NPT Completes Corporatisation Process

The Board of NPT Limited (NPT, the Company) is pleased to announce that the corporatisation of The National Property Trust (the Trust) has been successfully completed with the Trust's assets and liabilities, including the banking facilities, management function and systems having now been transferred to the new Company. With the full support of the bankers to the Company, certain banking covenants relating to regulatory compliance issues affected by the Christchurch earthquake are to be temporarily waived and will be reviewed in 6 months when the impact of the earthquake has been fully assessed.

NPT today issued 161,920,433 shares to Unit Holders who held units in the Trust as at the close of business on Friday 18 March 2011. The new shareholders have maintained the same proportionate shareholding in NPT Limited as they held in the Trust.

The shares in NPT Limited's shares will be listed on the NZSX under a new ticker "NPT", from the opening of trading on Monday, 4 April 2011.

The General Manager of the Trust, John Crone, has resigned to develop a new career in the financial planning industry. His property skills will continue to be available to the Company as a consultant.

NPT Limited's Chairman, Sir John Anderson says, "I would like to thank the Directors of the Manager of the Trust, National Property Trust Limited, for their services to the Trust and for their assistance in facilitating the corporation process and its Unit Holders.

"We expect the corporatisation of the Trust, which will result in the removal of performance fees and significantly reduce asset acquisition and divestment costs, will benefit shareholders. This new structure with the internalization of the management rights aligns the interests of the management of the Company with that of its shareholders going forward" Sir John said.

The Board of NPT Limited is made up of:
Sir John Anderson (Chairman)
David Cushing
Jim Sherwin
Kerry Hitchcock
Tony McNeil