Net Asset Value(s)

ISIS Property Trust 2 Limited
11 April 2006


To:             Company Announcements
Date:           11 April 2006
Company:        ISIS Property Trust 2 Limited


Subject:        Net Asset Value


Net Asset Value


The unaudited Net Asset Value per share of ISIS Property Trust 2 Limited as at
31 March 2006 was 135.5 pence. This Net Asset Value figure incorporates the
external portfolio valuation as at 31 March 2006.


The Net Asset Value attributable to the Ordinary Shares is calculated under
International Financial Reporting Standards ('IFRS') and includes a deduction of
3.9 pence per share in respect of the marked to market value of the interest
rate swap liability. It includes all current year income and is calculated after
the deduction of dividends paid prior to 31 March 2006, but does not include
provision for the quarterly interim dividend which is expected to be paid in
June 2006.


The property portfolio will next be valued by an external valuer during June
2006 and the Net Asset Value per share as at 30 June 2006 will be issued in July
2006.


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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