Further re Prospectus

ISIS Property Trust 2 Limited
28 June 2004




ISIS PROPERTY TRUST 2 LIMITED


For release on 28 June 2004

In the prospectus issued by ISIS Property Trust 2 Limited (the 'Company') dated
19 May 2004, the Company indicated that if Royal Assent to the UK Finance Bill
2004 was given prior to 27 June 2004, the acquisition costs of acquiring the
Initial Property Portfolio (as defined in the prospectus) would increase by
approximately £1.3 million. The Company announces today that Royal Assent to the
UK Finance Bill 2004 has not been given prior to 27 June 2004 and that the
Company has not therefore incurred the resultant increase in costs described
above.

All enquiries:

Guernsey International Fund Managers Limited
Company Secretary
01481 745338



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