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CQS Rig Finance Fund Ltd (RIG)

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Monday 22 February, 2010

CQS Rig Finance Fund Ltd

Notification of Major Interest in Shares








  For filings with the FSA include the annex

  For filings with issuer exclude the annex



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

+-----------------------------------------------------+------------------------+
|1. Identity of the issuer or the underlying issuer of|                        |
|existing shares to which voting rights are attached: |CQS Rig Finance Fund 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:                         |     19-Feb-10      |
|                                                         |                    |
+---------------------------------------------------------+--------------------+
|6. Date on which issuer notified:                        |                    |
|                                                         |     22-Feb-10      |
+---------------------------------------------------------+--------------------+
|7. Threshold(s) that is/are crossed or reached:          |                    |
|                                                         |        17%         |
+---------------------------------------------------------+--------------------+

+------------------------------------------------------------------------------+
|8. Notified details:                                                          |
+------------------------------------------------------------------------------+
|A: Voting rights attached to shares                                           |
|                                                                              |
+----------------+----------------+--------------------------------------------+
|Class/type of   |Situation       |Resulting situation after the triggering    |
|shares          |previous        |transaction                                 |
|                |to the          |                                            |
|if possible     |triggering      |                                            |
|using           |transaction     |                                            |
|the ISIN CODE   +--------+-------+---------+---------------+------------------+
|                |Number  |Number |Number   |Number of      |% of  voting      |
|                |of      |of     |of shares|voting         |rights            |
|                |Shares  |Voting |         |rights         |                  |
|                |        |Rights +---------+------+--------+------+-----------+
|                |        |       |Direct   |Direct|Indirect|Direct|Indirect   |
+----------------+--------+-------+---------+------+--------+------+-----------+
|Ordinary        |        |       |         |      |        |      |           |
|Share           |        |       |         |      |        |      |           |
|GG00B1GVK032    |16465100|16.90  |17465100 |      |17465100|      |17.93      |
|                |        |       |         |      |        |      |           |
|                |        |       |         |      |        |      |           |
|                |        |       |         |      |        |      |           |
+----------------+--------+-------+---------+------+--------+------+-----------+

+-------------------------------------------------------------------------+
|B: Qualifying Financial Instruments                                      |
+-------------------------------------------------------------------------+
|Resulting situation after the triggering transaction                     |
|                                                                         |
+-----------------+----------+----------+---------------------+-----------+
|Type of financial|Expiration|Exercise/ |Number of voting     |% of voting|
|instrument       |date      |Conversion|rights that may be   |rights     |
|                 |          |Period    |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 |
+-------------------------+-----------------------------+
|  17465100               |  17.93                      |
+-------------------------+-----------------------------+

+------------------------------------------------------------------------------+
|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  |
|                               |                |
+-------------------------------+----------------+




[HUG#1387110]