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Cqs Rig Finance Fund Ltd (RIG)

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Thursday 22 March, 2007

Cqs Rig Finance Fund Ltd

Holding(s) in Company


TR-1 (i) NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which
voting rights are attached (ii):

CQS Rig Finance Fund Limited

2. Reason for the notification                                  State          
                                                                Yes/No         
                                                                               
An acquisition or disposal of voting rights                                    
                                                                               
An acquisition or disposal of financial instruments                            
which may result in the                                                        
acquisition of shares already issued to which voting                           
rights are attached                                                            
                                                                               
An event changing the breakdown of voting rights                               
                                                                               
Other (please specify): Notification of major holding            Yes           

3. Full name of person(s) subject to the notification         Iimia plc        
obligation (iii):                                                              
                                                                               
4. Full name of shareholder(s) (if different from 3.)       Per section 9      
(iv):                                                                          
                                                                               
5. Date of the transaction (and date on which the                N/a           
threshold is crossed                                                           
or reached if different) (v):                                                  
                                                                               
6. Date on which issuer notified:                      Communication received  
                                                                               
                                                            22 March 2007      
                                                                               
7. Threshold(s) that is/are crossed or reached:                  5%            
                                                                               
8. Notified details:                                                           

A: Voting rights attached to shares

Class/type of  Situation previous    Resulting situation after the triggering  
    shares             to                       transaction (vii)              
 if possible     the Triggering                                                
using the ISIN  transaction (vi)                                               
     CODE                                                                      
                                                                               
                Number    Number    Number    Number of voting    % of voting  
                  of        of        of        rights (ix)         rights     
                Shares    Voting    shares                                     
                          Rights                                               
                          (viii)                                               
                                                                               
                                    Direct    Direct   Indirect Direct Indirect
                                                (x)      (xi)                  
                                                                               
   Ordinary    2,725,000 2,725,000 2,725,000 2,725,000   N/a    5.45%    N/a   
    Shares                                                                     
                                                                               
(GG00BIGVK032)                                                                 
                                                                               

B: Financial Instruments

Resulting situation after the triggering transaction (xii)

   Type of     Expiration       Exercise/        Number of voting       % of   
  financial    date (xiii)      Conversion      rights that may be     voting  
 instrument                 Period/ Date (xiv)    acquired if the      rights  
                                                    instrument                 
                                                   is exercised/               
                                                     converted                 
                                                                               
     N/a           N/a             N/a                  N/a             N/a    

Total (A+B)                                                                    
                                                                               
Number of voting rights                 % of voting rights                     
                                                                               
2,725,000                               5.45%                                  

9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable (xv):

Iimia ACD Services Accelerated Fund (OEIC) - 290,000                           
                                                                               
(Registered: The Bank of New York Nominees A/C 391998)                         
                                                                               
Iimia ACD Services Growth Fund (OEIC) - 420,000                                
                                                                               
(Registered: HSBC Global Custody Nominees A/C 949182)                          
                                                                               
Iimia ACD Services Growth & Income Fund (OEIC) - 750,000                       
                                                                               
(Registered: HSBC Global Custody Nominees A/C 949169)                          
                                                                               
Iimia ACD Services Income Fund (OEIC) - 285,000                                
                                                                               
(Registered: HSBC Global Custody Nominees A/C 949170)                          
                                                                               
Iimia Investment Trust - 980,000                                               
                                                                               
(Registered: The Bank of New York Nominees A/C 178055                          

Proxy Voting:


10. Name of the proxy holder:                                 N/a              
                                                                               
11. Number of voting rights proxy holder will cease to hold:  N/a              
                                                                               
12. Date on which proxy holder will cease to hold voting      N/a              
rights:                                                                        

13. Additional information:                                   Iimia plc is the 
                                                              Investment       
                                                              Manager to Iimia 
                                                              ACD Services     
                                                              OEICs and the    
                                                              Iimia Investment 
                                                              Trust.           
                                                                               
14. Contact name:                                             Helen Neighbour  
                                                                               
15. Contact telephone number:                                 01392 475972     

Annex Notification Of Major Interests In Shares (xvi)


A: Identity of the person or legal entity subject to the                       
notification obligation                                                        
                                                                               
Full name (including legal form for legal entities)           Iimia plc        
                                                                               
Contact address (registered office for legal entities)        23 Cathedral Yard
                                                                               
                                                              Exeter           
                                                                               
                                                              Devon EX1 1HB    
                                                                               
Phone number                                                  01392 475972     
                                                                               
Other useful information (at least legal representative for                    
legal persons)                                                                 
                                                                               
B: Identity of the notifier, if applicable (xvii)                              
                                                                               
Full name                                                     Helen Neighbour  
                                                                               
Contact address                                               23 Cathedral Yard
                                                                               
                                                              Exeter           
                                                                               
                                                              Devon EX1 1HB    
                                                                               
Phone number                                                  01392 475972     
                                                                               
Other useful information (e.g. functional relationship with                    
the person                                                                     
or legal entity subject to the notification obligation)                        

C: Additional information

Kleinwort Benson (Channel Islands) Fund Services Ltd.                          
                                                                               
Company Secretary CQS Rig Finance Fund Limited                                 
                                                                               
+44 1481 727111