Notification of Major Share Interest

For filings with the FCA include the annex                                                
                                                                                          
For filings with issuer exclude the annex                                                 
    
                                                                                      
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi                                           
                                                                                          
                                                                                          
1. Identity of the issuer or the underlying issuer                      AXA PROPERTY TRUST
of existing shares to which voting rights are                                         LTD.
attached:ii                                                                               
                                                                        ISIN: GB00B06T2607
                                                                                          
2. Reason for the notification (please tick the appropriate box or boxes):                
                                                                                          
An acquisition or disposal of voting rights                                              X
                                                                                          
An acquisition or disposal of qualifying financial instruments which may result           
in the acquisition of shares already issued to which voting rights are attached           
                                                                                          
An acquisition or disposal of instruments with similar economic effect to                 
qualifying financial instruments                                                          
                                                                                          
An event changing the breakdown of voting rights                                          
                                                                                          
Other (please specify):                                                                   
                                                                                          
3. Full name of person(s) subject to the                           KG INVESTMENTS FUND LLC
notification obligation:iii                                                               
                                                                                          
4. Full name of shareholder(s)                                                            
 (if different from 3.):iv                                                                
                                                                                          
5. Date of the transaction and date on                                                    
which the threshold is crossed or                                                7/31/2014
reached: v                                                                                
                                                                                          
6. Date on which issuer notified:                                                7/31/2014
                                                                                          
7. Threshold(s) that is/are crossed or                        OWNERSHIP DECREASED TO 3.24%
reached: vi, vii                                                                          


8. Notified details:                                                                                  
                                                                                                      
A: Voting rights attached to shares viii, ix                                                          
                                                                                                      
Class/type   Situation previous                  Resulting situation after the triggering transaction 
of           to the triggering                                                                        
shares       transaction                                                                              
                                                                                                      
                                                                                                      
if possible  Number                Number        Number    Number of voting        % of  voting rights
using        of                    of            of shares rights                  x                  
the ISIN     Shares                Voting                                                             
CODE                               Rights                                                             
                                                 Direct    Direct xi Indirect xii  Direct  Indirect   
ISIN:                                                                                                 
GB00B06T2607 5,993,761             5,993,761     2,993,761 2,993,763               3.24%              
                                                                                                      
                                                                                                      
                                                                                                      
                                                                                                      
B: Qualifying Financial Instruments                                                                   
                                                                                                      
Resulting situation after the triggering transaction                                                  
                                                                                                      
Type of        Expiration           Exercise/               Number of voting             % of voting  
financial      date xiii            Conversion Period xiv   rights that may be           rights       
instrument                                                  acquired if the                           
                                                            instrument is                             
                                                            exercised/ converted.                     
                                                                                                      
                                                                                                      
                                                                                                      
                                                                                                      
C: Financial Instruments with similar economic effect to Qualifying Financial                         
Instruments xv, xvi                                                                                   
                                                                                                      
Resulting situation after the triggering transaction                                                  
                                                                                                      
Type of       Exercise price       Expiration  Exercise/   Number of voting rights    % of voting     
financial                          date xvii   Conversion  instrument refers to       rights xix, xx  
instrument                                     period                                                 
                                               xviii                                                  
                                                                                                      
                                                                                      Nominal Delta     
                                                                                                      
                                                                                                      
                                                                                                      
                                                                                                      
Total (A+B+C)                                                                                         
                                                                                                      
Number of voting rights                                 Percentage of voting rights                   
                                                                                                      
2,993,761                                               3.24%                                         
                                                                                                      


9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable: xxi                          
                                                                                        
                                                                                        
                                                                                        
                                                                                        
                                                                                        
                                                                                        
                                                                                        
Proxy Voting:                                                                           
                                                                                        
10. Name of the proxy holder:                                                           
                                                                                        
11. Number of voting rights proxy holder will cease                                     
to hold:                                                                                
                                                                                        
12. Date on which proxy holder will cease to hold                                       
voting rights:                                                                          
                                                                                        
13. Additional information:                                                             
                                                                                        
14. Contact name:                                                                TOM YAU
                                                                                        
15. Contact telephone number:                                               646-415-6237
                                                                                        


Note: Annex should only be submitted to the FCA not the issuer                          
                                                                                        
Annex: Notification of major interests in sharesxxii                                    
                                                                                        
A: Identity of the persons or legal entity subject to the notification                  
obligation                                                                              
                                                                                        
Full name                                                                               
                                                                     KG INVESTMENTS FUND
(including legal form of legal entities)                                             LLC
                                                                                        
                                                                                        
Contact address                                                       3 COLUMBUS CIRCLE,
                                                                              SUITE 1402
(registered office for legal entities)                                                  
                                                                      NEW YORK, NY 10019
                                                                                        
                                                                                        
Phone number & email                                                        212-247-4590
                                                                                        
                                                                        [e-mail];
                                                                         [e-mail]
                                                                                        
Other useful information                                                                
                                                                                        
(at least legal representative for legal persons)                                       
                                                                                        
                                                                                        
                                                                                        
B: Identity of the notifier, if applicable                                              
                                                                                        
Full name                                                                               
                                                                                        
Contact address                                                                         
                                                                                        
Phone number & email                                                                    
                                                                                        
Other useful information                                                                
                                                                                        
(e.g. functional relationship with the person or legal entity                           
subject to the notification obligation)                                                 
                                                                                        
                                                                                        
C: Additional information                                                               
                                                                                        
For notes on how to complete form TR-1 please see the FCA website.