For immediate release: 31 July 2009

                        Syndicate Asset Management Plc                         

                  ("Syndicate", the "Company" or the "Group")                  

                                  RBS Update                                   

In the Company's announcement of 8 May 2009, it was stated that the Company was
required to repay £2.0 million to the Royal Bank of Scotland, the Company's
principal bankers ("RBS"), by 31 July 2009. The Directors are pleased to
announce that RBS has agreed to waive that payment and, in its place, agreed to
a repayment of £3.3 million on or before 23 September 2009. The eighteen month
stand-still on any further repayments of loan capital to RBS, as announced on 8
May 2009, remains in place. The Directors expect to make further announcements
regarding the strengthening of the Group's balance sheet in due course.

Further information:

Syndicate Asset Management plc

Jonathan Freeman (Interim Joint CEO) Tel: 020 7659 8060

Peter Dew (Interim Joint CEO)

Cenkos Securities

Stephen Keys Tel: 020 7397 8900

GTH Communications

Toby Hall/Christian Pickel Tel: 020 7153 8039