SYNTARA LIMITED — Director's Dealing 2008

Oct 23, 2008

Appendix 3Y Change of Director’s Interest Notice

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	William Delaat
Date of last notice	27 August 2008

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	Change in direct interest
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.
Date of change	23 October 2008
No. of securities held prior to change	Ordinary shares held indirectly: 25,000Options over ordinary shares held directly: Nil
Class	Options over ordinary shares
Number acquired	200,000
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	Granted under Pharmaxis Employee Option Planfor nil consideration. Value of $170,740 using aBlack Scholes option pricing model.
No. of securities held after change	Ordinary shares held indirectly: 25,000Options over ordinary shares held directly:200,000

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Nature of change Grant of options under Pharmaxis Employee Example: on-market trade, off-market trade, exercise of options, issue of Option Plan. The options were granted on 23 securities under dividend reinvestment plan, participation in buy-back October 2008 following approval at the 2008 annual general meeting of the Company and as advised to the ASX on 24 June 2008 and 24 October 2008.

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.

Appendix 3Y Page 2

11/3/2002