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CQS Rig Finance Fund Ltd (RIG)

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Thursday 15 October, 2009

CQS Rig Finance Fund Ltd

Holding(s) in Company





+------------------------------------------------+
| TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES |
+------------------------------------------------+



+-------------------------------------------------------------------+
| 1. Identity of the issuer or the           |                      |
| underlying issuer of existing shares to    | CQS Rig Finance Fund |
| which voting rights are attached:          |         Ltd          |
+-------------------------------------------------------------------+



+-------------------------------------------------------------------+
| 2 Reason for the notification (please tick the appropriate box or |
| boxes):                                                           |
|-------------------------------------------------------------------|
|                                                             |     |
| An acquisition or disposal of voting rights                 | Yes |
|-------------------------------------------------------------+-----|
|                                                             |     |
| An acquisition or disposal of qualifying financial          |     |
| instruments which may result in the acquisition of shares   |     |
| already issued to which voting rights are attached          |     |
|-------------------------------------------------------------+-----|
|                                                             |     |
| An acquisition or disposal of instruments with similar      |     |
| economic effect to qualifying financial instruments         |     |
|-------------------------------------------------------------+-----|
|                                                             |     |
| An event changing the breakdown of voting rights            |     |
|-------------------------------------------------------------+-----|
|                                         |                   |     |
| Other (please specify):                 |                   |     |
+-------------------------------------------------------------------+



+-------------------------------------------------------------------+
| 3. Full name of person(s) subject to the   |                      |
| notification obligation:                   | Baillie Gifford & Co |
|                                            |                      |
|--------------------------------------------+----------------------|
| 4. Full name of shareholder(s) (if         |                      |
| different from 3.):                        |                      |
|                                            |                      |
|--------------------------------------------+----------------------|
| 5. Date of the transaction and date on     |                      |
| which the threshold is crossed or reached: |      14-Oct-09       |
|                                            |                      |
|--------------------------------------------+----------------------|
| 6. Date on which issuer notified:          |                      |
|                                            |      15-Oct-09       |
|--------------------------------------------+----------------------|
| 7. Threshold(s) that is/are crossed or     |                      |
| reached:                                   |         13%          |
|                                            |                      |
+-------------------------------------------------------------------+



+-------------------------------------------------------------------------------------+
|8. Notified details:                                                                 |
|-------------------------------------------------------------------------------------|
|A: Voting rights attached to shares                                                  |
|                                                                                     |
|-------------------------------------------------------------------------------------|
|Class/type of    |Situation previous |Resulting situation after the triggering       |
|shares           |to the triggering  |transaction                                    |
|if possible using|transaction        |                                               |
|the ISIN CODE    |-------------------+-----------------------------------------------|
|                 |Number    |Number  |Number   |Number of voting |% of  voting rights|
|                 |of        |of      |of shares|rights           |                   |
|                 |Shares    |Voting  |---------+-----------------+-------------------|
|                 |          |Rights  |Direct   |Direct |Indirect |Direct  |Indirect  |
|-----------------+----------+--------+---------+-------+---------+--------+----------|
|Ordinary         |          |        |         |       |         |        |          |
|Share            |          |        |         |       |         |        |          |
|GG00B1GVK032     |11710100  |12.02   |13215100 |       |13215100 |        |13.57     |
|                 |          |        |         |       |         |        |          |
|-----------------|          |        |         |       |         |        |          |
|                 |          |        |         |       |         |        |          |
+-------------------------------------------------------------------------------------+



+-------------------------------------------------------------------+
| B: Qualifying Financial Instruments                               |
|-------------------------------------------------------------------|
| Resulting situation after the triggering transaction              |
|                                                                   |
|-------------------------------------------------------------------|
| Type of    | Expiration | Exercise/  | Number of voting | % of    |
| financial  | date       | Conversion | rights that may  | voting  |
| instrument |            | Period     | be               | rights  |
|            |            |            | acquired if the  |         |
|            |            |            | instrument is    |         |
|            |            |            | exercised/       |         |
|            |            |            | converted.       |         |
|            |            |            |                  |         |
|------------+------------+------------+------------------+---------|
|  N/A       |            |            |                  |         |
+-------------------------------------------------------------------+



+--------------------------------------------------------------------------------+
|C: Financial Instruments with similar economic effect to Qualifying Financial   |
|Instruments                                                                     |
|--------------------------------------------------------------------------------|
|Resulting situation after the triggering transaction                            |
|                                                                                |
|--------------------------------------------------------------------------------|
|Type of       |Exercise  |Expiration  |Exercise/   |Number of   |% of voting    |
|financial     |price     |date        |Conversion  |voting      |rights         |
|instrument    |          |            |period      |rights      |               |
|              |          |            |            |instrument  |               |
|              |          |            |            |refers to   |               |
|--------------+----------+------------+------------+------------+---------------|
|              |          |            |            |            |Nominal |Delta |
|              |          |            |            |            |        |      |
|              |          |            |            |            |--------+------|
|N/A           |          |            |            |            |        |      |
+--------------------------------------------------------------------------------+



+-------------------------------------------------------+
| Total (A+B+C)                                         |
|                                                       |
|-------------------------------------------------------|
| Number of voting rights | Percentage of voting rights |
|-------------------------+-----------------------------|
|   13215100              |   13.57                     |
+-------------------------------------------------------+



+-------------------------------------------------------------------+
| 9. Chain of controlled undertakings through which the voting      |
| rights and/or the                                                 |
| financial instruments are effectively held, if applicable:        |
|-------------------------------------------------------------------|
|                                                                   |
+-------------------------------------------------------------------+



+-------------------------------------------------------------------+
| Proxy Voting:                                                     |
|                                                                   |
|-------------------------------------------------------------------|
| 10. Name of the proxy holder:                              |  N/A |
|                                                            |      |
|------------------------------------------------------------+------|
| 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:   |               |
|                               |               |
|-------------------------------+---------------|
| 14. Contact name:             | Chris Hill;   |
|                               |               |
|-------------------------------+---------------|
| 15. Contact telephone number: | 0131 275 2147 |
|                               |               |
+-----------------------------------------------+

---END OF MESSAGE---




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