Directorate Change

Oryx International Growth Fund Ld
28 October 2003

                          STOCK EXCHANGE ANNOUNCEMENT



For immediate release

28th October 2003

                     Oryx International Growth Fund Limited

                             Re: Board Constitution



The Directors wish to announce the resignation of Mr. John S. Grace from the
Board of Directors with effect from the 21st October 2003. Mr. Grace resigned
from the Board in order to pursue other business interests.

Mr. Colin Hannaway will be appointed to the Board with effect from 21st October
2003, subject to Guernsey Financial Services Commission approval.

The Guernsey Financial Services Commission informed the Company on 16th October
2003 that following their review they had no objection to the appointment of Mr.
Sidney Cabessa to the Board.



Enquiries:



Management International (Guernsey) Limited     Tamsin Hooton


                                        Phone [phone]




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