TIDMRIG 
 
 
   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 April 2014 is now available on the Company's 
website (www.cqsrigfinance.com) and includes further information on the 
top ten investments and outstanding borrowings. 
 
   Europe saw tentative signs of recovery despite further unrest in 
Ukraine. However, the European Central Bank ("ECB") remained under 
pressure to provide support and its President, Mario Draghi, hinted at 
monetary easing if the medium-term inflation outlook was to deteriorate 
significantly. In the UK, first quarter GDP came in just below consensus 
although the PMI index pointed to further expansion. US GDP was 
significantly below expectations at 0.1%, although private consumption, 
a key driver of GDP, showed signs of improvement. First quarter earnings 
season commenced, with Europe seeing further contractions while US 
numbers beat market expectations. Growth in China broadly met market 
expectations, while Japan's troubles continued, its benchmark TOPIX 
Index falling a further 3.4%. In April, the MSCI World Index rose 0.7% 
and the MSCI Europe Index gained 1.8%, while the MSCI Asia Index fell 
1.5%. Credit indices broadly continued to tighten. 
 
   Against this backdrop, the Company's NAV rose approximately 0.36% to 
close the month at 35.96p. Profits were recorded on most positions, 
attributable primarily to carry. In addition, the Company's position in 
Bluewater continued to trade up over the month following its award by 
Petrobras of an engineering, procurement and construction contract which 
was reported in last month's Fact Sheet. Profits were partially offset 
by losses on the new bonds issued by Ocean Rig UDW in March, which 
traded down in line with the weaker sentiment reflected in the company's 
stock price. 
 
   There was one new deal of note during the month. Tullow Oil issued $650m 
8-year notes with a coupon of 6.25%, non-callable for 3 years and 
callable at a premium thereafter. The Company subscribed for and was 
allocated a small amount of the new issue. The Company has since exited 
the position. 
 
   Subsequent to the month-end, the Board announced on 20 May 2014 that it 
had been informed by the Company's largest shareholders, CQS (UK) LLP, 
CQS Asset Management Limited and CQS Cayman LP, who together hold 65.54% 
of the share capital of the Company, that they would support a 
shareholder voluntary liquidation of the Company. Accordingly, the Board 
will be making arrangements to convene an extraordinary general meeting 
of shareholders to consider proposals to cancel its admission to trading 
on AIM, to place the Company into members' voluntary liquidation and 
thereafter to realise the Company's assets and facilitate the return of 
available cash to shareholders. A circular containing full details of 
the proposals and setting out the timetable for the return of capital 
will be posted to shareholders in due course. 
 
   All market data sourced from Bloomberg and MSCI unless otherwise stated. 
MSCI index returns are in local currencies with net dividends 
reinvested. 
 
   For further information, please contact: 
 
   Corporate Secretariat 
 
   Kleinwort Benson (Channel Islands) Fund Services Limited 
 
   01481 710 607 
 
   Alastair Moreton, Darren Vickers 
 
   NOMAD and Broker 
 
   Westhouse Securities Limited 
 
   020 7601 6118 
 
   April Shareholder Fact Sheet: 
http://hugin.info/140293/R/1789383/615076.pdf 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: CQS Rig Finance Fund Ltd via Globenewswire 
 
   HUG#1789383 
 
 
  http://www.cqsrigfinance.com/
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