Interim Results

To be embargoed until 7.00 a.m. on 15 December 2005

               Eurovestech Plc ('Eurovestech' or 'the Company')                

          Interim Results for the six months ended 30 September 2005           

Chairman's Statement

I am pleased to report on the good progress made by the Company in the first
half of the year.

Most notably, in May, ToLuna plc ('ToLuna') successfully listed on AIM, valuing
our holding at £18 million, against a cost of investment of £2 million. By the
end of September, this market value had risen to more than £20 million and it
stands today at £23 million. During the period, Eurovestech's net assets
increased to £25.9 million from £13.3 million. This uplift reflects the
increase in the carrying value of our shareholding in ToLuna and the trading
result.

The progress we have made is not fully reflected in the carrying values of our
portfolio, where our ToLuna stake at 30 September was carried at £5.1 million
below its then market value. This conservative figure arises because we apply a
'liquidity discount' of 25 per cent. Equally, the rapid growth of Knowledge
Support Systems (`KSS'), makes it impractical to value reliably Eurovestech's
investment. It is carried in our accounts at its 30 September 2003 value of £
4.2 million, even though net profits to the year to June 2005 exceeded £
950,000.

The loss we report of £0.8 million for the period under review represents our
operating costs, and this figure includes a one-off cost of £0.5 million in
lieu of a three year share option package to Jean-Michel Petit, Eurovestech's
Director of Investments. The loss for the corresponding period last year was £
0.4 million.

Portfolio Review

ToLuna (formerly CJudge) is a leading online panel and technology provider for
the market research industry. ToLuna was successfully listed on AIM in May,
raising £5 million gross from institutional investors. Eurovestech owns just
under 64 per cent. of ToLuna's share capital. Earlier this month, ToLuna
reported that trading in the six months to 30 September 2005 had exceeded
management expectations. Its panel membership, through which it conducts market
research, has grown to more than 650,000 across 13 European countries.

In August 2005, we were able to report that KSS, a leading provider of pricing
and revenue management systems for the retail and petroleum sectors, had
increased sales more than four-fold to over £5 million and produced a post-tax
profit for its year to June 2005 of more than £950,000. This represented an
important milestone for the business and met the challenge we laid down in
April 2005. I am pleased that KSS, which is currently wholly owned by
Eurovestech, is continuing both to focus its efforts and investment in order to
develop its market position.

The disruption to the fuels market occasioned by Hurricanes Katrina and Rita
inevitably resulted in logistical delays in some KSS customer trials. But we
believe that in the longer term, KSS will be the beneficiary of the increased
awareness of the importance of pricing decisions in volatile markets.

Magenta Corporation Limited ('Magenta') is a provider of intelligent software
agent technology, which enables automation of real-time negotiating and
scheduling processes. In September, Magenta secured a sizeable contract with
Noble Group, the global supply chain manager, selecting Magenta's intelligent
scheduling and continuous planning application to facilitate the co-ordination
of its logistic operations. Eurovestech owns 38 per cent of Magenta's fully
diluted share capital.

The remainder of the portfolio, which includes holdings in MyKindaplace
Limited, Tevet Process Control Technologies Limited, ARKeX Limited ('ARKeX'),
Lynx Photonic Networks Inc., D-Pharm Limited and Atarim Web Consulting together
account for less than 10 per cent. of the portfolio by carrying value. The
overall performance of these businesses has been positive. In particular, we
are extremely pleased with the scale and extent of customer wins at ARKeX and
earlier this month, we agreed to invest a further £0.3 million as part of a £
5.5 million funding round, led by a major industry-specific investor. ARKeX
provides technology that enables searches for oil, gas and mineral companies to
pinpoint appropriate drilling sites from the air. Following this round,
Eurovestech holds 4.3 per cent of ARKeX's share capital. Earlier this week,
ARKeX secured a significant contract with Chesapeake, the second largest
independent producer of natural gas and the most active driller of oil and gas
in the United States.

Charitable Donations

The Company has today issued 200,000 new ordinary shares divided equally
between The Orpheus Centre and Dreams Come True. Application has been made for
these 200,000 shares to be admitted to AIM and it is expected that dealings in
these shares will commence on 5 January 2006. Richard Bernstein, Chief
Executive of the Company, has paid the £2,000 nominal value to facilitate their
issue.

