THE NATIONAL PROPERTY TRUST ANNOUNCES ANNUAL RESULT

Revenue from ordinary activities (net)  $21,022 (2008: $18,850) Not
comparable - 2008 was for 10 months

Profit (loss) from ordinary activities after tax attributable to security
holder.       ($21,286) (2008: $18,426)

Net profit (loss) attributable to security holders.     ($21,286) (2008:
$18,426)

Dividend: $0.012898

The National Property Trust (NPT) is pleased to announce that it has achieved
an 11.3% annualised increase in net distributable earnings of $9.58 million.
In the current economic environment this compares favourably with $7.17
million for the 10 months to 31 March 2008. The 10 month period resulted from
a change in the Trust's balance date from 31 May to 31 March.

NPT made dividend distributions in the year to March 2009 of 5.01 cents per
unit, consistent with the Manager's forecast of 5 cents per unit.

The Trust's portfolio declined 9.1% in the value over the last 12 months to
$266.8 million, a reduction of $28.08 million for the year. This coupled with
unrealised fair value swap losses of $8 million at balance date, has resulted
in an after tax loss for the year of $21.28 million.

Chairman of the National Property Trust Limited, Kevin Podmore says "The
result is driven by solid underlying operating performance. Net rental income
grew by 3.2% (after adjusting for the sale of the Gill Street property) to
$21.02 million despite the occupancy rate dropping from 97.1% to 95.8%."

Mr Podmore continues "The market remains challenging and we expect these
difficult conditions to prevail for some time yet. The defensive attributes
of the Trust's spread portfolio come into play in these times."

Capital Management - Debt Reduction

Mr Podmore says "The board of the Manager believe it is essential to manage
the Trust's assets conservatively in the current environment."

The Trust's current bank debt facility of $120 million is due to expire in
November 2009. The Trust has proactively sought a new arrangement ahead of
time and has accepted an offer from the Bank of New Zealand for a new $110
million bank facility. The facility runs for two and a half years to November
2011.

However, increased bank margins will adversely impact dividend distributions
by approximately 0.9 cents. The impact of this on distributions is partly
offset by increased rental income with the net effect being forecast dividend
distributions of 4.5 cents per unit for the current financial year.

Portfolio Activity

As at 31 March 2009 the total number of tenants in the portfolio was over 340
and the majority of the Trust's properties were performing in line with
trading forecasts. However vacancy rates have increased to 4.2% of the total
leaseable area up from to 2.9% at 31 March 2008.

During the year the refurbishment of Tauranga's Goddards Centre was completed
and resulted in the signing of a number of new tenants. The repositioning as
a premium city destination saw the Centre attract quality tenants including
Glassons, homeware store Cabbages & Kings and high-end fashion retailer,
Moochi.

The Rialto Centre in Auckland has fashion retailer Kooky as a new tenant and
the Homestore renewed their lease for a further six years. Print Place in
Christchurch saw Dynamic Control renew their lease.

The General Manager of The National Property Trust Limited, John Crone says
"Despite these successes the weakening market means that we are very focused
on risk mitigation. For example, we are taking an active role in assisting
retail tenants with their marketing efforts. We are also working closely with
tenants to develop mutually beneficial solutions to mitigate the impact of a
slowing economy.

As previously announced, in October 2008 NPT sold its Gill Street, New
Plymouth property for $7.4 million. The sale price was above the 30 September
2008 valuation of $7.3 million and the proceeds of the sale were applied to
debt reduction. This sale was in line with the Trust's strategy of continuing
to sell non-strategic properties in order to further reduce its debt to a
targeted range of 30-35% of total assets. The Trust has accepted a
conditional offer for the Goddard's Centre, which is subject to purchaser
finance.

The effect of the unrealised devaluation of the investment property portfolio
resulted in the Trust's gearing ratio increasing from 35.1% to 36.2% as at 31
March 2009. The Trust Deed Covenant ratio sits at 45% and the bank ratio at
50%.

At 31 March 2009, 76.8% of NPT's total bank debt was hedged through interest
rate swaps for an average duration of 7.23 years. This compares with 57.9% as
at 31 March 2008. Subsequent to balance date the Trust has increased its swap
cover to 90%.

Outlook

Over the coming year the Manager will be focused on maintaining occupancy
levels in what is likely to be a very challenging environment. There will be
continued focus on reducing debt and strengthening the balance sheet with
proceeds from further property sales being applied to reduce debt.

Mr Crone says, "In 2009 the Trust has continued to focus on operational
efficiency and enhancing value in the portfolio.  We have made positive
rental gains in a difficult market and we will continue to apply a policy of
active asset management in order to maximise value for Unit Holders. The
Trust's portfolio is already spread across all commercial property types with
a range and diversity of tenants being a real strength."

Mr Podmore says, "We have been pleased to deliver to Unit Holders the
dividend distribution target for the year. Over the next 12 months our focus
will be strong hands-on administration coupled with conservative capital
management"

ENDS

For further information please contact:

Kevin Podmore   Tel:    021 273 2723 Mobile
Chairman
The National Property Trust Limited
Or
John Crone      Tel:    04 903 4809 DDI
General Manager Tel:    021 273 2735 Mobile
The National Property Trust Limited

BACKGROUND

The National Property Trust (NPT) is an NZX-listed property vehicle with more
than $268 million of commercial, retail and industrial properties in its
portfolio.  NPT owns properties in Auckland, Napier, Tauranga, Wellington and
Christchurch.  Its assets are managed by The National Property Trust Limited,
a wholly owned subsidiary of property-related finance and funds management
company St Laurence Limited. The St Laurence group of companies manages total
assets of more than $1.15 billion for over 18,000 investors.