SYNTARA LIMITED — Director's Dealing 2011

May 17, 2011

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18 May 2011

Manager of Company Announcements ASX Limited 20 Bridge Street Sydney NSW 2000

Dear Sir/Madam,

Pharmaxis Ltd ABN 75 082 811 630 (Company) Appendix 3Y - Change of Director’s Interest Notice: Dr Alan Robertson

We enclose an Appendix 3Y in relation to a sale of Pharmaxis Ltd ordinary shares by the Company’s Chief Executive Officer.

As further explanation to the market at this time, Dr Robertson has advised that the shares were sold in order to fund a tax liability arising from the exercise of expiring options in November 2009.

Yours sincerely

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Pharmaxis Ltd David McGarvey Chief Financial Officer/Company Secretary

Pharmaxis Ltd 20 Rodborough Road T 02 9454 7200 ABN 75 082 811 630 Frenchs Forest NSW 2086 F 02 9451 3622 Australia www.pharmaxis.com.au

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	Alan Duncan Robertson
Date of last notice	20 October 2010

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 the relevant
interest.
Date of change	17 May 2011
No. of securities held prior to change	Ordinary shares: 1,045,000
	Options over ordinary shares: 2,010,000
Class	Ordinary shares
Number acquired	Nil
Number disposed	500,000
Value/Consideration	$2.95 per ordinary share
Note: If consideration is non‐cash, provide details and estimated
valuation
No. of securities held after change	Ordinary shares: 545,000
	Options over ordinary shares: 2,010,000

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Nature of changeExample: on‐market trade, off‐market trade, exercise of options,issue of securities under dividend reinvestment plan, participation inbuy‐back	On-market trade

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?	No
If so, was prior written clearance provided to allow the tradeto proceed during this period?	N/A
If prior written clearance was provided, on what date was thisprovided?	N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011