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CQS RIG Finance Fund LTD (RIG)

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Monday 17 December, 2007

CQS RIG Finance Fund LTD

Conversion of C Shares


                         CQS Rig Finance Fund Limited                          

                            Conversion of C Shares                             

CQS Rig Finance Fund Limited (the "Company") is pleased to announce that
following the recent placing of C Shares (the "Placing"), the Company's
Investment Manager, CQS Cayman Limited Partnership, notified the Directors on
14 December 2007 that the net proceeds of the Placing have been fully invested
in accordance with the investment policy of the Company with gearing of at
least 75 per cent. Therefore, and in accordance with the terms of the C Shares,
the Directors have determined that the Calculation Time for the conversion of
the C Shares into Ordinary Shares will be 31 December 2007. The conversion will
be made on the basis of the respective net asset values of the C Shares and
Ordinary Shares as at the Calculation Time.

A further announcement will be made in due course setting out details of the
Conversion Time, the respective Net Asset Values as at 31 December 2007, the
Conversion Ratio and the numbers of Ordinary Shares to which each C Shareholder
will be entitled on Conversion. Following the regular announcement of estimated
Net Asset Value as at 24 December 2007, no further announcement of estimated
Net Asset Value will be made before the announcement of the Conversion Ratio.

Further details of the conversion and rights attaching to the C Shares are set
out in the Company's admission document in relation to the Placing dated 18
October 2007 ("Admission Document"). Terms defined in the Admission Document
shall have the same meaning in this announcement unless otherwise defined.

For further information, please contact:

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