BREI.L Regulatory News (BREI)

11 Jan 2008 11:03

ISIS Property Trust 2 Limited11 January 2008 To: Company AnnouncementsDate: 11 January 2008Company: ISIS Property Trust 2 Limited Subject: Net Asset Value Net asset value The unaudited net asset value per share of ISIS Property Trust 2 Limited as at31 December 2007 was 132.5 pence. This represents a decrease of 11.6 per cent,from the net asset value per share as at 30 September 2007 of 149.9 pence. The net asset value is based on the external valuation of the Group's propertyportfolio prepared by DTZ Debenham Tie Leung Limited. The net asset value is calculated under International Financial ReportingStandards ("IFRS"). The net asset value includes all income to 31 December 2007 and is calculatedafter deduction of all dividends paid prior to that date. It does not include aprovision for the dividend for the quarter to 31 December 2007 which is expectedto be paid in April 2008. Breakdown of NAV movement Set out below is a breakdown of the change to the unaudited net asset value pershare calculated under IFRS over the period from 30 September 2007 to 31December 2007. +----------------------------------------------------+-------+-------+| | Pence| % of|| | per|opening|| | share| NAV|+----------------------------------------------------+-------+-------+|Net asset value per share as at 30 September 2007 | 149.9| |+----------------------------------------------------+-------+-------+|Unrealised decrease in valuation of property | (15.6)|(10.4)*||portfolio (including the effect of gearing) | | |+----------------------------------------------------+-------+-------+|Realised gains on sales of properties | 0.2| 0.1|+----------------------------------------------------+-------+-------+|Decrease in interest rate swap valuation | (1.8)| (1.2)|+----------------------------------------------------+-------+-------+|Movement in revenue reserves | (0.2)| (0.1)|+----------------------------------------------------+-------+-------+|Net asset value per share as at 31 December 2007 | 132.5| (11.6)|+----------------------------------------------------+-------+-------+ \* The ungeared decrease in the valuation of the property portfolio over thequarter to 31 December 2007 was 7.6%. The property portfolio will next be valued by an external valuer during March2008 and the net asset value per share as at 31 March 2008 will be announced inApril 2008. Enquiries: The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QL Tel: 01481 745001Fax: 01481 745051 Ian McBrydeScott MacraeF&C Investment Business Ltd Tel: 0207 628 8000Fax: 0131 225 2375 This information is provided by RNS The company news service from the London Stock Exchange