Interim Management Statement

AXA Property Trust Ld
15 November 2007


To:                      Company Announcements

Date:                    15 November 2007

Company:                 AXA Property Trust Limited

Subject: Interim Management Statement

INTERIM MANAGEMENT STATEMENT - Three months to 30 September 2007

The Company's objective is to secure attractive total returns for shareholders
through a combination of dividends and capital appreciation from investment in
commercial property in Europe.

KEY STATISTICS

                                                  12 months ended     3 months ended
                                                     30 June 2007  30 September 2007          Movement

                                                  Pence per share    Pence per share   Pence per share

Net Asset Value per share                                   99.98             104.71       4.73 (4.7%)

Share price (mid market)                                    99.75              92.13     -7.50 (-7.5%)

Discount to NAV                                             -0.2%             -12.0%      -11.8 percent. pts

                                                  12 months ended     3 months ended
                                                     30 June 2007  30 September 2007          Movement

                                                               £M                 £M                £M

Net profit                                                   7.95               2.90               n/a

Property portfolio                                         134.11             145.55      11.44 (8.5%)

Borrowings                                                 -47.76             -53.89     -6.13 (12.8%)

Gearing                                                     39.7%              40.7%  0.9 percent. pts


PERFORMANCE SUMMARY

During the three month period to 30 September, there was a valuation gain of
£2.6 million (1.9%) which includes a £1.1 million gain on the recent acquisition
of the Pankower Allee asset in Berlin. The Company's running gross rental income
yield on this valuation was 7.04%.

Total net profit was £2.9 million (2.90 pence per share) which can be analysed
as follows:

                                                              £M

Net property income                                         2.22
Investment Manager's fees                                  -0.37
Other income and expenses                                  -0.44
Finance expenses                                           -0.66
Finance income                                              0.23
Unrealised gains on revaluation of property and investments 2.58
Unrealised gains on derivatives                             0.14
Deferred tax                                               -0.76
Current tax                                                -0.04
Total net profit                                            2.90

The Net Asset Value increased by £4.7 million (4.7%) on the NAV at 30 June 2007.

The increase of £4.7 million can be analysed as follows:

                                                             £M

Net Asset Value at 30 June 2007                           99.98
Net profit                                                 2.90
Unrealised losses on derivatives                          -0.87
Dividends paid                                            -1.00
Foreign exchange translation gains                         3.70
Net Asset Value at 30 September 2007                     104.71

Dividends

On 7 November 2007, the first interim dividend of 1.00 pence per share in
respect of the year ended 30 June 2008 was declared to be paid on 30 November
2007.

Share Price and Discount to Net Asset Value

As at close of business on 28 September 2007 (the last business day of the
month), the mid market price of the Company's shares on the London Stock
Exchange was 92.13 pence, representing a discount of 12.0% on the Company's Net
Asset Value at 30 September 2007.

As at close of business on 13 November 2007, the mid market price of the
Company's shares was 78.25 pence, representing a discount of 25.3% on the
Company's Net Asset Value at 30 September 2007.

Gearing

During the three month period the Company's gearing increased from 39.7% (32.3%
excluding debt in the Porto Kali investment and Agnadello JV) to 40.7% (39.8%).
This followed the acquisition of the German retail asset Pankower Allee for £4.2
million which was financed by a further draw down on the Company's external debt
facility.

STRATEGY AND MARKET

The portfolio is being actively managed to create value and enhance the
Company's Net Asset Value.

Now that full investment has been achieved, the focus is on protecting and
enhancing the portfolio's income stream. This will be achieved both through
lease re-gearing and indexation, as well as maintaining cost control at
portfolio and corporate level.

While most global property markets are affected by the 'credit crunch', Euro
zone Continental European markets are stronger than UK markets. The Board
believes that the Company is well positioned, as the portfolio, concentrated in
Germany, is largely 'core', having well-secured income flows delivering some 7%
income yield. The Board believes, therefore, that portfolio capital values are
better protected from any potential weakening in market values that might impact
more secondary property assets.

Material Events

The Board of the Company is not aware of any significant event or transaction
which occurred between 1 July 2007 and the date of the publication of this
Statement which would have a material impact on the financial position of the
Company.


This Statement and the Company fact sheet are available on the Investment
Manager's website: http://www.axa-im.co.uk. Please follow the prompts to
'Literature' and 'Factsheets'.

All Enquiries:

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court
Les Banques
St Peter Port
GY1 3QL

Tel: [phone]
Fax: [phone]


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