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CQS RIG Finance Fund LTD (RIG)

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Tuesday 22 January, 2008

CQS RIG Finance Fund LTD

Holding(s) in Company


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          
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                 Yes           
Other (please specify): Initial Disclosure                                     

3. Full name of person(s) subject to the notification Investec Asset Management
obligation (iii):                                                Ltd           
4. Full name of shareholder(s) (if different from 3.)                          
5. Date of the transaction (and date on which the         15th January 2008    
threshold is crossed                                                           
or reached if different) (v):                                                  
6. Date on which issuer notified:                         22nd January 2008    
7. Threshold(s) that is/are crossed or reached:                  8%            
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)                                              
                 Number    Number    Number  Number of voting    % of voting   
                   of        of        of       rights (ix)         rights     
                 Shares    Voting    shares                                    
                                     Direct  Direct  Indirect  Direct  Indirect
                                               (x)     (xi)                    
   GG00B1GVK    5,043,385 5,043,385                  7,129,425          7.32%  

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  
                                                   is exercised/               

Total (A+B)                                                                    
Number of voting rights                 % Of voting rights                     
7,129,425                               7.32%                                  

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

Investec Global Strategic Fund Ltd - Global Strategic Managed Fund 3,580,250   

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              

13. Additional information:                                                    
14. Contact name:                                             Ian Gartshore    
15. Contact telephone number:                                 020 7597 1825    

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)           Investec Asset   
                                                              Management Ltd   
Contact address (registered office for legal entities)        2 Gresham Street,
                                                              London EC2V 7QP  
Phone number                                                  020 7597 1825    
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