Dividend Declaration

ISIS Property Trust 2 Limited
23 November 2004


To:      Company Announcements
Date:    23 November 2004
Company: ISIS Property Trust 2 Limited

Subject: Dividend Declaration


Interim Dividend

ISIS Property Trust 2 Limited today announces its first interim
dividend payment, for the financial period ending 30 June 2005, of 2.24 pence
per share as per the schedule below:

Ex-Dividend Date - 1 December 2004

Record Date - 3 December 2004

Pay Date - 24 December 2004

This is the first dividend payment by the Company since its launch on 1 June
2004 and is in line with the dividend expectations as stated in the prospectus.

All Enquiries:

The Company Secretary
Guernsey International Fund Managers Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

Tel: [phone]
Fax: [phone]


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