Net Asset Value(s)

ISIS Property Trust 2 Limited
16 April 2008


To:           Company Announcements
Date:         16 April 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 March 2008 was 122.4 pence. This represents a decrease of 7.6 per cent from
the net asset value per share as at 31 December 2007 of 132.5 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 March 2008 and is calculated after
providing for the dividend for the quarter to 31 December 2007 which was paid on
11 April 2008. It does not include a provision for the dividend for the quarter
to 31 March 2008 which is expected to be paid in June 2008.

The net asset value excluding the provision of the second interim dividend was
124.2 pence.

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 31 December 2007 to 31 March
2008.
+----------------------------------------------------+-------+-------+
|                                                    |  Pence|   % of|
|                                                    |    per|opening|
|                                                    |  share|    NAV|
+----------------------------------------------------+-------+-------+
|Net asset value per share as at 31 December 2007    |  132.5|       |
+----------------------------------------------------+-------+-------+
|Unrealised decrease in valuation of property        |  (9.4)| (7.1)*|
|portfolio (including the effect of gearing)         |       |       |
+----------------------------------------------------+-------+-------+
|Realised gains on sales of properties               |      -|      -|
+----------------------------------------------------+-------+-------+
|Decrease in interest rate swap valuation            |  (0.4)|  (0.3)|
+----------------------------------------------------+-------+-------+
|Movement in revenue reserves                        |  (0.3)|  (0.2)|
+----------------------------------------------------+-------+-------+
|Net asset value per share as at 31 March 2008       |  122.4|  (7.6)|
+----------------------------------------------------+-------+-------+


*The ungeared decrease in the valuation of the property portfolio over the
quarter to 31 March 2008 was 5.0%.





+-------------------------------------------+-------+---------+---------+
|Portfolio Analysis                         |     £m|     % of|% capital|
|                                           |       |portfolio|    value|
|                                           |       | as at 31| movement|
|                                           |       |    March|       in|
|                                           |       |     2008|  quarter|
+-------------------------------------------+-------+---------+---------+
|Offices                                    |   59.0|     30.1|    (4.7)|
+-------------------------------------------+-------+---------+---------+
|West End                                   |   18.1|      9.2|    (5.9)|
+-------------------------------------------+-------+---------+---------+
|South East                                 |    8.9|      4.5|    (6.4)|
+-------------------------------------------+-------+---------+---------+
|Rest of UK                                 |   32.0|     16.4|    (3.5)|
+-------------------------------------------+-------+---------+---------+
|Standard Retail                            |   59.7|     30.5|    (5.0)|
+-------------------------------------------+-------+---------+---------+
|West End                                   |    4.1|      2.1|      0.0|
+-------------------------------------------+-------+---------+---------+
|Rest of London                             |    3.1|      1.6|    (4.5)|
+-------------------------------------------+-------+---------+---------+
|South East                                 |   21.6|     11.0|    (6.2)|
+-------------------------------------------+-------+---------+---------+
|Rest of UK                                 |   30.9|     15.8|    (5.8)|
+-------------------------------------------+-------+---------+---------+
|Industrial                                 |   68.0|     34.8|    (5.2)|
+-------------------------------------------+-------+---------+---------+
|South East                                 |   59.2|     30.3|    (4.9)|
+-------------------------------------------+-------+---------+---------+
|Rest of UK                                 |    8.8|      4.5|    (7.4)|
+-------------------------------------------+-------+---------+---------+
|Retail Warehouse                           |    9.1|      4.6|    (5.3)|
+-------------------------------------------+-------+---------+---------+
|Total Property                             |  195.8|    100.0|    (5.0)|
|                                           |       |         |         |
|                                           |       |         |         |
+-------------------------------------------+-------+---------+---------+


The property portfolio will next be valued by an external valuer during June
2008 and the net asset value per share as at 30 June 2008 will be announced in
July 2008.

For further detail on the Company as at 31 March 2008 and the Manager's
commentary on the quarter, please refer to the Interim Management Statement
which was also released today.


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]






                      This information is provided by RNS
            The company news service from the London Stock Exchange