Redemption Announcement

AXA PROPERTY TRUST LIMITED
(a closed-ended company incorporated with limited liability under the laws of Guernsey with registered number 43007)

REDEMPTION ANNOUNCEMENT

Further to the passing of the Special Resolution by the requisite majority at the Extraordinary General Meeting held on 27 February 2014 and the powers therein granted to the Board, the Company will return approximately £11.0 million to Shareholders, equivalent to approximately 14.48 pence per Share, on 6 January 2016 (the "Redemption Date") by way of a redemption of a proportion of all Shareholders’ holdings of Shares (the "Redemption").

Words and expressions that were defined in the Circular posted to shareholders on 4 February 2014 (the “Circular”) shall have the same meaning where they are used in this announcement, except where the context requires otherwise.

The Redemption Price per Share shall be 59.82 pence (by reference to the NAV per Share as at 30 September 2015) and the aggregate amount to be distributed to Shareholders pursuant to the Redemption will be approximately £11.0 million. The Redemption will be effected pro rata to holdings of Shares on the register at the close of business on the Redemption Date. Around 24.21% of the Company's issued share capital will be redeemed on the Redemption Date (that is approximately 24.21 Shares for every 100 Shares held (the "Relevant Percentage")). Fractions of Shares will not be redeemed and so the number of Shares to be redeemed for each Shareholder will be rounded down to the nearest whole number of Shares.

As a result of the Company's disposal programme as described in the Circular, the Company currently has approximately £11.0 million in unallocated cash. The sales that have been recently achieved, and are in hand, position the Company to deal with the remainder of the portfolio in an orderly fashion, making this an appropriate time to distribute to Shareholders the unallocated cash. The costs and expenses of this Redemption are estimated not to exceed £7,500, equivalent to approximately 0.01 pence per Share being redeemed.

The Company currently has 75,959,574 Shares in issue of which none are held in treasury. All of the Shares redeemed on the Redemption Date will be cancelled. A further announcement will be released following the Redemption Date to confirm the new number of Shares in issue.

The Shares will be disabled in CREST on the Redemption Date and the existing ISIN, GG00BZ21Q295 (the "Old ISIN"), will expire. A new ISIN, GG00BD5J7902 , in respect of the remaining Shares which have not been redeemed (the "New ISIN") will be enabled and available for transactions from and including the first Business Day following the Redemption Date. Up to and including the Redemption Date, Shares will be traded under the Old ISIN and as such, a purchaser of such Shares will have a market claim for a proportion of the redemption proceeds. CREST will automatically transfer any open transactions as at the Redemption Date (which is the record date for the purposes of the Redemption) to the New ISIN.

Payments of redemption proceeds are expected to be effected either through CREST (in the case of Shares held in uncertificated form) or by cheque (in the case of Shares held in certificated form) within 8 Business Days of the Redemption Date. Shareholders will be paid their redemption proceeds in Sterling.

EXPECTED TIMETABLE

Redemption Announcement date	18 December 2015
Redemption Date, Redemption Record Date, expiry of Old ISIN	6 January 2016 (close of business)
New ISIN enabled, CREST Accounts credited	7 January 2016
Payment of proceeds date	18 January 2016