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CQS RIG Finance Fund LTD (RIG)

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Monday 01 December, 2008

CQS RIG Finance Fund LTD

Statement re Suspension


Date: 1st December 2008

For immediate release on 1st December 2008

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

CQS Rig Finance Fund Limited (the "Company")

Statement re Suspension

Following suspension of trading in its shares on AIM and the CISX pending
clarification of the Company's financial position, the Company announces that
it is continuing to discuss its financing position with its lenders and
continues to seek a more appropriate capital structure.  However, there can be
no certainty as to the outcome of this process at present.

In light of the lack of liquidity and visibility in the high yield bond
markets, the Company no longer considers the current methodology used to
calculate the NAV provides an accurate indication of value and has therefore
decided to defer publication of the NAV until more normal market conditions
return.

A further announcement will be made in due course.

Enquiries:

Alastair Moreton

Arbuthnot Securities Limited

Telephone 020 7012 2000

Secretary

Kleinwort Benson (Channel Islands) Fund Services Limited

Telephone 01481 727111

This announcement is not an offer to sell or a solicitation of any offer to buy
any securities in the United States or in any other jurisdiction. Neither this
announcement nor any copy of it may be taken, transmitted or distributed,
directly or indirectly, into the United States, Canada, Australia, the Republic
of Ireland, the Republic of South Africa or Japan or to any national of such
jurisdictions. Neither this announcement nor any copy hereof may be distributed
in any other jurisdictions where its distribution may be restricted by law and
persons into whose possession this document comes should inform themselves
about, and observe, any such restrictions. Distribution of this announcement in
the United States, Canada, Australia, the Republic of Ireland, the Republic of
South Africa, Japan or any such other jurisdictions may constitute a violation
of the law of such jurisdictions.