Net Asset Value(s)

To: Company Announcements Date: 26 November 2014 Company: AXA Property Trust Limited Subject: Net Asset Value 30 September 2014 (Unaudited) CORPORATE SUMMARY The Company's unaudited Consolidated Net Asset Value at 30 September 2014 was Â£51.47 million (55.62 pence per share), an increase of Â£1.04 million (1.12 pence per share) since 30 June 2014 when the NAV was Â£50.43 million (54.50 pence per share). The Company and its subsidiaries made a profit after tax of Â£2.09 million (2.26 pence per share) in the three month period to 30 September 2014. CONSOLIDATED PERFORMANCE SUMMARY Audited Unaudited 12 months ended 3 months ended 30 June 2014 30 September 2014 Quarterly Movement Pence per share Pence per share Pence per share /(%) Net Asset Value per 54.50 55.62 1.12 (2.1%) share Losses / Earnings per -2.44 2.26 4.70 share Share price (mid market) 41.50 40.40 -1.10 (-2.7%) Share price discount to 23.9% 27.4% 3.5 percentage points Net Asset Value Total return Audited Unaudited 12 months ended 3 months ended 30 June 2014 30 September 2014 Net Asset Value Total Return1 (7.92%) 2.06% Share Price Total Return - AXA Property Trust 14.3% -1.2% - FTSE All Share Index 13.1% -1.0% - FTSE Real Estate Investment Trust Index 23.9% 2.0% Source: Datastream; AXA Real Estate 1On a pro-forma basis which includes adjustments to add back any prior NAV deductions for share redemptions. Total net profit was Â£2.09 million (2.26 pence per share) for the three months to 30 September 2014, including Â£0.37 million of "revenue" profit (excluding capital items such as revaluation of property) and Â£1.72 million "capital" gain analysed as follows: Audited Unaudited 12 months ended 3 months ended 30 June 2014 30 September 2014 Â£million Â£million Net property income 6.10 1.37 Net foreign exchange losses (0.06) (0.14) Investment Manager's fees (0.88) (0.12) Other income and expenses (1.86) (0.31) Net finance costs (2.11) (0.43) Current tax - - Revenue profit 1.19 0.37 Unrealised (losses) / gains on revaluation of investment (2.24) 1.82 properties Net losses on disposal of investment properties (0.47) - (Losses) / gains on financial instruments (hedging (0.31) 0.21 interest rate and currency exposures) Share in profit of a joint venture 0.17 0.16 Finance costs (0.45) (0.28) Net foreign exchange losses (0.09) (0.10) Deferred tax (0.19) (0.09) Capital (loss) / gain (3.58) 1.72 Total net (loss) / profit (2.39) 2.09 NET ASSET VALUE The Company's unaudited Consolidated Net Asset Value per share as at 30 September 2014 was 55.62 pence (54.50 pence as at 30 June 2014), an increase of 1.12 pence. The Net Asset Value attributable to the Ordinary Shares is calculated under International Financial Reporting Standards. It includes all current year income after the deduction of dividends paid prior to 30 September 2014. The Â£1.04 million decrease in Net Asset Value over the quarter ended 30 September 2014 can be analysed as follows: Audited Unaudited 12 months ended 3 months ended 30 June 2014 30 September 2014 Â£million Â£million Opening Net Asset Value 59.22 50.43 Share redemption (4.10) - Net (loss) / profit after tax (2.39) 2.09 Other comprehensive loss (2.30) (1.05) Closing Net Asset Value 50.43 51.47 In Sterling terms the property valuation decreased by Â£4.57 million (5.5%) to Â£ 78.07 million (including the effects of valuation movements, capital expenditure, disposals and foreign exchange movements). On a like-for-like basis the Euro valuation of the property portfolio increased by EUR2.28m (2.27%) to EUR100.19 million for the quarter. The Â£/EUR foreign exchange rate applied to the Company's Euro investments in its subsidiary companies at 30 September 2014 was 1.283 (30 June 2014: 1.249). SHARE PRICE AND DISCOUNT TO NET ASSET VALUE As at close of business on 30 September 2014, the mid market price of the Company's shares on the London Stock Exchange was 40.40 pence, representing a discount of 27.4% on the Company's Net Asset Value at 30 September 2014. As at close of business on 24 November 2014, the mid market price of the Company's shares was 41.38 pence, representing a discount of 25.6% on the Company's Net Asset Value at 30 September 2014. FUND GEARING Audited Unaudited 30 30 June 2014 September 2014 Movement Â£million /% Â£million /% Â£million /% Property portfolio * 82.64 78.07 -4.57 (5.5%) Borrowings (net of 32.39 30.08 -2.31 (7.1%) capitalised issue costs) Total gross gearing 39.2% 38.5% -0.7 percentage points Total net gearing 34.6% 30.6% -4.0 percentage points *Portfolio value based on the Company's independent valuation Fund net gearing decreased by 4.0 percentage points over the quarter to 30.6% as at 30 September 2014. Fund gearing is included to provide an indication of the overall indebtedness of the Company and does not relate to any covenant terms in the Company's loan facilities. Gross gearing is calculated as debt over property portfolio at fair value. Net gearing is calculated as debt less cash over property portfolio at fair value. Company website: http://www.axapropertytrust.com All Enquiries: Investment Manager AXA Investment Managers UK Limited Broker Services 7 Newgate Street London EC1A 7NX Tel: +44 (0)20 7003 2345 Email: broker.services@axa-im.com Broker Oriel Securities Limited Neil Winward / Mark Bloomfield / Matthew Marshall Tel: +44 (0)20 7710 7600 Company Secretary Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court Les Banques St Peter Port GY1 3QL Tel: +44 (0)1481 745324 Fax: +44 (0)1481 745085

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