NPT's FIRST QUARTER DISTRIBUTABLE EARNINGS AHEAD OF FORECAST

The National Property Trust Limited (NPTL), the Manager of The National
Property Trust (NPT) has announced today that its unaudited distributable
earnings were $2.52 million for the first quarter, ahead of the Trust's
forecasts. In the three months to 30 June 2009, due to unrealised interest
rate swap losses unwinding, NPT also recorded an unrealised gain of $1.15
million for the quarter.

In line with forecast NPT also announced that it will be making a first
quarter distribution of 1.125 cents per unit for the three months ended 30
June 2009. The distribution will be payable to Unit Holders on the register
at the close of trading on 18 September 2009 and will be paid on Friday, 2
October 2009. There will be no imputation credits attached to the
distribution.

NPTL Chairman, Kevin Podmore says "While we are pleased that distributable
earnings have exceeded forecast, given the uncertain market environment, we
believe at this time it is prudent to make distributions at the forecast
level and not distribute 100 percent of actual earnings."

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
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.