SYNTARA LIMITED — Director's Dealing 2010

Nov 24, 2010

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	Malcolm John McComas
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 interest
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to therelevant interest.
Date of change	25 November 2010
No. of securities held prior to change	Ordinary shares held indirectly: 126,666Options over ordinary shares: 240,000
Class	Unlisted options and ordinary shares
Number acquired	Acquisition of 100,000 ordinary shares upon exercise ofemployee options.
Number disposed	Exercise of 100,000 options granted under thePharmaxis Employee Option Plan
Value/ConsiderationNote: If consideration is non-cash, provide details andestimated valuation	Options were exercised for $0.3125 per ordinary share
No. of securities held after change	Ordinary shares held indirectly: 126,666Options over ordinary shares: 140,000Odi h hld ditl 100000
	rnary sares e recy: ,

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Nature of changeExample: on-market trade, off-market trade, exercise ofoptions, issue of securities under dividend reinvestment plan,participation in buy-back	Exercise of options granted under the PharmaxisEmployee Option Plan on 25 November 2010, with anexercise price of $0.3125 and an expiry of 3 July 2013.

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