Bellway

AXA Real Estate Investment Managers

Brief History:

The AXA Group has been managing real estate portfolios for over 30 years. The different real estate units were consolidated with the strategic decision in mid-1999 to create AXA Real Estate. This was done so as to complete the consolidation of AXA's real estate management capabilities throughout Europe.

At the same time, it was considered that there was a significant opportunity to leverage this infrastructure in order to become a leading pan-European real estate investment manager offering services to both external institutional investors as well as existing AXA clients.

Timeline:

|

AXA REIM becomes AXA Real Estate Launch of a US distribution platform in Greenwich, Connecticut     |

  AXA REIM Singapore   |

  AXA REIM Scandinavia   |

AXA REIM Japan    |

AXA REIM Central Europe   |

AXA REIM Netherlands    |

AXA REIM Iberica (Portugal)    |

 AXA IM Real Estate Germany   |

AXA REIM UK – AXA REIM France    |

Creation of AXA REIM  |

Description of Industry:

Sector Forecasts:Industrial: |

| Of all of the sectors, European logistics suffers from the greatest surplus of economic obsolescent buildings, but will benefit from the rate of global trade growth exceeding that of nominal GDP growth. Port operations should be in greater demand than hub operations, but excess capacity within third-party operators will need to be re-absorbed before expansion is contemplated.

We expect the industrial sector to benefit from its high income returns, which will improve as vacant space is re-let, and one of the key drivers will be the change of use of obsolescent property. |

Office: | The natural risk aversion by most businesses in the post-recessionary period is already giving way to employment growth in most of Europe. While most of the take-up in 2010 has been for purposes of business consolidation and/or relocation, with internal surplus space gradually...