Net Asset Value(s)

ISIS Property Trust 2 Limited
10 July 2006


To: Company Announcements

Date: 10 July 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
30 June 2006 was 142.1 pence. This Net Asset Value figure incorporates the
external portfolio valuation as at 30 June 2006.


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


The property portfolio will next be valued by an external valuer during
September 2006 and the Net Asset Value per share as at 30 September 2006 will be
issued in October 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 Hay Smith

F&C Asset Management plc


Tel: [phone]

Fax: [phone]




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