Shareholders

	Ordinary Shares	ADS equivalents*
Issued Shares at 31 December 2011	305,890,989	20,392,733
Employee options at 31 December 2011	11,505,140	767,009
* One ADS (American Depositary Share) is equivalent to 15 ordinary shares

The top 20 Shareholders in Pharmaxis Ltd on 31 December 2011 are:

Name	Number	% Total
1. National Nominees Limited	50,419,561	16.5%
2. Citicorp Nominees Pty Limited	49,004,437	16.0%
3. JP Morgan Nominees Australia Limited	39,578,058	12.9%
4. HSBC Custody Nomiees (Australia) Limited	25,280,707	8.3%
5. JP Morgan Nominees Australia Limited (Cash Income A/C)	14,344,037	4.7%
6. Cogent Nominees Pty Limited	5,920,900	1.9%
7. Phillip Asset Management Ltd	3,377,319	1.1%
8. Citicorp Nominees Pty Limited (Colonial First State Inv A/C)	2,863,737	0.9%
9. Cogent Nominees Pty Limited	2,517,554	0.8%
10. Aust Executor Trustees NSW Ltd (TEA Custodians Limited)	2,480,307	0.8%
11. Mr Denis Michael Hanley	1,610,073	0.5%
12. The Australian National University	1,600,000	0.5%
13. Bond Street Custodian Ltd (Macquarie Smaller Co's A/C)	1,520,037	0.5%
14. UBS Nominees Pty Ltd	1,424,338	0.5%
15. MF Custodians Ltd	1,393,847	0.5%
16.RBC Dexia Investor Services Australia Nominees Pty Limited	1,266,926	0.4%
17. Capital Regional et Coopertif Desjardins	1,053,867	0.3%
18. Bond Street Custodians Limited (Macquarie Alpha Opport A/C)	940,188	0.3%
19. KFT Investments Pty Ltd	800,000	0.3%
20. Merrill Lynch (Australia) Nominees Pty Limited	761,864	0.3%

Pharmaxis has received the following substantial shareholder notices: