SYNTARA LIMITED — Director's Dealing 2011

Dec 15, 2011

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 30/09/01 Amended 01/01/11

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.

We (the entity) give ASX the followingthe director for the purposes of section	information under listing rule 3.19A.2 and as agent for205G of the Corporations Act.
Name of Director	William Delaat
Date of last notice	24 October 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 indirect interest	Change in indirect interest	Change in indirect interest
Nature of indirect interest	Sharesacquired	by	Asgard		Capital
(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	ManagementLtdassuperannuation fund of		trusteewhich Mr			ofaDelaat
	is a member and a beneficiary
Date of change	16 December 2011
No. of securities held prior to change	Ordinary shares held indirectly: 25,000
	Optionsoverordinary			shares		held
	directly: 200,000
Class	Ordinary shares
Number acquired	8,334
Number disposed	NIL
Value/Consideration	A$1.05 per share
Note: If consideration is non‐cash, provide details and estimated
valuation

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change	Ordinary shares held indirectly: 33,334Optionsoverordinaryshareshelddirectly: 200,000
Nature of changeExample: on‐market trade, off‐market trade, exercise of options,issue of securities under dividend reinvestment plan, participation inbuy‐back	Subscription for shares in non renounceableentitlement offer.

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 to whichinterest related prior to changeNote: Details are only required for a contract inrelation to which the interest has changed
Interest acquired
Interest disposed
Value/ConsiderationNote: If consideration is non‐cash, provide detailsand an estimated valuation
Interest after change

Part 3 –[+] Closed period

Part 3 –+Closed period
Were the interests in the securities or contracts detailedabove traded during a+closed period where prior writtenclearance was required?	N/A
If so, was prior written clearance provided to allow the tradeto proceed during this period?
If prior written clearance was provided, on what date was thisprovided?

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011