For immediate release:

                        Syndicate Asset Management Plc                         

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

                                CEO Appointment                                

Further to the Company's announcement of 16th March 2009 appointing Jonathan
Freeman and Peter Dew as interim joint group chief executives, the Board of
Syndicate is pleased to announce that Jonathan Freeman has accepted the
position of group chief executive officer with immediate effect.

Peter Dew continues on the Board in an executive capacity and, in addition, has
been appointed chairman of the Group Risk Committee.

The positions of the remaining executive and non executive directors, and their
responsibilities on the Company's Remuneration and Audit Committees, are
unchanged.

David Pinckney, non executive Chairman of Syndicate, commented:

"Jonathan has played an instrumental role in the refinancing of our balance
sheet and further developing our relationship with our bankers and
shareholders. The board is delighted that he is now taking on the Group CEO
role on a permanent basis. We view this consolidation of the Board and
broadening of our Committee structure as important pre-requisites to any
further balance sheet strengthening exercise going forward."

Further information:

Syndicate Asset Management plc

David Pinckney (Chairman) Tel: 020 7659 8060

Jonathan Freeman (Group CEO)

Cenkos Securities

Stephen Keys Tel: 020 7397 8900

GTH Communications

Toby Hall/Christian Pickel Tel: 020 7153 8039