AXA Property Trust has a predominantly independent Board of Directors. The Company is self-managed and its investment advisor is Worsley Associates LLP.

Board of Directors

The Board consists of three non-executive directors, of which Mr. William Scott is Chairman. Mr. Scott and Mr. Burke are considered by the Board to be independent of the Company's Investment Advisor. The Board is responsible for the determination of the Company's investment objective and policy, plus has overall responsibility for the Company's activities. The Board approves all major transactions and meets at least quarterly.

Worsley Associates LLP

The Investment Advisor, Worsley Associates LLP, provides investment advice and management services. It advises the company on the overall management of investments. The Investment Advisor is also responsible for certain of the day-to-day support functions in respect of the corporate structure and affairs of the Company.