Last checked at 
14 Oct 2008 14:30
To: Company Announcements
Date: [14] October 2008
Company: AXA Property Trust Limited
Subject: Loan to Value Covenant
Further to the Final Results Announcement on 9 October 2008, the following supplementary information is provided in relation to the Loan to Value ("LTV") covenant obligations of AXA Property Trust Limited (the "Company").
Under the terms of the Company's main loan facility, the maximum permitted Gross LTV is 50%. At 30 June 2008 the Gross LTV was 43.1%. A decrease in the Company's property valuations as at 30 June 2008 of over 13% would be necessary to breach the Gross LTV covenant.
In addition to its property portfolio, the Company and its subsidiaries held total cash of £20.1 million (EUR 25.5 million) at 30 June 2008, giving a Net LTV of 29.5%. The £20.1 million cash has been allocated between a £2.2 million repayment of a separate loan held by the joint venture in Agnadello; working capital; and uncommitted capital expenditure of up to £11 million, principally to develop the Company's retail asset in Fuerth, Germany. If the cash allocated to uncommitted capital expenditure were utilised to repay part of the bank debt, property valuations could decline by over 28% before breaching the Gross LTV covenant.
Notes
Gross LTV is calculated as debt over property portfolio at fair value. Net LTV is calculated as debt net of cash over property portfolio at fair value. The bank facility covenant terms exclude the joint venture in Agnadello in Italy and the Porto Kali consortium investment in the Netherlands.
All Enquiries:
AXA Investment Managers UK Limited 8th Floor 155 Bishopsgate London EC2M 3XJ
Tel: 0845 766 0184 (Option 3) Email: broker.services@axa-im.com
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QLTel: 01481 745529Fax: 01481 745085
www.axapropertytrust.com