EQS Equity Special

    For immediate release: 10 October 2008

                       Equity Special Situations Limited                       

                           ("ESS" or the "Company")                            

The Board of Equity Special Situations Limited, (AIM: EQS), the strategic
investment company today was granted an interim injunction ("Injunction")
against Landsbanki Islands HF and its agents ("Landsbanki"). The Injunction has
been sought in response to alleged unlawful attempts by Landsbanki to sell
certain shares owned by ESS ("Shares"). The Shares are held at Landsbanki as
security for a long term loan facility between ESS and Landsbanki ("Loan"). ESS
has received legal advice stating that ESS is not in default of its obligations
under the Loan. Under the Injunction, Landsbanki "shall not sell or otherwise
deal with or dispose of or charge or pledge or part with possession custody or
control of any of the shares" owned by ESS.

A further announcement will be made in due course.

- Ends -

Further information:

Equity Special Situations Ltd

Peter Griffin (Director) +44 (0)1481 751 000

Jonathan Freeman (adviser) +44 (0)20 7752 0215

Evolution Securities Limited

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

GTH Communications

Toby Hall/Christian Pickel +44 (0)20 7153 8039 or 07713 341072



END

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