Net Asset Value(s)

ISIS Property Trust 2 Limited
14 October 2005


To:      Company Announcements

Date:    14 October 2005

Company: ISIS Property Trust 2 Limited

Subject: Net Asset Value

Net Asset Value

The Net Asset Value per share of ISIS Property Trust 2 Limited as at 30
September 2005 was 119.5 pence. This Net Asset Value figure incorporates the
external portfolio valuation as at 30 September 2005.

The Net Asset Value attributable to the Ordinary Shares is calculated under
International Financial Reporting Standards ('IFRS') and includes a deduction of
4.9 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 30 September 2005, but does not include
provision for the quarterly interim dividend which is expected to be paid in
December 2005.

Prior Net Asset Values were calculated on a capital only basis under UK
Generally Accepted Accounting Principles ('UK GAAP') for investment companies,
applicable to accounting periods commencing prior to 1 January 2005. Under that
basis the Net Asset Value per share would have been 122.7 pence as at 30
September 2005.

The Directors consider this change in methodology to be appropriate in the light
of the new Financial Reporting Standards issued by The Accounting Standards
Board which have sought to bring UK GAAP into line with IFRS. All future Net
Asset Values will be calculated in accordance with IFRS.

The property portfolio will next be valued by an external valuer during December
2005 and the Net Asset Value per share as at 31 December 2005 will be issued in
January 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]


                      This information is provided by RNS
            The company news service from the London Stock Exchange