Interim Results

I2S PLC
27 November 2000


                                   I2S plc


                               Interim Results

                    for six months ended 30 September 2000

Chairman's Statement

Introduction

The six month period to 30 September 2000 has witnessed a significant change
in sentiment towards certain sectors of the 'new economy', a return to a more
fundamental assessment of investments and a slowdown in successful new issues
and other fund raising activity. Nevertheless, we have continued to pursue our
strategy of sourcing investment opportunities within the internet, media and
technology sectors whilst remaining conscious of the volatility within both
the wider markets and specifically within these sectors.

We have maintained a particularly prudent approach in respect of the
percentage of our assets maintained in cash. Your Directors believe this
highly liquid position will give your Company the flexibility to secure good
opportunities at favourable prices whilst avoiding over-exposure to unquoted
situations where the possibilities of securing exits by stock market flotation
are limited.


Financial Results

Turnover for the six months to 30 September 2000 (derived from monies on
deposit) was £128,971 (30 September 1999 £34,585) resulting in a net profit
before tax of £48,410 (£16,956). As indicated in the circular to shareholders
of 3 February 2000, your Directors are not recommending the payment of an
interim dividend.

As at 30 September 2000, your Company's portfolio was split as to 26% in
unquoted investments at cost, 12% in quoted investments and 62% in cash. The
Company's net asset value per share was 90.7p as at 30 September 2000 and
87.6p as at 22 November 2000.


Investments

During the first half of this year, we made three investments - £321,709 in
i-Onyx Ltd. (formerly Arnhold Holdings), a further £200,000 in Sit-up.com
(www.sit-up.com) and £500,000 in GetMapping.com (www.getmapping.com). These
join the Company's existing holdings in Eighteen Global Inc.
(www.18global.com) and Sit-up.com.

i-Onyx Ltd. is a Hong Kong listed technology and mobile telecoms investment
fund established by former Chief Executive of Hutchison Whampoa, Simon Murray.
Co-investors include Malaysia's UT Group and WIT Capital's Robert Lessin. We
invested in i-Onyx at HK $1 per share. As at 30 September 2000 the closing
mid-market price was HK $1.75 (22 November 2000 - HK $1.37).

Sit-up.com is a producer of unique interactive programming for multiple
platforms. The company recently secured an additional £2.1 million in funding
(of which our latest £200,000 investment forms part) at the same valuation as
the first round, bringing our total investment to £1.1 million. They have
since launched 'Bid-up.tv' on both Sky Digital (Channel 647) and the internet
(www.bid-up.tv) .

GetMapping.com is an AIM listed provider of digital aerial photography to the
commercial and retail sectors. Recent announcements include the acquisition of
Wildgoose publications, a book deal with Harper Collins and the sale of
Photomaps through W.H.Smith. We invested in GetMapping.com at £2 per share. As
at 30 September 2000 the closing mid-market price was £0.975 (22 November 2000
- £0.525).

Eighteen Global Inc. is a web site for businesses and consumers in the
world-wide golfing community. The company has a physical presence in South
Africa, the United Kingdom and the United States of America and this year
announced partnerships with, and investments from, Nick Faldo and Ernie Els.
The company recently raised additional funding of US $4.5 million at $0.30 per
share (we invested at $0.11 per share) and are in the process of raising
further funds in the United States of America.


It is your Company's policy to value unquoted investments at cost (provided
there has been no permanent diminution) and quoted investments at mid-market
price on the last trading day of a relevant period.


Outlook


Your Directors believe that the four investments made to date represent a
balanced range of interests with good growth potential, whilst acknowledging
that current sentiment may result in potential exits being slightly further
away than originally anticipated.


As to our two quoted companies, i-Onyx has spent the last few months
assembling a high quality team of technical analysts and investment
professionals and is now poised to capitalise on its strategic partnerships
and Asian focus on technology.


GetMapping.com's latest results did not meet expectations. However, whilst the
company has not met its targets to date, we are confident that by adhering to
their original strategy and by capitalising on what is now effectively a
dominant position, they will realise significant value from their content.


Both our unquoted companies face an uncertain financing climate but have
recently proved themselves to be capable of securing new funds. In both cases,
we are confident that their innovative content will be attractive to customers
and that, in the meantime, they are operationally extremely strong.


A steady increase in the number, quality and range of investment opportunities
being presented to your Company reinforces our conviction that our strategy of
seeking out innovative, well managed and sensibly priced companies will prove
rewarding for shareholders.


Neville Buch

Chairman

27 November 2000



Consolidated Profit and Loss Account

(unaudited and unreviewed for the period ended 30th September 2000)

                                            Half-year              8 April 1999
                                                ended                        to
                                         30 September              30 September
                                                 2000                      1999
                                                    £                         £

Turnover                                            0                         -
Gross profit                                        0                         -
Income from rents                                   0                         -
Interest receivable                           128,971                    34,585
Administration expenses - recurring          (57,389)                  (17,629)
                        - exceptional        (23,158)

Profit on revaluation of investment                 0
Loss on disposal of investments                     0                         -
Interest payable                                 (13)                         -
Profit before taxation                         48,410                    16,956
Taxation                                      (9,682)                   (3,391)
Profit after taxation                          38,728                    13,565
Ordinary dividend                                   -                         -
Retained profit                                38,728                    13,565
Earnings per ordinary share                   0.522 p                     0.64p
Net dividends per ordinary share                  - p                        -p

Note:

Earnings per ordinary share is based on the weighted average number of shares
in issue during the period of 7,420,000.

STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Profit for the financial year                              38,728        13,565
Unrealised surplus on revaluation of investments           17,571             -
Total recognised gains and losses relating to the year     56,299        13,565



GROUP BALANCE SHEET

As at 30 September 2000
                                                                         £
FIXED ASSETS
Tangible                                                                 1,450
Investments                                                          2,574,411
                                                                     2,575,860
CURRENT ASSETS
Debtors                                                                      -
Deposits and cash                                                    4,208,681
                                                                     4,208,681
CREDITORS: amounts falling due
within one year                                                       (55,158)

NET CURRENT ASSETS                                                   4,153,523

TOTAL ASSETS                                                         6,729,383

CAPITAL AND RESERVES
Called up share capital                                              1,855,000
Share Premium                                                        3,827,925
Investment revaluation reserve                                          17,571
Retained profit                                                      1,028,887

                                                                     6,729,383