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CQS Rig Finance Fund Ltd (RIG)

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Tuesday 09 February, 2010

CQS Rig Finance Fund Ltd

Notification of Major Interests in Shares






Form TR-1 with annex. FSA Version 2.1 updated April 2007

+--------------------------------------------+
| For filings with the FSA include the annex |
| For filings with issuer exclude the annex  |
+--------------------------------------------+

+--------------------------------------------------+
| TR-1: Notifications of Major Interests in Shares |
+--------------------------------------------------+

|                                               |                                |
|                                               |                                |
|1. Identity of the issuer or the underlying    |CQS RIG FINANCE FUND LIMITED    |
|issuer of existing shares to which voting      |                                |
|rights are attached:                           |                                |
+-----------------------------------------------+--------------------------------+
|                                                                                |
|2. Reason for notification (yes/no)                                             |
+-----------------------------------------------------------------+--------------+
|                                                                 |       Yes    |
|An acquisition or disposal of voting rights                      |              |
+-----------------------------------------------------------------+--------------+
|                                                                 |No            |
|An acquisition or disposal of financial instruments which may    |              |
|result in the acquisition of shares already issued to which      |              |
|voting rights are attached                                       |              |
+-----------------------------------------------------------------+--------------+
|                                                                 |No            |
|An event changing the breakdown of voting rights                 |              |
+-----------------------------------------------------------------+--------------+
|                                                                 |No            |
|Other (please specify):______________                            |              |
+------------------------------------+----------------------------+--------------+
|                                    |                                           |
|3. Full name of person(s) subject to|Midas Capital Plc                          |
|notification obligation:            |                                           |
+------------------------------------+-------------------------------------------+
|                                    |                                           |
|4. Full name of shareholder(s) (if  |                                           |
|different from 3):                  |See section 9 below                        |
|                                    |                                           |
+------------------------------------+-------------------------------------------+
|                                    |                                           |
|5. Date of transaction (and date on | 29/01/2010                                |
|which the threshold is crossed or   |                                           |
|reached if different):              |                                           |
+------------------------------------+-------------------------------------------+
|                                    | 08/02/2010                                |
|6. Date on which issuer notified:   |                                           |
+------------------------------------+-------------------------------------------+
|7. Threshold(s) that is/are crossed |                                           |
|or reached:                         |Was 13.94%, Now 12.40%                     |
+------------------------------------+-------------------------------------------+
|8: Notified Details                                                             |
+--------------------------------------------------------------------------------+
|                                                                                |
|A: Voting rights attached to shares                                             |
|                                                                                |
+------------+----------------------+--------------------------------------------+
|Class/type  |Situation previous to |Resulting situation after the triggering    |
|of shares   |the triggering        |transaction                                 |
|If possible |transaction           |                                            |
|use ISIN    +----------+-----------+----------+-----------------+---------------+
|code        |Number of |Number of  |Number of |Number of voting |Percentage of  |
|            |shares    |voting     |shares    |rights           |voting rights  |
|            |          |rights     |          +------+----------+------+--------+
|            |          |           |          |      |          |      |        |
|            |13,574,670|13,574,670 |          |Direct|Indirect  |Direct|Indirect|
|            |          |           |12,074,670|      |          |      |        |
|GB00B1GVK032|          |           |          |n/a   |12,074,670|n/a   |12.40%  |
|            |          |           |          |      |          |      |        |
+------------+----------+-----------+----------+------+----------+------+--------+
|                                                                                |
|                                                                                |
+--------------------------------------------------------------------------------+
+------------------------------------------------------------------------------+
|B: Financial Instruments                                                      |
|                                                                              |
+------------------------------------------------------------------------------+
|Resulting situation after the triggering transaction                          |
|                                                                              |
+-------------+-------------+--------------+----------------------+------------+
|Type of      |Expiration   |Exercise/     |No. of voting rights  |Percentage  |
|financial    |date         |conversion    |that may be acquired  |of voting   |
|instrument   |             |period/date   |(if the instrument    |rights      |
|             |             |              |exercised/converted)  |            |
+-------------+-------------+--------------+----------------------+------------+
|N/A          |N/A          |N/A           |N/A                   |N/A         |
|             |             |              |                      |            |
+-------------+-------------+--------------+----------------------+------------+

+-------------------------------------------------------+
| Total (A+B)                                           |
|                                                       |
+-------------------------+-----------------------------+
| Number of voting rights | Percentage of voting rights |
|                         |                             |
+-------------------------+-----------------------------+
| 12,074,670              | 12.40%                      |
+-------------------------+-----------------------------+

+------------------------------------------------------------------------------+
|9. Chain of controlled undertakings through which the voting rights and /or   |
|the financial instruments are effectively held, if applicable:                |
+------------------------------------------------------------------------------+
|CF Midas Growth Fund    Bank of New York Nominees Ltd a/c                     |
|392512          4,404,170                                                     |
+------------------------------------------------------------------------------+
|CF Midas Income Fund    Bank of New York Nominees Ltd a/c                     |
|392513          3,100,000                                                     |
+------------------------------------------------------------------------------+
|Midas Income & Growth Trust State Street Nominees Ltd a/c                     |
|XCE3              1,429,280                                                   |
+------------------------------------------------------------------------------+
|Segregated Account         Bank of New York Nominees Ltd a/c                  |
|156547            418,920                                                     |
+------------------------------------------------------------------------------+
|Core Diversified Fund       Barfield Nominees Ltd a/c                         |
|23381                           2,722,300                                     |
+------------------------------------------------------------------------------+
|                                                                              |
+------------------------------------------------------------------------------+

+------------------------------------------------------------------------+
| Proxy Voting:                                                          |
|                                                                        |
+------------------------------------------------------------------+-----+
| 10. Name of 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 rights: | N/A |
|                                                                  |     |
+------------------------------------------------------------------+-----+

+---------------------------+--------------------------------------------------+
|13. Additional information:|Midas Capital Partners Ltd and Miton Asset        |
|                           |Management Ltd are both subsidiaries of Midas     |
|                           |Capital Plc                                       |
+---------------------------+--------------------------------------------------+
|14 Contact name:           |John Bradley                                      |
|                           |                                                  |
+---------------------------+--------------------------------------------------+
|15. Contact telephone name:|0151 906 2462                                     |
|                           |                                                  |
+---------------------------+--------------------------------------------------+



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