Endace Limited : Notification of Major Interest in Shares

For filings with the FSA include the annex For filings with issuer exclude the annex TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii	Endace Ltd.
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights	X
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):
3. Full name of person(s) subject to the notification obligation: iii	Sophrosyne Capital, LLC
4. Full name of shareholder(s) (if different from 3.):iv
5. Date of the transaction and date on which the threshold is crossed or reached: v	December 17, 2012
6. Date on which issuer notified:	December 17, 2012
7. Threshold(s) that is/are crossed or reached: vi, vii	Now less than 3%

8. Notified details:
A: Voting rights attached to shares viii, ix
Class/type of shares if possible using the ISIN CODE	Situation previous to the triggering transaction	Resulting situation after the triggering transaction
Class/type of shares if possible using the ISIN CODE	Number of Shares	Number of Voting Rights	Number of shares	Number of voting rights	% of voting rights x
Class/type of shares if possible using the ISIN CODE	Number of Shares	Number of Voting Rights	Direct	xi Direct	xii Indirect	Direct	Indirect
NZNPVE0001S2	1,468,500	1,468,500	0	0		0.00%

B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
Type of financial instrument	Expiration date xiii	Exercise/ Conversion Period xiv	Number of voting rights that may be acquired if the instrument is exercised/ converted.	% of voting rights
None

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi
Resulting situation after the triggering transaction
Type of financial instrument	Exercise price	Expiration date xvii	Exercise/ Conversion period xviii	Number of voting rights instrument refers to	% of voting rights xix, xx
None					Nominal	Delta
None

Total (A+B+C)
Number of voting rights	Percentage of voting rights
0	0.00%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi

Proxy Voting:
10. Name of the proxy holder:	Sophrosyne Capital, LLC
11. Number of voting rights proxy holder will cease to hold:
12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:
14. Contact name:	Benjamin J Taylor
15. Contact telephone number:	212-444-2500

Note: Annex should only be submitted to the FSA not the issuer

Annex: Notification of major interests in sharesxxii

A: Identity of the persons or legal entity subject to the notification obligation
Full name (including legal form of legal entities)	Sophrosyne Capital, LLC
Contact address (registered office for legal entities)	156 E 36th Street At 2 Sniffen Court New York, NY 10016
Phone number & email	212-444-2500 [e-mail]
Other useful information (at least legal representative for legal persons)	Benjamin J Taylor, Managing Member and Portfolio Manager

B: Identity of the notifier, if applicable
Full name
Contact address
Phone number & email
Other useful information (e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information

For notes on how to complete form TR-1 please see the FSA website.