SYNTARA LIMITED — Major Shareholding Notification 2011

Jun 15, 2011

$\sim 100$

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	14 June 11
The previous notice was given to the company on	22 April 10
The previous notice was dated	22 April 10

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	Voting power (5)	Person's votes	Voting power (5)
Ordinary shares	37.675.014	16.72%	40,729,893	17.84%

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 ofsecurities	Person entitled to beregistered as holder (8)	Nature of relevantinterest (6)	.Class and numberof securities---_____________________	Person'svotes
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:

----------------	' association
Name and ACN/ARSN (if a	Nature
f apolicable	. W
___------------.Tablesand 2Annexure A.	___________________

---	-------------------------------------------	----------__	-----	__
	.___	__	____	-------	_____

6. Addresses

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

----__NamePARALLE	__.Address
__Orbisour____.	PERSONAL PROPERTY AND ------_--------Challis HMar2000NSWevel 2HOUSEOrbis AustraliaTHE THEFTA APT.

Signature

print name	Simon Marais------	Director
sign here	of larano________	date 16 June 11---

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 Comorations Act 2001.
• $(3)$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• $(4)$ 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.
• $(6)$ Include details of:
  • $(a)$ any relevant agreement or other droumstances 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 entitied 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.
• If the substantial holder is unable to determine the identity of the person (eg if the relevant interest arises because of an option) $(8)$ 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 2 PAGES REFERRED TO IN THE ABOVE FORM 604

Print name	Simon Marais	----------Director---------
Sign here	r famus$\overline{\phantom{a}}$	Date 16 June 11

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 Table 2 - Funds

Orbis Mansfield Street Properties Ltd Orbis Investment Management (BVI) Limited (OBIVL) Orbis Investment Advisory Pty Limited Orbis Holdings (Australia) Pty LimitedOrbis Holdings (Australia) Pty LimitedOrbis Investment Management (Australia) Pty Limited Orbis Client Services (Canada) Limited Orbis Holdings (UK) Limited

Orbis Investment Management (Europe) LLP Orbis Investment Advisory (Hong Kong) Limited

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 be registeredholder
1	Orbis MIS - Orbis/SMAustralia Equity Fund	Orbis Australia	SMEF	Citigroup N.A (Citi) as nominee ofSMEF	Citi as nominee of SMEF
2	Warakini Endeavour Fund	Orbis Australia	SMWK	ANZ Nominees Ltd as nominee ofSMWK	ANZ Nominees Ltd as nominee ofSMWK
3	Orbis MIS - Orbis GlobalEquity Fund	OIML	GAPL	SSAL as nominee of GAPL	SSAL as nominee of GAPL
4	Orbis Global Equity FundLimited	OIML	OGEF	Citigroup Pty Ltd as nominee ofOGEF	Citigroup Pty Ltd as nominee ofOGEF
5	Orbis Optimal SA FundLimited	OIML.	OSAP	Citigroup Pty Ltd as nominee ofOSAP	Citigroup Pty Ltd as nominee ofOSAP
6	Orbis SICAV -- Global EquityFund	OIML	SGPL	Citigroup Pty Ltd as nominee ofSGPL	Citigroup Pty Ltd as nominee ofSGPL
$\overline{7}$	Orbis Optimal Global Fund LP	OAML	OOLP	Citigroup Pty Ltd as nominee ofOOLP	Citigroup Pty Ltd as nominee ofOOLP
8	Orbis Asia ex-Japan Fund	OBVIL	XJPL	Citigroup Pty Ltd as nominee ofXJPL	Citigroup Pty Ltd as nominee ofXJPL
9	Intech Australian Shares HighAlpha Trust	Orbis Australia	SMIA	JP Morgan Nominees AustraliaLtd as nominee of SMIA	JP Morgan Nominees Australia Ltdas nominee of SMIA
10	Construction and BuildingUnions Superannuation Fund	Orbis Australia	SMCB	National Nominees (NABCustodian Services) as nomineefor SMCB	NAB Custodian Services as nomineefor SMCB
11	HESTA Superannuation Fund	Orbis Australia	SMHT	JP Morgan Nominees AustraliaLtd as nominee of SMHT	JP Morgan Nominees Australia Ltdas nominee of SMHT
12	Hostplus SuperannuationFund	Orbis Australia	SMHP	JP Morgan as nominee of SMAU	JP Morgan Nominees Australia Ltdas nominee of SMAU
$\overline{13}$	Russell AustralianOpportunities Fund	Orbis Australia	SMRI	SSAL as nominee of SMRI	SSAL as nominee of SMRI
14	Orbis International Equity LP	OAML	IELP	Citigroup Pty Ltd as nominee ofIELP	Citigroup Pty Ltd as nominee of IELP
15	Catholic Superannuation Fund	Orbis Australia	SMCS	NAB Custodian Services	NAB Custodian Services
16	Orbis US Equity Fund LP	OAML	USLF	Citigroup Pty Ltd as nominee ofIELP	Citigroup Pty Ltd as nominee of IELP
$\overline{17}$	Qantas Superannuation Plan	Orbis Australia	SMQS	JP Morgan Nominees AustraliaLtd as nominee of SMQS	JP Morgan Nominees Australia Ltdas nominee of SMOS
$\overline{18}$	Maritime Super	Orbis Australia	SMMS	NAB Custodian Services asnominee for SMMS	NAB Custodian Services as nomineefor SMMS
$\overline{19}$	Warakirri Australian EquitiesPensions and Charities Fund	Orbis Australia	SMWA	ANZ Nominees Ltd as nominee ofSMWA	ANZ Nominees Ltd as nominee ofSMWA
$\overline{20}$	Non Government SchoolsSuperannuation Fund	Orbis Australia	SMNG	SSAL as nominee for SMNG	SSAL as nominees for SMNG
$\overline{21}$	Orbis/SM Australia StableFund	Orbis Australia	SMSF	Citl as nominee for SMSF	Citi as nominee for SMSF

$\mathbf{r}$

Table 3 - Change in relevant interest

$\hat{A}$ and $\hat{A}$ $\frac{1}{4}$

Trade date	Reference code	Action	Total no of securities		Consideration
6 May 10 to 14 June 11	SMCB	Buy and sell	691,060	$	559,077
22 April 10 to 14 June 11	SMCS	Buy and sell	$-50.926$	-$	450,750
9 June 10 to 14 June 11	SMEF	Buy and sell	$-700,923$	-$	1,998,701
23 June 10 to 14 June 11	SMHP	Buy	1,102,235	$	2,196,451
22 April 10 to 14 June 11	SMHT	Buy and sell	60,703	-$	680,480
22 April 10 to 3 June 11	SMIA	Buy and sell	$-89,871$	$\overline{\mathbf{3}}$	586,784
19 May 10 to 25 Jan 11	SMRI	Buy and sell	$-30.375$	-$	139,697
31 May 10 to 18 Aug 10	SMWK	Buy and sell	$-2,420$	-$	10,525
5 May to 11 Nov 10	FWEF (Fortis DeepValue World Fund)	Sell and terminationof association	$-334,160$	-$	970,721
4 May 10	OGEF	Sell	$-1,400,000$	-5	4.340,000
24 Sept 10 to 14 June 11	SMNG	Buy	1516,126	$	2,911,783
25 June 10 to 2 June 11	SMMS	Buy	1,087,163	$	2,185,672
21 April 10 to 1 Oct 10	SMQS	Sell	1.185,881	$	3,498,136
24 Aug 10 to 15 Sept 10	SMWA	Buy	20,386	$	41,332
			3,054,879	$	2,214,795

All trades on market unless otherwise indicated or as applicable.

Table 4 - Present relevant interest

Reference code	Total no of securities
GAPL	1,105,707
OGEF	16,752,971
OSAP	1,058,831
SGPL	4,140,979
SMCB	2,939,901
SMCS	1,177,870
SMEF	4,315,919
SMHP	1,772,228
SMHT	2,435,052
SMIA	704,450
SMRI	492,747
SMWK	23,682
SMWA	20,386
SMMS	1,087,163
SMNG	1,516,126
SMQS	1,185,881
	40,729,893