Dividend Declaration

ISIS Property Trust 2 Limited
07 August 2007



This announcement was originally released under the headline 'Net Asset 
Value(s)' on 12 July 2007.


To:           Company Announcements
Date:         12 July 2007
Company:      ISIS Property Trust 2 Limited

Subject:      Net Asset Value and Dividend


Net Asset Value

The unaudited Net Asset Value per share of ISIS Property Trust 2 Limited as at
30 June 2007 was 159.6 pence (31 March 2007: 154.7 pence), an increase of 3.2%
for the quarter. This Net Asset Value incorporates the external portfolio
valuation prepared by Debenham Tie Leung Limited ('DTZ')as at 30 June 2007.

The Net Asset Value attributable to the Ordinary Shares is calculated under
International Financial Reporting Standards ('IFRS'). It includes all current
year income and is calculated after the deduction of dividends paid prior to 30
June 2007, but does not include provision for the quarterly interim dividend
which is expected to be paid in September 2007.

The property portfolio will next be valued by DTZ during September 2007 and the
Net Asset Value per share as at 30 September 2007 will be issued in October
2007.


Interim Dividend

After taking account of rental growth achieved since launch, combined with the
interest rate savings achieved from the loan refinancing in January 2007, the
Board has taken the decision to increase the fourth interim dividend by 4.6% to
1.81 pence per share, giving a total dividend for the year ended 30 June 2007 of
7.00 pence per share. In the absence of material change in circumstances, it is
the intention of the Company to maintain the quarterly dividend at 1.80 pence
per share, giving a total dividend for the year ending 30 June 2008 of 7.2 pence
per share.

Ex-Dividend Date - 5 September 2007

Record Date -      7 September 2007

Payment Date -     28 September 2007


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]

Ian McBryde
Scott Macrae
F&C Investment Business Ltd

Tel: [phone]
Fax: [phone]




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