Portfolio Update

ISIS Property Trust 2 Limited
04 April 2006


To: RNS

From: ISIS Property Trust 2 Limited

Date: 4 April 2006


Listing Rule 15


In accordance with paragraph 15.4.11 (2) 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 31 March 2006:

Property                                                        % Total Assets
Unit 3663, Echo Park, Banbury                                              8.5
48-49, St. James's Street, London, SW1                                     7.1
99/103, Longacre, London, WC2                                              7.0
Mercury House, 1, Dove Wynd, Strathclyde Business Park                     6.1
Southampton International Park, Eastleigh                                  5.9
Units 1-8, Lakeside Road, Colnbrook                                        5.9
30/40 , The Parade & 47/59A Warwick Street, Leamington Spa                 5.3
Hemel Gateway, Boundary Way, Hemel Hempstead                               4.6
Clifton Moor Gate, York                                                    4.5
Swift House, Cosford Lane, Rugby                                           3.7


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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