Portfolio Update

Queen's Walk Investment Limited.

Investment companies disclosure

Queen's Walk Investment Limited announces today that as at 31 December 2005 the
Company's top ten holdings were:

RMAC 2004-NSP4 Plc                                  13.5%
                                                         
RMAC 2005-NS1 Plc                                   11.2%
                                                         
Southern Pacific Financing 05-B plc                 10.8%
                                                         
Magellan Mortgages No.1 PLC                          9.5%
                                                         
First Franklin Mortgage Loan Trust                   9.4%
                                                         
Lusitano Mortgages No.1 plc                          8.1%
                                                         
Cheyne Finance plc                                   8.2%
                                                         
Magellan Mortgages No.2 PLC                          7.5%
                                                         
Lusitano Mortgages No.2 plc                          5.7%
                                                         
Cheyne ABS Investments 1 PLC                         5.6%

Nigel Massey

Kleinwort Benson (Channel Islands) Fund Services Limited

Company Secretary

01481 727111