Last checked at 
26 Jun 2008 12:35
To: Company Announcements
Date: 26 June 2008
Company: AXA Property Trust Limited
Subject: Equity hedging
The Board of AXA Property Trust ("the Company") are pleased to announce the execution of the third and final tranche of the Company's net investment or equity hedging strategy. On 26 June 2008 the Company purchased a forward for the Sterling equivalent of €40 million with a maturity date of 2015.
The Company has already purchased two forwards on 21 February 2008 and 22 April 2008 for the Sterling equivalent of €40 million each. This brings the total hedged to the Sterling equivalent of €120 million, representing 84% of equity.
All the forwards have a maturity date of 2015 which coincides with the earliest possible date for termination of the Company, as foreseen in the Company's Prospectus at launch.
The purpose of the hedging instrument is to reduce volatility in the Company's Net Asset Value arising from fluctuations in the Euro/Sterling exchange rate, as well as "locking in" significant foreign exchange gains the Company has experienced in recent months as a result of the favourable foreign exchange movements. The Board will continue to keep the status of equity hedging under review.
Further information on the Company is available on the Investment Manager's website: http://www.axa-im.co.uk. Please follow the prompts to 'Literature' and then 'Factsheets' or 'Report and Accounts'.
All Enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar Court
Les Banques
St Peter Port
GY1 3QL
Tel: 01481 745529
Fax: 01481 745085