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CQS RIG Finance Fund LTD (RIG)

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Tuesday 21 August, 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                      Yes           
                                                                               
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): Initial Disclosure                                     

3. Full name of person(s) subject to the notification    Baillie Gifford & Co  
obligation (iii):                                                              
                                                                               
4. Full name of shareholder(s) (if different from 3.)                          
(iv):                                                                          
                                                                               
5. Date of the transaction (and date on which the           17 August 2007     
threshold is crossed                                                           
or reached if different) (v):                                                  
                                                                               
6. Date on which issuer notified:                          20th August 2007    
                                                                               
7. Threshold(s) that is/are crossed or reached:                  11%           
                                                                               
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)                   
                                                                               
  GG00BIGVK032   5,000,000 5,000,000 5,500,000        5,500,000          11%   
                                                                               
  Ordinary NPV                                                                 
                                                                               

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                 
                                                                               

Total (A+B)                                                                    
                                                                               
Number of voting rights                 % of voting rights                     
                                                                               
5,500,000                               11%                                    

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

In the narrative below the figures in [ ] indicate the amount of voting rights 
and the percentage held by each controlled undertaking where relevant.         
                                                                               
Baillie Gifford & Co, a discretionary investment manager, is the parent        
undertaking of an investment management group.                                 
                                                                               
Its wholly owned direct subsidiary undertaking Baillie Gifford Overseas Limited
[5790150; 0.4%] is also a discretionary investment manager.                    
                                                                               
Its wholly owned direct subsidiary undertaking Baillie Gifford Life Limited    
[29580894; 2.3%] is a life assurance company which procures discretionary      
investment management services from Baillie Gifford & Co in respect of its own 
account shareholdings.                                                         
                                                                               
Its wholly owned indirect (via Baillie Gifford Life Limited) subsidiary        
undertaking Baillie Gifford & Co Limited [3754158; 0.3% ] is an OEIC Authorised
Corporate Director and Unit Trust Manager which has delegated its discretionary
investment management role to Baillie Gifford & Co.                            

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:                                                    
                                                                               
14. Contact name:                                             Myra McIntyre    
                                                                               
                                                              Scott Russell    
                                                                               
15. Contact telephone number:                                 0131 275 2154    
                                                                               
                                                              0131 275 2106    

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)                            
                                                                               
Contact address (registered office for legal entities)                         
                                                                               
Phone number                                                                   
                                                                               
Other useful information (at least legal representative for                    
legal persons)                                                                 
                                                                               
B: Identity of the notifier, if applicable (xvii)                              
                                                                               
Full name                                                                      
                                                                               
Contact address                                                                
                                                                               
Phone number                                                                   
                                                                               
Other useful information (e.g. functional relationship with                    
the person                                                                     
or legal entity subject to the notification obligation)                        

C: Additional information