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THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IT CONTAINS PROPOSALS RELATING TO AXA PROPERTY TRUST LIMITED (THE "COMPANY") ON WHICH YOU ARE BEING ASKED TO VOTE.

If you are in any doubt about the contents of this document or the action you should take, you should immediately consult your stockbroker, bank manager, solicitor, accountant or other appropriately qualified independent financial adviser, authorised under the Financial Services and Markets Act 2000.

If you have sold or otherwise transferred all of your Shares in the Company, please send this Circular, but not the accompanying personalised Forms of Proxy, as soon as possible to the purchaser or transferee, or to the stockbroker, bank or other agent through whom the sale or transfer was effected, for delivery to the purchaser or transferee. However, such documents should not be distributed, forwarded or transmitted in or into the United States, Canada, Australia, South Africa or Japan or into any other jurisdiction if to do so would constitute a violation of the relevant laws and regulations in such other jurisdiction. If you have sold or transferred only part of your holding of Shares please consult the bank, stockbroker or other agent through which the sale or transfer was effected.

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AXA PROPERTY TRUST LIMITED

(a closed-ended company incorporated with limited liability under the laws of Guernsey with registered number 43007)

Recommended proposals for the voluntary liquidation of the Company and cancellation of the admission of its Shares to the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange

Notice of Extraordinary General Meeting

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The Proposals described in this Circular are conditional on Shareholder approval, which is being sought at an extraordinary general meeting of the Company to be held at the offices of Northern Trust International Fund Administration Services (Guernsey) Limited, Trafalgar Court, Les Banques, St. Peter Port, Guernsey GY1 3QL. The EGM will be held at 12.00pm on 7 September 2018. Notice of the Extraordinary General Meeting is set out at the end of this Circular.

Shareholders are requested to complete, sign and return the Forms of Proxy enclosed with this Circular, in accordance with the instructions printed thereon, so as to be received by post or by hand by the Company's Registrar, Computershare Investor Services (Guernsey) Limited, c/o The Pavilions, Bridgwater Road, Bristol, BS99 6ZY, as soon as possible but in any event so as to arrive not later than 12.00pm on 5 September 2018 or, if the EGM is adjourned, 24 hours prior to the time allotted for the adjourned meeting. The lodging of a Form of Proxy for the EGM will not prevent Shareholders from attending, speaking and voting in person at the EGM if they so wish.

The Company is authorised as an authorised closed-ended investment scheme by the Guernsey Financial Services Commission (the "Commission") under Section 8 of the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended and the Authorised Closed-Ended Investment Schemes Rules 2008 made thereunder. Notification of the Proposals will be given to the Commission in accordance with and as required by the Authorised Closed-Ended Investment Schemes Rules 2008.

This Circular should be read as a whole. Your attention is drawn to the letter from the Chairman of the Company set out on pages 2 to 6 of this Circular and which recommends that you vote in favour of the Resolutions. Your attention is also drawn to the section entitled "Action to be Taken by Shareholders" on page 6 of this Circular.

Defined terms used in this Circular have the meanings given to them in the section headed "Definitions" on page 8.