Portfolio Update

Queen's Walk Investment Limited.

Investment companies disclosure

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

Newgate Funding plc, Series 2006-1                        9.11%
                                                               
Eurosail 2006-1 plc                                       6.71%
                                                               
RMAC 2004-NSP4 plc                                        6.32%
                                                               
Smile 2005 Synthetic B.V.                                 5.79%
                                                               
Sestante Finance S.R.L.                                   5.69%
                                                               
Southern Pacific Financing 06-A plc                       5.68%
                                                               
RMAC 2005-NS1 plc                                         5.08%
                                                               
Southern Pacific Financing 05-B plc                       4.77%
                                                               
Magellan Mortgages No. 1 plc                              4.21%
                                                               
Morgan Stanley ABS Capital I Inc. Trust 2005-HE5          4.07%

Nigel Massey

Kleinwort Benson (Channel Islands) Fund Services Limited

Company Secretary

01481 727111