Portfolio Update

ISIS Property Trust 2 Limited
05 January 2005


To: RNS
From: ISIS Property Trust 2 Limited
Date: 05-Jan-05

Listing Rule 21

In accordance with paragraph 21.20 l (ii) 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 31-Dec-04:

Property                                                        % Total Assets
Unit 3663,Echo Park, Banbury                                               7.7
Mercury House, 1, Dove Wynd, Strathclyde Business Park                     6.4
99/103, Longacre, London, WC2                                              6.2
48-49, St James's Street, London, SW1                                      6.2
Units 1-8, Lakeside Road, Colnbrook                                        6.1
Southampton International Park, Eastleigh                                  6.0
30/40, The Parade & 47/59A Warwick Street Leamington Spa                   5.5
Hemel Gateway, Boundary Way, Hemel Hempstead                               5.0
Clifton Moor Gate, York                                                    4.4
Swift House, Cosford Lane, Rugby                                           3.8

All Enquiries:

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

Tel: [phone]




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