SYNTARA LIMITED — Major Shareholding Notification 2011

Mar 2, 2011

03-Mar-11

Company Announcements Australian Stock Exchange Limited 20 Bridge Street Sydney NSW 200

Fax: 1300 135 638

Dear Sir/Madam

Substantial Shareholder Notice

In accordance with section 671B(3) of the Corporations Act 2001 (Cth), I attach a Notice of Initial Substantial Holder (Form 603) in respect of PHARMAXIS LTD

المتاريب والمتهم المتمام والمتار

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Yours faithfully

:ladCe $\prime$

Mike Cowin Director

Northcape Copital Pty Ltd Level 23, Australia Square, 264 George Street Sychey NSW 2000 P +61 2 9220 3300 F +61 2 92472801 hvest@narthcape.com.cu Abries 196 and 247

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Form 603 Corporations Act 2001 Section 671B

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Notice of Initial Substantial Holder

To Company Name / Scheme PHARMAXIS LTD

ACN / ARSN

082 811 830

1. Detail of Substantial Shareholder (1)

Name	NORTHCAPE CAPITAL PTY LTD
ACN / ARSN (If Applicable)	106 300 247
The holder become substantial shareholder on	01/03/2011

2. Detaile of Voting Power

The total number of votes attached to ell the voting shares in the company or voting interests in the scheme that the adoptantial holder or an associate (2) had a relevant interest (3) In on the date the substantial holder beceme a substantial holder are as follows:

Cleas of Securities (4).	Number of Securities	Person's Votes (5)	Voting Power (6)
Ordinary	11,546,697--- -	11,546.897	5 OB X.

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.	Natura of ralevant interest (7)	Class and Number of securities
Northcape Capital Pty Ltd	Power to vote and dispose of shares in the†capacity as investment manager for several.	11.546.697
	wholesala investoral

4. Details of present registered holders

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

Holder of relevant securities	Registered holder of securities	Person entitled to be registered as holder (Cless and number of securities
iSee Annexure 1

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 relevent interest----	Type	Data oflegguisiden.	Consideration (9)		Class and number of securities
			Cash	Non-cash
	Purchases	Various	$2,094,421.55		767.800
Northcape Capital Pty Ltd	Sales	Various	$-5$ 1,449,161.60		504 302-----

6. Associates

The reasons the persons nemed in paragraph 3 above are associates of the substantial hotder are as follows:

Name and ACN/ARSN (if applicable) Nature of association
	------
	---------------------------------------

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7. Addressees

The addresses of persons in this form are as follows:

Northcape Capital Pty Ltd	L23 Australia Square, 264 George St, Sydney NSW 2000
	----

Signature
	Print Name	Mike Cowin	Capacity	DIRECTOR
	Sign Here		Date	03/03/2011
		L.
		_________

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 amexure to the form. If the relevent interests of a group of persons are essentially similar, they may be referred to throughout the form as a spacifically named group if the membership of each group, with the names and addresses of members is clearly set out in peregraph 7 of the form.

(2) See the definition of "associate" in section 9 of the Corporations Act 2001.

(3) See the definition of "relevent interest" in sections 606 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 tn.

(8) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

(7) include details of:

(a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document satting 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 perticular securities to which the qualification applies). See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

(8) if the substantial holder is unsole 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, 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. Datails must be included even if the banefit 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 parson from whom the relevant interest was acquired.

Annexure 1

The persons registered as holders of the securities

Holder ofrelevant interest	securities	Registered holder of Person entitled to beregistered as holder	Nature of relevantinterest	Class and number of securities		Person's votes
NorthcapeCapital Pty Ltd	BNP ParibasSecurities ServicesLtd	BNP ParibasSecurities ServicesLtd	Power to vote anddisposo of shares inthe capacity asinvestment manager	Ordinary FullyPaid	554, 841	664,641
NorthcapeCapital Pty Ltd	HSBC CustodyLtd	HSBC CustodyNominees (Australia) Nominees (Australia)Ltd	Power to vote anddispose of shares inthe capacity asinvestment manager	Ordinary FullyPaid	1.194.645	1.194.645
NorthcapeCapital Pty Ltd	Australia Ltd	JP Morgan Nominees JP Morgan NomineesAustralia Ltd	Power to vote anddispose of shares inthe capacity asinvestment manager	Ordinary FullyPaid	8,136,521	6,136,521
NorthcapeCapital Pty Ltd	National NomineesLtd	National NomineesLtd	Power to vote anddispose of shares inthe capacity asinvestment manager	Ordinary FullyPaid	2.584.670	2.584.670
NorthcapeCapital Pty Ltd	RBC Dexia InvestorServices Trust	RBC Dexia InvestorServices Trust	Power to vote anddispose of shares inthe capacity asinvestment manager	Ordinary FullyPaid	897,821	897.621
Northcape Capital Pty Ltd	Limited	State Street Australia State Street AustraliaLimited	Power to vote anddispose of shares inthe capacity asinvestment manager	Ordinar y FullyPaid	178,599	178.599

Northcape Capilal Pty Ltd Level 23, Australia Square, 264 George Street Sydney NSW 2000P +61 2 9220 3300 F +61 2 924728Cl invest@northcape.com.au ABN 53104 390 247