Net Asset Value(s)

To: Company AnnouncementsDate: 26 November 2014Company: AXA Property Trust Limited Subject: Net Asset Value 30 September 2014 (Unaudited) CORPORATE SUMMARY The Company's unaudited Consolidated Net Asset Value at 30 September 2014 was£51.47 million (55.62 pence per share), an increase of £1.04 million (1.12 penceper share) since 30 June 2014 when the NAV was £50.43 million (54.50 pence pershare). The Company and its subsidiaries made a profit after tax of £2.09 million (2.26pence per share) in the three month period to 30 September 2014. CONSOLIDATED PERFORMANCE SUMMARY Audited Unaudited 12 months ended 3 months ended 30 June 2014 30 September 2014 Quarterly Movement Pence per share Pence per share Pence per share /(%) Net Asset Value per 54.50 55.62 1.12 (2.1%)share Losses / Earnings per -2.44 2.26 4.70share Share price (mid market) 41.50 40.40 -1.10 (-2.7%) Share price discount to 23.9% 27.4% 3.5 percentage pointsNet AssetValue Total return Audited Unaudited 12 months ended 3 months ended 30 June 2014 30 September 2014 Net Asset Value Total Return1 (7.92%) 2.06% Share Price Total Return - AXA Property Trust 14.3% -1.2% - FTSE All Share Index 13.1% -1.0% - FTSE Real Estate Investment Trust Index 23.9% 2.0% Source: Datastream; AXA Real Estate 1On a pro-forma basis which includes adjustments to add back any prior NAVdeductions for share redemptions. Total net profit was £2.09 million (2.26 pence per share) for the three monthsto 30 September 2014, including £0.37 million of "revenue" profit (excludingcapital items such as revaluation of property) and £1.72 million "capital" gainanalysed as follows: Audited Unaudited 12 months ended 3 months ended 30 June 2014 30 September 2014 £million £million Net property income 6.10 1.37 Net foreign exchange losses (0.06) (0.14) Investment Manager's fees (0.88) (0.12) Other income and expenses (1.86) (0.31) Net finance costs (2.11) (0.43) Current tax - - Revenue profit 1.19 0.37 Unrealised (losses) / gains on revaluation of investment (2.24) 1.82properties Net losses on disposal of investment properties (0.47) - (Losses) / gains on financial instruments (hedging (0.31) 0.21interest rate and currency exposures) Share in profit of a joint venture 0.17 0.16 Finance costs (0.45) (0.28) Net foreign exchange losses (0.09) (0.10) Deferred tax (0.19) (0.09) Capital (loss) / gain (3.58) 1.72 Total net (loss) / profit (2.39) 2.09 NET ASSET VALUE The Company's unaudited Consolidated Net Asset Value per share as at 30September 2014 was 55.62 pence (54.50 pence as at 30 June 2014), an increase of1.12 pence. The Net Asset Value attributable to the Ordinary Shares is calculated underInternational Financial Reporting Standards. It includes all current yearincome after the deduction of dividends paid prior to 30 September 2014. The £1.04 million decrease in Net Asset Value over the quarter ended 30September 2014 can be analysed as follows: Audited Unaudited 12 months ended 3 months ended 30 June 2014 30 September 2014 £million £million Opening Net Asset Value 59.22 50.43 Share redemption (4.10) - Net (loss) / profit after tax (2.39) 2.09 Other comprehensive loss (2.30) (1.05) Closing Net Asset Value 50.43 51.47 In Sterling terms the property valuation decreased by £4.57 million (5.5%) to £78.07 million (including the effects of valuation movements, capitalexpenditure, disposals and foreign exchange movements). On a like-for-likebasis the Euro valuation of the property portfolio increased by EUR2.28m(2.27%) to EUR100.19 million for the quarter. The £/EUR foreign exchange rateapplied to the Company's Euro investments in its subsidiary companies at 30September 2014 was 1.283 (30 June 2014: 1.249). SHARE PRICE AND DISCOUNT TO NET ASSET VALUE As at close of business on 30 September 2014, the mid market price of theCompany's shares on the London Stock Exchange was 40.40 pence, representing adiscount of 27.4% on the Company's Net Asset Value at 30 September 2014. As at close of business on 24 November 2014, the mid market price of theCompany's shares was 41.38 pence, representing a discount of 25.6% on theCompany's Net Asset Value at 30 September 2014. FUND GEARING Audited Unaudited 30 30 June 2014 September 2014 Movement £million /% £million /% £million /% Property portfolio * 82.64 78.07 -4.57 (5.5%) Borrowings (net of 32.39 30.08 -2.31 (7.1%)capitalised issue costs) Total gross gearing 39.2% 38.5% -0.7 percentage points Total net gearing 34.6% 30.6% -4.0 percentage points *Portfolio value based on the Company's independent valuation Fund net gearing decreased by 4.0 percentage points over the quarter to 30.6%as at 30 September 2014. Fund gearing is included to provide an indication of the overall indebtednessof the Company and does not relate to any covenant terms in the Company's loanfacilities. Gross gearing is calculated as debt over property portfolio at fairvalue. Net gearing is calculated as debt less cash over property portfolio atfair value. Company website:http://www.axapropertytrust.com All Enquiries: Investment ManagerAXA Investment Managers UK LimitedBroker Services7 Newgate StreetLondon EC1A 7NXTel: +44 (0)20 7003 2345Email: broker.services@axa-im.com BrokerOriel Securities LimitedNeil Winward / Mark Bloomfield / Matthew MarshallTel: +44 (0)20 7710 7600 Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGY1 3QLTel: +44 (0)1481 745324Fax: +44 (0)1481 745085