Conversion of C Shares

Oryx International Growth Fund Ld
10 October 2007





10 October 2007

ORYX INTERNATIONAL GROWTH FUND LIMITED

CONVERSION OF C SHARES


Further to its announcement dated 28 September 2007, Oryx International Growth
Fund Limited ('Oryx') announces the following information in relation to Net
Asset Value as at 30 September 2007 and the Conversion of C Shares, including
the Conversion Date and the Conversion Ratio.


Net Asset Value as at 30 September 2007

The net asset values of the Ordinary Shares and the C Shares as at the
Calculation Time, being 30 September 2007, were as detailed below (at mid market
values, in £ sterling with prior charges at nominal value):

Ordinary Shares Net Asset Value 320.89 pence

C Shares Net Asset Value 110.97 pence


Conversion Ratio

On the basis of the above Net Asset Values, the Conversion Ratio for Conversion
of the C Shares is 0.34581 Ordinary Shares for every one C Share.

On the basis of the Conversion Ratio, a holder of 100,000 C Shares will receive
34,581 new Ordinary Shares on Conversion and the same ratio will be applied to
smaller and larger holdings. Fractional entitlements will be aggregated and sold
for the benefit of the Company.

The balance of the nominal value of the C Shares which is not converted into
Ordinary Shares will be converted into Deferred Shares on the Conversion Date,
which will be immediately repurchased by Oryx for aggregate consideration of 1
pence in accordance with the provisions in the Articles of Association of Oryx.
On repurchase, each Deferred Share shall be treated as cancelled and the
resulting authorised but unissued share capital shall ipso facto be consolidated
and, to the maximum extent possible, reclassified and redesignated as Ordinary
Shares.

The new Ordinary Shares arising on Conversion will rank pari passu with the
existing Ordinary Shares in issue.


Conversion Date

The Directors have determined that the Conversion Date will be 12 October 2007.
Entitlements on Conversion will be calculated on the basis of holdings of C
Shares and New Warrants as at the close of business on 11 October 2007.

Dealings, CREST and share certificates

Dealings in the Ordinary Shares arising from Conversion are expected to commence
at 8.00 a.m. on 12 October 2007.

CREST accounts will be credited in respect of Ordinary Shares arising from
Conversion on 12 October 2007. Share certificates will be despatched, as
appropriate, during the week commencing 15 October 2007.


Shares in issue

Following Conversion, as at 8.00 a.m. on 12 October 2007 Oryx's issued capital
is expected to be:

24,828,739 Ordinary Shares of 50 pence each with ISIN GB0006630163, of which
8,637 Ordinary Shares are held by the Company pending their cancellation.

Therefore, the total number of voting rights in the Company is 24,820,102.

The above figure of 24,820,102 may be used by Shareholders as the denominator
for the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in the Company under the FSA's
Disclosure and Transparency Rules.

The ISIN for the C Shares (GB00B17SDZ90) will be cancelled as at 8.00 a.m. on 12
October 2007.

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.

In accordance with Listing Rule 15.5.1(4), the Directors of Oryx confirm that
they are satisfied that all inside information that the Directors and Oryx have
up until the date of this announcement has been notified to a Regulatory
Information Service. Therefore, dealings referred to in Listing Rule 15.5.1(3)
are currently permitted and if in the period leading up to the announcement of
its interims results for the six month period ended 30 September 2007, the
Directors or Oryx come into possession of any inside information, this will be
notified to a Regulatory Information Service before any such transactions are
undertaken.



Enquiries:

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




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