SYNTARA LIMITED — Major Shareholding Notification 2011

May 25, 2011

		26-MAY-2011 17:17 FROM Fisher Funds Management	TO.ASX Company Ann	P.01
			fisher funds $\bar{\bullet}$
tax
To		The Manager, Company Announcements, ASX (0800 449 707)
From	Monique Bon
Subject		PXS – Form 605 Notice of Ceasing to be a substantial holder
Date	26 May 2011
	No. 3
(incl this sheet)

Dear Sir or Madam

Please find attached the above notice regarding Fisher Funds Management Ltd's interests inPharmaxis Limited. A copy of this notice has also been sent to the company.

Please feel free to contact me if you have any questions.

Kind regards Monique BonCompijance Manager

Fisher Funds Management Limited Tel +64 9 445 3377 Fax +64 9 489 7139 Freephone 0508 FISHER (0508 347 437) Level 2, 95 Hurstmere Road. PO Box 33 549 Takapuna Auckland 0740 New Zealand www.fisherfunds.co.nz

26-MAY-201117:18			FROM Fisher Funds Management	ТO		ASX Company Ann605	page 1/2	P.0215 July 2001
			Form 605Corporations Act 2001Section 671B
			Notice of ceasing to be a substantial holder
To Company Name/Scheme	Pharmaxis Limited
ACN/ARSN082 811 620
1. Details of substantial holder (1)
Name			Fisher Funds Management Limited (and associates as set out in Section 6)
ACN/ARSN (if applicable)	n/a
The holder ceased to be a
substantial holder on		25/05/2011
The previous notice was given to the company on		16/03/2011
The previous notice was dated		16/03/2011

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) 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 ofchange	Person whoserelevant interestchanged	Nature ofchange (4)	Considerationgiven in relationto change $(5)$	Class (6) andnumber ofsecuritiesaffected	Person's votesaffected
16/03/2011		On Market Purchase	$-$ $231,544.25	100,695 Ordinary
17/03/2011		lOn Market Purchase	$-$36,703.99$	15,930 Ordinary
18/03/2011	FisherFundsManagementLimited	lOn Market Purchase	$-$82.501.69$	35,000 Ordinary	Fisher
21/03/2011		On Market Sale	$-$ $62,628.02	27,371 Ordinary	Funds
15/04/2011		On Market Purchase	$92,962.42	-30,000 Ordinary	ManagementLimited
29/04/2011		On Market Purchase	$-$ $225,900.00	75,000 Ordinary
04/05/2011		On Market Purchase	$-$56.649.70$	20.000 Ordinary
25/05/2011		lOn Market Sale	$576,096.36	-700,000 Ordinary

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)_____________________________	------------------__Nature of association
No Change.-----	_______________-------N/A.
No Change--------	$-$----------N/A______------

4. Addresses

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

Name	Address
Fisher Funds Management LtdAttn: Glenn Ashwell	Level 2, 95 Hurstmere Rd, Takapuna, Auckland, New Zealand.Phone +64 9 484 0345 (DDI)
Aust Executor Trustees NSW Ltd <tea custodians<br="">Limited>	Locked Bag 4010 Queen Victoria Building Post Office Sydney, NSW 1230
Cogent Nominees Pty Ltd	Level 6, 60 Castlereagh Street, Sydney NSW 2000

Signature

26-MAY-2011 17:18 FROM Fisher Funds Management				TО	ASX Company Ann	P.03
	print name	Frank Jasper			capacity	Director
	sign here				date	26/05/2011

$\sim$ 1 $^{\circ}$

$\frac{1}{4}$

$\bar{\beta}$

$\sim$