Conversion of Loan Stock

Oryx International Growth Fund Ld
24 June 2005

                              COMPANY ANNOUNCEMENT

                     Oryx International Growth Fund Limited

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



24 June 2004


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

Following the 2005 conversion of Loan Stock:-

•   129,771 units of Convertible Unsecured Loan Stock 2005 were converted
    into 129,771 Ordinary Shares.

Application has been made to admit these shares to the official list of the
London Stock Exchange.

The Resulting total number of Ordinary Shares and Loan stock in issue is:

Ordinary Shares - 10,666,086

Convertible Unsecured Loan Stock 2005 - nil



Enquiries:

HSBC Securities Services (Guernsey) Limited

Kate Stallard

Phone [phone]





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