the proxy votes lodged in advance of and voted at the
Extraordinary General Meeting are as follows:



For                               39,507,806

Discretionary                     Nil

Against                           32,302,297
                          
Withheld                          307,508



The votes in favour of the resolution represent 31.0 per cent. of the issued
share capital of the Company and 54.8 per cent. of the votes cast.







For further information please contact:





Richard Kingston, Chairman, Alpha Pyrenees                   01481 715601

Paul Cable, Fund Manager, Alpha Real Capital                 020 7591 1635

Capel Irwin, KBC Peel Hunt (broker to the Company)           020 7418 8907

Nick Wells, Cenkos Securities (broker to the Company)        020 7397 8920

Ed Orlebar, M:Communications                                 020 7153 1523





For more information on Alpha Pyrenees please visit www.alphapyreneestrust.com







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