SYNTARA LIMITED — Major Shareholding Notification 2004

Sep 12, 2004

FORM 604 Corporations Act 2001 Section 671B

NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER

To:	Company Name/Scheme	Pharmaxis Limited
	ACN/ARSN	082 811 630
1.	Details of Substantial Holder(1)
	Name		Acorn Capital Limited
	ACN/ARSN (if applicable)	082 694 531
	There was a change in the interests of thesubstantial holder on		08-09-04
		24-06-04The previous notice was given to the company on
	The previous notice was dated		24-06-04

$\overline{2}$ . Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of Securities (4)	Previous notice		Present Notice
	Person's votes	Votina power (5)	Person's votes	Voting power (5)
Ordinary	6.686.800	6.19%	7,817,359	22%

$3.$ Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of	Person whose relevant	Nature of	Consideration given in	Class and number of	Person's votes
Change	interest changed	change $(6)$	relation to change (7)	securities affected	affected
28-06-04 to13-09-04	Acom Capital	Purchase	$576.891.55	.130.559	1 130.559

$\ddot{4}$ . Present relevant interests

Particulars of each relevant interests of the substantial holder in voting securities after the change are as follows:

Holder of Relevant Interest	Registered Holder ofSecurities	Person Entitled to beRegistered as Holder (8)	Nature of relevantinterest(6)	Class andNumber ofSecurities	Person's Votes
Queensland InvestmentCorporation	Queensland InvestmentCorporation			60.000	60.000
Military Superannuation &Benefits Board	National Nominees			300.000	300.000
Queensland LocalGovernmentSuperannuation	JP Morgan ChaseNominees			558.739	558.739
Health Super	National Nominees			792,955	792.955
Acom Capital MicrocapTrust	National Nominees			1,187,311	1.187.311
Commonwealth BankOfficers' SuperannuationFund	National Nominees			1.718.354	1.718.354
UniSuper	National Nominees			3.200.000	3.200.000

5. Changes in Associates

The persons who have become associates $(2)$ of, ceased to be associates, or have change the nature of their association $(9)$ with, the substantial holder in relation to voting interests in the company or scheme are as f

Name and ACN/ARSN (if applicable)	Name of Association

$\pmb{6}$ Addresses

The addresses of persons named in this form are as follows:

Name	Address
Queensland Investment Corporation	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
Military Superannuation & Benefits Board	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
Queensland Local Government Superannuation	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
Health Super	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
Acom Capital Microcap Trust	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
Commonwealth Bank Officers' Superannuation Fund	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
UniSuper	C/O Acom Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000

Signature

Print Name	BARRY FAIRLEY		Capacity Managing Director
Sign Here		Date	13-09-04