Monthly Shareholder Fact Sheet

CQS Rig Finance Fund Limited: 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  July 2009 is  now available on  the
Company's website and includes information on the top ten investments
and outstanding borrowings:
 
www.cqsrigfinance.com
 
 In July WTI crude  oil for September delivery  had a volatile  month
starting and ending the month around  US$70, having traded as low  as
US$60 mid-month. In the high yield credit markets, bonds continued to
rally after the pause in June.  By way of example, the Merrill  Lynch
European High Yield Index reported an  8.3% return for the month.  In
the wider markets, risk assets across-the-board moved higher,  partly
in response to the  Q2 reporting season which  is well underway.  The
majority of  S&P 500  companies have  reported and  beaten  analysts'
estimates, however,  market  commentators  have noted  that  this  is
largely due  to cost  cutting measures  rather than  actual top  line
growth.
 
In the rig  markets, Arctic  Securities reported a  modest upturn  in
orders for companies in the  sub-sea services sector, which  supports
offshore drilling activity. In the  Ultra Deep Water ("UDW")  sector,
Petrobras Brasileiro SA  awarded Transocean  Limited a  three-to-five
year commitment  for  a semi-submersible  rig  offshore Brazil  at  a
day-rate of US$490-510,000 again demonstrating the resilience of  UDW
contracts.
 
In July,  the  Company's  portfolio  recorded  gains  across  several
positions. The largest positive impact  came from positions in  Skeie
Drilling and Production which  agreed a financial restructuring  plan
during  the  month  with  its  main  stakeholders.  As  part  of  the
restructuring, bondholders were awarded equity shares in the company.
Further details of the plan are available on the Company's website.
 
All market data in this report is sourced from Bloomberg and Pareto.
 
For further information, please contact:
 
Lynette Le Prevost
Secretary
Kleinwort Benson (Channel Islands) Fund Services Limited
01481 727111
 
Alastair Moreton
Director, Corporate Finance
Arbuthnot Securities
020 7012 2000
 
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