Offer Update

Oryx International Growth Fund Ld
30 June 2006


For immediate release on 30 June 2006


Not for release, publication or distribution, in whole or in part, in or into
the United States, Canada, the Republic of South Africa, Japan or Australia or
any other jurisdiction where to do so would constitute a violation of the
relevant laws of such jurisdiction.


  Offer by Arbuthnot Securities Limited on behalf of Oryx International Growth
             Fund Limited ('Oryx') for Baltimore plc ('Baltimore')

                          Update on letters of intent


On 27 June 2006, Oryx announced the terms of an offer to be made by Arbuthnot
Securities on behalf of Oryx for the entire issued and to be issued share
capital of Baltimore.


Oryx now announces that it has today received a further non-binding letter of
intent to accept the Offer from UBS Investment Bank in respect of 1,500,000
Baltimore Shares representing approximately 1.0 per cent. of Baltimore's issued
share capital for the purposes of rule 2.10 of the City Code.


As announced on 27 June 2006, Oryx had already received irrevocable undertakings
to accept (or use all reasonable endeavours to procure the acceptance of) the
Offer from certain institutional and other Baltimore Shareholders in respect of,
in aggregate, 39,046,614 Baltimore Shares (representing approximately 27.2 per
cent. of Baltimore's issued share capital for the purposes of rule 2.10 of the
City Code). These irrevocable undertakings are binding even in the event of a
higher competing offer but will cease to be binding if the Offer is not made
within 28 days from the date of the announcement of the Offer or if it is made
by that date but subsequently lapses or is withdrawn. Oryx had also received
non-binding letters of intent to accept the Offer from certain institutional
Baltimore Shareholders in respect of, in aggregate, a further 33,663,262
Baltimore Shares (representing approximately 23.4 per cent. of Baltimore's
issued share capital for the purposes of rule 2.10 of the City Code).


Together with the 702,643 Baltimore Shares currently held by Oryx, in aggregate
therefore, Oryx owns and has received irrevocable undertakings and non-binding
letters of intent to accept the Offer in respect of 74,912,519 Baltimore Shares
(representing approximately 52.2 per cent. of Baltimore's issued share capital
for the purposes of rule 2.10 of the City Code).


This announcement is made in accordance with Rule 8 of the City Code.


References to 'Baltimore's issued share capital for the purposes of rule 2.10 of
the City Code' are based on the announcement made by Baltimore on 28 June 2006
which stated that 'for the purposes of rule 2.10 of the City Code on Takeovers
and Mergers there are 143,585,188 ordinary shares in issue'.


Terms herein have the same meaning as in the offer announcement dated 27 June
2006, save where the context otherwise requires.




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