Portfolio Update

Queen's Walk Investment Limited.

Investment companies disclosure

Queen's Walk Investment Limited announces today that as at 31st December 2006
the Company's top ten holdings were:

Asset                         % Holding     
                                            
RMAC 2005 NSP2 plc                     9.91%
                                            
Newgate Funding plc                    8.05%
                                            
EUROSAIL 2006-1X R                     6.33%
                                            
RMAC 2004-NSP4 plc                     5.73%
                                            
Sestante Finance S.R.L.                5.32%
                                            
Southern Pacific Financing             5.19%
06-A plc                                    
                                            
RMAC 2005 NS3 plc                      4.29%
                                            
Southern Pacific Financing             3.95%
05-B plc                                    
                                            
RMAC 2005-NS1 plc                      3.88%
                                            
Magellan Mortgages No. 1 plc           3.48%

Keith Le Page

Kleinwort Benson (Channel Islands) Fund Services Limited

Company Secretary

01481 727111