Interim Management Statement

To: Company Announcements Date: 12 November 2014 Company: AXA Property Trust Limited Subject: Interim Management Statement CORPORATE SUMMARY The implementation of the portfolio exit strategy continues with the recentcompletion of the sales at Würzburg and Köthen, both in Germany. Three furtherGerman assets at Kraichtal, Lindheim and Dasing are on the market, as is thelogistics asset at Venray in the Netherlands. The two remaining larger Germanassets will be brought to market in the early part of 2015 when it is alsoanticipated that the marketing of the two Italian assets will commence. PORTFOLIO UPDATE Country Allocation at 30 September 2014 (by value) Country % of portfolio Germany 65%Italy 27%Netherlands 8% Sector Allocation at 30 September 2014 (by value) Sector % of portfolio Retail 58%Industrial 27%Leisure 15% The Company's net property yield on current market valuation (after acquisitionand operating costs) as at 30 September 2014 was 7.77% (7.53% as at 30 June2014). LOAN FACILITIES Gross Loan to Value (LTV) Unaudited AuditedCovenants 30 September 30 June 2014 Maximum 2014 Main loan facility 43.80% 45.10% 60.00% The Group continues to comply with the 60% loan-to-value ("LTV") covenant ofthe main loan facility with Crédit Agricole and Credit Foncier. A further loanprepayment was made after the quarter end following the disposal of the assetat Köthen, Germany resulting in a new loan balance of £29.54 million (€37.91million) and an LTV of 43.8%. The loan is due to mature on 1 July 2016. Interest Cover Ratio Historic Minimum Projected Minimum Net rentalat 30 September 2014 (Unaudited) (Unaudited) income headroom Main loan facility 2.25x 2.00x 2.89x 1.85x 0.36xcovenant Interest Cover Ratio (ICR) is calculated as net financing expense payable as apercentage of net rental income less movement in arrears. Net rental incomeheadroom is based on projected interest cover. CASH POSITION AND CAPITAL EXPENDITURE At 30 September 2014 the Company and its subsidiaries held total cash of£6.22million (EUR7.98 million) (including a 50% share of the Agnadello JV'scash). The anticipated capital expenditure over the next twelve months is £0.7million million (EUR0.9 million). NET ASSET VALUE The Company's Net Asset Value as at 30 September 2014 will be announced in duecourse. Company website: http://www.axapropertytrust.com All Enquiries: Investment ManagerAXA Investment Managers UK LimitedBroker Services7 Newgate StreetLondon EC1A 7NXTel: +44 (0)20 7003 2345Email: broker.services@axa-im.com BrokerOriel Securities LimitedNeil WinwardTel: +44 (0)20 7710 7600 Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGY1 3QLTel: +44 (0)1481 745436Fax: +44 (0)1481 745085