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CQS RIG Finance Fund LTD (RIG)

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Thursday 04 September, 2008

CQS RIG Finance Fund LTD

Statement re change of Investment Adviser

                         CQS RIG FINANCE FUND LIMITED                          

             Re-appointment of CQS (UK) LLP as Investment Adviser              

CQS Rig Finance Fund Limited (the "Company") announces that it is proposing to
re-appoint CQS (UK) LLP as Investment Adviser to the Company, replacing CQS
Investment Management Limited ("CQSIML").

The proposed appointment arises due to an internal consolidation of business
entities at CQS. The transition of adviser is expected to have no impact on the
Company since all current CQSIML staff will continue to provide advisory
services to the Company under CQS (UK) LLP.

CQS (UK) LLP acted as investment adviser to the Company prior to the
establishment of CQSIML, and has approximately $6bn assets under management as
at 1 August 2008.

The appointment of CQS (UK) LLP as investment adviser is proposed to become
effective from 1 October 2008.


Company Secretary

Kleinwort Benson (Channel Islands) Fund Services Limited

Telephone (01481) 727111

NOMAD and Broker

Arbuthnot Securities Limited

Alastair Moreton

Telephone 020 7012 2000

Date: 4 September 2008