SYNTARA LIMITED — Major Shareholding Notification 2007

Nov 26, 2007

ABN AMRO Tower Cnr Phillip & Bent Streets Sydney 2000 Australia

GPO Box 4675 Sydney NSW 1042 Australia

Telephone 61 2 8259 5000 Fax 61 2 8259 5444

Fax

Subject	Notice of initial substantial holder
Total number of pages	6 Including Cover
Date	27 November 2007
From	Oliver Bainbridge
Fax number	1900 999 279
Fax to	ASX Company Announcements

Dear Sir/Madam.

Pursuant to Section 671B of the Corporations Act 2001 (Cth), please find attached a Notice of initial substantial holder (Form 603) concerning a substantial holding of Pharmaxis Ltd (PXS) shares held by ABN AMRO Bank N.V. / RFS Holdings B.V.

This is a revised version of the initial notice provided on $15th$ October 2007. Changes reflect holdings held by ABN AMRO Bank N.V London Branch which were not included in the original calculations.

Yours faithfully,

offere

Oliver Bainbridge Director, Compliance

If all sheets are not received or you are not the intended recipient, please notify us immediately.

This message is intended only for the use of the individual or entity named above and may contain information that is confidential and privileged. If you are not the intended reciplent you are hereby notified that any dissemination, distribution, or copy of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by telephone and destroy the original message. Thank you.

ABN AMRO Australia Pty Limited (ACN 000 862 797)

Part of the ABN AMRO Australia / New Zealand Group.

603 page $1/2$ 15 July 2001

Form 603 Corporations Act 2001

Section 671B

Notice of initial substantial holder

To Company Name/Scheme	Pharmaxis Ltd
ACN/ARSN	082 811 630
1. Details of substantial holder (1)
Name	ABN AMRO Bank N.V., RFS Holdings B.V. and the entities listed in Annexure A (Additional Entities)
ACN/ARSN (If applicable)	N/A
The holder became a substantial holder on	11/10/07

2. Details of 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 on the date the substantial holder became a subetantial holder are as follows:

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
Ordinary	15.476.260	8.68%	18.66%$\cdots$

3. Details of relevant Interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
IABN AMRO Bank N.VKABN AMROManagementAsset[(Australia) Limited)	Investment Manager(Responsible Entity)	Ordinary shares 15,121,445
IABN AMRO Bank N.V(ABN AMRO Equities Australia Limited)	linvestment	Ordinary shares 39,000
ABN AMRO Bank N.V London Branch	linvestment	Ordinary Shares 315,815
Additional Entities	The Additional Entities are taken to:ihave an equivalent relevant interest toIABN AMRO Bank N.V. by operation ofsection 608(3) of the Corporations Actlas a result of RFS Holdings B.V.acquiring shares in ABN AMRO Bank.IN V.	15,470.260

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevantInterest	Registered holder ofsecurities	Person entitled to beregistered as holder (8)	Class and numberof securities
ABN AMRO Bank N.V.	Citicorp Nominees Pty. Ltd.	Citicarp Nominees Pty. Ltd.	1 549 135Ordinary shares
IABN AMRO Bank N.V.	IBNP Paribas	BNP Paribes	595.430Ordinary shares
ABN AMRO Bank N.V.	UP Morgan Nominees	JP Morgan Nominees	780.570Ordinary shares
IABN AMRO Bank N.V.	State Street Australia Nominees	iState Street Australia Nominees	2 965,884 Ordinary shares
IABN AMRO Bank N.V.	National Nominees	National Nominees	8 620 904Ordinary shares
IABN AMRO Bank N.V.	lGoldman Sachs Ltd.	Goldman Sachs Ltd.	34.130Ordinary sheres
IABN AMRO Bank N.V.	Lansforsakinger N. V.	ILansforsakinger N. V.	145.963Ordinary shares
IABN AMRO Bank N.V.	Westpac Custodian NomineesLtd.	Westpac Custodian NomineeslLtd.	429,420Ordinary shares

$\bar{z}$

JABN AMRO Bank N.V.	JABN AMRO Equities Australia	ABN AMRO Equities Australia	39.000
	Limited	Limitad	Ordinary shares
IABN AMRO Bank N.V. London	ABN AMRO Bank N.V. London	IABN AMRO Bank N.V. London	315.815
lBranch	lBranch	lBranch.	lOrdinary shares
Additional Entities	∣The Additional Entities are taken.ito have an equivalent relevantinterest by operation of s606(3) ofithe Comorations Act as a result of IRFS Holdings B.V. acquiringishares in ABN AMRO Bank N.V.

