Interim Management Statement

To: Company Announcements

Date: 12 November 2014

Company: AXA Property Trust Limited

Subject: Interim Management Statement

CORPORATE SUMMARY

The implementation of the portfolio exit strategy continues with the recent
completion of the sales at Würzburg and Köthen, both in Germany. Three further
German assets at Kraichtal, Lindheim and Dasing are on the market, as is the
logistics asset at Venray in the Netherlands. The two remaining larger German
assets will be brought to market in the early part of 2015 when it is also
anticipated that the marketing of the two Italian assets will commence.

PORTFOLIO UPDATE

Country Allocation at 30 September 2014 (by value)

Country      % of portfolio

Germany                 65%
Italy                   27%
Netherlands              8%

Sector Allocation at 30 September 2014 (by value)

Sector       % of portfolio

Retail                  58%
Industrial              27%
Leisure                 15%

The Company's net property yield on current market valuation (after acquisition
and operating costs) as at 30 September 2014 was 7.77% (7.53% as at 30 June
2014).

LOAN FACILITIES

Gross Loan to Value (LTV)   Unaudited       Audited                    
Covenants                                                              
                                                                       
                           30 September   30 June 2014      Maximum    
                               2014                                    
                                                                       
Main loan facility            43.80%         45.10%         60.00%     

The Group continues to comply with the 60% loan-to-value ("LTV") covenant of
the main loan facility with Crédit Agricole and Credit Foncier. A further loan
prepayment was made after the quarter end following the disposal of the asset
at Köthen, Germany resulting in a new loan balance of £29.54 million (€37.91
million) and an LTV of 43.8%. The loan is due to mature on 1 July 2016.

Interest Cover Ratio  Historic    Minimum  Projected   Minimum  Net rental     
at 30 September 2014  (Unaudited)          (Unaudited)          income         
                                                                headroom       
                                                                               
Main loan facility    2.25x       2.00x    2.89x       1.85x    0.36x          
covenant                                                                       

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

At 30 September 2014 the Company and its subsidiaries held total cash of
£6.22million (EUR7.98 million) (including a 50% share of the Agnadello JV's
cash). The anticipated capital expenditure over the next twelve months is £0.7
million million (EUR0.9 million).

NET ASSET VALUE

The Company's Net Asset Value as at 30 September 2014 will be announced in due
course.

Company website:

http://www.axapropertytrust.com

All Enquiries:

Investment Manager 
AXA Investment Managers UK Limited
Broker Services
7 Newgate Street
London EC1A 7NX
Tel: [phone]
Email: [e-mail]

Broker
Oriel Securities Limited
Neil Winward
Tel: [phone]

Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
GY1 3QL
Tel: [phone]
Fax: [phone]