Loan-to-Value Compliance on Main Loan Facility

To: Company AnnouncementsDate: 27 July 2012Company: AXA Property Trust LimitedSubject: Loan-to-Value Compliance on Main Loan Facility

Loan-to-Value ComplianceFurther to the announcement of 5 July 2012, the Company and its subsidiaries are now in compliance with the 50% LTV covenant test on 2 July 2012 following the prepayment of the loan facility down to €64.62 million.A further loan prepayment was made on 25 July 2012 following the disposal at Treuchtlingen, Germany, resulting in a new loan balance of €60.56 million and LTV of 49.03%.The new LTV covenant will be 60% from August 2012 to the end of the facility in July 2016.All Enquiries:Sponsor and BrokerOriel Securities LimitedJoe Winkley/ Neil Winward

Tel: +44 (0)20 7710 7600Investment ManagerAXA Investment Managers UK LimitedBroker Services7 Newgate StreetLondon EC1A 7NXTel: 0845 766 0184Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court Les Banques St Peter Port GuernseyGY1 3QLTel: 01481 745324Fax: 01481 745085