Net Asset Value(s)

ISIS Property Trust 2 Limited
12 January 2006


To:        Company Announcements
Date:      12 January 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 December 2005 was 127.2 pence. This Net Asset Value figure incorporates the
external portfolio valuation as at 31 December 2005.

The Net Asset Value attributable to the Ordinary Shares is calculated under
International Financial Reporting Standards ('IFRS') and includes a deduction of
5.2 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 December 2005, but does not include
provision for the quarterly interim dividend which is expected to be paid in
March 2006.

The property portfolio will next be valued by an external valuer during March
2006 and the Net Asset Value per share as at 31 March 2006 will be issued in
April 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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