SYNTARA LIMITED — Director's Dealing 2007

Jun 18, 2007

Rule 3.19A.2

Appendix 3Y

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

		Name of entity PHARMAXIS LTD
ABN.	75 082 811 630

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Charles Peter Hunt Kiefel
Date of last notice	27 October 2006

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Direct
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to therelevant interest.
Date of change	(1) Sale of ordinary shares: 18 June 2007(2) Exercise of options: 19 June 2007
No. of securities held prior to change	Ordinary shares held directly: 200,000Options over ordinary shares: 268,957
Class	$(1)$ and $(2)$ Ordinary shares(2) Unlisted options
Number acquired	$(2)$ 150,000 ordinary shares upon exercise of options
Number disposed	$(1)$ 200,000 ordinary shares$(2)$ 150,000 options exercised
Value/ConsiderationNote: Il consideration is non-eash, provide details andestimated valuation	(1) Consideration received on disposal of ordinaryshares: $659,267.50$(2)$ Option exercise price: $0.3125
No. of securities held after change	Ordinary shares held directly: 150,000Options over ordinary shares: 118,957

$\pm$ See chapter 19 for defined terms.

Nature of change	(1) On-market trade
options, issue of securities ander dividend reinvestment plan,	Example: on-market trade, off-market trade, exercise of (2) Exercise of options under Pharmaxis Employee
participation in bay-back	Option Plan

Part 2 – Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract	N/A
Nature of interest
Name of registered holder(if issued securities)
Date of change
No. and class of securities towhich interest related prior tochangeNote: Details are only required for a contract in relationto which the interest has changed
Interest acquired
Interest disposed
Value/ConsiderationNote: If consideration is non-cash, provide details andan estimated valuation.
Interest after change

+ See chapter 19 for defined terms.