Portfolio Update

Queen's Walk Investment Limited.

Investment companies disclosure

Queen's Walk Investment Limited announces today that as at 30 September 2006
the Company's top ten holdings were:

Asset                                                   % Holding        
                                                                
Newgate Funding plc, Series 2006-1                         9.04%
                                                                
Eurosail 2006-1 plc                                        6.76%
                                                                
RMAC 2004-NSP4 plc                                         6.24%
                                                                
Southern Pacific Financing 06-A plc                        5.68%
                                                                
Sestante Finance S.R.L.                                    5.65%
                                                                
RMAC 2005-NSP2 plc                                         5.20%
                                                                
RMAC 2005-NS3 plc                                          5.16%
                                                                
RMAC 2005-NS1 plc                                          4.63%
                                                                
Southern Pacific Financing 05-B plc                        4.53%
                                                                
Magellan Mortgages No. 1 plc                               3.98%

Andre Le Prevost

Kleinwort Benson (Channel Islands) Fund Services Limited

Company Secretary

01481 727111