NPT THIRD QUARTER DISTRIBUTABLE EARNING AHEAD OF FORECAST

The National Property Trust Limited (NPTL), the Manager of The National
Property Trust (NPT, or the Trust) has announced today that its unaudited
distributable earnings were $7.24 million or 3.75 cents per unit for the nine
months to December 2009.

In line with previous dividend payments, NPT will be making a third quarter
distribution of 1.125 cents per unit for the three months ended 31 December
2009. The distribution will be payable to Unit Holders on the register at the
close of trading on 19 March 2010 and will be paid on Tuesday, 6 April 2010.
There will be no imputation credits attached to the distribution.

NPTL Chairman, Kevin Podmore says "The Trust has performed well over the
third quarter despite the current economic environment still impacting on the
property market. Distributable earnings to date have exceeded expectation and
the successful sales of the Rialto Centre and Goddard Centre properties has
brought NPT's gearing ratio down to 21.6 per cent. The Trust now has one of
the lowest gearing ratios of any New Zealand listed property company.

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, Wellington and Christchurch.  Its assets are
managed by The National Property Trust Limited. Further information on the
Trust can be found at www.NPT.co.nz.