SYNTARA LIMITED — Share Issue/Capital Change 2009

Sep 3, 2009

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4 September 2009

Manager of Company Announcements Australian Stock Exchange Exchange Centre Level 3 20 Bridge Street Sydney NSW 2000

Dear Sir/Madam,

Proposed Issue of Securities to Non Executive Director

In accordance with Listing Rule 3.10.3, Pharmaxis advises that the directors have resolved to grant 30,000 fully paid but restricted ordinary shares to Mr Richard van den Broek, in connection with his appointment as a Non Executive Director earlier this year.

Historically, it has been the Board’s practice to grant 200,000 options to non executive directors upon their appointment as part of their compensation package. These options vested over four years. Following a review of equity based remuneration, in place of options the Board has now adopted the policy of granting newly appointed directors, subject to shareholder approval in each instance, 30,000 fully paid restricted ordinary shares for nil consideration which do not vest until the third anniversary of the director’s appointment.

third anniversary of the director’s	appointment.
Class of security	Fully paid restricted Pharmaxis Ltd ordinaryshares
Number to be issued	30,000
Vesting	The restricted shares will not able to be traded and will not
	vest in Mr van den Broek for a period of 3 years from the
	date of his appointment as a director. The shares will not
	vest if Mr van den Broek ceases to be a director during this
	time.
Restrictions	As long as Mr van den Broek remains a director of the
	Company, the restricted shares may only be traded with the
	prior approval of the Board.
Shareholder approval	Shareholder approval will be sought at the 2009 Annual
	Meeting.
Purpose of issue	Issued as part of Mr van den Broek’s compensation following
	his appointment to the Board earlier in theyear.
Issue to class	No

Further details will be included in the notice of meeting for the 2009 Annual General Meeting.

Pharmaxis Ltd Unit 2, 10 Rodborough Road T 02 9454 7200 ABN 75 082 811 630 Frenchs Forest NSW 2086 F 02 9451 3622 Australia www.pharmaxis.com.au

The Company will lodge the relevant Appendix 3B when required by the Listing Rules of Australian Securities Exchange.

Sincerely,

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David McGarvey Company Secretary