Portfolio Update

ISIS Property Trust 2 Limited
03 October 2006


To:   RNS
From: ISIS Property Trust 2 Limited
Date: 3 October 2006


Listing Rule 15

In accordance with paragraph 15.4.11 (2) of the Listing Rules ISIS Property
Trust 2 Limited announces its top ten property investments, including all
holdings with a value greater than 5% of its gross assets, as at 30 September
2006:

Property                                                        % Total Assets

Unit 3663, Echo Park, Banbury                                          8.9
48-49, St. James's Street, London, SW1                                 7.6
99/103, Longacre, London, WC2                                          7.0
Mercury House, 1, Dove Wynd, Strathclyde Business Park                 6.4
Southampton International Park, Eastleigh                              6.3
Units 1-8, Lakeside Road, Colnbrook                                    6.1
30/40 , The Parade & 47/59A Warwick Street, Leamington Spa             5.3
Hemel Gateway, Boundary Way, Hemel Hempstead                           4.8
Clifton Moor Gate, York                                                4.1
Swift House, Cosford Lane, Rugby                                       3.8


All Enquiries:

The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

Tel: [phone]



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