Interim Results - 6 Months to 30 September 1999

Tarpan PLC
15 December 1999


INTERIM STATEMENT

Dear Shareholder

For  the  six month period to 30 September 1999, gross income (derived  solely
from  interest on cash deposits) amounted to £34,585 giving rise to  a  profit
before  taxation of £16,956.  As of 30 September 1999, the net assets of  your
Company  amounted to £1.6m comprised entirely of cash deposits (equivalent  to
75.5p  per ordinary share).  Your Directors have decided not to pay an interim
dividend.

Since  disposing of the Company's trading assets and property investments,  we
have been actively investigating acquisition and investment opportunities with
a  view  to enhancing shareholder value.  As a result, your Directors  believe
that  there  is a growing and potentially lucrative opportunity in the  market
for  the  provision  of  second round financing for  internet  and  technology
companies  which have successfully emerged from the start-up process  and  for
which a flotation in the near term can be facilitated by the injection of such
funds.

Your  Directors  propose  that  Tarpan should take  advantage  of  the  strong
position  that  the Company's stockbroker, Peel, Hunt & Company  Limited,  has
established  in  the  internet and technology flotation market  and  establish
itself  as  an  investment  company specialising  primarily  in  second  round
internet  and  technology  financing with a view to  building  up  a  balanced
portfolio  of investments and exiting, in whole or in part, at or  around  the
time of flotation or sale of the underlying target company.

In  order to give the Company greater flexibility in achieving its aims,  your
Directors intend to cancel the listing of the Company's ordinary shares on the
Official  List and to apply for their admission on the Alternative  Investment
Market ('AIM').  It is expected that cancellation of the Company's shares will
be effective from 8.00am, Friday 21 January 2000 and that dealings on AIM will
commence immediately thereafter.

To  enable your Company to make a meaningful number of such investments and to
increase  the  liquidity of the Company's shares, your  Directors  propose  to
effect a fundraising at a substantial discount to the current market price.

Full details of these proposals will be circulated to shareholders shortly for
approval at an Extraordinary General Meeting to be held early in the New Year.

Interim Report
(unaudited and unreviewed for the period ended 30 September 1999)

                                         8 April 1999    Half-year
                                                   to        ended
                                         30 September 30 September
                                                 1999         1998
                                                    £            £
                                                                  
Group turnover                                      -    3,184,800
                                                                  
Gross profit                                        -      877,710
                                                                  
Income from rents                                   -       27,390
Interest receivable                            34,585          740
                                                                  
Administration expenses                       (17,629)    (299,631)
Distribution costs                                  -     (535,906)
Interest payable                                    -      (36,875)
                                                                  
Profit before taxation                         16,956       33,428
                                                                  
Taxation                                       (3,391)     (10,363)
                                                                  
Profit after taxation                          13,565       23,065
                                                                  
Ordinary dividend                                   -      (29,150)
                                                                  
Retained profit                                13,565       (6,085)
                                                                  
Earnings per ordinary share                     0.64p        1.09p
                                                                  
Net dividends per ordinary share                    -        1.38p


Note:
Earnings per ordinary share is based on the weighted average number of  shares
in issue during the period of 2,120,000.