SYNTARA LIMITED — Capital/Financing Update 2005

Nov 10, 2005

pharmaxis

11 November 2005

Manager of Company Announcements Australian Stock Exchange Exchange Centre Level 3 20 Bridge Street Sydney NSW 2000

Dear Sir/Madam.

Global Capital Raising of Pharmaxis Ltd ("Company") Disclosure Notice under Section 708A(5)(e) of the Corporations Act 2001 ("Corporations $Act")$

We refer to the previous announcements made by the Company in relation to the issue and allotment of shares in connection with the Company's global capital raising.

The Company gives the following notice under section $708A(5)(e)$ of the Corporations Act:

• The Company issued and alloted 19,500,000 ordinary share on 9 November 2005 in connection with the Company's public offering in the United States;
• The Company issued and alloted a further a further 19,900,000 ordinary shares on 11 November 2005 in connection with the Company's placement of shares in Australia and other jurisdictions;
• The Company issued the ordinary shares without disclosure to investors under Part 6D.2 of the Corporations Act;
• This notice is being given in under section $708A(5)(e)$ of the Corporations Act;
• As at the date of the notice, the Company has complied with:
  • $\circ$ the provisions of Chapter 2M of the Corporations Act as they apply to the Company; and
  • section 674 of the Corporations Act; and $\circ$
• As at the date of this notice, there is no excluded information as defined by sections 708A(7) and 708A(8) of the Corporations Act.

Sincerely,

David McGarvey Company Secretary