EQS Equity Special

    For immediate release: 30 September 2008

                       Equity Special Situations Limited                       

                           ("ESS" or the "Company")                            

            ACQUISTION OF STRATEGIC STAKE IN PREPAID CARD BUSINESS             

Equity Special Situations Limited, (AIM: EQS) is pleased to announce that it
has entered into an agreement to acquire 41 per cent. of TransSend Holdings
Limited ("TransSend"), the prepaid card division of Conister Financial Group
plc ("CFG"). As part of the same transaction Altair Financial Services
International Plc ("Altair"), a leading player in the global prepaid card
market has agreed to purchase 10 per cent. of TransSend with the remaining 49
per cent. to be retained by CFG (the "Transaction").

ESS will issue up to 1,744,680 ordinary shares at 235p per share in
consideration for its stake in TransSend, subject to TransSend reaching certain
operational milestones within the next 6 months. CFG has agreed to make
available to TransSend from completion a �2.3m loan facility to facilitate the
growth of the business.

This transaction is line with ESS's strategy to invest in financial services
businesses and the ESS board believes that in particular there are significant
opportunities for growth in the pre-pay sector.

Arron Banks, Chief Executive of CFG, said: "The prepaid market is growing
rapidly but we believe we can reap significant advantages in combination with
our new partners. We have already identified promising synergies to provide
potential for an improved market proposition and resultant profitability."

Lee Britton, Chief Executive of Altair, said: "We have followed the development
of TransSend for some considerable time and are delighted to have made this
investment. TransSend's activities in the prepaid space are complementary to
our own, and the strong synergies between our existing products and services
will invariably benefit both companies. The acquisition allows us to offer
TransSend clients Altair's enhanced processing capability to maximise our
combined experience in the prepaid industry.

"TransSend is currently within a growth phase and has already developed a good
reputation within the prepaid industry. The sharing of market intelligence,
capacity and combined prepaid card program development and management services
infrastructure should deliver numerous opportunities for growth."

The Transaction represents a Related Party Transaction in accordance with the
AIM Rules due to the Transaction exceeding 5% in one or more of the class tests
and CFG being an 18.6% shareholder in the issued ordinary share capital of ESS.
Accordingly, the Directors, all being independent from CFG, have consulted with
the Company's Nominated Adviser, Evolution Securities Limited, and consider the
terms of the transaction to be fair and reasonable insofar as the shareholders
of the Company are concerned.

                                   - Ends -                                    

Further information:

Equity Special Situations Ltd

Peter Griffin +44 (0)1481 751000

Evolution Securities Limited

Jeremy Ellis/Chris Clarke +44 (0)20 7071 4300

GTH Communications

Toby Hall/Christian Pickel +44 (0)20 7153 8039



END

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