Interim Management Statement

Oryx International Growth Fund Ld
05 February 2008



ORYX INTERNATIONAL GROWTH FUND LIMITED

INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 31 DECEMBER 2007

Oryx International Growth Fund Limited ('Oryx' or the 'Company'), is publishing
this interim management statement in accordance with DTR 4.3 of the FSA
Handbook.

This interim management statement has been produced solely to provide additional
information to shareholders as a body to meet the relevant requirements of the
UK Listing Authority's Disclosure and Transparency Rules. It should not be
relied upon by any other party or for any other purpose.

This interim management statement relates to the period from 1 October 2007 to
31 December 2007, and contains information that covers this period, and up to
the date of publication of this interim management statement, unless otherwise
specified.

Material Transactions

There were no material transactions during the quarter ended 31 December 2007.

The Board is not aware of any significant events or transactions which have
occurred between 31 December 2007 and the date of publication of this interim
management statement which would have a material impact on the financial
position of the Company.

Material Events

Conversion of C shares

As stated in the Interim Report, on 12 October 2007 the Company's C Shares were
converted into Ordinary Shares at a ratio of 0.34581 Ordinary Shares for every
one C Share.

8,637 Ordinary Shares remain to be cancelled. These Ordinary Shares arose from 
24,978 C Shares acquired as part of the proceeds on an underlying investment.

Following the conversion the Company's issued share capital is:

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.

Interim Report

On 27 November 2007, the Company posted its Interim Report to 30 September 2007,
to Shareholders.

Result of AGM

All the Ordinary Resolutions put to the Annual General Meeting of the Company
held on 9 November 2007, were passed. In addition, the Special Resolution to
wind the Company up was voted down by over 98% of the proxies received and
accordingly the Company will continue and will not be wound up.

There were no other material events to report during the period under review.

General

During the period under review the net asset value fell by 11.5%, an
underperformance as compared to the FTSE Small Cap Indices which on a total
return basis fell by 8.9%. Poor performances from two of the Company's largest
holdings, Georgica and Inspired Gaming contributed -2.9% and -1.1% respectively
to the under-performance. Despite this setback the Manager believes the
fundamentals of the investee companies are sound and the opportunities to add
additional value remain.

Market volatility has continued at unprecedented levels, however the Fund has no
exposure to financials and limited exposure to the property sector which should
offer a degree of protection, and as institutions look for safe harbours away
from the small and mid cap sectors, this will create opportunities for the
Company over the year.

Financial Highlights

                       31 December 30 September   30 June 2007   31 March 2007
                              2007         2007

NAV                          £2.84        £3.19          £3.45           £3.30

Mid-market
price                      303.00p      310.00p        317.50p         302.50p

FTSE All-Share
Index                     3,286.67     3,316.89       3,404.14        3,283.21

Standard & Poor's 500
Composite
Index**                      737.6        749.4          766.6           709.8

Russell 2000**               384.8        395.3          414.9             408

US Dollar /
Sterling
Exchange Rate               1.9906      2.03737          2.009          1.9625

** Sterling adjusted


Twenty Largest equity Investments at 31 December 2007

Equities - UK / Europe - Listed                                              %

Gleeson (MJ) Group PLC                                                    6.32
Telecom Plus Plc                                                          5.97
Inspired Gaming Group Plc                                                 5.16
BBA Aviation Plc                                                          4.79
AssetCo Plc                                                               4.41
Castle Support Services plc                                               3.87
Georgica Plc                                                              3.63
Communisis Plc                                                            3.59
Mid-States Plc                                                            3.46
Augean Plc                                                                3.46
Electronic Data Process Plc                                               3.45
Bavaria Industriekap                                                      3.41
Payzone Plc                                                               3.33
RPC Group Plc                                                             3.06
Quarto Group Plc                                                          2.46
Ashtead Group Plc                                                         2.37
Whatman Plc                                                               2.17
Sirvis IT Plc                                                             2.14
Shieldtech Plc                                                            2.02
Tinopolis Plc                                                             1.97
                                                                      ----------
% of total portfolio                                                     71.04

The financial information for the quarter ended 31 December 2007 contained
within this interim management statement has not been audited.

By order of the Board

Sara Radford, for and on behalf of
Oryx International Growth Fund Limited
as Company Secretary

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