EQS Equity Special

    For immediate release: 15 October 2008

          Equity Special Situations Limited ("ESS" or the "Company")           

ESS, the strategic investment company, announces that it has requested the
suspension of trading in its shares pending clarification of the status of
certain of its investments.

ESS announced on 10 October 2008 that it had been granted an interim injunction
against Landsbanki Islands HF and its agents ("Landsbanki") with regard to
alleged unlawful attempts by Landsbanki to sell certain shares owned by ESS
which are held on behalf of ESS by Landsbanki. It is currently unclear whether
Landsbanki continues to hold those assets on behalf of ESS or whether they have
in fact been sold or otherwise disposed of by Landsbanki. There is therefore
material uncertainty over what assets remain within the ownership of ESS and,
therefore, what ESS's current net asset value is.

A further announcement will be made in due course.

Enquiries:

Equity Special Situations Peter Griffin, Director   Tel: +44 (0) 1481 751000 
Limited                                                                      
                                                                             
GTH Communications        Toby Hall                 Tel: +44 (0) 20 7153 8039
                                                                             
Evolution Securities      Jeremy Ellis              Tel: +44 (0) 20 7071 4300
Limited                                                                      



END

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