Conversion of C Shares

Oryx International Growth Fund Ld
28 September 2007


28 September 2007

ORYX INTERNATIONAL GROWTH FUND LIMITED

CONVERSION OF C SHARES

Oryx International Growth Fund Limited ('Oryx') is pleased to announce that
following the issue of C Shares in relation to the offer for Baltimore Capital
plc ('Baltimore'), the Company's Investment Manager, North Atlantic Value,
notified the Directors on 27 September 2007 that more than 80 per cent. of C
Shareholders Funds had been realised and invested in assets selected by them.
Therefore, and in accordance with the terms of the C Shares, the Directors have
determined that the Calculation Time for the conversion of the C Shares into
Ordinary Shares will be 30 September 2007. The conversion will be made on the
basis of the respective net asset values of the C Shares and Ordinary Shares as
at the Calculation Time.

A further announcement will be made within 10 business days of the Calculation
Time setting out details of the Conversion Date (which will be no later than
close of business on 12 October 2007), the respective Net Asset Values as at 30
September 2007, the Conversion Ratio and the numbers of Ordinary Shares and
Deferred Shares to which each C Shareholder will be entitled on Conversion.

Further details of the conversion and rights attaching to the C Shares are set
out in Oryx's prospectus in relation to the offer for Baltimore dated 5 July
2006 ('Prospectus'). Terms defined in the Prospectus shall have the same meaning
in this announcement unless otherwise defined.

Enquiries:

Sara Radford/Paul Smith Tel: [phone]
BNP Paribas Fund Services (Guernsey) Limited



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