Portfolio Update

Queen's Walk Investment Limited.

Investment companies disclosure - Amendment to announcement made 4th January
2006.

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

RMAC 2004-NSP4 Plc                                   8.9%
                                                         
RMAC 2005-NS1 Plc                                    7.4%
                                                         
Southern Pacific Financing 05-B plc                  7.1%
                                                         
Magellan Mortgages No.1 PLC                          6.3%
                                                         
First Franklin Mortgage Loan Trust                   6.2%
                                                         
Lusitano Mortgages No.1 plc                          5.4%
                                                         
Cheyne Finance plc                                   5.4%
                                                         
Magellan Mortgages No.2 PLC                          4.9%
                                                         
Alba 2005 - 1 plc                                    4.2%
                                                         
Lusitano Mortgages No.2 plc                          3.8%
                                                         

Nigel Massey

Kleinwort Benson (Channel Islands) Fund Services Limited

Company Secretary

01481 727111