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CQS RIG Finance Fund LTD (RIG)

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Monday 24 September, 2007

CQS RIG Finance Fund LTD

Statement re Press Announcement


For immediate release on 24 September 2007

                         CQS RIG FINANCE FUND LIMITED                          

(a closed-ended investment company incorporated in Guernsey)

Investment Adviser

The Company's investment adviser, CQS Investment Management Limited, has
informed the Directors of CQS Rig Finance Fund Limited that New City Investment
Managers Limited is to join CQS subject to regulatory approval. Please see
below the press release that was issued Friday 21st September.

Enquiries:

Secretary

Kleinwort Benson (Channel Islands) Fund Services Limited

Telephone (01481) 727111

Nominated Adviser

Arbuthnot Securities Limited

Telephone 020 7012 2000

Date: 24th September 2007

Press Release NEW CITY JOINS CQS

For Immediate Release

21 September, 2007. CQS, the US$8.6 billion alternative asset manager, and New
City Investment Managers Limited ("New City"), the £280 million London based
investment manager, today announce that CQS is to acquire New City.

The combination of CQS and New City will create an asset management business
with US$9 billion assets under management. The group will manage a family of
market-neutral absolute return and directional funds, comprising hedge funds,
multi-asset directional portfolios, loan portfolios and listed funds (including
investment trusts).

CQS and New City believe they will benefit from complementary and adjacent
skill sets in natural resources and fixed income, supported by CQS' robust
operational and risk infrastructure platform.

Commenting, Michael Hintze, CEO of CQS, said: "We are delighted to have the New
City team working with us at CQS. This combination is part of our strategy to
expand product and geographic reach. Both firms share a like-minded investment
philosophy based on fundamental research and we look forward to building on
each others' adjacent strengths. There are exceptional opportunities in global
asset management and we are well positioned to deliver these to investors."

Commenting, Richard Lockwood, CEO of New City, added: "We are impressed by the
capabilities and depth of the CQS group. Providing the best for our clients is
of paramount importance to us and the combination of CQS and New City provides
a strong platform for us to continue delivering investment performance and
identifying new opportunities from which our clients may benefit."

The acquisition is anticipated to complete during the fourth quarter of 2007,
subject to regulatory approval.

For further information, please contact:

CQS

Michael Rummel +44 (0) 20 7201 2491

+44 (0) 7879 89 0405

New City +44 (0) 20 7557 4370

Richard Lockwood

Andrew Ferguson

Adam Cooke

www.ncim.co.uk

Notes to the Editor

CQS is a global alternative asset manager, founded in 1999, managing a
portfolio of market-neutral, absolute return funds, multi-asset directional
portfolios, loan portfolios and listed funds. In December 2006, shares of CQS
Rig Finance Fund Limited were admitted to trading on AIM.

As at 1 September 2007, CQS had US$8.6 billion of assets under management and
has regulated investment offices in London and Hong Kong, with a presence in
Channel Islands, Cayman Islands and Switzerland.

New City is a London based investment manager with assets managed and advised
of £282 million as at 31 August 2007. It manages and advises two London Stock
Exchange listed investment companies (City Natural Resources High Yield Trust
Plc and New City High Yield Trust Plc) and a Channel Islands Stock Exchange
listed fund (Geiger Counter Limited) that specialise in natural resource
equities, convertibles and high yield bonds.

City Natural Resources High Yield Trust Plc is a successful UK investment
company, having achieved an NAV total return of +256.5% from 1 August 2003 to
31 August 2007. City Natural High Yield Fund Limited invests mainly in high
yielding fixed interest securities and its objective is to provide investors
with a high dividend yield and the potential for capital growth. Geiger Counter
Limited is one of the first specialist investment companies to recognise the
potential of uranium and nuclear related investments and has generated
shareholder returns of greater than 87% since inception in July 2006 to 31
August 2007.

Past performance is no guarantee of future results. This press release does not
constitute an advertisement or inducement to buy shares in the funds.

END