NPT HALF YEAR VALUATION UPDATES

The National Property Trust (NPT, the "Trust') today announced valuation
updates for the half year to 30 September 2009. These have resulted in a net
reduction of $4.4 million in the value of NPT's portfolio for the six month
period. After allowing for asset sales and capital expenditure the total
value of the Trust's portfolio has decreased by 2.2 percent to $196.7 million
as at 30 September 2009. The valuations, determined by independent valuers,
are subject to review by NPT's auditors.

The General Manager of The National Property Trust Limited, John Crone says
"The lower valuations are largely attributable to weaker capitalisation rates
and an easing in market rentals. It is pleasing to see a slowing in the rate
of decline in values indicating that the property market may be stabilising."

Capital Management

NPT also announced that the sale of the Goddard Centre and adjoining
Dumbarton building in Tauranga was settled on 20 October 2009. As previously
announced, the net proceeds from this property sale, along with the proceeds
of the recent sale of the Rialto/Carlton building in Newmarket, have been
used to reduce debt. The Trust has also taken the opportunity to cancel $40
million of interest rate swaps. The cancelled swaps had a fixed rate of
between 7.33 percent and 8.04 percent and durations of between five to eight
years.  The cancellation cost of approximately $3.9 million will not have any
adverse impact on the Trust's interest cover calculations or dividend
distributions.

Mr Crone says "Our recent property sale successes have improved the Trust's
balance sheet and, combined with our capital management initiatives, the
Trust is now in a strong financial position. With the debt to equity ratio
sitting at just below 23 percent NPT is now one of the more conservatively
geared Listed Property Trusts in the country."

ENDS

For further information please contact:
John Crone
General Manager                                 Phone   04 903 4809
The National Property Trust Limited             0212 732 735

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, Wellington and Christchurch.  NPT is managed
by The National Property Trust Limited.