13 February 2017

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

Logix Group ("Logix") challenge to the Arbitration Award dismissed by the Delhi High Court

As announced on 29 January 2015, the International Chamber of Commerce (ICC) Arbitration declared an award in favour of the Company with respect to its Galaxia investment, a joint venture with the Logix Group ("Logix") located in an 11.2 acre Special Economic Zone, in NOIDA, the National Capital Region, India. The total award amounted to £9.2 million based on exchange rates at the time. Additionally, a further 15% p.a interest on all sums was awarded to the Company from 20 January 2015 until the actual date of payment by Logix of the award. The sum has now accrued to £13.4m at the current exchange rate.

Following a challenge of the award by Logix, the Company announces that on 9 February 2017 the Delhi High Court upheld the award and dismissed the Logix petition with costs.

Logix has 30 days to appeal the dismissal before a Division Bench of the same court.

Further updates will be provided in due course.

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