Portfolio Update

ISIS Property Trust 2 Limited
05 July 2005


To: RNS
From: ISIS Property Trust 2 Limited
Date: 5 July 2005

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 30 June 05:

Property                                                       % Total Assets
Unit 3663, Echo Park, Banbury                                              7.5
Mercury House, 1, Dove Wynd, Strathclyde Business Park                     6.3
Units 1-8, Lakeside Road, Colnbrook                                        6.2
99/103, Longacre, London, WC2                                              6.2
48-49, St. James's Street, London, SW1                                     6.2
Southampton International Park, Eastleigh                                  6.0
30/40 , The Parade & 47/59A Warwick Street, Leamington Spa                 5.6
Hemel Gateway, Boundary Way, Hemel Hempstead                               5.0
Clifton Moor Gate, York                                                    4.3
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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