Property Trust Changes to Directors

18 April 2007

The National Property Trust Changes to Directors on the board

The National Property Trust Limited (NPTL), the manager of The National Property Trust, today advised that Phil Newland has resigned from the Board of The National Property Trust Limited and NPT Capital Limited following the sale of his 20% shareholding in St Laurence Limited, the Manager of NPTL, earlier this year. A new Director, Andrew Walker, will be appointed at the next NPTL board meeting.

Mr Walker is Chief Executive Officer of Dorchester Pacific Limited, a financial solutions group operating in the finance, insurance and savings, and investment services sector. His appointment follows the recent announcement by St Laurence Limited, that Dorchester has purchased a 25 percent stake in St Laurence Limited for $29.6 million. St Laurence Mortgage Holdings Limited, the shareholder of St Laurence Limited, in turn has now acquired a significant stake in Dorchester.

Andrew Walker has held a number of executive positions in the finance and corporate sectors in both New Zealand and internationally. Mr Walker gained an MBA from Stanford Graduate School of Business in the United States, where he focused on corporate finance and investing. While studying in the US, Mr Walker worked with business strategy consulting firm Booz Allen Hamilton and private equity firm Fremont Group.

Mr Podmore says: “We are looking forward to having the services of Andrew Walker as a director for NPT. Andrew has a wealth of experience further enhancing the strength of the NPT Board. I would also like to take this opportunity to thank Phil Newland for his valuable services to the NPT board.”

ENDS

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