TIDMSAM 
 
For immediate release: 
 
                        Syndicate Asset Management plc 
 
                        ("Syndicate" or "the Company") 
 
                          Director/PDMR shareholding 
 
Pursuant to the Company's Share Incentive Plan ("SIP"), Neil Hale, a director 
of the Company, has on 4 May 2011 purchased 8,620 ordinary shares of 0.2 pence 
each in the Company ("Ordinary Shares") at a price of 1.45 pence each. Under 
the SIP, this purchase of shares will be matched by the Company if the shares 
are held for a period of 3 years and the recipient remains an employee of the 
Group. 
 
In addition 138 fully paid ordinary shares have vested pursuant to the SIP. 
 
This brings the total number of fully paid ordinary shares held by Neil Hale to 
2,228,960 representing 0.12% of the issued share capital of the Company. 
 
-Ends- 
 
For further information please contact: 
 
Syndicate Asset Management Plc 
 
Mark Cheshire (Group CEO) Tel: 020 7871 7350 
 
Cenkos Securities plc 
 
Stephen Keys (NOMAD)/Julian Morse (Sales) Tel: 020 7397 8900 
 
GTH Communications 
 
Toby Hall/Christian Pickel Tel: 020 3103 3903/3902 
 
 
 
END
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