Re: Loan to Value Covenant

RNS Number : 8167F

AXA Property Trust Ld

14 October 2008

To: Company Announcements

Date: [14] October 2008

Company: AXA Property Trust Limited

Subject: Loan to Value Covenant

Further to the Final Results Announcement on 9 October 2008, the following supplementary information is provided in relation to the Loan to Value ('LTV') covenant obligations of AXA Property Trust Limited (the 'Company').

Under the terms of the Company's main loan facility, the maximum permitted Gross LTV is 50%. At 30 June 2008 the Gross LTV was 43.1%. A decrease in the Company's property valuations as at 30 June 2008 of over 13% would be necessary to breach the Gross LTV covenant.

In addition to its property portfolio, the Company and its subsidiaries held total cash of £20.1 million (EUR 25.5 million) at 30 June 2008, giving a Net LTV of 29.5%. The £20.1 million cash has been allocated between a £2.2 million repayment of a separate loan held by the joint venture in Agnadello; working capital; and uncommitted capital expenditure of up to £11 million, principally to develop the Company's retail asset in Fuerth, Germany. If the cash allocated to uncommitted capital expenditure were utilised to repay part of the bank debt, property valuations could decline by over 28% before breaching the Gross LTV covenant.

Notes

Gross LTV is calculated as debt over property portfolio at fair value. Net LTV is calculated as debt net of cash over property portfolio at fair value. The bank facility covenant terms exclude the joint venture in Agnadello in Italy and the Porto Kali consortium investment in the Netherlands.

All Enquiries:

AXA Investment Managers UK Limited
8th Floor
155 Bishopsgate
London
EC2M 3XJ

Tel: 0845 766 0184 (Option 3)
Email: broker.services@axa-im.com

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Tel: 01481 745529
Fax: 01481 745085