Net Asset Value(s)

To: Company Announcements

Date: 11 February 2013

Company: AXA Property Trust Limited

Subject: Net Asset Value 31 December 2012 (Unaudited)

CORPORATE SUMMARY

- The Company's unaudited Consolidated Net Asset Value at 31 December 2012 was £58.56 million and 58.56 pence per share which remained stable (30 September 2012: £58.55 million and 58.55 pence per share), with a small increase of £10k. Valuation losses in the period were offset by foreign exchange gains;

- The Company and its subsidiaries made a net loss after tax of -£2.57 million in the six month period to 31 December 2012;

- Following the sale of four assets during 2012 a further five assets have been identified for sale during the first half of 2013;

- The Board has decided to recommend to shareholders that the Company should commence a managed wind-down of its portfolio with a view to realising its investments prior to the continuation vote in 2015 and in a manner that achieves a balance between maximising the value from the Company's investments and making timely returns of capital to shareholders.

- No dividend was declared in respect of the quarter ending 31 December 2012. The Company has suspended dividends from June 2012 for the short term in order to more prudently manage its cash and debt positions.

PORTFOLIO UPDATE

Country Allocation at 31 December 2012 (by asset value)

Country % of portfolio

Germany 66%

Netherlands 6%

Italy 22%

Belgium 6%

Sector Allocation at 31 December 2012 (by asset value)

Sector % of portfolio

Retail 66%

Industrial 21%

Office 0%

Leisure 13%

At Fuerth, Germany, two potential tenants have been identified to take a lease of the ex-Edeka unit and negotiations are ongoing with both. However, the letting market currently remains weak in a difficult economic environment.

The negotiations to extend the lease with the tenant Xerox at Venray, The Netherlands, continue to progress. The Advisor believes an agreement should be reached before the end of Q1 2013.

Following the sale of four assets during 2012 a further five assets have been identified for sale during the first half of 2013, Keyser Centre in Belgium and Dresden, Montabaur, Koethen and Braunschweiger Strasse, Berlin all in Germany.

An offer has been accepted for the asset at Dresden for a consideration of €2.1m, compared to a Q4 2012 valuation of €1.97m. Offers have also been received on three other assets and negotiations are ongoing.

MARKET UPDATE

The positive change in sentiment towards the eurozone economies over the last six months has been largely due to the ECB's declared intention to support the currency, although whether or not it can be delivered has not been tested. While the crisis is far from over, and is likely to flare up again during the year, the markets' attention has been distracted in recent months by the US's 'fiscal cliff'.

European economic output, as measured by GDP, rose by a modest 0.1% over the third quarter, although that was an improvement on the previous quarter's fall of 0.2%, and technically lifted Europe out of its double-dip recession. The eurozone, registering a 0.1% fall over the quarter, was not quite so fortunate - and technically remains in recession.

Germany was one of the strongest European performers in the first three quarters and unlike most of its European neighbours, it has avoided a double-dip recession so far. German GDP expanded by 0.9% yoy (working day adjusted) in 2012, according to a first estimate of the German Statistical Office. However, first estimate for Q4 GDP also point to a disappointing end of the year as the economy is expected to contract by -0.5%. The decline is expected to be driven by continuously weak private investment and a sharp fall in net export growth. Net exports already started to lose momentum in Q3, having only generated a 0.3% contribution to GDP (Q1 and Q2 where both 0.7%) and exports dropped in November (3.4%) at their fastest pace in more than a year and manufacturing orders were down 1.8%.

The majority of national markets in the Q3 RICS European Commercial Property Survey recorded falling activity and negative expectations although, while only two countries reported improvements in tenant demand in the previous quarter's survey, five countries (Belgium, Hungary, Germany, Austria and Ireland) indicated increases in tenant demand in Q3. However, as with the previous quarter, only Germany reported positive rental value expectations.

Prime European office rental value growth was 0.5 % over the fourth quarter and 1.3% over the 12 months to December 2012. It is noteworthy that the twelve- month moving average of rental value change has been declining over 2012 and is now at its lowest point since the 12 month period to September 2010. The UK, the Nordics, and southern Europe are largely responsible for this declining rate of growth, with lower increases of 1.1%, and 4.3% (although still very strong), and a reduction of 3.1%, respectively, over the year to December 2012.

