CybIT Holdings plc Flotation

Billam PLC
19 January 2001


                 CybIT Holdings plc - Offer for Subscription

On the 16 January 2001 your Directors announced the appointment of Seymour
Pierce Limited and Seymour Pierce Ellis Limited as Nominated Advisers and
Brokers to investee company CybIT Limited (CybIT) in order to progress its
intended flotation on the Alternative Investment Market of the London Stock
Exchange.

CybIT operates a dedicated Telematic and online services bureau. Telematics is
the monitoring of remote sensing instrumentation using combinations of global
positioning systems (GPS) public access radio systems (GSM) and telephony in
conjunction with computers to provide real time information which can be used
to facilitate controls. CybIT offers large and small business users
customisable packages, enabling them to realise all the benefits of
'intelligent transport systems' provided by this positioning, monitoring and
tracking technology.

The market for this technology is growing exponentially and is estimated to be
worth $400 billion by 2015 (source ITS America).

The board of Billam Plc are mindful that private investors in particular do
not always have the chance to purchase shares in flotations and will ensure
that shareholders in Billam Plc have an opportunity to participate in the
CybIT subscription offer.

A prospectus setting out details of the flotation of CybIT will be sent to
qualifying shareholders, on the share register of Billam Plc as at 16 February
2001, (or shareholders entitled to be on the share register at that date) on
or around 22 February 2001. Shareholders who hold shares in a nominee account
should contact their nominee without delay to ensure their inclusion in the
subscription offer.