Cancellation of share premium

AXA Property Trust Ld
27 June 2005


                                RNS Announcement

                           AXA Property Trust Limited

                                  24 June 2005


On Friday 24 June 2005, the Royal Court of Guernsey confirmed the reduction of
capital by way of a cancellation of the share premium account of AXA Property
Trust Limited (the 'Company'). The amount cancelled has been credited as a
distributable reserve established in the Company's books of account and shall be
available as distributable profits to be used for all purposes permitted under
Guernsey law, including the purchase of the Company's own shares and the payment
of dividends.

All Enquiries:

The Company Secretary
Guernsey International Fund Managers Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

Tel: [phone]
Fax: [phone]



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