AXA Property Trust Limited
(a closed-ended investment company incorporated with limited liability under the laws of Guernsey with registered number 43007)
LEI Number: 213800AF85VEZMDMF931
(The “Company”)

Change of Investment Advisor

3 June 2019

Further to the announcement on 3 April 2019 regarding the proposed investment policy change, the Board of AXA Property Trust Limited (the “Company”) is pleased to announce the appointment of Worsley Associates LLP (“Worsley”) as its new investment advisor, effective immediately.

The Investment Advisory Agreement, which is governed by the laws of England and Wales, has an initial term of two years (the "Initial Term"), with either Worsley or the Company being able to terminate the agreement by giving 12 months’ notice after the first anniversary of the date of the agreement, and thereafter on a rolling 12 months’ notice basis. Following the Initial Term, on giving the requisite 12 months’ notice there is no compensation on termination (save in respect of any payment made in lieu of notice where Worsley and the Company agree to terminate the Investment Advisory Agreement on less than 12 months' notice). In addition, the Company and Worsley may terminate the Investment Advisory Agreement in certain limited circumstances.

Pursuant to the Investment Advisory Agreement, Worsley is entitled to an annual advisory fee of 1.25 per cent. of the Company's Net Asset Value, to the extent that the Company’s Net Asset Value is £40 million or less, but subject to a minimum fee of £150,000 per annum. If the Company’s Net Asset Value exceeds £40 million, the Company will pay Worsley a fee equal to 1.25 per cent. of £40 million and 1.00 per cent. of the amount by which the Company's Net Asset Value exceeds £40 million.

Entering into the Investment Advisory Agreement constituted a "smaller related party transaction" for the purposes of the Listing Rules. The Board, having been so advised by the Company's sponsor, Shore Capital, considers the terms of the Investment Advisory Agreement to be fair and reasonable so far as the Shareholders are concerned. Shareholders should note that, owing to his role as a principal of Worsley, Blake Nixon did not vote on any Board resolutions relating to, and did not take part in the Board's consideration of this related party transaction.

Enquiries:

Blake Nixon (Director)
Tel:       020 38732288

Shore Capital (Financial Adviser and Broker)
Robert Finlay
Tel:        020 76016100

Northern Trust International Fund Administration Services (Guernsey) Limited
The Company Secretary
Trafalgar Court,
Les Banques
St Peter Port
Guernsey
GY1 3QL
Tel:        01481 745001