REG-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 Rig Finance Fund Limited
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):
3. Full name of person(s) subject to the Ironsides Partners Opportunity Fund L.P.
notification obligation: iii
4. Full name of shareholder(s)
(if different from 3.):iv
5. Date of the transaction and date on September 3, 2010
which the threshold is crossed or
reached: v
6. Date on which issuer notified: September 7, 2010
7. Threshold(s) that is/are crossed or 8% of outstanding ordinary shares
reached: vi, vii

September 7, 2010

7. Threshold(s) that is/are crossed or
reached: vi, vii

8% of outstanding ordinary shares

8. Notified details:
A: Voting rights attached to shares viii, ix
Class/type of Situation previous Resulting situation after the triggering transaction
shares to the triggering

if possible using transaction
the ISIN CODE
Number Number Number Number of voting % of voting rights x
of of of shares rights
Shares Voting
Rights
Direct Direct xi Indirect xii Direct Indirect
Ordinary Shares 5,650,000 5,650,000 7,848,200 7,848,200 8.06%
ISIN Code-
GG00B1GVK032

B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
Type of financial Expiration Exercise/ Number of voting % of voting
instrument date xiii Conversion Period xiv rights that may be rights
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 financial Exercise price Expiration date xvii Exercise/ Number of voting rights instrument refers to % of voting rights xix, xx
instrument Conversion period xviii
Nominal Delta

Total (A+B+C)
Number of voting rights Percentage of voting rights
7,848,200 8.06%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

7,848,200

8.06%

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

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: Gustavo Resendiz
15. Contact telephone number: (617) 449-3136

15. Contact telephone number:

(617) 449-3136

HUG#1443203