The German markets, however, while not demonstrating the same consistency of recent quarterly rental value rises as that of its retail markets, produced some strong growth overall, particularly in Dusseldorf, with 9.7% over the year to December. Growth in Frankfurt has, however, dropped to zero in the same period, the same as that of London, and we believe that this reflects the extremely poor demand from the banking sector in both cities.

The fourth quarter transaction volume was €38bn, a 53% rise on the previous quarter (partially due to the year seasonal effect - mainly institutions, funds and government purchasing/selling to complete their transaction in the final quarter of the year - and partially due to an uplift reflecting improved purchaser confidence) bringing the total for the year to €112bn, a figure virtually identical to that of 2011. The largest riser over the quarter was that of Germany; with 86% to €8.5bn, a reflection of the growth in demand from foreign investors over the last year.

CONSOLIDATED PERFORMANCE SUMMARY

Source : Datastream, AXA Real Estate

Total net loss was -£2.57 million (-2.57 pence per share) for the six months to 31 December 2012, including £1.28 million of "revenue" profit (excluding capital items such as revaluation of property) and -£3.84 million of "capital" loss analysed as follows:

NET ASSET VALUE

The Company's unaudited Consolidated Net Asset Value per share as at 31 December 2012 was 58.56 pence (58.55 pence as at 30 September 2012), an increase of 0.01 pence.

The Net Asset Value attributable to the Ordinary Shares is calculated under International Financial Reporting Standards. It includes all current year income after the deduction of dividends paid prior to 31 December 2012.

The £10k increase in Net Asset Value over the six months ended 31 December 2012 can be analysed as follows:

On a like-for-like basis (excluding the disposal of the asset at Pankower Allee, Berlin), the Euro valuation of the property portfolio decreased by 3.8% to €136.11 million for the quarter. In Sterling currency terms, the property valuation was £110.4 million (including the effects of valuation movements, capital expenditure and foreign exchange movements). The £/€ foreign exchange rate applied to the Company's Euro investments in its subsidiary companies at 30 December 2012 was 1.233 (30 September 2012: 1.255).

The Company's net property yield on current market valuation (after acquisition and operating costs) as at 31 December 2012 was 7.61% (7.29% as at 30 September 2012).

SHARE PRICE AND DISCOUNT TO NET ASSET VALUE

As at close of business on 31 December 2012, the mid market price of the Company's shares on the London Stock Exchange was 36.75 pence, representing a discount of 37.24% on the Company's Net Asset Value at 31 December 2012. The company's shares produced a 3.0% dividend yield based on dividends paid for the 12 months to 31 December 2012.

As at close of business on 07 January 2013, the mid market price of the Company's shares was 37.50 pence, representing a discount of 41.1% on the Company's Net Asset Value at 31 December 2012.

FUND GEARING

*Portfolio value based on the Company's independent valuation. September 2012 valuation includes assets of £5.22m.sold at December 2012.

Fund gearing decreased by -1.1 percentage points over the quarter to 44.3% as at 31 December 2012.

Fund gearing is included to provide an indication of the overall indebtedness of the Company and does not relate to any covenant terms in the Company's loan facilities. Gross gearing is calculated as debt over property portfolio at fair value. Net gearing is calculated as debt less cash over property portfolio at fair value.

LOAN FACILITIES

As at 31 December 2012, the loan-to-value ratio on the main loan facility was 46.54% based on the Company's independent valuation and after a paydown of € 3.291m in December 2012 as a result of the sale of the asset at Pankower Allee, Berlin.

The loan has an LTV covenant of 60% through to its expiry in July 2016.

Interest Cover Ratio (ICR) is calculated as net financing expense payable as a percentage of net rental income less movement in arrears. Net rental income headroom is based on projected interest cover.

CASH POSITION AND CAPITAL EXPENDITURE

The Company and its subsidiaries held total cash of £2.77 million (€3.41 million) at 31 December 2012. The anticipated capital expenditure over the next twelve months is £1.1 million.

MATERIAL EVENTS

Except for those noted above, the Board of the Company is not aware of any significant event or transaction which occurred between 31 December 2012 and the date of the publication of this Statement which would have a material impact on the financial position of the Company.

Company website:

http://www.axapropertytrust.com

All Enquiries:

Investment Manager 

AXA Investment Managers UK Limited

Broker Services

7 Newgate Street

London EC1A 7NX

Tel: +44 (0)20 7003 2345Email: [email protected]

Broker

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

GY1 3QL

Tel: +44 (0)1481 745604

Fax: +44 (0)1481 745085