Flotation of Investee Company

Billam PLC
18 August 2004


                              BILLAM PLC ('BLLM')
                                     (AIM)

                 FLOTATION OF INVESTEE COMPANY, PHYSIOMICS PLC

The Directors of Billam Plc ('Billam' or the 'Company') are pleased to announce
that Physiomics plc, ('Physiomics') intends to float on the Alternative
Investment Market (AIM) later this year. Physiomics, which is the fourth Billam
investee company to float, has appointed Hoodless Brennan as broker.

Physiomics plc has developed world leading computer simulation technology to
understand and predict patient responses to pharmaceuticals. The Company owns
novel SystemCell(TM) technology and applies sophisticated systems biology theory
and the latest scientific data to discovery and clinical development. Use of
Physiomics' technologies and expertise could increase the success rate thereby
saving up to 30% on the current $800 million cost of a new drug. Physiomics has
a particular focus on cancer therapies.

Billam's strategy is to invest in businesses that have developed and are
commercialising world-leading technologies with applications in fast growing
business to business markets.

Angus Forrest, Chief Executive of Billam said 'The forthcoming flotation of
Physiomics plc will see the fourth of our eight investments float which further
validates Billam's business model and underpins the portfolio valuation.'

Enquiries

Billam Plc                                                   020 7336 1300
Angus Forrest

Bishopsgate Communications Limited                           020 7430 1600
Maxine Barnes / Dominic Barretto



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