Portfolio Update

ISIS Property Trust 2 Limited
07 July 2004


To: RNS
From: ISIS Property Trust 2 Limited
Date: 7 July 2004

Listing Rule 21

In accordance with paragraph 21.20 l (ii) of the Listing Rules ISIS Property
Trust 2 Limited announces its top ten holdings, including all holdings with a
value greater than 5% of its gross assets, as at 30 June 2004:

Property                                                        % Total Assets

Unit 3663, Echo Park, Banbury                                              7.7
Mercury House, 1 Dove Wynd, Strathclyde                                    6.6
Business Park, Bellshill                        
Southampton International Park, Eastleigh                                  6.3
99/103 Long Acre, London                                                   6.3
Units 1-8, Lakeside Road, Colnbrook                                        6.2
48-49 St James's Street and 161 Piccadilly, London                         5.8
30/40 The Parade and 51/59A Warwick Street,                                5.3
Leamington Spa
Units A and B, Hemel Gateway, Hemel Hempstead                              4.8
Clifton Moor Gate, York                                                    4.7
Swift House, Cosford Lane, Rugby                                           3.8

All Enquiries:

The Company Secretary
Guernsey International Fund Managers Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

Tel: [phone]
Fax: [phone]



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