Further to our announcement on 31 May 2001 of a binding agreement with Deutsche Asset Management Ltd (DeAM) concerning property funds management activities, which was advised as being conditional upon approval by the Foreign Investment Review Board (FIRB), AXA Asia Pacific Holdings (AXA) has been advised that FIRB approval has now been granted to the purchaser.

We are pleased to report that the transaction has therefore been completed today. AXA has received the cash consideration from DeAM and the steps needed to give full effect to the transaction, such as changes in the Board of AXA Australia Property Management Ltd (the Responsible Entity for the former AXA property trusts) have been completed or are under way.

AXA is also pleased to advise that most of the senior property management team have accepted roles with Deutsche and will provide continuity in the operations of the business.



Enquiries:

Robin Burns, General Manager, Corporate Affairs
Tel. (03) 9616 3631 or 0413 085 443]