Worsley Inv Ltd Regulatory News (WINV)

Replacement - Redemption Announcement

The following amendment has been made to the Redemption Announcement released on 21 March 2014 at 16:31 under RNS No 9387C.

The New ISIN in respect of the remaining Shares which have not been redeemed will be GG00BKXH2013 and not GB00BKXH2018 as previously stated.

All other details remain unchanged.

The full amended text is shown below.

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 GBP2.1 million to Shareholders, equivalent to approximately 2.2 pence per Share, on 9 April 2014 (the "Redemption Date") by way of a redemption of a proportion of all Shareholders' holdings of Shares (the "Redemption").

Words and expressions that are 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 54.92 pence (by reference to the NAV per Share as at 31 December 2013 which is after deducting deferred tax as recognised under IFRS and the Group's accounting policies and costs and expenses in relation to the partial redemption) and the aggregate amount to be distributed to Shareholders pursuant to the Redemption will be approximately GBP2.1 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 3.97% of the Company's issued share capital will be redeemed on the Redemption Date (that is approximately 3.97 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 GBP2.1 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 GBP7,500, equivalent to approximately 0.20 pence per Share being redeemed.

The Company currently has 96,358,420 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, GG00BK4Z9144 (the "Old ISIN"), will expire. The New ISIN (GG00BKXH2013) in respect of the remaining Shares which have not been redeemed 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 2 Business Days of the Redemption Date. Shareholders will be paid their redemption proceeds in Sterling.

EXPECTED TIMETABLE