Portfolio Update

ISIS Property Trust 2 Limited
04 October 2004


To:   RNS
From: ISIS Property Trust 2 Limited
Date: 4 October 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 property investments, including all
holdings with a value greater than 5% of its gross assets, as at 30 September
2004:


Property                                                        % Total Assets

Unit 3663,Echo Park,Banbury                                                7.6
Mercury House, 1, Dove Wynd, Strathclyde Business Park                     6.5
99/103, Longacre, London, WC2                                              6.3
48-49, St James's Street, London, SW1                                      6.3
Units 1-8, Lakeside Road, Colnbrook                                        6.2
Southampton International Park, Eastleigh                                  6.1
30/40, The Parade & 47/59A Warwick Street Leamington Spa                   5.6
Hemel Gateway, Boubdary Way, Hemel Hempstead                               4.8
Clifton Moor Gate, York                                                    4.5
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]


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