Conversion of Securities

Oryx International Growth Fund Ld
02 July 2004


THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in
any doubt as to the action you should take, you are recommended to seek your own
financial advice immediately from your stockbroker, bank manager, solicitor,
accountant or other professional adviser authorised under the Financial Services
Act 1986.

If you have sold or transferred all your Warrant Holding of Oryx International
Growth Fund Limited ('the Company'), please forward this document immediately to
the purchaser or transferee or to the stockbroker, bank or other agent through
or by whom the sale or transfer was affected for delivery to the purchaser or
transferee.

In accordance with normal practice, the Directors express no opinion as to the
merits of exercising the rights conferred by the Warrants. They have, however,
approved the form of this document for the purposes of reminding Warrant Holders
of their exercise rights and reminding them of the exercise period and the
applicable exercise rate.



                     ORYX INTERNATIONAL GROWTH FUND LIMITED

              (Incorporated in Guernsey, Registered Number 28917)

 (An investment company within the meaning of section 266 of the Companies Act
                                     1985)

                                 2nd July 2004

                                                               Registered Office
                                                                    Arnold House
                                                             St. Julian's Avenue
                                                                  St. Peter Port
                                                                        Guernsey
                                                                         GY1 3NF

To the warrant holders of the company

Dear Warrant Holders,

                           REMINDER OF WARRANT RIGHTS

I am writing to remind you that you have the right on or before 31st August 2004
to subscribe in cash for one share of 50p in the capital of the Company at a
price of £1.

To the extent that you do not exercise your Warrant Rights on this occasion they
will lapse.

                        FINANCIAL EFFECTS OF CONVERSION

Example of relative capital values

     Value of Warrants     64.5p     Value of one Ordinary Share     163.5p



The above example is based on the middle market quotations for Warrants and
Ordinary Shares as derived from the London Stock Exchange Daily List on 1st July
2004 (being the latest practicable date prior to the printing of this document).

Relative income entitlements

The Warrants yield no income and no dividend has been paid in respect of the
Ordinary Shares, however, it should not be assumed that any particular rate of
dividend will or will not be paid in future years.

Relative market prices

The following table shows the closing middle market quotations for Warrants and
Ordinary Shares, as derived from the London Stock Exchange Daily Official List,
on the first dealing day of each month from 1 January 2004 to 1 July 2004
(inclusive).


                                Warrants Price              Ordinary Share Price
                              (per £100 nominal)                     (per share)


1 January 2004                            48.5p                           151.0p

1 February 2004                           50.0p                           151.0p

1 March 2004                              54.5p                           151.0p

1 April 2004                              62.0p                           161.0p

1 May 2004                                64.5p                           161.0p

1 June 2004                               64.5p                           163.5p

1 July 2004                               64.5p                           163.5p


                                    TAXATION

On the basis of present legislation you would not incur any liability to UK
capital gains tax by reason only of exercising your Conversion Rights; such a
liability may, however, arise if you nominate some other person to receive, or
you subsequently dispose of, all or some of the Ordinary Shares arising on
conversion. No stamp duty reserve tax or stamp duty will be payable on the
exercise of Conversion Rights. If you are in any doubt concerning your tax
position, you should consult your professional adviser before taking action.

                  PROCEDURE FOR EXERCISE OF CONVERSION RIGHTS

If you wish to exercise your right to convert all or part of your holding of
Warrants into Ordinary Shares on or before 31st August 2004, you should complete
the notice of conversion endorsed on the certificate relating to the Warrants to
be converted and forward it to the Company's registrars;

Management International (Guernsey) Limited,

Shareholder Services Department,

P. O. Box 208,

Arnold House,

St. Julian's Avenue,

St. Peter Port,

Guernsey,

Channel Islands, GY1 3NF

as soon as possible and in any event so that it is received not later than 31st
August 2004.

A notice of conversion, once given, may not be withdrawn without the consent in
writing of the Directors of the Company. If your Warrant certificate(s) is/are
damaged, defaced, lost, stolen or destroyed, it/they may be replaced on
application to the Company's registrars, Management International (Guernsey)
Limited, at the above address with such conditions as to evidence and indemnity
as the directors may require and, in the case of defacement, the surrender of
the defaced Warrant certificate(s).

If you wish all or any of the Ordinary Shares to be issued on conversion to be
registered in a name or names other than your own, you should make application
to the Company's registrars, Management International (Guernsey) Limited, at the
address shown above for a form or forms of nomination and send it/them with your
Warrant certificate(s) in accordance with the instructions given above.

If you wish all or any of the Ordinary Shares to be issued on conversion to be
held in uncertificated form, you should contact the Company's registrars,
Management International (Guernsey) Limited, at the address shown above.

Ordinary Shares arising on conversion will rank pari passu in all respects with
the Ordinary Shares in issue on 31st August 2004.

Application will be made to the London Stock Exchange for the Ordinary Shares
issued pursuant to the Exercise Rights to be admitted to the Official List.
Ordinary Shares arising on conversion shall be allotted to the holders of the
Warrants exercised not later than 14 days after, and with effect from, the
Exercise Date and certificates in respect of such shares shall be issued not
later than 42 days after the relevant Exercise Date together with (if
appropriate) separate certificates for any balance of Warrants not exercised.
Pending the issue of such certificate(s) transfers will be certified against the
register.

The purpose of this letter is solely to remind you of your right to exercise
your Warrants to obtain Ordinary Shares. It is not intended in any way to convey
a recommendation to you to exercise any such right or to refrain from doing so.
If you are in any doubt as to whether or not to exercise your Warrants, you
should consult your professional adviser.

Yours faithfully,

Management International (Guernsey) Limited,

Company Secretary.

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