Worsley Inv Ltd Regulatory News (WINV)

To: Company Announcements

Date: 21 August 2012

Company: AXA Property Trust Limited

Subject: Interim Dividend, Deleveraging and Strategy

Due to reduced liquidity in European property markets and an ongoing difficult macro-economic setting in Europe, particularly Southern Europe, the Company has upon the advice of the Manager decided to adopt a more cautious stance in relation to its debt and cash management.

This has led to a review of its ongoing strategy regarding re-investment and dividend.

Interim Dividend

The Board on the recommendation of the Manager has resolved to suspend the June 2012 dividend and also to suspend ongoing dividends for the short term. This is driven by a number of developments since the RNS of 5 July 2012.

·; The loan of €8.0m at Agnadello in Italy expires in December 2012. In light of hardening attitudes of lenders generally to property loans, the Agnadello lender's recently stated desire to withdraw from non-core markets, and the now relatively short maturity of this loan, the Board believe that the Company should be preserving cash to prudently manage the contingent restructuring of this loan, should the current lease renewal discussion not be satisfactorily concluded.

·; The notarisation of the sale of one of the Company's properties, Pankower Allee, Berlin, has been delayed. It was originally expected to occur in July 2012 and its delay will add further pressure to the Company's liquidity position. Completion is currently anticipated to take place later this year.

·; The required paydown to the Company's lender under the recent LTV test of the Main Facility was €1,087k, in excess of the €850k previously anticipated.

These developments taken as a whole, together with the ongoing difficult macro-economic conditions for the Company, has led the Board to adopt this prudent approach to cash management and dividend policy. Re-establishment of the dividend is intended once both the cash and debt positions stabilise.

Focus on Deleveraging

Considering the ongoing challenging macro-economic climate and adverse property and debt environments the Board has decided that it would be appropriate for the Company to conservatively review its current investment strategy. The Board believes that, given the current market environment, it would be in the best interests of the Company to reduce its level of gearing. In order to achieve this the Company intends to realise assets considered as non-core in an orderly manner over the next 12-18 months with a view to further paying down the Company's current debt and does not intend to reinvest any capital during this period, except for necessary tenancy works in order to maintain or enhance value.

Shareholder Consultation

The Board has in consultation with the Manager carefully considered the sustainability and future of the Company taking into account the small market capitalisation, the wide discount to Net Asset Value and the relatively high TER of the Company.

The Board therefore believes it is appropriate to continue to engage with shareholders with a view to determining the future strategy of the Company. Once the debt obligations of the Company have been stabilised, the Board will undertake a consultation exercise to determine whether the Company should continue in its current form or whether the Board should implement a new strategy, such options to include a broader reconstruction or winding-up prior to the 2015 continuation vote.

All Enquiries:

Investment Manager

AXA Investment Managers UK Limited

Broker Services

7 Newgate Street

London EC1A 7NX

Tel: +44 (0)20 7003 2345

Oriel Securities Limited

Joe Winkley/ Neil Winward

Tel: +44 (0)20 7710 7600

Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court Les Banques St Peter Port Guernsey

GY1 3QL

Tel: 01481 745324

Fax: 01481 745085