Since 2001, the company has created and gifted 5,600,000 shares to dozens of
worthy causes, bringing the total number of shares gifted, including those from
Richard Bernstein's personal holding to 10,000,000. We hope these policies and
actions will encourage other companies to support charities in this way.

Prospects

ToLuna's recent trading update provides great confidence, with the business
capitalising on its strong growth prospects. The visibility that its AIM
listing now provides is translating into a continuing uplift in the value of
our portfolio.

KSS has seen its sales pipeline strengthen and although the precise timing of
prospective customer wins is never easy to predict, we are confident that the
business will enjoy a strong second half and deliver continued top-line growth.
Given the encouraging valuations of recent transactions in the revenue
management space, we believe KSS is well set to exploit a very significant
market opportunity and therefore will continue to invest in resources to scale
the business, increase the rate of growth and position KSS to be a leading
player in this important market.

While the focus of our efforts is on safeguarding and building upon the
significant value within our portfolio, we remain alert to other targeted
opportunities. I am extremely optimistic about Eurovestech's prospects.

Richard Grogan

Chairman

15 December 2005

Unaudited Profit and Loss Account

For the six months ended 30 September 2005

                                 Note     Six months    Six months   Year ended
                                               ended         ended     31 March
                                                                           2005
                                        30 September  30 September    (audited)
                                                2005          2004             
                                         (unaudited)   (unaudited)             
                                                                               
                                                   £             £            £
                                                                               
Turnover                                       9,184             -            -
                                                                               
Gross profit                                   9,184             -            -
                                                                               
Net operating expenses                     (809,613)     (344,742)    (773,012)
                                                                               
Other operating expenses                           -             -            -
                                                                               
Operating loss                             (800,429)     (344,742)    (773,012)
                                                                               
Net interest                       2        (12,674)      (22,390)     (16,979)
                                                                               
Income from current asset                     30,152             -            -
investments                                                                    
                                                                               
Amounts written off to                             -             -     (53,315)
investments                                                                    
                                                                               
Unrealised (losses)/gains on                (50,234)             -      181,262
investments                                                                    
                                                                               
Loss on ordinary activities                (833,185)     (367,132)    (662,044)
before taxation                                                                
                                                                               
Loss per ordinary share            3        (0.267p)      (0.141p)     (0.263p)

Unaudited Other Primary Statements

For the six months ended 30 September 2005

Statement of Total Recognised Gains and Losses

                                         Six months    Six months    Year ended
                                              ended         ended              
                                                                  31 March 2005
                                       30 September  30 September     (audited)
                                               2005          2004              
                                        (unaudited)   (unaudited)              
                                                                               
                                                  £             £             £
                                                                               
Loss for the financial year/period        (833,185)     (367,132)     (662,044)
                                                                               
Unrealised gain on fixed asset           13,339,450             -             -
investments                                                                    
                                                                               
Total gains and losses recognised        12,506,265     (367,132)     (662,044)
for the year/period                                                            

Note of Historical cost Profit and Losses

                                         Six months    Six months    Year ended
                                              ended         ended              
                                                                  31 March 2005
                                       30 September  30 September     (audited)
                                               2005          2004              
                                        (unaudited)   (unaudited)              
                                                                               
                                                  £             £             £
                                                                               
Loss on ordinary activities before        (833,185)     (367,132)     (662,044)
taxation                                                                       
                                                                               
Historical cost loss on ordinary          (833,185)     (367,132)     (662,044)
activities before taxation                                                     
                                                                               
Historical cost loss transferred to       (833,185)     (367,132)     (662,044)
reserves                                                                       

Unaudited Balance Sheet

At 30 September 2005

                                    At 30                 At 30           At 31 March
                                September             September                  2005
                                     2005                  2004             (audited)
                              (unaudited)           (unaudited)                      
                                                                                     
                            £           £         £           £         £           £
                                                                                     
Fixed assets                                                                         
                                                                                     
Tangible assets                     3,932                 2,612                 1,737
                                                                                     
Investments                    23,062,353             9,000,433             9,200,930
                                                                                     
                               23,066,285             9,003,045             9,202,667
                                                                                     
Current assets                                                                       
                                                                                     
Debtors               123,192               214,814               169,299            
                                                                                     
Investments         4,506,336               562,438             2,674,107            
                                                                                     
Cash at bank and      171,535               179,886             2,557,906            
in hand                                                                              
                                                                                     
