The financial statements of subsidiary undertakings are included in theconsolidated financial

The financial statements of subsidiary undertakings are included in theconsolidated financial statements from the date that control commences until thedate that control ceases. Sterling is also thepresentational currency.Assets and liabilities denominated in foreign currencies other thansterling have been translated into sterling at the rates of exchange ruling atthe balance sheet date. Transactions during the period have been translated atthe rates of exchange ruling at the date of the transaction.(d) FINANCIAL INSTRUMENTSThe Company's financial instruments fall into the categoriesdiscussed below with the allocation depending to an extent on the purpose forwhich the asset was acquired. Dividends receivable from equity investments where noex-dividend date is quoted are recognised when the Company's right to receivepayment is established. Interest receivable on cash deposits is accounted forusing the effective interest rate method.(c) FOREIGN CURRENCYThe Directors have considered the primary economic environment ofthe Company and considered the currency in which the original finance wasraised and ultimately what currency would be returned to investors on a breakup basis. The principal accounting policies which the directors have adoptedwithin that convention are set out below.(b) INCOMEDividends receivable from equity investments are recognised on theex-dividend date. The notice of AGM, together with a form ofproxy for use at the AGM has today been sent to shareholders.OutlookThe Directors are pleased that, following the recent injection offunds into the Company, the Company's future has now been secured for the timebeing.

Pursuant to theCompanies (Guernsey) Law, 2008, a change of name requires the passing of aspecial resolution of Shareholders at an Extraordinary General Meeting to beheld on 21 July 2009. Your Board believes that the proposed change of namebetter reflects the change in the Company's strategy and is in the bestinterests of the Company and its shareholders.Annual General MeetingThe Company's Annual General Meeting ("AGM") is be held at its registeredoffice, being Martello Court, Admiral Park, St Peter Port Guernsey, GY1 3HB onTuesday 21 July 2009 at 12:00 noon. YourBoard proposes to change the name of the Company from Equity Pre-IPOInvestments Limited to Kingswalk Investments Limited. This has given them knowledge of avariety of sectors including technology, financial services, retail, consumer,healthcare, property and construction, and support services and extensiveknowledge of operational matters that the Board feels makes them well place toevaluate potential investments. These potential investments will be foundthrough the extensive network of contacts of the board and the Company's panelof consultants and advisers.Change of nameIn line with the proposed widening of the Company's investmentpolicy to be not solely focussed on investments in pre-IPO companies, theBoard believes that it is appropriate to change the name of the Company.

There is no further information requiredto be disclosed under Schedule 2, Paragraph (g) of the AIM Rules forCompanies, pursuant to Guus's appointment.The current Board, with the exception of Guus Berting, has been inplace since the Company's admission to trading on AIM in February 2005 duringwhich time it has evaluated significant numbers of investment opportunities.All of the directors are experienced directors who have served, and continueto serve, on a number of company boards. Guus is anon-executive director of AIM quoted Avarae Global Coins plc and CreonCorporation plc and of Pasha Investments B.V He has previously been adirector of Ascona Capital Limited. The Company will instead generallyfocus on diversifying the relative risks of investments. Guus, aged 31, has experience as anon-executive on a number of other AIM company boards which will be importantin evaluating the proposed broadened investment strategy. The Company will not seek to limit the size of theinvestment or the size of the entities in which it invests and will not limitthe percentage ownership that it may hold in any one company at any time.The Company will not seek to have a fixed number of investments orseek to diversify the investments over particular sectors or particularindexes, however it is envisaged that the total number of investments at anygiven time will not exceed 30 investments. The Company will primarily focus on European basedbusinesses but will also consider investments in other geographical areas ifappropriate.Previously the Company invested in privately held companies only,however, given the current extremely difficult market conditions, the Companywill now broaden its investment criteria to include publicly quoted companiesand partnerships.

The Companywill continue to evaluate potential investments from a wide variety ofindustry sectors and will seek investments in sectors where there is potentialfor growth. This is likely to include sectors such as financial services,support services, and property where values have declined markedly over thelast 12-18 months. The recently announced placing of £0.04 million,conversion of amounts owing to trade creditors of £0.15 million and the newtwo-year borrowing facility of up to £0.1 million from our new shareholdershas enabled the Company to continue operations as further material sources offinance are sourced and investment opportunities are identified.Investment PolicyAs outlined above, the Board believes that Pre-IPO's investmentpolicy should be broadened to improve the illiquidity of its futureinvestments and to not be dependent upon the IPO market for exits. Net asset value per share at the year end was 0.33 pence (2007: 28.56pence).Cash balances were negligible at the year end, with the Company'songoing administrative running costs being met by third party loans andsupportive creditors. Loss per share for 2008 was 28.24 pence (2007: 27.06pence).The Company was able to reduce its borrowings from £0.50 million atthe beginning of the year to £0.12 million at the year end.