Reduce Share Capital

ISIS Property Trust 2 Limited
14 December 2004

                                RNS Announcement

                         ISIS Property Trust 2 Limited

                                14 December 2004

On Friday 10 December 2004, the Royal Court of Guernsey confirmed the reduction
of capital by way of a cancellation of the share premium account of ISIS
Property Trust 2 Limited (the 'Company'). The amount cancelled being £
106,791,628, has been credited as a distributable reserve established in the
Company's books of account and shall be available as distributable profits to be
used for all purposes permitted under Guernsey law, including the buyback of
shares and the payment of dividends.

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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