Change of Adviser

India Capital Growth Fund Limited
20 June 2006


20 June 2006



India Capital Growth Fund Limited

Re: Investment Manager


As set out in the Company's Admission Document, it has always been intended,
that the Company's Assets should be managed by India Investment Partners Limited
('IIP') following receipt of relevant FSA and other regulatory approvals, and
that until that time, the Company's assets be managed by Polar Capital LLP
('Polar').


All such regulatory approvals have now been received and IIP will accordingly
take over as Investment Manager from Polar with effect from 22 June 2006.



All Enquiries:


The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

Tel: [phone]
Fax: [phone]


END



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