Conversion of Securities

Oryx International Growth Fund Ld
11 December 2003

                              COMPANY ANNOUNCEMENT

                     Oryx International Growth Fund Limited

   (an investment company registered with limited liability in Guernsey with
                            reference number 28917)





11th December 2003

The Board of Directors of Oryx International Growth Fund Limited wish to
announce that:


 1. With effect from the 29th October 2003 65,000 units of Convertible Unsecured
    Loan Stock 2005 were converted into 65,000 Ordinary Shares. Application is
    being made to admit these shares to the official list of the London Stock
    Exchange.

    The Resulting total number of Shares, Loan stock and Warrants in issue is

    Ordinary Shares - 8,163,229

    Convertible Unsecured Loan Stock 2005 - 2,485,521

    Warrants - 1,006,325

 2. They have approved the novation of the existing investment management
    contract to North Atlantic Value LLP, a limited liability partnership
    incorporated under the Limited Liability Partnerships Act 2000 and part of
    the J O Hambro Capital Management Group regulated by the Financial Services
    Authority in the conduct of its investment business. All terms of the
    contract remain the same. No change is made to the company secretarial or
    administrative arrangements.



Enquiries :

Management International (Guernsey) Limited

Tamsin Hooton

Phone [phone]


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