                    4,801,063               957,138             5,401,312            
                                                                                     
Creditors:        (2,011,483)             (558,542)             (156,379)            
amounts falling                                                                      
due within one                                                                       
year                                                                                 
                                                                                     
Net current                     2,789,580               398,596             5,244,933
assets                                                                               
                                                                                     
Total assets less              25,855,865             9,401,641            14,447,600
current                                                                              
liabilities                                                                          
                                                                                     
Creditors:                              -           (1,100,000)           (1,100,000)
amounts falling                                                                      
due in more than                                                                     
one year                                                                             
                                                                                     
Net assets                     25,855,865             8,301,641            13,347,600
                                                                                     
Capital and                                                                          
reserves                                                                             
                                                                                     
Called up share                 3,126,228             2,604,109             3,124,228
capital                                                                              
                                                                                     
Share premium                  13,849,192             9,028,440            13,849,192
account                                                                              
                                                                                     
Revaluation                    16,509,766             3,170,316             3,170,316
reserve                                                                              
                                                                                     
Profit and loss               (7,629,321)           (6,501,224)           (6,796,136)
account                                                                              
                                                                                     
Shareholders'                  25,855,865             8,301,641            13,347,600
funds                                                                                

Unaudited Cash Flow Statement

For the six months ended 30 September 2005

                                   Note    Six months   Six months   Year ended
                                                ended        ended     31 March
                                                                           2005
                                         30 September 30 September    (audited)
                                                 2005         2004             
                                          (unaudited)  (unaudited)             
                                                                               
                                                    £            £            £
                                                                               
Net cash inflow/(outflow) from       4        207,195     (21,982)    (951,406)
operating activities                                                           
                                                                               
Returns on investments and                                                     
servicing of finance                                                           
                                                                               
Interest received and similar                  27,456       18,787       78,374
income                                                                         
                                                                               
Interest paid                                (40,130)     (41,177)     (95,353)
                                                                               
Dividends received                             30,152            -            -
                                                                               
Net cash inflow from returns on                17,478     (22,390)     (16,979)
investments and servicing of                                                   
finance                                                                        
                                                                               
Capital expenditure and financial                                              
investment                                                                     
                                                                               
Purchase of tangible fixed assets             (3,446)        (310)        (310)
                                                                               
Purchase of fixed asset                     (521,973)    (532,770)    (978,582)
investments                                                                    
                                                                               
Receipts from sale of fixed asset                   -            -      192,000
investments                                                                    
                                                                               
Net cash outflow from capital               (525,419)    (533,080)    (786,892)
expenditure and financial                                                      
investment                                                                     
                                                                               
Management of liquid resources                                                 
                                                                               
Purchase of current asset                (34,599,064)  (6,612,687) (16,895,021)
investments                                                                    
                                                                               
Sale of current asset investments          32,851,439    6,050,297   14,546,605
                                                                               
Net cash outflow from management          (1,747,625)    (562,390)  (2,347,416)
of liquid resources                                                            
                                                                               
Net cash outflow before financing         (2,048,371)  (1,139,842)  (4,102,693)
                                                                               
Financing                                                                      
                                                                               
Receipt of borrowings                       (340,000)            -            -
                                                                               
Issue of shares                                 2,000        6,000    5,360,500
                                                                               
Expenses paid in connection with                    -            -     (13,629)
share issues                                                                   
                                                                               
Net cash (outflow)/inflow from              (338,000)        6,000    5,346,871
financing                                                                      
                                                                               
(Decrease)/Increase in cash          5    (2,386,371)  (1,133,842)    1,244,178

1. Basis of Preparation

The results for the six months ended 30 September 2005 which are unaudited,
have been prepared in accordance with applicable accounting standards except as
noted below and under the historical cost convention except for the revaluation
of investments.

Venture capital investments that are subsidiary undertakings are carried in
accordance with the company's normal policy on valuation and are not
consolidated. These investments within the portfolio are held exclusively for
resale with a view to the ultimate realisation of capital gains although not
necessarily with a view to disposal within a year of acquisition.

