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CQS Rig Finance Fund Ltd (RIG)

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Tuesday 30 November, 2010

CQS Rig Finance Fund Ltd

Statement re Debt Repayment






For immediate release: 30th November 2010

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")

                    Repayment of subordinated loan facility


The  Company  today  announces  that  in  line  with  its  objective of reducing
leverage,  it has repaid the principal and outstanding interest on its unsecured
loan  facility ("Subordinated Facility") amounting  to USD 6,701,888 to RBC Cees
Trustees Limited ("RBC").  The Company agreed with RBC to exercise its rights to
terminate  the Subordinated  Facility with  effect Friday 26th November 2010 and
there  was no penalty for early repayment.  The Subordinated Facility was repaid
out of the proceeds of recent portfolio realisations.


For further information, please contact:

Hugh Field
Director, Corporate Finance
Arbuthnot Securities Limited
Telephone 020 7012 2000

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

The Subordinated Facility was provided by RBC on 23rd October 2008 in its
capacity as trustee of certain assets for the benefit of Michael Hintze, Chief
Executive of CQS, who holds a majority interest in CQS Cayman LP, the Company's
investment manager.

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.


[HUG#1466791]








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Source: CQS Rig Finance Fund Ltd via Thomson Reuters ONE