Net Asset Value(s)

RNS Number : 3600U

AXA Property Trust Ld

14 May 2008

To: Company Announcements

Date: 14 May 2008

Company: AXA Property Trust Limited

Subject: Net Asset Value

Net Asset Value

The unaudited Net Asset Value per share of AXA Property Trust Limited as at 31 March 2008 was 114.25 pence (31 December 2007- 109.16 pence).

The Net Asset Value attributable to the Ordinary Shares is calculated under International Financial Reporting Standards. It includes all current year income and is calculated after the deduction of dividends paid prior to 31 March 2008, but does not include provision for the quarterly interim dividend announced 7 May to be paid 30 May 2008.

Since 31 December 2007 the Net Asset Value increased by 4.7%, largely as the result of significant translation gains arising from the strengthening of the Euro against Sterling over the same period. The fair value of the property portfolio declined by 1.0% in the quarter to 31 March 2008.