THE NATIONAL PROPERTY TRUST'S MANAGER TRANSFERS OWNERSHIP

The National Property Trust (NPT) has announced today it has been advised
that all of the shares in The National Property Trust Limited, the Manager of
NPT, have been transferred from St Laurence Limited and are now held by NPTH
Limited, a Company wholly owned by St Laurence Funds Management Limited. At
the same time units held in NPT by St Laurence Limited have been transferred
to NPTH Limited. These transfers do not alter the position of NPTL as Manager
under NPT's Trust Deed.

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 (NPTL). Further information on NPT and
NPTL can be found at www.npt.co.nz.