SYNTARA LIMITED — Director's Dealing 2011

Aug 7, 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	Malcolm John McComas
Date of last notice	28 June 2011

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 and indirect interests
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Shares acquired by Bunyula Super Pty Ltdatf Bunyula Superannuation Fund of whichMr McComas is a potential beneficiary.Shares acquired by McComas Capital Pty Ltdatf McComas Family Trust of which MrMcComas is a potential beneficiary.
Date of change	On 4 August 2011 Mr McComas exercised100,000 options granted to him under thePharmaxis Employee Option Plan. On 5AugustMrMcComastransferredtheordinary shares obtained on exercise of theoptions from a direct holding to an indirectholding.
No. of securities held prior to change	Ordinary shares held indirectly: 226,666Options over ordinary shares: 140,000Ordinary shares held directly: Nil
Class	Ordinary shares and unlisted options overordinary shares

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Number acquired	1. Acquisition of 100,000 ordinary
	shares upon exercise of options
	grantedunderthePharmaxis
	Employee Option Plan.
	2. Off-markettransferof100,000
	shares from direct holding to indirect
	holding.
Number disposed	1. Exercise of 100,000 options granted
	underthePharmaxisEmployee
	Option Plan.
	2. Off-markettransferof100,000
	shares from direct holding to indirect
	holding.
Value/Consideration	1. Options were exercised for $0.3125
Note: If consideration is non‐cash, provide details and estimatedvaluation	per ordinary share
	2. Off market transfer: $81,000
No. of securities held after change	Ordinary shares held indirectly: 326,666
	Options over ordinary shares: 40,000
	Ordinaryshares held directly: Nil
Nature of change	1. Exercise of options granted under the
Example: on‐market trade, off‐market trade, exercise of options,issue of securities under dividend reinvestment plan, participation inbuy‐back	Pharmaxis Employee Option Plan on25 November 2010, with an exercise
	price of $0.3125 and an expiry of 3
	July 2013.
	2. Off-markettransferof100,000
	shares from direct holding to indirect
	holding.

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 which
interest related prior to change
Note: Details are only required for a contract in
relation to which the interest has changed
Interest acquired
Interest disposed

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Value/Consideration Note: If consideration is non‐cash, provide details and an estimated valuation Interest after change

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed abovetraded during a+closed period where prior written clearance wasrequired?	No
If so, was prior written clearance provided to allow the trade toproceed during this period?	N/A
If prior written clearance was provided, on what date was thisprovided?	N/A

• See chapter 19 for defined terms.

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