Result of AGM

4 December 2014

                          AXA PROPERTY TRUST LIMITED

                       Result of Annual General Meeting

At the Annual General Meeting held earlier today, it was resolved
amongst others, that the Company be authorised to market acquisitions of
ordinary shares of No Par Value each ("Ordinary Shares") (either for retention
as treasury shares, transfer or cancellation), provided that the maximum number
of Ordinary hereby authorised to be purchased shall be 14.99 per cent per
annum of the Ordinary Shares in issue immediately following the passing of
this resolution; the minimum price shall be 1p and the maximum price shall be
not more than the higher of (i) five per cent above the average of the middle
market quotations for the Ordinary Shares as derived from the Official List of
the London Stock Exchange plc for the five business days before the day the
purchase is made and (ii) the higher of the price of the last independent
trade and the highest independent bid at the time of the purchase for the
Ordinary Shares.

It was further resolved that the pre-emption rights applicable to
new share issues shall not apply and shall be excluded in relation to the
issue of up to an aggregate number of Ordinary Shares as represents less than
10 per cent of the number of Ordinary Shares admitted to trading on London
Stock Exchange plc.

A copy of the full voting totals will be published on the Company's
website at: www.retail.axa-im.co.uk/axa-property-trust

A copy of the above document has been submitted to the National Storage
Mechanism and will shortly be available for inspection at:
www.hemscott.com/nsm.do

All Enquiries:

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

Tel: [phone]