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CQS Rig Finance Fund Ltd (RIG)

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Friday 19 June, 2009

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 Ltd (ISIN: GG00B1GVK032)


+-------------------------------------------------------------------+
| 2. Reason for the notification                           | State  |
|                                                          | Yes/No |
|----------------------------------------------------------+--------|
| An acquisition or disposal of voting rights              |  Yes   |
|----------------------------------------------------------+--------|
| An acquisition or disposal of financial instruments      |   NO   |
| which may result in the                                  |        |
| acquisition of shares already issued to which voting     |        |
| rights are attached                                      |        |
|----------------------------------------------------------+--------|
| An event changing the breakdown of voting rights         |   NO   |
|----------------------------------------------------------+--------|
| Other (please specify): Incorrect data feed from data    |   No   |
| provider                                                 |        |
+-------------------------------------------------------------------+



+-------------------------------------------------------------------+
| 3. Full name of person(s) subject to the          | CQS Cayman LP |
| notification obligation (iii):                    |               |
|---------------------------------------------------+---------------|
| 4. Full name of shareholder(s) (if different from |   As Above    |
| 3.) (iv):                                         |               |
|---------------------------------------------------+---------------|
| 5. Date of the transaction (and date on which the | 16 June 2009  |
| threshold is crossed                              |               |
| or reached if different) (v):                     |               |
|---------------------------------------------------+---------------|
| 6. Date on which issuer notified:                 | 19 June 2009  |
|---------------------------------------------------+---------------|
| 7. Threshold(s) that is/are crossed or reached:   |      3%       |
|---------------------------------------------------+---------------|
| 8. Notified details:                              |      N/A      |
+-------------------------------------------------------------------+



A: Voting rights attached to shares


+----------------------------------------------------------------------------------------------+
|  Class/type of shares   |Situation previous to |  Resulting situation after the triggering   |
|  if possible using the  |    the Triggering    |              transaction (vii)              |
|        ISIN CODE        |   transaction (vi)   |                                             |
|-------------------------+----------------------+---------------------------------------------|
|Redeemable Participating |  Number   |  Number  | Number  | Number of voting  |  % of voting  |
|       preference        |    of     |    of    |   of    |    rights (ix)    |    rights     |
|                         |  Shares   |  Voting  | shares  |                   |               |
|                         |           |  Rights  |         |                   |               |
|                         |           |  (viii)  |         |                   |               |
|-------------------------+-----------+----------+---------+-------------------+---------------|
|     Ordinary Shares     |           |          | Direct  | Direct  |Indirect |Direct|Indirect|
|                         |           |          |         |   (x)   |  (xi)   |      |        |
|-------------------------+-----------+----------+---------+---------+---------+------+--------|
|      GG00B1GVK032       | 2,500,000 |2,500,000 |3,917,559|3,917,559|         |4.02% |        |
|-------------------------+-----------+----------+---------+---------+---------+------+--------|
|                         |           |          |         |         |         |      |        |
|-------------------------+-----------+----------+---------+---------+---------+------+--------|
|                         |           |          |         |         |         |      |        |
+----------------------------------------------------------------------------------------------+


B: Financial Instruments

Resulting situation after the triggering transaction (xii)


+------------------------------------------------------------------------------+
| Type of  |Expiration |Exercise/Conversion |     Number of voting     | % of  |
|financial |date (xiii)| Period/ Date (xiv) |    rights that may be    |voting |
|instrument|           |                    |     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 |
|-------------------------+--------------------|
| 3,917,559               | 4.02%              |
+----------------------------------------------+


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

Proxy Voting:

+-------------------------------------------------------------------+
| 10. Name of the proxy holder:                                 |   |
|---------------------------------------------------------------+---|
| 11. Number of voting rights proxy holder will cease to hold:  |   |
|---------------------------------------------------------------+---|
| 12. Date on which proxy holder will cease to hold voting      |   |
| rights:                                                       |   |
+-------------------------------------------------------------------+



+-------------------------------------------------------------------+
| 13. Additional information: | Director, CQS Cayman GP Signing as  |
|                             | General Partner for and on behalf   |
|                             | of CQS Cayman LP                    |
|-----------------------------+-------------------------------------|
| 14. Contact name:           | Gary Trehiou                        |
|-----------------------------+-------------------------------------|
| 15. Contact telephone       | 01534 513 007                       |
| number:                     |                                     |
+-------------------------------------------------------------------+

---END OF MESSAGE---




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