11 January 2017

ALPHA REAL TRUST LIMITED ("ALPHA REAL TRUST" OR THE "COMPANY")

The Board of Alpha Real Trust has received notice from the independent directors of Industrial Multi Property Trust PLC ("IMPT") that alternative Forms of Proxy validly executed by shareholders of IMPT will not be authorised or accepted by them in respect of the resolutions to be proposed at the Extraordinary General Meeting of IMPT scheduled for 11:00am on 19 January 2017.

The board of Alpha Real Trust views this decision as further validation that the independent directors of IMPT are not acting in the interests of shareholders. In refusing to accept validly executed alternative Forms of Proxy, which are in a form which comply with IMPT's articles of association, the independent directors of IMPT are effectively disenfranchising shareholders.

For further information please contact:

Alpha Real Trust Limited

David Jeffreys, Chairman, Alpha Real Trust              +44 (0) 1481 231 100

Brad Bauman, Joint Fund Manager, Alpha Real Trust           +44 (0) 20 7391 4700

Panmure Gordon, Broker to the Company

Richard Gray / Andrew Potts                                      +44 (0) 20 7886 2500