Result of General Meeting

    For immediate release: 9 December 2008

 

                       Equity Special Situations Limited                       

                           ("ESS" or the "Company")                            

                           Result of General Meeting                           

The Directors of Equity Special Situations Limited (AIM: EQS) announce that the
Special Resolution to approve the cancellation of admission of the ordinary
shares in the Company to trading on AIM (the "Cancellation") was not passed at
the General Meeting held today at Martello Court, Admiral Park, St Peter Port,
Guernsey GY1 3HB.

In total, the Company received 14,750,014 votes, representing 64.58 per cent.
of the Company's issued ordinary share capital, of which 9,847,373 were for the
Cancellation (66.76 per cent. of the votes cast) and 4,902,641 votes were
against the Cancellation (33.24 per cent. of the votes cast).

Trading in the Company's shares will remain suspended pending clarification of
the status of certain of its investments.

Peter Griffin, a director at ESS, commented:

"We are disappointed that a minority of shareholders have chosen to block the
motion as the Board remains of the view that shareholders' best interests would
be served by conserving costs and focusing on the legal case against
Landsbanki."

                                   - Ends -                                    

Further information:

Equity Special Situations Ltd

Peter Griffin [phone]

Evolution Securities Limited

Jeremy Ellis [phone]

GTH Communications

Toby Hall [phone]



END