Portfolio Update

AXA Property Trust Ld
05 August 2005


To:      RNS
From:    AXA Property Trust
Date:    5 August 2005

Listing Rule 21

In accordance with paragraph 21.20 l (ii) of the Listing Rules, AXA Property
Trust announces its investments as at 30 June 05. As indicated in the Company's
Prospectus, the net proceeds of the issue on 23 May 2005 have been invested in
certificates of deposit, pending investment in properties.

Counterparty                                            % Total Assets

Dexia Banque a Luxembourg                                        16.1%
Bank Of Ireland Group                                            16.1%
Lloyds TSB Bank plc                                              16.1%
NordDeutsche Landesbank Girozentrale                             16.1%
Nordea Bank Finland plc                                          16.1%
Nationwide Building Society                                       6.9%

All Enquiries:

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

Tel: [phone]


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