Real Est.cred Regulatory News (RECI)

25 Oct 2007 11:22

TR-1 (i) NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Queens Walk Investment Limited

2. Reason for the notification State Yes/No An acquisition or disposal of voting rights No An acquisition or disposal of financial instruments No which may result in the acquisition of shares already issued to which voting rights are attached An event changing the breakdown of voting rights No Other (please specify): Tender Offer Yes

3. Full name of person(s) subject to the notification Cheyne Capital Investment obligation (iii):

Management (UK) LPP

4. Full name of shareholder(s) (if different from 3.) Cheyne ABS Opportunties (iv):

Fund LP 5. Date of the transaction (and date on which the 15.10.2007 threshold is crossed or reached if different) (v): 6. Date on which issuer notified: 25.10.2007 7. Threshold(s) that is/are crossed or reached: 50% 8. Notified details: N/A

A: Voting rights attached to shares

Class/type of Situation previous to Resulting situation after the triggering

shares the Triggering transaction (vii) if possible transaction (vi) using the ISIN CODE Number Number Number Number of voting % of voting of of of rights (ix) rights Shares Voting shares Rights (viii) Direct Direct Indirect Direct Indirect (x) (xi)

GB00B0HW5366 17,900,756 17,900,756 17,900,756 17,900,756 N/a 51.08% 0%

B: Financial Instruments

Resulting situation after the triggering transaction (xii)

Type of Expiration Exercise/ Number of voting % of financial date (xiii) Conversion rights that may be voting instrument Period/ Date (xiv) acquired if the rights instrument is exercised/ converted Common Stock 51.08% Total (A+B) Number of voting rights % of voting rights 17,900,756 51.08%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable (xv):

Chain of controlled undertakings through which the voting rights and / or the financial instruments are effectively held, if applicable:

Proxy Voting:

10. Name of the proxy holder: N/A 11. Number of voting rights proxy holder will cease to hold: N/A 12. Date on which proxy holder will cease to hold voting N/A rights: 13. Additional information: N/A 14. Contact name: N/A 15. Contact telephone number: N/A

Annex Notification Of Major Interests In Shares (xvi)

A: Identity of the person or legal entity subject to the notification obligation Full name (including legal form for legal entities) Contact address (registered office for legal entities) Phone number Other useful information (at least legal representative for legal persons) B: Identity of the notifier, if applicable (xvii) Full name Contact address Phone number Other useful information (e.g. functional relationship with the person or legal entity subject to the notification obligation)

Kleinwort Benson (Channel Islands) Fund Services Limited

Company Secretary

01481 727111