Offer Update

Oryx International Growth Fund Ld
18 July 2006


For immediate release on 18 July 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 UNCONDITIONAL AS TO ACCEPTANCES


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


On 27 June 2006, Oryx announced the terms of an offer to acquire the entire
issued and to be issued share capital of Baltimore. The document setting out the
full terms of the Offer was posted to Baltimore Shareholders on 5 July 2006.

The Board of Oryx is pleased to announce that, as at 4.30 p.m. today, valid
acceptances of the Offer had been received in respect of 75,916,190 Baltimore
Shares representing approximately 52.9 per cent. of Baltimore's Rule 2.10 Issued
Share Capital.

Immediately prior to the commencement of the Offer Period Oryx owned a total of
702,643 Baltimore Shares, representing approximately 0.5 per cent. of
Baltimore's Rule 2.10 Issued Share Capital. In aggregate, therefore, Oryx owns
and has received valid acceptances in respect of 76,618,833 Baltimore Shares,
representing approximately 53.4 per cent. of Baltimore's Rule 2.10 Issued Share
Capital.

Prior to the posting of the Offer Document, Oryx had received irrevocable
undertakings from certain Baltimore Shareholders to accept the Offer in respect
of, in aggregate, 39,046,614 Baltimore Shares representing approximately 27.2
per cent. of Baltimore's Rule 2.10 Issued Share Capital. As at 4.30 p.m. today
Oryx had received valid acceptances in respect of all such shares.

Prior to the posting of the Offer Document, Oryx had received non-binding
letters of intent to accept or procure acceptance of the offer from certain
Baltimore Shareholders in respect of, in aggregate, 35,163,262 Baltimore Shares
representing 24.5 approximately per cent. of Baltimore's Rule 2.10 Issued Share
Capital. As at 4.30 p.m. today Oryx had received valid acceptances in respect of
all such shares.

The acceptances received pursuant to the irrevocable undertakings and letters of
intent are included in the total number of valid acceptances referred to above.

Accordingly, the Offer has become unconditional as to acceptances. In accordance
with the terms of the Offer, today (18 July 2006) will constitute the date on
which the Formula Asset Value of Baltimore will be calculated for the purposes
of calculating the number of Oryx C Shares to which accepting Baltimore
Shareholders will become entitled under the Offer.

The Offer will remain open for acceptances until further notice. The Offer
remains conditional upon the other conditions set out in Part A of Appendix I to
the Offer Document, including the passing of the Resolutions at the
Extraordinary General Meeting of Oryx, convened for 10.00 a.m. on 24 July 2006
and the admission of the Oryx C Shares to be issued pursuant to the Offer to the
Official List.

Baltimore Shareholders who have not yet accepted the Offer are urged to do so as
soon as possible. If you are in any doubt as to how to accept the Offer, please
contact Capita Registrars on 0870 162 3121, or if calling from outside the UK,
[phone].

Save as disclosed in this announcement, neither Oryx nor any person acting in
concert with it for the purpose of the Offer, has an interest in (or a right to
subscribe for or any short positions (whether conditional or absolute and
whether in the money or otherwise), including any short positions under a
derivative, any agreement to sell or any delivery obligation or right to require
another person to purchase or take delivery in respect of) or has borrowed or
lent (save for any borrowed shares which have been either on-lent or sold) any
Baltimore Shares during the Offer Period.


Enquiries:

Arbuthnot Securities Limited      020 7012 2000
Alastair Moreton

Terms defined in the Offer Document dated 5 July 2006 shall, unless the context
requires otherwise, have the same meanings in this announcement.

The contents of this announcement, which has been issued by and is the sole
responsibility of Oryx, has been approved solely for the purposes of section 21
of the Financial Services and Markets Act 2000 by Arbuthnot Securities Limited
of Arbuthnot House, 20 Ropemaker Street, London EC2Y 9AR.

Arbuthnot Securities, which is authorised and regulated in the United Kingdom by
the Financial Services Authority, is acting exclusively for Oryx and no one else
in connection with the Offer and will not be responsible to any other person for
providing the protections afforded to clients of Arbuthnot Securities or for
providing advice in relation to the Offer or any other matters referred to
herein.

This announcement does not constitute, or form part of, any offer or invitation
to sell or purchase any securities or solicitation of an offer to buy any
securities pursuant to the Offer or otherwise. The Offer is being made solely by
the Offer Documentation which contains the full terms and conditions of the
Offer, including details of how the Offer may be accepted.

The Offer is not being made, directly or indirectly, in or into, or by use of
the mails of, or by any means or instrumentality (including, without limitation,
facsimile transmission, electronic mail, telex or telephone) of interstate or
foreign commerce of, or any facilities of a national securities exchange of, the
United States, or any other Restricted Jurisdiction and the Offer will not be
capable of acceptance by any such use, means, instrumentality or facility,
directly or indirectly from or within the United States or any other Restricted
Jurisdiction. Accordingly, neither this announcement nor the Offer Documentation
is being, and must not be, mailed or otherwise forwarded, transmitted,
distributed or sent in, into or from the United States or any other Restricted
Jurisdiction. Doing so may render invalid any purported acceptance of the Offer.
All Baltimore Shareholders or other persons, (including nominees, trustees or
custodians) who would or otherwise intend to, or may have a contractual or legal
obligation to, forward this announcement and/or part/all of the Offer
Documentation to any jurisdiction outside the United Kingdom, should refrain
from doing so and seek appropriate professional advice before taking any action.

The Offer is not an offer of securities for sale in the United States or in any
jurisdiction in which such an offer is unlawful. The Oryx C Shares to be issued
in connection with the Offer have not been, nor will they be, registered under
the US Securities Act of 1933, as amended, or under the securities laws of any
state of the United States and may not be offered or sold in the United States,
absent registration or an applicable exemption from registration. No public
offering of the securities will be made in the United States. This announcement
and the Offer Documentation are not being made available to Baltimore
Shareholders with registered addresses in the United States or any Restricted
Jurisdiction and may not be treated as an invitation to subscribe for any Oryx C
Shares by any person resident or located in such jurisdictions or any other
Restricted Jurisdiction. Any persons (including, without limitation, custodians,
nominees and trustees) who have a contractual or other legal obligation to
forward this announcement and/or any part of the Offer Documentation to the
United States or any Restricted Jurisdiction should seek appropriate advice
before taking any action.

The Oryx C Shares have not been, and will not be, registered under the
applicable securities laws of any Restricted Jurisdiction. Accordingly, the Oryx
C Shares may not be offered, sold, delivered or transferred, directly or
indirectly, in or into any Restricted Jurisdiction or to or for the account or
benefit of any national, resident or citizen of any Restricted Jurisdiction.



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