Directorate Change

ISIS Property Trust 2 Limited
29 September 2006


To: Company Announcements
Date: 29 September 2006
Company: ISIS Property Trust 2 Limited

Subject:

In accordance with the requirements of Listing Rule 9.6.14, ISIS Property Trust
2 Limited advises the following changes to directorships in other publicly
quoted companies, held by members of the Board:

Quentin Spicer has joined the Board of RAB Special Situations Limited, which was
admitted to listing on the London Stock Exchange on 31 May 2005. He has also
joined the Board of Atlas Estates Limited, which was admitted to listing on the
London Stock Exchange on 1 March 2006.

Mr Spicer has also joined the Board of O Twelve Estates Limited, which was
admitted to listing on the London Stock Exchange on 27 March 2006, the Board of
Summit Germany Limited, which was admitted to listing on the London Stock
Exchange on 25 May 2006, and the Board of Develica Deutschland Limited, which
was admitted to listing on the London Stock Exchange on 31 May 2006.

Christopher Sherwell has joined the Board of Hermes Commodities Investment Fund
Limited, which was admitted to listing on the Channel Islands Stock Exchange on
17 November 2005. He has also joined the Board of Goldman Sachs Dynamic
Opportunities Limited, which was admitted to listing on the London Stock
Exchange on 27 July 2006. Mr Sherwell has also joined the Board of Henderson
Global Property Companies Limited, which was admitted to listing on the London
Stock Exchange on 1 August 2006.

Mr Sherwell resigned from the Board of GAM Diversity III Inc with effect from 26
July 2006.

Christopher Spencer has joined the Board of Queen's Walk Investments Limited,
which was admitted to listing on the London Stock Exchange on 13 December 2005,
and the Board of PSolve Alternatives PCC Limited, which was admitted to listing
on the London Stock Exchange on 28 March 2006. He also joined the Board of
Thames River Tybourne Fund Limited, which was admitted to listing on the Irish
Stock Exchange on 3 July 2006.

Mr Spencer has joined the Board of Kenmore European Industrial Fund Limited,
which was admitted to listing on the London Stock Exchange on 25 September 2006.

Mr Spencer has resigned from the Board of Gartmore Capital Strategy Fund Limited
with effect from 29 September 2006. Thames River Garret Fund Limited, of which
Mr Spencer was a director, was de-listed from the Irish Stock Exchange on 16
September 2005.

Giles Weaver has joined the Board of Kenmore European Industrial Fund Limited,
which was admitted to listing on the London Stock Exchange on 25 September 2006.

Mr Weaver has resigned from the Board of Gartmore Capital Strategy Fund Limited
with effect from 29 September 2006.


All Enquiries:

The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited

Tel: [phone]
Fax: [phone]



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