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevantinterest	Date of acquisition	Consideration (9)		Class and numberof securities
		Cash	Non-cash
JABN AMRO Bank N.V.	11 June 07 to 11 October 07	555.515.837.15		15 476 260
Additional Entities		Mon-cash – as a result of the[aperation of section 608(3)

15 July 2001 603 page 2/2

6. Accociates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
ABN AMRO Equities Australia Limited	Subsidiary
ABN AMRO Asset Management(Australia) Limited	Subsidiary

7. Addresses

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

Name	Address
ABN AMRO Bank N.V.	Level 22, 88 Phillip Street, Sydney NSW 2000
ABN AMRO Equities Australia Limited.	Level 22, 88 Phillip Street, Sydney NSW 2000
ABN AMRO Asset Management(Australia) Limited	Level 22, 88 Phillip Street, Sydney NSW 2000
ABN AMRO Bank N.V London Branch	250 Bishopgate London EC2m 4AA United Kingdom.
RFS Holdings B.V.	Strawinskylaan 3105, 1077 ZX Amsterdam, The Notherlands
The Royal Bank of Scotland Group plc.	Royal Bank of Scotland Group, 5th Floor, 260 Bishopsgate, London, EC2M &RB,United Kingdom
Fortis N.V.	Archimedesiaan 6, 3584 BA, Utrecht, The Netherlands
Forlis SA/NV	Rue Royale 20, 1000 Brussels, Belgium
Fortis Brussels	Rue Royale 20, 1000 Brussels, Belgium
Fortis Bank	Montagne du Parc 3, 1000 Brussels, Belgium
[Fortis Bank Nederland (Holding) N.V.	Archimedesiaan 6, 3564 BA, Utrecht, The Netherlands
Banco Santandar, S.A	Ciudad Grupo Santander, Edificio Pinar, Boadilla del Monte 28660, Madrid, Spain
Citicorp Nominees Pty. Ltd.	GPO Box 674G Melbourne VIC 3001
BNP Paribas Fund Services AustraliasiaPty. Ltd.	60 Castler eagh St. Sydney NSW 2000
JP Morgan Nominees	Level 32, Grosvenor Place, Sydney, NSW 2000
State Street Nominees	338 Pitt St., Sydney, NSW 2000
National Nominees	500 Burke St., Melbourne, VIC 3000
Goldman Sachs Ltd.	Level 16 101 Collins St. Melbourne, VIC 3000
Lansforsakinger N.V.	Birger Jarlsgatan 7, P.O. Box 70447 107 25 Stockholm, Sweden
Westpac Custodian Nominees Ltd.	60 Martin Place, Sydney, NSW 2009

$\overline{\phantom{a}}$

Signature

print name Martin Conley

Secretary of Local Agent, ABN AMRO Australia PtyLimited (ACN 000 862 797) and authorisedrepresentative of the Additional Entities. capacity

si.

gn here	__________________________________WWE	___	date	_______________________________________27/11/07	________	.
	------------------	_______________________________________,,,,,,,,,,		----

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 7 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 total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.
• $(6)$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• $(7)$ include details of:
  • any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 6716(4) applies, a copy of anydocument setting out the terms of any relevant agreement, and a statement by the perso $(a)$ scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
  • $(D)$ 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.

• $(6)$ 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."
• $(9)$ Details of the consideration must include any and all benefits, moneys and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Oetalis 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 relevent interest was acquired.

Annexure A

ABN AMRO Bank N.V. and RFS Holdings B.V.

Details of substantial holder

Entity	ACN/ARSN (If applicable)
RFS Holdings B.V.	N/A
The Royal Bank of Scotland Group plc (and its related bodies corporate)	N/A
Fortls N.V. (and its related bodies corporate)	N/A
Fortis SA/NV (and its related bodies corporate)	N/A
Fortis Brussels	N/A
Fortis Bank	N/A
Fortis Bank Nederland (Holding) N.V.	N/A
Banco Santander, S.A. (and its related bodies corporate)	N/A

(together the Additional Entitles)

This is Annexure A of 1 page referred to in the form 603 - Notice of Initial substantial holder.

Signed: N $\mathbf{a}$ Name: Martin Conley

Capacity: Secretary of Local Agent, ABN AMRO Australia Pty Limited (ACN 000 662 797) and authorised representative of the AdditionalEntities.

Date: 27.11.07

$\cdot$