Result of AGM & Change of Company Name

11 December 2019

Worsley Investors Limited

(formerly, AXA Property Trust Limited)

(the "Company")

(a closed-ended investment company incorporated with limited liability under the laws of Guernsey with registered number 43007)(LEI Number 213800AF85VEZMDMF931)

Result of Annual General Meeting and Change of Company Name

The Company is pleased to announce that, at the Annual General Meeting of the Company held at 2.30pm today, 11 December 2019, each of the proposed resolutions were duly passed without amendment.

Effective immediately, the name of the Company has changed to Worsley Investors Limited.

Resolutions 1 to 7 were proposed as ordinary resolutions and resolutions 8 and 9 were proposed as special resolutions. The result of the voting was as follows:

1. THAT the audited financial statements, the Directors' report and the Auditors' report for the year ended 30 June 2019 be received and adopted.

10,907,945 votes were in favour of the resolution (100% of votes cast) and 0 votes were against (0% of votes cast). 193,939 votes were withheld.

2. THAT the Director's Remuneration Report for the year ended 30 June 2019 be approved.

10,875,351 votes were in favour of the resolution (98.12% of votes cast) and 208,281 votes were against (1.88% of votes cast). 18,252 votes were withheld.

3. THAT Mr Blake Nixon be re-elected as a Director of the Company.

10,883,649 votes were in favour of the resolution (98.05% of votes cast) and 216,798 votes were against (1.95% of votes cast). 1,437 votes were withheld.

4. THAT Mr William Scott be elected as a Director of the Company.

10,883,649 votes were in favour of the resolution (98.05% of votes cast) and 216,798 votes were against (1.95% of votes cast). 1,437 votes were withheld.

5. THAT Mr Robert Burke be elected as a Director of the Company.

10,883,649 votes were in favour of the resolution (99.95% of votes cast) and 5,515 votes were against (0.05% of votes cast). 212,720 votes were withheld.

6. THAT BDO Limited, who have indicated their willingness to continue in office, be re-appointed as Auditors of the Company to hold office from the conclusion of this annual general meeting until the conclusion of the next annual general meeting of the Company.

11,059,700 votes were in favour of the resolution (100% of votes cast) and 0 votes were against (0% of votes cast). 42,184 votes were withheld.

7. THAT the Directors be authorised to determine the remuneration of the Auditors for their next period of office.

11,054,185 votes were in favour of the resolution (99.95% of votes cast) and 5,515 votes were against (0.05% of votes cast). 42,184 votes were withheld.

8. THAT the Company be and is hereby generally authorised, for the purposes of the Companies (Guernsey) Law, 2008, as amended (the "Law") to make market purchases (as identified in the Law) of its Ordinary Shares in issue.

11,086,634 votes were in favour of the resolution (99.88% of votes cast) and 13,813 votes were against (0.12% of votes cast). 1,437 votes were withheld.

9. THAT in accordance with section 25(2) of the Law, the name of the Company be changed from "AXA Property Trust Limited" to "Worsley Investors Limited".

9,383,649 votes were in favour of the resolution (84.53% of votes cast) and 1,716,798 votes were against (15.47% of votes cast). 1,437 votes were withheld.

For further information, please contact:

Worsley Associates LLP (Investment Advisor)

Blake Nixon Tel: +44 (0) 7785 224602

Shore Capital (Financial Adviser and Broker)Robert FinlayTel: +44 (0) 20 76016100

Praxis Fund Services Limited (Administrator and Secretary)Matt Falla

Katrina Rowe

Tel: +44 (0) 1481 737600