SYNTARA LIMITED — Major Shareholding Notification 2008

May 26, 2008

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Pharmaxis Ltd
ACN/ARSN	75 082 811 630
1. Details of substantial holder (1)
Name	Orbis Investment Management (Australia) Pty Ltd (Orbis Australia) and its related bodies corporate as set out inTable 1 of Annexure A (together Orbis Group), as investment manager for the funds or investment mandates listed atTable 2 of Annexure A
ACN/ARSN (if applicable)	112 316 168 (ACN of Orbis Australia)
There was a change in the interests of thesubstantial holder on	26 May 2008
The previous notice was given to the company on	22 April 2008
The previous notice was dated	22 April 2008

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
	Voting power (5)Person's votes.		Person's votes	Voting power (5)
Ordinary shares	34.797.713	17.89%	36,761,983	18.90%

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 change	Person whose relevantinterest changed	Nature ofchange (6)	Considerationgiven in relationto change (7)	Class and number ofsecurities affected	Person's votesaffected
See Annexure A. Tables 2and 3

4. Present relevant interests

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

Holder of relevant interest	Registered holder of	Person entitled to be	Nature of relevant	Class and number	Person's
	securities	registered as holder (8)	interest (6)	of securities	votes
Tables 2 and 4See Annexure A

5. Changes in association

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

Name and ACN/ARSN	Nature of association
I (if apolicable)
----------	---------------------------------------
________	$\overline{\phantom{a}}$

------------and 2SeeTablesAnnexure A---------- --.	--------------	--------
___------	The American Section	--The Second Contract of
service construction and construction

6. Addresses

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

The Second Contract of the Contract of The Tenants---------------------------------------Name.---	------Address
Orbis Group_________________________________	------------Challis ILevel 2House,Australia- U/1______	NSW 2000Martin Place 9Sydney

Signature

print name	Simon Marais

Director

sign hen

. Mar ai

date 27 May 2008

DIRECTIONS

• $(1)$ If there are a number of substantial holders with similar or related relevant interests (eg a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.
• $(2)$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• $(3)$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

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• $(4)$ The voting shares of a company constitute one class unless divided into separate classes.
• $(5)$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• $\left( 6 \right)$ include details of:
  • $(a)$ any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement, and
  • $(b)$ any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• $(7)$ Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• $(8)$ If the substantial holder is unable to determine the identity of the person (eg if the relevant interest arises because of an option) write "unknown"
• $(9)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

Pharmaxis Ltd ACN 75 082 811 630 THIS IS ANNEXURE A OF 4 PAGES REFERRED TO IN THE ABOVE FORM 604

Print name	Simon Marais	Director
Sign here	181 varans	Date 27 May 2008

Table 1 - Related bodies corporate

The following entities are associates of Orbis Australia and each other by virtue of being related bodies corporate. Orbis Holdings Limited Orbis World Limited Orbis Investment Management Limited (OIML) Orbis Asset Management Limited (OAML) Orbis Administration Limited Orbis Investment Research Limited Orbis Investment Management (MIS) Limited Triple Blue Holdings Limited Pictet Overseas Trust Corporation and Pictet Trustee Company SA Orbis Mansfield Street Properties Ltd Orbis Investment Management (BVI) Limited (OBIVL) Orbis Investment Advisory Pty Limited Orbis Holdings (Australia) Pty Limited Orbis Investment Management (Australia) Pty Limited Orbis Client Services (Canada) Limited Orbis Holdings (UK) Limited Orbis Investment Management (Europe) LLP

Table 2 - Funds

An entity within the Orbis Group acts as investment manager for some or all of the assets in the following funds.

No	Fund name	InvestmentManager	ReferenceCode	Registered Holder	Persons entitled to beregistered holder
1	Orbis MIS - Orbis/SMAustralia Equity Fund	OrbisAustralia	SMEF	HSBC Custody Nominees(Australia) Ltd as nominee ofSMEF	HSBC Custody Nominees(Australia) Ltd as nominee ofSMEF
2	Warakirri EndeavourFund	OrbisAustralia	SMWK	ANZ Nominees Ltd as nomineeof SMWK	ANZ Nominees Ltd as nomineeof SMWK
3	Orbis MIS - OrbisGlobal Equity Fund	OIML	GAPL	HSBC Custody Nominees(Australia) Ltd as nominee ofGAPL	HSBC Custody Nominees(Australia) Ltd as nominee ofGAPL
$\overline{\mathbf{4}}$	Orbis Global EquityFund Limited	OIML	OGEF	Citigroup PTY Ltd as nomineeof OGEF	Citigroup PTY Ltd as nomineeof OGEF
5	Orbis Optimal SA FundLimited	OIML	OSAP	Citigroup PTY Ltd as nomineeof OSAP	Citigroup PTY Ltd as nomineeof OSAP
6	Orbis SICAV-GlobalEquity Fund	OIML	SGPL	Citigroup PTY Ltd as nomineeof SGPL	Citigroup PTY Ltd as nomineeof SGPL
$\overline{7}$	Orbis Optimal GlobalFund LP	OAML	OOLP	HSBC Custody Nominees(Australia) Ltd as nominee ofOOLP	HSBC Custody Nominees(Australia) Ltd as nominee ofOOLP
8	GA Fund -L EquityDeep Value World TP	OIML	FWEF	ANZ Nominees Ltd as nomineeof FWEF	ANZ Nominees Ltd as nomineeof FWEF
9	Orbis Asia ex-JapanFund	OBVIL	XJPL	Citigroup PTY Ltd as nomineeof XJPL	Citigroup PTY Ltd as nomineeof XJPL

Table 3 - Change in relevant interest

Acquisition date	Reference code	Action	Number of security	Consideration
8-May-08	GAPL	Buy Long	95,488	$	162,263
7-May-08	GAPL	Buy Long	41,326	$	73,085
			136,814	$	235,348
7-May-08	SGPL	Buy Long	132,526	$	234.372
6-May-08	SGPL	Buy Long	177,500	$	314.992
			310,026	$	549,364
13-May-08	OSAP	Buy Long	74,095	$	121,516
18-Apr-08	SMWK	Buy Long	21,956	$	39,154
26-May-08	SMEF	Buy Long	184.178	$	270,465
23-May-08	SMEF	Buy Long	126,349		193,466
22-May-08	SMEF	Buy Long	46,729	$\frac{3}{3}$	73,248
21-May-08	SMEF	Buy Long	131,757	$	209,454
20-May-08	SMEF	Buy Long	43,535	$	69.438
19-May-08	SMEF	Buy Long	22,126		33632
16-May-08	SMEF	Buy Long	72,416		107,813
15-May-08	SMEF	Buy Long	150,000	$\begin{array}{c}\n\bullet \ \bullet \ \bullet\n\end{array}$	240,000
14-May-08	SMEF	Buy Long	98,851	$	159,644
7-May-08	SMEF	Buy Long	86,794	$	153,495
18-Apr-08	SMEF	Buy Long	458.644	$	817,900
			1,421,379	$	2,328,555
		TOTAL	1,964,270	$	3,273,936

Table 4 - Present relevant interest

$\hat{\boldsymbol{\gamma}}$

Refaranca code	Ordinary shares
XJPL	853,508
FWEF	373,300
GAPL	1,002,558
OGEF	17,449,990
OSAP	960.055
SGPL	3,588,812
SMEF	11,839,631
SMWK	444 124
OOLP	250,005
	36,761,983