Interim Results and Dividend

Alpha Pyrenees Trust Limited
07 September 2006


   PRESS RELEASE

   7th September 2006

   ALPHA PYRENEES TRUST LIMITED

   ('ALPHA PYRENEES TRUST' OR THE 'TRUST')

   ALPHA PYRENEES TRUST POSTS FIRST RESULTS:
   ACQUISITIONS REACH ONE MILLION SQUARE FEET AND DIVIDENDS START

   Alpha Pyrenees Trust, the property company investing in commercial real estate in France and Spain, today
   posts its interim results covering the period from its listing on 29 November 2005 to 30 June 2006. Alpha
   Real Capital LLP is the Investment Manager to the Trust.

   The Trust announced an interim net profit after tax of £2.125 million and a NAV of 97.5p per share.

   €90 million has so far been invested in a total of nine properties, collectively totalling one million
   square feet. The properties are located in France and Spain, where the Trust focuses with 42% in retail
   properties, 51% in industrial and logistics properties, and 7% in office properties. The acquisitions have
   been made at yields of between 7.0% and 8.7%.

   Alpha Pyrenees Trust is paying an interim dividend of 2.5p per share to shareholders on the Register at 22
   September 2006. It is the current intention of the Board to recommend a further dividend of not less than
   2.5p in respect of the period to 31 December 2006, making an expected total dividend of at least 5p for
   the Trust's first year in operation, equivalent to a yield of 5% at the float price of 100p. The Trust is
   targeting a dividend of 7p per annum once fully invested

   Richard Kingston, Chairman commented;

   'I am pleased to report that an encouraging start has been made to the Trust's investment programme. The
   French and Spanish property markets continue to perform strongly and the Trust's strong local networks
   have been key to delivering a first class diversified portfolio both by type and location. In line with
   our strategy, many of the tenants in the Trust's properties are well known companies belonging to groups
   with strong covenants such as Aldi, GlaxoSmithKline, La Poste, MediaMarkt, Saint Gobain and Vinci Group.

   The Trust is in a strong financial position, our pipeline of potential property acquisitions is healthy,
   and we currently have a number of properties undergoing active due diligence. We are looking forward to
   reporting progress on further acquisitions to shareholders in the period ahead.'

   A pdf version of the interim report can be downloaded from the Trust's website -
   http://www.alphapyreneestrust.com/

   For further information please contact:
   Phillip Rose, CEO, Alpha Real Capital
   020 7591 1609 / 07771 880 318


   Notes

   ABOUT ALPHA REAL CAPITAL

   Alpha Real Capital is a value-adding international property funds management group with operations in both
   the French and Spanish real estate markets. Alpha Real Capital was established by Phillip Rose and Sir
   John Beckwith.

   Phillip Rose has 25 years' experience in the real estate, funds management and banking industries in
   Europe, the USA and Australasia. He has been Head of Real Estate for ABN AMRO Bank, Chief Operating
   Officer of European shopping centre investor and developer TrizecHahn Europe (where he was responsible for
   a €1 billion European investment and development programme from 1999-2000), Managing Director of Lend
   Lease Global Investment where, during his tenure from 1994 to 1999, he was responsible for managing
   European property investments and Executive Manager of listed fund General Property Trust. He is currently
   a non-executive director of Great Portland Estates and a member of the Management Committee of the Hermes
   Property Unit Trust.

   Sir John Beckwith has been involved in property investment and other investment for his entire working
   life. He founded London & Edinburgh Trust PLC ('LET') in 1971 where he was Chairman and Chief Executive
   Officer and developed it into one of the top ten listed real estate companies in the UK. Following the
   sale of LET, he established Pacific Investments Plc through which he founded a number of successful asset
   management businesses, including Liontrust Asset Management and Thames River Capital.

   Alpha Real Capital is the Investment Manager to Alpha Pyrenees Trust. Alpha Real Capital's European Funds
   Director, Paul Cable, is Fund Manager of Alpha Pyrenees Trust. Paul Cable has 25 years experience in the
   real estate and banking industries in the UK, Europe and the Far East and was previously responsible for
   Sir John Beckwith's property investment activities in France and Spain for six years. Further information
   is available at http://www.alpharealcapital.com/ including contact details for Alpha Real Capital's UK,
   French and Spanish offices.

   Alpha Real Capital is Authorised and Regulated by the Financial Services Authority.



   ABOUT ALPHA PYRENEES

   Alpha Pyrenees Trust is a Guernsey registered closed-ended investment company investing in French and
   Spanish commercial real estate.

   Investment Strategy
   Alpha Pyrenees' strategy is to invest in a diversified portfolio of properties in Spain and France,
   focusing on commercial property in the industrial, logistics, office and retail sectors.Alpha Real Capital
   believes that there will be capital growth opportunities in the portfolio through income growth, active
   asset management and yield compression.



   Directors
   The Directors of the Company, all of whom are non-executive, are responsible for the implementation of the
   investment policy of the Company and the overall supervision of the Group's activities.

   The Board consists of:

   Richard Kingston (Chairman)
   Christopher Bennett
   David Jeffreys
   Phillip Rose
   Serena Tremle


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