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 February 2014 is now available on the Company's 
website (www.cqsrigfinance.com) and includes further information on the 
top ten investments and outstanding borrowings. 
 
   Concerns around emerging markets dissipated over February, with equity 
markets rebounding and credit indices tightening after a sluggish 
opening to 2014. European PMI figures remained comfortably above 50 
despite a slight contraction, while Italy finally came out of recession. 
In the UK, the Bank of England upgraded growth expectations for 2014 to 
3.4%. Impaired by poor recent weather, data from the US remained mixed 
with estimated growth revised downwards to 3.0%, although this did not 
dampen risk appetite. The Japanese TOPIX continued to struggle, hindered 
by floundering export levels. However, many Asian markets ended the 
month in positive territory. In February, the MSCI World Index rose by 
4.2%, the MSCI Europe Index gained 4.9% and the MSCI AC Asia Index 
advanced by 1.3%. Credit indices on both sides of the Atlantic 
tightened. 
 
   Against this backdrop, the Company's NAV rose approximately 0.28% to 
close the month at 36.36p. A number of bonds, including Santa Maria 
Offshore, Oro Negro and Pacific Drilling were marked down slightly over 
February, a reaction to January's broad-based sell-off in emerging 
markets. However, losses were more than offset by carry across the 
portfolio. The Seadrill convertible bond position with heavy equity 
hedge profited as the underlying stock price fell over the month. 
Investors' expectations for ultra-deep water (UDW) dayrates have fallen 
over the recent months, with market consensus pointing towards the 
region of $450-$500k for high-end UDW rigs (Source: Pareto Securities 
research). This has contributed to the recent fall in equity price of 
the main UDW players, such as Seadrill and Transocean. 
 
   There was one new deal of interest during the month. Oil services 
company Maire Tecnimont SPA issued a 5-year convertible bond 
exchangeable into equity with a 35% premium and carrying a coupon of 
5.75%. The Company invested a small amount into the new issue, which had 
traded up by the month end. 
 
   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 
 
   Monthly Shareholder Fact Sheet: 
http://hugin.info/140293/R/1770647/602665.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#1770647 
 
 
  http://www.cqsrigfinance.com/
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