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CQS Rig Finance Fund Ltd (RIG)

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Monday 22 November, 2010

CQS Rig Finance Fund Ltd

Monthly Shareholder Fact Sheet






                          CQS RIG FINANCE FUND LIMITED
                         Monthly Shareholder Fact Sheet

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  2010 is now available on  the Company's website (www.cqsrigfinance.com)
and includes information on the top ten investments and outstanding borrowings.

Risk  assets continued to rally in October  fuelled by optimism regarding the US
Federal  Reserve's plans for further quantitative easing, a weaker US dollar and
positive  third-quarter  earnings  reports.   The  S&P  500 Index  broke through
resistance  levels to close the  month up 3.7% at 1183. The  oil price was range
bound  during the month staying close to the $80 per barrel level. The final NAV
per  share closed  largely unchanged  at the  end of October 2010 at 27.45 pence
against 27.64 pence at the end of the prior month. There was no material company
specific news during the month and no large price moves.

We  are starting to see significant new-build  activity again in the Rig sector.
Among  others, SeaDrill Limited has  entered into contracts to  build up to four
new  ultra-deepwater  drillships  at  the  Samsung  yard in Korea and two latest
generation, high specification jack-up drilling rigs with Dalian Shipbuilding in
China.  In addition, the  Chief Executive Officer  of Maersk Drilling, which has
the  second-youngest fleet  of drilling  rigs, has  said that  Maersk expects to
order  a new rig every six months  as rental-rates rise and competitors buy each
other  or combine. This is in line with our expectations of the recovery in this
sector.

There  was also a  new issue during  the month. Polarcus  Ltd issued a five-year
second-lien  bond with a 12.5% fixed coupon. The bond was priced at 99, to yield
in  the region of 13%. Polarcus  Ltd is a marine  geophysical company that has a
fleet  of four large high-end 3D seismic vessels.  Three out of the four vessels
were delivered between 4Q 2009 and 3Q 2010 and the fourth is due to be delivered
at the end of 2010. With the building of its fifth unit Polarcus will become the
fifth largest company in the high-end of the industry. The Company was allocated
an amount of the new deal at issue. For further information on Paolarcus, please
refer towww.polarcus.com.

For further information, please contact:

Lynette Le Provost
Corporate Secretariat
Kleinwort Benson (Channel Islands) Fund Services Limited
01481 727111

Hugh Field
Director, Corporate Finance
Arbuthnot Securities
020 7012 2000

All market data sourced from Bloomberg.


[HUG#1464393]








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Source: CQS Rig Finance Fund Ltd via Thomson Reuters ONE