SYNTARA LIMITED — Major Shareholding Notification 2017

Mar 30, 2017

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Pharmaxis Ltd
ACN/ARSN/ABN	75 082 811 630
1. Details of substantial holder (1)
Name	Allan Gray Australia Pty Ltd (Allan Gray Australia) and its related bodies corporate as set out in Table 1 of AnnexureA (together the Group), as investment manager for the funds or investment mandates listed at Table 2 of Annexure A
ACN/ARSN (if applicable)	112 316 168 (ACN of Allan Gray Australia)
There was a change in the interests of thesubstantial holder on	29 March 2017
The previous notice was given to the company on	27 September 2016
The previous notice was dated	27 September 2016

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	53,999,216	17.02%	46,953,709	14.71%

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
See Annexure A, Tables 2 and 4

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 (if applicable)	Nature of association
See Annexure A, Tables 1 and 2

6. Addresses

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

Name	Address
Orbis Group	C/- Orbis Australia, Level 2 Challis House, 4 Martin Place Sydney , NSW 2000

Signature

print name	Eugene Tan	Company Secretary
sign here		date 31 March 2017

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.
• (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 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 082 811 630

THIS IS ANNEXURE A OF 2 PAGES REFERRED TO IN THE ABOVE FORM 604

Print name	Eugene Tan	Company Secretary
Sign here		Date 31 March 2017

Table 1 – Related bodies corporate

The following entities are associates of Allan Gray Australia Pty Ltd (AGA) and each other by virtue of being related bodies corporate.

Orbis Allan Gray Limited Orbis Mansfield Street Properties Ltd Orbis Holdings Limited Orbis Investment Management (BVI) Limited (OIMLBVI) Orbis Investment Management Limited (OIML) Orbis Investment Advisory Pty Limited Orbis Asset Management Limited (OAML) Allan Gray (Holdings) Pty Ltd Orbis Administration Limited Orbis Investment Advisory (Hong Kong) Limited Orbis Investment Research Limited Orbis Client Services (Canada) Limited Orbis Investment Management (MIS) Limited Orbis Holdings (UK) Limited Triple Blue Holdings Limited Orbis Investment Management (Europe) LLP Pictet Overseas Trust Corporation and Pictet Trustee Company SA Orbis Investment Management (Luxembourg) S.A

Table 2 - Funds

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

No	Fund name	Manager	Code	Registered holder	Persons entitled to be registeredholder
1.	Allan Gray Australia Equity Fund	AGA	SMEF	Citibank N.A., Sydney Branch asSMEF's custodian	Equity Trustees Limited as SMEF'sresponsible entity
2.	Allan Gray Australia BalancedFund	AGA	SMBF	Citibank N.A., Hong Kong Branch asSMBF's custodian	Equity Trustees Limited as SMBF'sresponsible entity
3.	Allan Gray Australia OpportunityFund	AGA	SMSF	Citibank N.A., Sydney Branch asSMSF's custodian	Equity Trustees Limited as SMSF'sresponsible entity
4.	Warakirri Australian EquitiesPensions and Charities Fund	AGA	SMWA	ANZ Nominees Ltd as SMWA'scustodian	Warakirri Asset Management Pty LtdSMWA's trustee
5.	Morningstar Australian SharesHigh Alpha Fund	AGA	SMIA	JP Morgan Nominees Australia Ltd asSMIA's custodian	Morningstar Investment ManagementAustralia Limited SMIA's trustee
6.	Construction and Building UnionsSuperannuation Fund	AGA	SMCB	NAB Custodial Services as SMCB'scustodian	United Super Pty Ltd as SMCB's trustee
7.	HESTA Superannuation Fund	AGA	SMHT	JP Morgan Nominees Australia Ltd asSMHT's custodian	H.E.S.T. Australia Ltd as SMHT's trustee
8.	Hostplus Pooled SuperannuationTrust	AGA	SMHP	Citibank N.A., Sydney Branch asSMHP's custodian	Host Plus Pty ltd as SMHP's trustee
9.	Russell Australian OpportunitiesFund	AGA	SMRI	State Street Australia Ltd asSMRI'scustodian	Russell Investment Management Ltd asSMRI's responsible entity
10.	MyLifeMyMoney SuperannuationFund	AGA	SMCS	NAB Custodial Services as custodianfor SMCS	CSF Pty Ltd as SMCS's trustee
11.	Maritime Super	AGA	SMMS	NAB Custodial Services as custodianfor SMMS	Maritime Super Pty Ltd as SMMS'strustee
12.	Non-Government SchoolsSuperannuation Fund	AGA	SMNG	State Street Australia Ltd as SMNG'scustodian	Non-Government SchoolsSuperannuation Fund Pty Ltd asSMNG's trustee
13.	REST Superannuation Fund	AGA	SMRT	State Street Australia Ltd as SMRT'scustodian	Retail Employees Superannuation PtyLtd as SMRT's trustee
14.	Government EmployeesSuperannuation Board	AGA	SMGB	Northern Trust Corporation as SMGB'scustodian	Government Employees SuperannuationBoard
15.	Orbis Global Equity Fund(Australia Registered)	OIML	GAPL	Citibank N.A., Hong Kong Branch, asGAPL's custodian	Equity Trustees Limited as GAPL'sresponsible entity
16.	Orbis Emerging Markets EquityFund (Australia Registered)	OIML	EMAF	Citibank N.A., Hong Kong Branch, asEMAF's custodian	Equity Trustees Limited as EMAF'sresponsible entity

