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CQS RIG Finance Fund LTD (RIG)

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Monday 12 November, 2007

CQS RIG Finance Fund LTD

Result of Equity Issue


For immediate release on 12 November 2007

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION INTO OR IN THE UNITED STATES,
CANADA, AUSTRALIA, THE REPUBLIC OF IRELAND, THE REPUBLIC OF SOUTH AFRICA OR
JAPAN

                         CQS Rig Finance Fund Limited                          

                               Result of Placing                               

The Board of Directors of CQS Rig Finance Fund Limited (the "Company")are
pleased to announce the results of the Placing of C Shares at a price of £1.00
per C Share.

A total of 50 million C Shares have been allotted raising net proceeds of
approximately £49 million. The allotment of the C Shares is conditional on
admission to trading on AIM and the commencement of dealings on the AIM market
of the London Stock Exchange, which is expected to take place at 8.00 a.m. on
13 November 2007.

For further information, please contact:

Michael Rummel                          Alastair Moreton                       
                                                                               
CQS                                     Director, Corporate Finance            
                                                                               
020 7201 2491                           Arbuthnot Securities                   
                                                                               
                                        020 7012 2000                          

Terms used in this announcement shall, unless the context otherwise requires,
bear the meanings given to them in the Admission Document dated 18 October
2007.

Arbuthnot Securities Limited, which is regulated by the Financial Services
Authority, is acting as nominated adviser and broker to the Company in relation
to the Placing and will not be responsible to any person other than the Company
for providing the protections afforded to its customers or for advising any
other person on the contents of this announcement or any transaction or
arrangement referred to herein.

This announcement does not constitute an offer to sell, or the solicitation of
an offer to buy, shares in any jurisdiction in which such offer or solicitation
is unlawful and, in particular is not for distribution in the United States,
Canada, Australia, the Republic of Ireland, the Republic of South Africa or
Japan. The issuance of C Shares has not been and will not be registered under
the applicable securities laws of the United States, Canada, Australia, the
Republic of Ireland, the Republic of South Africa or Japan and will not be made
to any national , resident or citizen of those countries unless an appropriate
exemption is available.