Novated IM agreement

ISIS Property Trust 2 Limited
24 January 2007


To:     RNS
From:   ISIS Property Trust 2 Limited
Date:   24 January 2007



ISIS PROPERTY TRUST 2 LIMITED


F&C Asset Management plc has novated the investment management agreement with
the Company to F&C Investment Business Limited, one of its wholly-owned
subsidiaries. There are no changes to the terms of the investment management
agreement with the Company. This novation forms part of a structural change in 
F&C Asset Management's business under which it is transferring its closed-end
fund management business to F&C Investment Business Limited and will relinquish
F&C Asset Management plc's authorisation by the Financial Services Authority.


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]



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