Statement re intention not to make an offer

 
TIDMZZZ TIDMSAM 
 
Victor Haghani - Rule 2.8 Announcement 
 
28 May 2009 
 
SYNDICATE ASSET MANAGEMENT PLC ("SYNDICATE" OR THE "COMPANY") 
 
On 11 May 2009, Victor Haghani announced that he was in the preliminary stage of 
considering a potential offer for Syndicate.  Victor Haghani can now confirm he 
has no present intention of making an offer for the Company. 
 
Under Rule 2.8 of the City Code on Takeovers and Mergers (the "City Code"), and 
except with the consent of the Panel on Takeovers and Mergers (the "Panel"), the 
statement in the preceding paragraph will prevent Victor Haghani or anyone 
acting in concert with him from announcing an offer or possible offer for 
Syndicate or taking certain other action within the next 6 months unless there 
has occurred an event, as set out below, which enables the statement to be set 
aside. 
 
Accordingly, for the purposes of Rule 2.8 of the City Code, Victor Haghani 
reserves the right (on behalf of himself and anyone acting in concert with him) 
to announce an offer or possible offer for Syndicate and/or to take any other 
action which would otherwise be restricted under Rule 2.8 of the City Code 
within the next 6 months in the event that: 
 
(i)  the agreement or recommendation of the board of Syndicate is given to the 
     making of such an announcement or the taking of such other action; or 
 
(ii) a third party announces an offer or possible offer for Syndicate; or 
 
(iii)     if any announcement is made by or on behalf of Syndicate that it is in 
     discussions which may or may not lead to an offer (or partial offer), or 
     formally or informally invites an offer (or partial offer) for Syndicate; 
     or 
 
(iv) Syndicate announces a "whitewash proposal" or a "reverse takeover" (each as 
     defined in the City Code). 
 
Enquiries: 
 
Bruce Garrow 
Collins Stewart Europe Limited 
[phone] 
 
Victor  Haghani  accepts responsibility for the information  contained  in  this 
announcement.   To  the  best  of  his knowledge  and  belief,  the  information 
contained in this announcement is in accordance with the facts and does not omit 
anything likely to affect the import of such information. 
 
Collins Stewart Europe Limited, which is authorised and regulated in the United 
Kingdom by the Financial Services Authority, is acting as corporate broker 
to Victor Haghani and is acting for no-one else in connection with the potential 
offer and will not be responsible to anyone other than Victor Haghani for 
providing the protections afforded to clients of Collins Stewart Europe Limited 
nor for providing advice in connection with the potential offer or any other 
matter referred to herein. 
 
A copy of this announcement is available at  www.cygnet-capital.com