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CQS RIG Finance Fund LTD (RIG)

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Thursday 07 February, 2008

CQS RIG Finance Fund LTD

Quarterly Shareholder Fact Sheet

                         CQS RIG FINANCE FUND LIMITED                          

                       Quarterly Shareholder Fact Sheet                        

7 February 2008

CQS Rig Finance Fund Limited (the "Company") a closed-ended investment company
incorporated in Guernsey, is pleased to announce that its Quarterly Shareholder
Fact Sheet for the period 1st October to 31st December 2007 is now available on
the Company's website:

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

The CQS Rig Finance Fund's ordinary shares produced a net return of 4.87% for
the fourth quarter of 2007, bringing net returns since inception to 11.56%. The
ordinary share price closed at 105 pence on 31 December 2007 against a closing
price of 102 pence on 28 September. A third dividend of 1.95 pence was paid on
17 December bringing the annualised net return since inception to 11.14%, in
line with the target returns of the Fund.

On 1 October 2007, the Board of CQS Rig Finance Fund announced plans to expand
the Company's capital through a placing of C shares. The C share issue
successfully raised £50 million gross and conversion of the C shares occurred
on 15 January 2008. All references below to the portfolio assume a single
combined pool of assets.

The crude oil supply/demand imbalance persisted during the fourth quarter as
supply concerns continued. WTI crude oil rose from US$82 at the end of
September to US$96 on 28 December. Worldwide exploration and production ("E&P")
expenditures are forecasted to show another year of double-digit growth in
2008. The Lehman Brothers "Original E&P Spending Survey" estimates that the 344
oil and gas companies surveyed plan to boost worldwide E&P expenditures by more
than 11% to an estimated US$369 billion in 2008 from the US$332 billion spent
in 2007. This would represent the sixth consecutive year of double-digit
growth. Spending outside North America continues to drive the increases
(similar to last year' trend). E&P expenditures are slated to rise 16%
internationally in 2008 to $267 billion-the ninth consecutive year of higher
spending. Average day rates for offshore drilling remained healthy. Data
complied by Pareto Securities showed average day rates at US$344,000 at the end
of the fourth quarter of 2007, broadly unchanged from the beginning of the

The fourth quarter of 2007 was marked by growing concerns over macroeconomic
conditions, particularly in the US. Global equity and credit markets were
generally weak, exacerbated by banks' year-end balance sheet risk reduction.
Given this environment the portfolio held up relatively well, in part due to
the fundamental strength of the underlying companies and assets, as well as
continued corporate activity. The portfolio benefited from a number of
corporate events and early redemptions of bonds and this kind of activity is
very supportive of asset values due to the tight security and covenant packages
enjoyed by the loan bonds held. The portfolio's holdings are ultimately secured
on physical assets deployed in the offshore oil and gas services industry, and
their performance remains closely linked to the market value of those assets.
We believe the portfolio continues to be well positioned to capture the
progression of the offshore oil and

gas services investment cycle, with holdings across a number of sub-sectors
including drilling rigs, seismic vessels, floating production units and sub-sea

The future outlook for E&P expenditures suggests a healthy environment for oil
and gas infrastructure investment and we believe that the fundamentals
supporting the Fund remain robust.

For further information, please contact:

Ann Spelman                            Alastair Moreton
Secretary                              Director, Corporate Finance
Kleinwort Benson (Channel Islands)     Arbuthnot Securities
Fund Services Limited                  020 7012 2000
01481 727111


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