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National Acquires 90% of Newmarket Property Trust

Wednesday 11th June 2003

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St Laurence Property & Finance Ltd (St Laurence) has agreed to sell to The National Property Trust (National) the 6,785,105 Newmarket Property Trust (Newmarket) units it holds in consideration of National issuing to St Laurence 4,395,390 units in National. The units in National, to be issued, will not participate in the distributions by National for the financial year ended 31 May 2003 but thereafter will rank equally with the existing units on issue.

As a result of this transaction National will hold 97.6% of the total number of Newmarket units on issue.

National understands that St Laurence has entered into an agreement for these National units to be placed with Institutional Investors by First NZ Capital on behalf of St Laurence.

The National units are to be issued in the next 10 days pursuant to clause 4.5 of the Trust Deed and the Trustee has approved the transaction. After the issue of the National units the total number of units in National on issue will increase from 93,288,782 to 97,684,172.

The units in Newmarket are being acquired by National at an effective price of 57 cents per unit and the issue price for the units in National has been calculated at 88 cents per unit which takes into account the non participation of those units in the distribution for the year ending 31 May 2003 that is normally paid by National in September 2003.

On settlement of the above transaction and the consequent issue of units by National, the appropriate notices will be filed with the New Zealand Stock Exchange. In addition, National will be required to commence the compulsory acquisition of the remaining units on issue in Newmarket.

A compulsory acquisition notice for the remaining units in Newmarket will be sent to Newmarket unit holders within 20 working days from the date of settlement of the St Laurence transaction.

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