THE NATIONAL TRUST'S AUCKLAND PROPERTY SALES SETTLE

The National Property Trust Limited (NPTL), the Manager of The National
Property Trust (NPT) has announced today that it has settled the sale of two
Auckland properties, the Rialto Centre and Carlton DFK Tower. The combined
sale price is $49 million.

The net proceeds are being applied towards the reduction of bank debt which
will bring NPT's gearing ratio down below 25 percent. As a result of the debt
reduction, the Trust will be taking the opportunity to cancel some of its
interest rate swaps to ensure that the Trust's level of hedged debt to drawn
debt falls within its targeted treasury policy band. The cost of cancelling
these swaps is expected to be recouped over the next five years and therefore
should have a positive impact on distributable earnings over the coming
years.

NPTL General Manager, John Crone says "We are very pleased to report two
successful sales given current market conditions. The new gearing ratio
places the trust in a strong position in the current economic climate and
positions it well for the future."

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, The National Property Trust Limited    Tel:    021 273 2735
Mobile

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.  NPT
is managed by The National Property Trust Limited.