Net Asset Value(s)

ISIS Property Trust 2 Limited
11 January 2008


To:           Company Announcements
Date:         11 January 2008
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
31 December 2007 was 132.5 pence. This represents a decrease of 11.6 per cent,
from the net asset value per share as at 30 September 2007 of 149.9 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 31 December 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 31 December 2007 which is expected
to be paid in April 2008.

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 September 2007 to 31
December 2007.

+----------------------------------------------------+-------+-------+
|                                                    |  Pence|   % of|
|                                                    |    per|opening|
|                                                    |  share|    NAV|
+----------------------------------------------------+-------+-------+
|Net asset value per share as at 30 September 2007   |  149.9|       |
+----------------------------------------------------+-------+-------+
|Unrealised decrease in valuation of property        | (15.6)|(10.4)*|
|portfolio (including the effect of gearing)         |       |       |
+----------------------------------------------------+-------+-------+
|Realised gains on sales of properties               |    0.2|    0.1|
+----------------------------------------------------+-------+-------+
|Decrease in interest rate swap valuation            |  (1.8)|  (1.2)|
+----------------------------------------------------+-------+-------+
|Movement in revenue reserves                        |  (0.2)|  (0.1)|
+----------------------------------------------------+-------+-------+
|Net asset value per share as at 31 December 2007    |  132.5| (11.6)|
+----------------------------------------------------+-------+-------+


*The ungeared decrease in the valuation of the property portfolio over the
quarter to 31 December 2007 was 7.6%.

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