Interim Results

    25 September 2008

                      EQUITY PRE IPO INVESTMENTS LIMITED

                         ("Pre IPO" or "the Company")

       UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2008

Equity Pre Ipo Investments Limited (AIM: EIL), the strategic
Pre-IPO investment company, today announces its unaudited results for the six
months ended 30 June 2008.

DIRECTORS' REVIEW

We are pleased to present the Company's interim results for the six
months to 30 June 2008 to shareholders.

Background

In the annual report and accounts issued earlier this year, we
stated that the environment for smaller companies has been unfavourable for
many months. As has been well documented elsewhere, the environment for
floating smaller companies has worsened further as evidenced by the lowest
number of new companies being admitted to AIM in the first half of 2008 for
almost 10 years. In the first eight months of 2008, only 85 companies joined
AIM, compared to 284 during 2007, 462 in 2008 and 519 in 2005. In addition the
current economic environment has meant that it is proving very difficult for
smaller companies to raise new funds. Banks are generally unwilling to provide
debt finance and there are few investors interested in providing equity
finance.

We took the prudent view to write down a significant proportion of
the carrying value of our portfolio at the end of 2007 (£4.1 million). Our
portfolio companies have continued to operate successfully and, therefore,
whilst we have struggled to achieve realisations from our investments we have
taken the view that there should be no material changes to the valuations at
30 June 2008 (£4.0 million).

Financial review and net asset value

The Company's unaudited net asset value per share ("NAV") as at 30
June 2008 stood at 27.18 pence, down marginally from 28.56 pence at 31
December 2007. The fall is primarily due to exchange rate differences on
conversions of euro investments and the ongoing running costs incurred in the
first half year of £0.19 million.

Despite the lack of exit opportunities currently available due to
the current difficulties in the financial markets, we remain confident of the
current carrying value of the investment portfolio as each of the businesses
continue to trade in line with their management's expectations.

Loss for the period was £0.18 million (2007: £0.15 million),
resulting in a loss per share of 1.38 pence (2007: 1.09 pence). We managed
only a small partial exit from one investment during the period and, as a
consequence, the Company's ongoing overheads have been primarily paid through
an increase in the value of loans payable at the year end to £0.54 million
(2007: £0.50 million). One of our goals for the second half of the year is to
reduce the value of the Company's borrowings through further partial
realisations or loan conversions.

Investee Companies

The Company continues to hold investments in six companies (31
December 2007: six), although shortly after the period end, one of the
companies, Pinnacle Plus Limited, was sold to an AIM listed company, Creon
Corporation plc ("Creon") in an all paper deal. Accordingly, we today have
five unquoted investments and one quoted investment in the portfolio. In
addition we continue to have a loan outstanding with Pinnacle Plus Limited and
are in conversations with Creon and Pinnacle about the most appropriate way to
achieve its repayment.

Lorega Limited, a provider of loss recovery insurance products
continues to trade well with record profits recorded in the period to March
2008. Altair Financial Services Plc, the prepaid card processer, remains on
course to deliver significant uplifts in revenues during 2009 as a number of
key international contracts begin to be rolled out.

Of the remaining three investments, we are currently in
negotiations to dispose of one, which could realise a potential return of more
than 50% on the original amount invested of £185,000. (It should be noted,
however, that Pre-IPO made its first investment in this company in early
2005.) We continue to hold our positions in Radioscape plc and Fashion Brands
Collections B.V.

Outlook

We anticipate that stock market conditions will remain very
difficult for smaller companies in the foreseeable future. We will however
continue to work closely with our investee companies with the aim of
extracting value over the coming months from our investments. Since the period
end, we have continued negotiations to dispose of parts of the portfolio and,
as a result, we remain confident that we will be able to reduce our loan
balances by the year end.



UNAUDITED STATEMENT OF TOTAL RETURN

FOR THE SIX MONTHS ENDED 30 JUNE 2008

                            For the six month period      For the six month period                For the year ended
                                  ended 30 June 2008            ended 30 June 2007                  31 December 2007
 
                                         (unaudited)                   (unaudited)                         (audited)

                        Revenue  Capital       Total  Revenue  Capital       Total   Revenue     Capital       Total

                              £        £           £        £        £           £         £           £           £
GAINS ON INVESTMENTS
Net (losses)/gains on
investments
at fair value through
profit or loss                - (10,252)    (10,252)        -   11,254      11,254         - (3,279,261) (3,279,261)
Unrealised gain on foreign
exchange                      -        -           -        -        -           -    14,163           -      14,163
                              - (10,252)    (10,252)        -   11,254      11,254    14,163 (3,279,261) (3,265,098)
 
INCOME
Commission received           -        -           -    1,200        -       1,200     1,200           -       1,200
Interest income          20,858        -      20,858    1,724        -       1,724    22,219           -      22,219
 
                         20,858        -      20,858    2,924        -       2,924    23,419           -      23,419
 
EXPENDITURE
Directors' fees          10,000        -      10,000   10,000        -      10,000    20,000           -      20,000
Administration fees      32,189        -      32,189   28,016        -      28,016    43,530           -      43,530
Professional fees             -   14,040      14,040        -   65,848      65,848    26,738      10,667      37,405
Consultancy fees              -   75,011      75,011        -   39,343      39,343         -     183,768     183,768
Audit fee                 1,500        -       1,500    6,555        -       6,555    12,930           -      12,930
Bank charges and
interest                    202        -         202      800        -         800         -           -           -
Interest charged         16,892        -      16,892        -        -           -    20,418           -      20,418
Commission paid               -        -           -        -        -           -     3,256           -       3,256
Regulatory and
registration fees        11,238        -      11,238    3,110        -       3,110    19,097           -      19,097
Loss on exchange         32,807        -      32,807    7,594        -       7,594         -           -           -
 
                        104,828   89,051     193,879   56,075  105,191     161,266   145,969     194,435     340,404
NET LOSS ON ORDINARY
ACTIVITIES FOR THE
FINANCIAL
PERIOD/YEAR            (83,970) (99,303)   (183,273) (53,151) (93,937)   (147,088) (108,387) (3,473,696) (3,582,083)
 
Basic earnings per share
(pence per share)        (0.63)   (0.75)      (1.38)   (0.40)   (0.69)      (1.09)    (0.82)     (26.24)     (27.06)
 

All revenue and capital items in the above statement derive from continuing
operations.