The company owns an investment that the Companies Act 1985 requires to be
treated as an associated undertaking and therefore accounted for using the
equity method of accounting. The directors believe that accounting for this
investment in this manner would not give a true and fair view of the value
generated from investment activities, since this is better measured by the
inclusion of profits or losses on disposal of such investments in the profit
and loss account. As a result, such investments have been recorded in
accordance with the company's normal policy on valuation.

Accordingly, the company is exempt from preparing group accounts as all
subsidiaries and associates are excluded from consolidation. Therefore, these
financial statements present information about the company and not about its
group.

The financial information set out in this document does not comprise the
statutory accounts of the Company within the meaning of section 240(5) of the
Companies Act 1985.

 2. Net interest
   
                                    Six months     Six months     Year ended
                                         ended          ended               
                                                               31 March 2005
                                  30 September   30 September      (audited)
                                          2005           2004               
                                                  (unaudited)               
                                    (unaudited                              
                                                                            
                                             £              £              £
                                                                            
Other interest receivable and                                               
                                                                            
similar income                          27,456         18,787         78,374
                                                                            
Interest payable                      (40,130)       (41,177)       (95,353)
                                                                            
                                      (12,674)       (22,390)       (16,979)

3. Loss per ordinary share

The calculation of loss per share is based on the loss attributable to ordinary
shareholders of £833,185 (2004: £367,132) divided by the weighted average
number of shares in issue during the year, being 312,619,522 (2004:
259,824,011) shares. Warrants outstanding at the period end were anti-dilutive.

4. Net cash inflow/(outflow) from operating activities

                                    Six months     Six months     Year ended
                                         ended          ended               
                                                               31 March 2005
                                  30 September   30 September      (audited)
                                          2005           2004               
                                   (unaudited)    (unaudited)               
                                                                            
                                             £              £              £
                                                                            
Operating loss for the period        (800,429)      (344,742)      (773,012)
                                                                            
Depreciation of tangible fixed           1,251            903          1,778
assets                                                                      
                                                                            
(Gain)/Loss on disposal of           (134,838)            818      (145,373)
current asset investments                                                   
                                                                            
Decrease in debtors                     46,107         11,310         56,825
                                                                            
Increase/(decrease) in               1,095,104        310,539       (91,624)
creditors                                                                   
                                                                            
Other non-cash movement                      -          (810)              -
                                                                            
Net cash inflow/(outflow) from         207,195       (21,982)      (951,406)
operating activities                                                        

5. Reconciliation of net cash flow to movement in net funds

                                    Six months     Six months     Year ended
                                         ended          ended               
                                                               31 March 2005
                                  30 September   30 September      (audited)
                                          2005           2004               
                                   (unaudited)    (unaudited)               
                                                                            
                                             £              £              £
                                                                            
(Decrease)/Increase in cash in     (2,386,371)    (1,133,842)      1,244,178
the period                                                                  
                                                                            
Cash outflow from financing            340,000              -              -
                                                                            
Cash outflow from increase in        1,747,625        562,390      2,347,416
liquid resources                                                            
                                                                            
Other non-cash movements                84,604            (8)        326,635
relating to investment gains                                                
                                                                            
Change in net (debt)/funds           (214,142)      (571,460)      3,918,229
resulting from cash flows                                                   
                                                                            
Net funds at 1 April 2005            4,132,013      1,313,784        213,784
                                                                            
Net funds at 30 September 2005       3,917,871        742,324      4,132,013

6. Analysis of changes in net funds - Unaudited

                                      At 1 April    Cash flow               At
                                            2005                              
                                                                  30 September
                                                                          2005
                                                                              
                                               £            £                £
                                                                              
Cash in hand                           2,557,906  (2,386,371)          171,535
                                                                              
Liquid resources                       2,674,107    1,832,229        4,506,336
                                                                              
Debt                                 (1,100,000)      340,000        (760,000)
                                                                              
                                       4,132,013    (214,142)        3,917,871

7. Dividends

No dividend is proposed for the six months ended 30 September 2005.

8. Capital Commitments

The company had no capital commitments at 30 September 2005.

9. Copies of the Interim Financial Statements

Copies of the interim financial statements are available on request from the
Company's registered office at 29 Curzon Street, London W1J 7TL.

Further Enquiries

Eurovestech plc                                                Telephone
                                                                        
Richard Bernstein, Chief Executive                         020 7491 0770
                                                                        
John East & Partners Ltd                                   020 7628 2200
                                                                        
David Worlidge/Simon Clements