Net Asset Value(s)

ISIS Property Trust 2 Limited
08 October 2007


To:       Company Announcements
Date:     8 October 2007
Company:  ISIS Property Trust 2 Limited


Subject: Net Asset Value


Net asset value

The unaudited net asset value per share of ISIS Property Trust 2 Limited as at
30 September 2007 was 149.9 pence. This represents a decrease of 6.1 per cent,
from the net asset value per share as at 30 June 2007 of 159.6 pence.

The net asset value is based on the external valuation of the Group's property
portfolio prepared by DTZ Debenham Tie Leung Limited.

The net asset value is calculated under International Financial Reporting
Standards ('IFRS').

The net asset value includes all income to 30 September 2007 and is calculated
after deduction of all dividends paid prior to that date. It does not include a
provision for the dividend for the quarter to 30 September 2007 which is
expected to be paid in December 2007.

Breakdown of NAV movement

Set out below is a breakdown of the change to the unaudited net asset value per
share calculated under IFRS over the period from 30 June 2007 to 30 September
2007.
                                              Pence per share   % of opening NAV

Net asset value per share as at 30 June 2007        159.6

Unrealised decrease in valuation of
property portfolio (including the effect
of gearing)                                          (7.7)            (4.8)*

Realised gains on sales of properties                   -                -

Decrease in interest rate swap valuation             (1.7)            (1.1)

Movement in revenue reserves                         (0.3)            (0.2)

Net asset value per share as at 30
September 2007                                      149.9             (6.1)


*The ungeared decrease in the valuation of the property portfolio over the
quarter to 30 September 2007 was 3.6%.

The property portfolio will next be valued by an external valuer during December
2007 and the net asset value per share as at 31 December 2007 will be announced
in January 2008.

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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