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CQS RIG Finance Fund LTD (RIG)

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Thursday 13 November, 2008

CQS RIG Finance Fund LTD

Statement re Monthly Shareholder Fact Sheet

                         CQS RIG FINANCE FUND LIMITED                          

                        Monthly Shareholder Fact Sheet

13 November 2008

CQS Rig Finance Fund Limited (the "Company") a closed-ended investment company
incorporated in Guernsey, is pleased to announce that its Monthly Fact Sheet
for October 2008 is now available on the Company's website:

The investment manager's commentary in the Fact Sheet is as follows:

The turmoil in financial markets continued during October and governments and
central banks around the world took further actions to inject liquidity to
support the banking system.

The Company's portfolio continued to be impacted by market liquidity factors,
rather than fundamentals. The Company's NAV per share declined from 73.07p at
the end of September to 30.76p at the end of October. We believe the fall in
NAV was a reflection of a further significant markdown in high yield bond
markets due to forced selling in response to hedge fund redemptions and the
scaling back of bank financing.

The Company's largely US dollar denominated asset base and matching US dollar
funding, combined with the continued depreciation of the pound against the
dollar, generated an increase in the Company's borrowings in Sterling terms.
All these factors combined to increase the gearing in the portfolio, which the
manager has taken steps to reduce through asset sales.

In light of the financial turmoil and the impact of this on the Company's NAV,
the Company made two announcements in October. First, on 24 October 2008 the
Company announced a proposed placing of new securities to provide stability and
a more appropriate capital structure, and that on 23 October 2008 it had
entered into an unsecured facility agreement with RBC Cees Trustee Limited
under which US$6 million is being made available to the Company for short term
working capital. Subsequently, on 30 October the Company announced that it had
requested that trading in its shares on AIM and the CISX be suspended pending
clarification of the Company's financial position and confirmed that it
continued to seek to undertake the placing of new securities.

All market data is sourced from Bloomberg

For further information, please contact:

Lynette LeProvost                           Alastair Moreton
Secretary                               Director, Corporate Finance

Kleinwort Benson (Channel Islands) Arbuthnot Securities
Fund Services Limited                 

01481 727111 020 7012 2000