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CQS Rig Finance Fund Ltd (RIG)

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Friday 19 March, 2010

CQS Rig Finance Fund Ltd

Result of AGM

                         CQS RIF FINANCE FUND LIMITED

         Results of the Annual General Meeting - 18 March at 9.30 a.m.

The  Board of Directors of CQS Rig  Finance Fund Limited are pleased to announce
that,  at the Annual General  Meeting of the Company  held on 18 March 2010, the
following Ordinary Resolutions were approved by shareholders:

1. That the directors' report and the Company's audited accounts for the year
ended 30 September 2009 be received.

2. That Ernst & Young be re-appointed as the Company's auditors and that the
directors be authorised to agree the remuneration of the auditors.

   33. To re-elect Mike Salter as a Director of the Company who retires by

     4. To re-elect Jonathon Gamble as a Director of the Company who retires by

5.  To re- elect Trevor Ash as a Director of the Company who retires by

6.  To re-elect Gavin Strachan as a Director of the Company who retires by

7.  To re-elect Bruce Appelbaum as a director of the Company who retires by

8.  That  the Company's investing  policy be reapproved  (in accordance with the
requirements of the CISX) as follows (capitalised terms have the same meaning as
in the Company's admission document dated 18 October 2007);

"The Company's investing policy is to provide Shareholders with an attractive
total return, primarily through income, with scope for capital appreciation.
The Company targets, in the absence of unforeseen circumstances, an annualized
gross dividend yield of 8 per cent of the Net Asset Value per share of the
Company at the start of each financial year.

The  Investment Adviser seeks to achieve the  investing policy of the Company by
sourcing  and trading a portfolio of  secured debt instruments using fundamental
credit  and  industry  analysis  to  identify  instruments  with  an  attractive
risk-adjusted  yield.  Such debt instruments are expected to be primarily issued
to finance the construction, modification and/or refurbishment of rigs and other
infrastructure and/or equipment used for the offshore exploration and production
of oil and natural gas.

The  Company seeks, on a global basis,  to capture on its investments attractive
risk-adjusted  yields and  potential capital  appreciation arising from possible
corporate  activity,  including  but  not  limited  to, refinancing and industry
consolidation. Returns are expected to be enhanced through gearing the Portfolio
by approximately 100 per cent although gearing up to 150 per cent is permitted."

The  Company  seeks  to  construct  the  Portfolio  using a range of securities,
derivatives  and  other  agreements  including  but  not limited to positions in
bonds,  floating  rate  securities,  sovereign  bonds,  asset-backed securities,
loans,  repurchase  agreements,  interest  rate  and  credit  default  swaps and
swaptions,  total return swaps, interest rate  futures and options, bond futures
and options, currency swaps, foreign exchange contracts, futures and options and
other options and derivatives.

The   Portfolio  includes  exposure,  either  directly  or  synthetically  using
derivatives,  to  debt  instruments  that  are  secured. Such instruments may be
denominated  in any currency and the Company has the flexibility to trade in any
market  or  instrument  using  various  techniques  to achieve its stated return
objectives.  The  Company  may  trade  both  rated  and unrated debt instruments
although  it expected, in most cases, that such instruments will not be rated by
a  recognized  rating  agency.  The  company  may also trade listed and unlisted

Derivatives  may be  used for  hedging or  investment purposes.  The company may
execute  trades synthetically using  derivatives including, but  not limited to,
total  return swaps  referencing the  secured debt  instruments selected for the
Portfolio.  The Company  may also  retain amounts  in cash, or cash equivalents,
pending reinvestment if this is considered appropriate to the achievement of its
investment objective.

It  is expected  that investments  will often  be held  through to  maturity (or
earlier  redemption/repayment by  the issuer/borrower),  although the Investment
Adviser  may trade investments depending on  the prevailing market conditions at
any  time. The performance of such investment is therefore expected to be driven
primarily by the performance of the assets securing the investments.

9.  To  renew the Company's authority under  and in accordance with the Articles
of  Association of the Company and  section 315 of The Companies (Guernsey) Law,
2008 (the "Law") to make market acquisitions (within the meaning of section 316
of  the Law) of  ordinary shares of  no par value  in the capital of the Company
("Ordinary  Shares"), provided that in  respect of the purchasers  to be made on
the market:

i.            The maximum number of Ordinary Shares authorised to be acquired is
14.99 per  cent. of the issued  Ordinary Shares at the  date this resolutions is

ii         the minimum price per Ordinary Share is 0.1p;

iii         the maximum price  which may be  paid for any  Ordinary share is not
more than the higher of 5 per cent. above: (a) the average Channel Islands Stock
Exchange  LBG traded value per  Ordinary share for the  5 business days prior to
the day the purchase is made; or (b) the price stipulated by Article 5(i) of the
Buyback and Stabilisation Regulation (namely the higher of the price of the last
independent  trade in Ordinary  shares and the  highest then current independent
bid for the Ordinary Shares on the AIM Market of the London Stock Exchange); and

iv.        Unless previously revoked, varied or renewed, the authority hereby
conferred shall expire at the annual general meeting to be held in 2011 under
section 199 of the Law, save that the Company may, prior to such expiry, enter
into a contract to purchase shares under such authority and may make a purchase
of shares pursuant to any such contract


           The Secretary: [email protected]
            00 44 1481 752515




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