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Property Trust Records $11.5m Revaluation Gain

1 July 2005

National Property Trust Records $11.5m Revaluation Gain

The National Property Trust is pleased to announce that as a result of the revaluation of its properties as at 31 May 2005 the portfolio has increased by $20.5 million.

The net gain after adjustments for capital expenditure is approximately $11.5 million. The revaluations are subject to final audit.

A revaluation increase of $3 million for the AA Building, Auckland has underpinned the positive gains this year. Other significant contributions to the increase came from Print Place and Torrens House in Christchurch, Baldwin Centre/AMI Plaza in Wellington, Gill St New Plymouth and Ocean Boulevard in Napier.

As a result of the revaluation gain and acquisitions during the year the property portfolio has increased from $229 million last year to $262 million as at 31 May 2005.

The audited result for the year ended 31 May will be released on 29 July 2005.

The total gross distribution for the year will be 8.4 cents per unit.

The corresponding lift in NTA is expected to be approximately 5 cents per unit after all end of year adjustments. The NTA at year end is projected to be approximately $1.04 per unit, compared to 98.9 cents at our half year ended 30 November 2004.

The revaluation gain reflects the continued solid performance achieved over the past five years. The performance is reflected in the average annual return of distributions and capital growth over the last five years of 13.4 cents per unit.

Dividend Distribution Projection

For the year ending 31 May 2006 the projected distribution has been reassessed at 8.3 to 8.5 cents per unit. This is 0.2 cents per unit lower than previously advised mainly due to the effect of additional interest costs and the impact of project delays.

ENDS

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