SYNTARA LIMITED — Capital/Financing Update 2011

Nov 15, 2011

No:

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ASX Circular

PHARMAXIS LIMITED - ACCELERATED NONRENOUNCEABLE ENTITLEMENT OFFER

Date: 16 November 2011

Key topics

1. Pharmaxis Limited

2. Accelerated NonRenounceable Entitlement Offer

3. ASX Code: PXS

Reading List

Client Advisers Compliance Managers DTR Operators Institutions

ASX Settlement Participants Office Managers Operations Managers (back office) Research Analysts ASX Clear Participants Market Participants

Authorised by

Participating organisations are advised that on 16 November 2011, Pharmaxis Limited (the “Company”) announced a 1 for 3 accelerated non-renounceable entitlement offer of ordinary shares at an issue price of $1.05 per share (the “Offer Price”), to raise approximately $80 million (the “Entitlement Offer”).

The Entitlement Offer has two components:

• An institutional entitlement offer, where offers were made to qualifying institutional shareholders for them to apply for their pro-rata entitlement (the “Institutional Entitlement Offer”).

• A retail entitlement offer, where an offer will be made to qualifying retail shareholders for them to apply for their pro-rata entitlement (the “Retail Entitlement Offer”).

The Entitlement Offer is underwritten to $40 million.

The Record Date for the Entitlement Offer is 21 November 2011.

The Retail Entitlement Offer is expected to close on 8 December 2011.

New ordinary shares issued under the Entitlement Offer will rank equally with existing ordinary shares on issue.

Adrian Smythe

Contact

Elvis Onyura

ASX Limited ABN 98 008 624 691 Exchange Centre 20 Bridge Street Sydney NSW 2000 PO Box H224 Australia Square NSW 1215

Internet: http://www.asx.com.au

No responsibility is accepted for any inaccuracies contained in the matter published.

ASX Circular

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The indicative timetable in relation to the Entitlement Offer is as follows:

Indicative Dates	Indicative Dates	Event	Event
Wednesday 16 November 2011		Trading halt commencesInstitutional Entitlement Offer Opens
Thursday, 17 November 2011		Institutional Entitlement Offer ClosesInstitutional Shortfall Bookbuild
Friday, 18 November 2011		Trading Halt Lifted
Monday, 21 November 2011		Record Date (7:00pm AEDST)
Thurs	day, 24 November 2011	Retail Entitlement ORetail Offer Booklet	ffer opensdespatched to Eligible Retail Shareholders
Mond	ay, 28 November 2011	Settlement of Institut	ional Entitlement Offer
Tuesd	ay, 29 November 2011	Allotment for InstitutiCommencement of t	onal Entitlement Offer sharesrading in Institutional Shares on ASX
Thursday, 8 December 2011	day, 8 December 2011	Retail Entitlement O	ffer Closes (5:00pm AEDST)
Thursday, 15 December 2011		Settlement of the Retail Entitlement Offer
Friday	, 16 December 2011	Allotment of the Ret	ail Entitlement Offer shares
Mond	ay, 19 December 2011	Normal trading of RDespatch of holding	etail Entitlement Offer sharesstatements under the Retail Entitlement Offer
	ment issuese the fact that securities are tradin “ex entitlement
			” on ASX Trade CHESS will not reconise for settlement uroses t

Settlement issues

Despite the fact that securities are trading “ex entitlement” on ASX Trade, CHESS will not recognise for settlement purposes the “ex entitlement” or the “cum entitlement” tag on CHESS messages and CHESS will not maintain cum balances during the deemed “CHESS ex-period”, i.e. the period commencing on the deemed CHESS Ex-Date up to and including the record date. However, a record date cum balance will be available the business day following the record date, which will be equal to the registered holding balance at CHESS end of day on the record date. As a result any transfer that occurs prior to record date will be effectively transferred on a “cum” basis.

Therefore, Participants must ensure that any transfer, including the priming of Broker Entrepot Accounts, is conducted in accordance with the basis of quote. For example, a transfer in relation to a transaction conducted on an ex-basis should ordinarily only occur post record date.

CHESS will perform automatic diary adjustments to “cum entitlement” settlement obligations outstanding as at the record date.

Trading issues

ASX will not price a “cum” market with respect to trading in the Company’s securities. Persons who acquire the Company’s securities after the commencement of the trading halt on Wednesday, 16 November 2011 are not entitled to participate in the Entitlement Offer.

Further information

For further details, please refer to the Company’s announcements or contact the Company.

ASX Circular

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