Change of Lead Fund Manager

ISIS Property Trust 2 Limited
12 September 2005


To: Company Announcements
Date: 12 September 2005
Company: ISIS Property Trust 2 Limited

Subject: Change of Lead Fund Manager

Change of Lead Fund Manager

Ian McBryde (age 50), Director, Property Funds at F&C Asset Management plc 
('F&C'), has been appointed as the lead fund manager of ISIS Property Trust 2
Limited, replacing Michael Barrie. Paul Herrington remains responsible for the
management of the Company's property portfolio as Head of Property at F&C.

Ian McBryde is a Fellow of the Royal Institution of Chartered Surveyors and has
been employed by the F&C Group since 1982. He is a member of the Investment
Property Forum has over 24 years of property investment management experience.

All Enquiries:

The Company Secretary
Northern Trust International Fund Administration
Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

Tel: [phone]
Fax: [phone]

Paul Herrington
Gordon Humphries
F&C Asset Management plc

Tel: [phone]
Fax: [phone]








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