For immediate release: 16 October 2009

                        Syndicate Asset Management Plc                         

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

                     Advice to Shareholders re: Open Offer                     

Further to the announcement by Syndicate Asset Management Plc (AIM: SAM) on 12
October 2009 in relation to the publication of a Prospectus in connection with
the proposed Placing and Open Offer, the Directors wish to advise Shareholders
that due to Royal Mail industrial action, the delivery of the Prospectus may be
delayed.

The Directors would like to direct all Shareholders holding their shares in
paper form, and not yet in receipt of the Prospectus and a Form of Proxy, to
the Company's website, www.syndicateplc.com, where the Prospectus and a blank
proxy are available for download.

Shareholders not yet in receipt of the Prospectus, and who hold their shares
within the CREST settlement system, should contact their broker with regards to
making their application for shares under the Open Offer and casting their
votes in respect of their shares. The registrar has already electronically
contacted all CREST shareholders with regards to the entitlements available to
their clients and the application process.

Shareholders not yet in receipt of the Prospectus or the related application
form, and holding their shares in the form of paper certificates who want to
make applications for shares under the Open Offer, are also advised to either
(i) contact Computershare Investor Services PLC's Corporate Actions Projects
team on 0870 707 1279 (or, if telephoning from outside the UK, on +44 870 707
1279) to obtain a duplicate copy of their application form or (ii) download and
complete with the shareholder details required the Open Offer Application
letter from the Company's website (www.syndicateplc.com).

Shareholders must return the completed application form or Open Offer
Application letter with a cheque for the appropriate amount to Computershare
Investor Services PLC, The Pavilions, Bridgwater Road, Bristol BS99 6ZY no
later than 3 p.m. on 28 October 2009.

Given the disruptions to the postal system, Shareholders may wish to consider
returning documents by other means such as guaranteed or special delivery or by
hand (during normal business hours only).

Shareholders who are uncertain of their holding in the Company, or for other
relevant queries in relation to their application under the Open Offer, should
call telephone number 0870 707 1279 or, if telephoning from outside the UK, +44
870 707 1279.

Full details of the procedure for the timetable and procedure for making an
application to take up entitlements are contained in Part 6, `Letter from
Cenkos in Respect of the Open Offer' of the Prospectus.

The Directors of Syndicate wish to apologise for any inconvenience caused to
Shareholders by the delays in the delivery of the Prospectus.

--Ends--

For further information:

Syndicate Asset Management plc

David Pinckney (Chairman) Tel: 020 7659 8060

Jonathan Freeman (Group CEO)

Cenkos Securities plc

Stephen Keys/Julian Morse Tel: 020 7397 8900

GTH Communications

Toby Hall/Christian Pickel Tel: 020 7153 8039