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CQS RIG Finance Fund LTD (RIG)

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Tuesday 31 March, 2009

CQS RIG Finance Fund LTD

Statement re accounts


31 March 2009

For immediate release on 31 March 2009

 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 Annual Report and Accounts                    

Since the Company's shares were suspended from trading on AIM on 30 October
2008, the Company has continued to pursue discussions regarding its financing
position with its lenders.  Discussions with the Company's secured lender are
now at an advanced stage although a binding agreement has not been reached in
time to finalise the report and accounts for the year ended 30 September 2008
which is required under the AIM Rules to be published and sent to shareholders
within 6 months of the end of the financial year.  The Company hopes to
conclude a binding agreement on committed financing terms with its secured
lender shortly, after which it expects to be in a position to publish its
report and accounts for the last financial year.  Thereafter, the Company
intends to explore options with regard to recommencing the trading of its
shares on AIM and the CISX before the end of April 2009, although there can be
no certainty that this will occur.

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.