No	Fund name	Manager	Code	Registered holder	Persons entitled to be registered
					holder
17.	Orbis Global Equity LE Fund	AGA	GALE	Citibank N.A., Hong Kong Branch, as	Equity Trustees Limited as GALE's
	(Australia Registered)			GALE's custodian	responsible entity
18.	Orbis Global Equity Fund Limited	OIML	OGEF	Citigroup Fund Services Canada, Inc	OGEF
				(Citi Canada) as OGEF's custodian
19.	Orbis Optimal SA Fund Limited	OIML	OSAP	Citi Canada as OSAP's custodian	OSAP
20.	Institutional Global Equity Fund	OIML	IGEF	Citi Canada as IGEF's custodian	IGEF
21.	Orbis Optimal LP	OIML	OOLP	Citi Canada as OOLP's custodian	OOLP
22.	Orbis International Equity LP	OIML	IELP	Citi Canada as IELP's custodian	IELP
23.	Orbis Institutional Global Equity	OIML	OGLP	Citi Canada as OGLP's custodian	OGLP
	LP
24.	Orbis Institutional International	OIML	ONLP	Citi Canada as ONLP's custodian	ONLP
	Equity LP
25.	Orbis Institutional U.S. Equity LP	OIML	USLP	Citi Canada as USLP's custodian	USLP
26.	Orbis Institutional Emerging	OIML	EMLP	Citi Canada as EMLP's custodian	EMLP
	Markets Equity LP
27.	Orbis SICAV – Global Equity	OIML	SGPL	Citibank International plc (Luxembourg	SGPL
	Fund			Branch) (Citi Lux) as SGPL's
				custodian
28.	Orbis SICAV – Emerging Markets	OIML	XJPL	Citi Lux as XJPL's custodian	XJPL
	Fund
29.	Orbis SICAV – Global Balanced	OIML	GBSA	Citi Lux as GBSA's custodian	GBSA
	Fund
30.	Orbis SICAV – International	OIML	SNPL	Citi Lux as SNPL's custodian	SNPL
	Equity
31.	Orbis OEIC Global Equity Fund	OIML	UKGE	Citi Lux as UKGE's custodian	UKGE
32.	Orbis Institutional Global Equity	OIML	OGEO	Citi Canada as OGEO's custodian	OGEO
	(OFO)

Table 3 – Change in relevant interest

Trade Date	Reference Code	Action	No of security	Consideration
02 Dec 16 to 29 Mar 17	GALE	Buy and Sell	0	-$ 9,271
02 Dec 16 to 29 Mar 17	GAPL	Sell	-1,821,005	-$ 483,995
21 Oct 16 to 29 Mar 17	IGEF	Sell	-1,491,056	-$ 404,011
06 Jan 17 to 29 Mar 17	OGEF	Sell	-3,386,198	-$ 960,373
06 Jan 17	OGEO	Buy	2,335,976	$ 677,433
21 Oct 16 to 29 Mar 17	OGLP	Buy and Sell	-578,155	-$ 153,056
22 Feb 17 to 29 Mar 17	SGPL	Sell	-1,079,302	-$ 291,527
28 Sep 16 to 05 Oct 16	SMNG	Sell	-1,025,767	-$ 278,698
	Total		-7,045,507	-$ 1,903,499

All trades on market unless otherwise indicated

Table 4 – Present relevant interest

Reference Code	Total no of securities
GAPL	603,434
IGEF	4,398,923
OGEF	11,879,298
OGEO	2,335,976
OGLP	2,570,484
OOLP	147,969
OSAP	1,163,819
SGPL	1,468,408

SMCB	4,861,503
SMCS	1,817,793
SMEF	7,199,801
SMHP	2,841,907
SMHT	2,811,132
SMIA	526,716
SMMS	1,813,992
SMRI	389,568
SMWA	122,986
Total	46,953,709