Director Shareholding

ISIS Property Trust 2 Limited
01 June 2004

ISIS Property Trust 2 Limited



Dealings by Directors



Pursuant to Listing Rule 16.15, ISIS Property Trust 2 Limited is obliged to
notify the RNS of Directors' holdings or interests of the Directors or their
connected persons in shares of the Company.  The following holdings of ordinary
1p shares were all acquired on 1st June 2004, and are beneficially held by the
named Directors:



Quentin Spicer  20,000 at 100p per share         (0.02% of issued share capital)

Andrew Gulliford          25,000 at 100p         (0.02%)

Christopher Sherwell      20,000 at 100p         (0.02%)
                         
Christopher Spencer       25,000 at 100p         (0.02%)

Giles Weaver              50,000 at 100p         (0.05%).



Enquiries:          Guernsey International Fund Managers Limited

                    Company Secretary

                    01481 745338






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