Terry Clune and Harry Adams have confirmed that they do not intend to make an offer for Argentex.

Terry Clune and Harry Adams, and any person(s) acting in concert with them, reserve the right to set the restrictions in Rule 2.8 of the Code aside in the following circumstances:

1. with the agreement of the board of directors of Argentex provided that such agreement is only given if the recommended cash acquisition of Argentex by IFX (UK) Ltd is withdrawn or lapses, and only after such lapse or withdrawal;
2. following the announcement of a firm intention to make an offer for Argentex by or on behalf of a third party other than IFX;
3. following the announcement by Argentex of a Rule 9 waiver proposal (as described in Note 1 of the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); or
4. where the Takeover Panel has determined that there has been a material change of circumstances.