Sales, Dividend and Trading

ISIS Property Trust 2 Limited
29 November 2007



To:                Company Announcements

Date:              29 November 2007

Company:           ISIS Property Trust 2 Limited


Subject:           Property Sales, Dividend and Trading update


Sale of properties


In line with the Company's strategy of repositioning the portfolio away from
retail and smaller properties, ISIS Property Trust 2 Ltd has disposed of the
following two properties, acquired on 17 June 2004:


97 High Street, Sutton.

Book cost £910,856, market value at 30 September 2007 £1,110,000

Gross sale proceeds £1,017,500 on 16 November 2007.


9 High Street, Hereford

Book cost £1,470,000, market value at 30 September 2007 £1,810,000

Gross sale proceeds £1,660,000 on 27 November 2007.


Interim Dividend (this has also been announced separately)


ISIS Property Trust 2 Limited today announces a first interim dividend in
respect of the year ending 30 June 2008, of 1.80 pence per share, as follows:


Ex-Dividend Date     -     5 December 2007


Record Date          -     7 December 2007


Payment Date         -     21 December 2007


Trading update


Further to the interim management statement issued on 1 November, the Board of
ISIS Property Trust 2 Limited announces the following additional information
regarding the Company's property portfolio as at 30 September 2007:


  •The running yield on the property portfolio was 5.2%.

  •Covenant strength was as follows: negligible risk - 50.0%, low risk -
   18.9%, low to medium risk - 20.5%, medium risk - 4.8%, high risk - 2.1% and
   unmatched 3.7%. Accordingly, 68.9% of the property portfolio's income was
   rated as negligible or low risk. (Per IPD)

  •The top five tenants accounted for 32.3% of the total rental income.


Since launch the dividend has been increased twice from an original 6.5p per
share to the forecast level of 7.2p per share for the four quarters to 30 June
2008 (this is not a profit forecast). At the closing price of 96.75.p on 28
November 2007, the gross dividend yield was 7.4%.


The current utilised borrowings for the Company are £60 million with a revolving
credit available of up to £75 million. The net gearing as at 30 September was
26.2% of gross secured assets with a covenant limit of 60%.


Although the market is anticipating further reductions in the capital value of
the UK commercial property sector moving into 2008, the Board is of the view
that the portfolio remains well placed to maintain the current level of rental
income and therefore that the Company will continue to pay an attractive level
of dividends to shareholders.


The Board feels that current market conditions may result in forced sellers of
UK commercial property and that this may provide attractive opportunities for
the Company. The Board therefore believes that, although share buybacks at
current prices may add some shareholder value in the short term, they may
prejudice the ability of the Company to exploit attractive investment
opportunities in the medium to long term.


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]


Ian McBryde

Scott Macrae

F&C Investment Business Ltd


Tel: [phone]

Fax: [phone]




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