No operations were acquired or discontinued during the period.



UNAUDITED BALANCE SHEET

30 JUNE 2008

                                                     30 June 2008        30 June 2007     31 December 2007
                                                      (unaudited)         (unaudited)            (audited)
 
FIXED ASSETS
Investments at fair value through
profit or loss                                          4,037,543           7,077,739            4,093,423
 
CURRENT ASSETS
Loans receivable                                230,000              80,000              230,000
Other debtors and prepayments                    39,970                   -               21,202
Cash equivalents                                  1,664              85,130                6,651
 
                                                271,634             165,130              257,853
 
CREDITORS - AMOUNTS FALLING
DUE WITHIN ONE YEAR
Loans payable                                 (541,257)                   -            (496,269)
Other creditors and accruals                  (170,010)            (52,794)             (73,824)
 
                                              (711,267)            (52,794)            (570,093)
 
NET CURRENT ASSETS                                      (439,633)             112,336            (312,240)
 
TOTAL ASSETS LESS CURRENT
LIABILITIES                                           £ 3,597,910         £ 7,190,075          £ 3,781,183
 
CAPITAL AND RESERVES
 
CALLED UP SHARE CAPITAL                                   132,372             132,372              132,372
SHARE PREMIUM ACCOUNT                                   4,254,872           4,254,872            4,254,872
CAPITAL RESERVE
                  REALISED                                527,566             452,906              520,093
                  UNREALISED                            (613,470)           2,853,967            (595,745)
SHARE OPTION RESERVE                                       33,680               4,811               33,680
REVENUE RESERVE                                         (737,110)           (508,853)            (564,089)
 
SHAREHOLDERS' FUNDS                                   £ 3,597,910         £ 7,190,075          £ 3,781,183
 
Net asset value per share
(pence per share)                                           27.18               54.32                28.56
 


APPROVED BY THE BOARD OF DIRECTORS
 
P M Schreibke                                            M Shires
Director                                                 Director
 
Date: 25 September 2008



UNAUDITED CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2008

                                                                   Six month      Six month    Year ended
                                                                period ended   period ended   31 December
                                                                30 June 2008   30 June 2007          2007
 
                                                                 (unaudited)    (unaudited)     (audited)
 
Net cash outflow from operating
activities                                                          (95,603)      (199,394)     (235,176)
 
Investing activities:
Purchase of quoted investments                                             -              -             -
Purchase of unquoted investments                                           -      (731,910)   (1,466,394)
Proceeds from disposals of quoted investments                              -        938,930       985,498
Proceeds from disposals of unquoted investments                       45,628              -       378,950
Loans receivable advanced                                                  -              -     (230,000)
 
Net cash inflow/(outflow) from financial investment                   45,628        207,020     (331,946)
 
Financing:
Loans payable received                                                44,988              -       496,269
 
Net cash inflow from financing                                        44,988              -       496,269
 
(Decrease)/increase in cash for the period/year               £      (4,987) £        7,626 £    (70,853)
 
RECONCILIATION OF NET CASHFLOW
TO MOVEMENT IN CASH
AND CASH EQUIVALENTS
 
(Decrease)/increase in cash resources for the year                   (4,987)          7,626      (70,853)
 
Cash inflow from increase in debt finance                           (44,988)              -     (496,269)
 
Change in net debt resulting from cash flows                        (49,975)          7,626     (567,122)
 
Opening funds brought forward                                      (489,618)         77,504        77,504
 
Closing net (debt)/funds carried forward                      £    (539,593) £       85,130 £   (489,618)



NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

30 JUNE 2008

1. ACCOUNTING POLICIES

(a) CONVENTION

These unaudited interim financial statements have been prepared
using the same accounting policies, presentation and

methods of computation adopted in the last audited financial
statements, which were prepared in accordance with applicable

United Kingdom Accounting Standards.

2. EARNINGS PER SHARE

The calculation of basic earnings per share is based on the net
return on ordinary activities after tax for the year and on 13,237,235 shares
being the weighted average number of shares in issue during the period/year.

FRS 22: "Earnings Per Share" defines dilution as a reduction in
earnings per share or as an increase in loss per share. When

calculating the dilutive earnings per share for the year the loss
per share decreased. Accordingly the diluted loss per share is not

disclosed as per FRS 22. The company has 800,000 share options in
issue which could potentially dilute basic earnings per share

in the future.

3. NET ASSET VALUE PER SHARE

The calculation of net asset value per share is based on the net
assets of £3,597,910 and on the ordinary shares in issue of

13,237,235 at the balance sheet date.

The report is available to view and download from the Company's website at
www.equitypreipo.com

For further information please contact:

Equity Pre-IPO Investments Limited

Paul Schreibke                  [phone]

Jonathan Freeman                [phone]

Daniel Stewart & Company Plc

Oliver Rigby                    [phone]

GTH Communications

Toby Hall                       [phone]

Christian Pickel                [phone]


END