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CQS Rig Finance Fund Ltd (RIG)

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Wednesday 29 December, 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 SHARESi                               |
+------------------------------------------------------------------------------+

+---------------------------------------------+--------------------------------+
|1. Identity of the issuer or the underlying  |                                |
|issuer                                       |     CQS L Diversified Fund     |
|of existing shares to which voting rights are|                                |
|attached: ii                                 |                                |
+---------------------------------------------+--------------------------------+
|2 Reason for the notification (please tick the appropriate box or boxes):     |
+--------------------------------------------------------------------+---------+
|An acquisition or disposal of voting rights                         |    x    |
+--------------------------------------------------------------------+---------+
|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): Increase in share capital                   |         |
+--------------------------------------+-----------------------------+---------+
|3. Full name of person(s) subject to  |                                       |
|the                                   |         Royal Bank of Canada          |
|notification obligation: iii          |                                       |
+--------------------------------------+---------------------------------------+
|4. Full name of shareholder(s)        |       RBC cees Trustees Limited       |
|(if different from 3.):iv             |                                       |
+--------------------------------------+---------------------------------------+
|5. Date of the transaction and date on|                                       |
|which the threshold is crossed or     |           15 December 2010            |
|reached: v                            |                                       |
+--------------------------------------+---------------------------------------+
|6. Date on which issuer notified:     |           29 December 2010            |
+--------------------------------------+---------------------------------------+
|7. Threshold(s) that is/are crossed or|                  20%                  |
|reached: vi, vii                      |                                       |
+--------------------------------------+---------------------------------------+

+-------------------------------------------------------------------------------+
|8. Notified details:                                                           |
+-------------------------------------------------------------------------------+
|A: Voting rights attached to shares viii, ix                                   |
+------------+---------------------+--------------------------------------------+
|Class/type  |Situation previous   |Resulting situation after the triggering    |
|of          |to the triggering    |transaction                                 |
|shares      |transaction          |                                            |
|            +---------+-----------+----------+-----------------+---------------+
|if possible |Number   |Number     |Number    |Number of voting |% of  voting   |
|using       |of       |of         |of shares |rights           |rights x       |
|the ISIN    |  ares   |Vo ing     +----------+------+----------+------+--------+
|CODE        |         |Rights     |Direct    |Direct|Indirect  |Direct|Indirect|
|            |         |           |          |xi    |xii       |      |        |
+------------+---------+-----------+----------+------+----------+------+--------+
|Ord npv     |         |           |          |      |          |      |        |
|            |0        |0          |13,400,000|      |13,400,000|      |20%     |
|ISIN        |         |           |          |      |          |      |        |
|GG00B5B3RG70|         |           |          |      |          |      |        |
+------------+---------+-----------+----------+------+----------+------+--------+

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

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

+-------------------------------------------------------------------------------+
|Total (A+B+C)                                                                  |
+-----------------------------------+-------------------------------------------+
|Number of voting rights            |Percentage of voting rights                |
+-----------------------------------+-------------------------------------------+
|13,400,000                         |20%                                        |
+-----------------------------------+-------------------------------------------+

+------------------------------------------------------------------------------+
|9. Chain of controlled undertakings through which the voting rights and/or the|
|financial instruments are effectively held, if applicable: xxi                |
+------------------------------------------------------------------------------+
|RBC cees Trustees Limited is a wholly owned indirect subsidiary of Royal Bank |
|of Canada.                                                                    |
|                                                                              |
|Holding calculated on issued share capital of 65,025,567.                     |
|                                                                              |
+------------------------------------------------------------------------------+

+------------------------------------------------------------------------------+
|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:  |                                                |
+-----------------------------+------------------------------------------------+
|14. Contact name:            |Scott Roberts                                   |
+-----------------------------+------------------------------------------------+
|15. Contact telephone number:|(01534) 602971                                  |
+-----------------------------+------------------------------------------------+








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Source: CQS Rig Finance Fund Ltd via Thomson Reuters ONE

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