Update re cash distribution

Adamind Ltd
28 March 2008


28 March 2008

                                  Adamind Ltd
                          ('Adamind' or 'the Company')

                          Update re cash distribution

Following its announcement of 14 March 2008 relating to the planned distribution
to its shareholders of approximately US$19.2 million (approximately GBP 9.6
million), the Company today announces that it has been informed by the Israeli
Tax Authority (the "ITA") that the ruling previously granted by the ITA with
respect to the manner in which certain amounts will be withheld from the
distribution amounts payable to the Company's shareholders ("Ruling") has been
revised, resulting in an expansion of the categories of shareholders whose
distribution amounts will be subject to withholding. The Company and its
advisors have engaged in discussions with the ITA and are using their best
efforts to obtain a Ruling that will limit the scope of shareholders whose
distribution amounts will be subject to withholding. The funds in the aggregate
amount of approximately US$19.2 million (approximately GBP 9.6 million) are
ready and available for distribution.

The Company is aware of its previously stated timetable for cash distributions.
Therefore, the Company has resolved that if a new Ruling is not obtained by 4
April 2008, the Company will consummate the cash distribution shortly
thereafter, subject to withholding requirements under applicable law. If a new
Ruling is obtained by 4 April 2008, the Company will update its shareholders as
to any new requirements reflected in such new Ruling, including if revised
withholding-related forms are necessary. The Company now expects the first
distribution process to be completed by the end of April 2008 or shortly
thereafter.

Enquiries

Corfin Communications
Harry Chathli, Neil Thapar                      [phone]




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