SYNTARA LIMITED — Major Shareholding Notification 2012

May 9, 2012

Form 605

Corporations Law Section 671B

Notice of ceasing to be a substantial holder

To: Company Name/Scheme	PHARMAXIS LIMITED
ACN/ARSN	082 811 630
1. Details of substantial holder (1)
Name	UBS AG and its related bodies corporate
ACN/ARSN (if applicable):
The holder ceased to be a substantial shareholder on		7 May 2012
The previous notice was given to the company on		16 April 2012
The previous notice was dated		12 April 2012

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 of Change(4)	Considerationaiven inrelation tochange (5)	Class (6) andNumber ofsecurities affected	Person'svotesaffected
Please see Appendix A.

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:

$-$	-----
______	Nature of association
Name and ACN/ARSN (if applicable)	------
∣ N/A	N/A
_______	________

4. Addresses

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

Name	Address
Details of all UBS offices can be found through thefollowing link: http://apps.ubs.com/locationfinder

SIGNATURE

	Print Name: So Young Kim		Authorised signatory
Sign Here:		Date:	9 May 2012
Print Name:	Trish Lee	Capacity;	Authorised signatory

$\sim 10$

$\hat{\mathcal{A}}$

Contact details for this notice: -------------------------------------

Tiffany Leung Legal & Compliance (T) +852 2971 8042 (F) +852 2971 7895

$\mathcal{A}^{\mathcal{A}}$

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				PXS-Appendix A
Date of	Person whose relevant interest	Nature of Change	Consideration given in	Number of	Class
change	changed		relation to change	securities
$13 - Apr - 12$	UBS Global Asset Management Ltd	Buy	130,685	98,347	Ordinary
13-Apr-12	UBS Securities Australia Ltd	Buy	40,139	30,069	Ordinary
$13 - Apr - 12$	UBS Securities Australia Ltd	Sell	27,884	(21,067)	Ordinary
$16 - Apr - 12$	UBS Global Asset Management Ltd	Buy	498,486	385,008	Ordinary
16-Apr-12	UBS Securities Australia Ltd	Buy	12,960	9,931	Ordinary
$17 - Apr - 12$	UBS Securities Australia Ltd	Buy	34,851	30,000	Ordinary
17-Apr-12	UBS Securities Australia Ltd	Sell	267,868	(223,000)	Ordinary
$17 - Apr - 12$	UBS Securities Australia Ltd	Buy	22,484	18,055	Ordinary
$18 - Apr - 12$	UBS Securities Australia Ltd	Sell	29,860	(23, 612)	Ordinary
19-Apr-12	UBS AG, London Branch	Sell	1,375	(1, 125)	Ordinary
$19 - \overline{Apr-12}$	UBS Global Asset Management Ltd	Buy	17,232	14,062	Ordinary
19-Apr-12	UBS Securities Australia Ltd	Sell	20,244	(16, 546)	Ordinary
20-Apr-12	UBS Securities Australia Ltd	Sell	31,442	(24, 138)	Ordinary
$20 - Apr - 12$	UBS Securities Australia Ltd	Buy	164,842	124,400	Ordinary
$20 - Apr - 12$	UBS Securities Australia Ltd	Buy	74,529	56,577	Ordinary
20-Apr-12	UBS Securities Australia Ltd	Sell	2,564	(1,928)	Ordinary
23-Apr-12	UBS Securities Australia Ltd	Sell	5,385	(4,000)	Ordinary
23-Apr-12	UBS Securities Australia Ltd	Buy	7,370	5,500	Ordinary
$23 - Apr-12$	UBS Securities Australia Ltd	Buy	72,262	53,903	Ordinary
$23 - Apr - 12$	UBS Securities Australia Ltd	Sell	6,746	(5,072)	Ordinary
24-Apr-12	UBS Securities Australia Ltd	Buy	3,930	3,000	Ordinary
24-Apr-12	UBS Securities Australia Ltd	$\overline{\mathsf{Self}}$	56,191	(42, 887)	Ordinary
24-Apr-12	UBS Securities Australia Ltd	Sell	12,125	(9,252)	Ordinary
26-Apr-12	UBS Securities Australia Ltd	Sell	32,022	(24, 760)	Ordinary
$27 - \overline{Apr}$ -12	UBS Securities Australia Ltd	Sell	20,621	(15, 862)	Ordinary
30-Apr-12	UBS Global Asset Management Ltd	Buy	320,820	239,991	Ordinary
30-Apr-12	UBS Securities Australia Ltd	Sell	4,027	(3,000)	Ordinary
$1-May-12$	UBS Securities Australia Ltd	Sell	39,051	(30,000)	Ordinary
$1-May-12$	UBS Securities Australia Ltd	Sell	52,056	(39, 899)	Ordinary
$1$ -May-12	UBS Securities Australia Ltd	Buy	3,492	2,686	Ordinary
$2$ -May-12	UBS Securities Australia Ltd	Sell	6,500	(5,000)	Ordinary
$2-\text{May-12}$	UBS Securities Australia Ltd	Sell	3,505	(2,686)	Ordinary
2-May-12	UBS AG, Australia Branch	Stock returned	N/A	(352, 644)	Ordinary
$2$ -May-12	UBS AG, London Branch	Stock returned	N/A	(47, 356)	Ordinary
$3$ -May-12	UBS Securities Australia Ltd	Buy	31,085	23,847	Ordinary
$7$ -May-12	UBS Global Asset Management Ltd	Transfer Out	N/A	(244,057)	Ordinary
$7-May-12$	UBS Securities Australia Ltd	Sell	11,437	(8,900)	Ordinary
$7$ -May-12	UBS Securities Australia Ltd	Buy	17,307	13,550	Ordinary
7-May-12	UBS Securities Australia Ltd	sell	13,333	(10, 457)	Ordinary

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