SYNTARA LIMITED — Major Shareholding Notification 2011

Feb 13, 2011

$14-Feb-11$

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 Ceasing to be a Substantial Holder (Form 605) in respect of PHARMAXIS LIMITED (PXS).

Yours faithfully

Mike Cowin Director

Northcape Capital Ply Ltd Level 23, Australia Square, 264 George Street Sydney NSW 2000 P +61 2 9220 3300 F +61 2 92472801 invest@hachcape.com.au ABN 23-1-8-390-247

14 Feb 2011 4:07HM HP LASERJET FAX

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Form 605Corporations Act 2001Section 671B
Notice of ceasing to be a substantial holder
To Company Name / Schama	PHARMAXIS LTD
ACN / ARSN	082 811 630
1. Detail of Substantial Shareholder (1)
Name.	NORTHCAPE CAPITAL PTY LTD
ACN / ARSN (if Applicatie)	106 390 247
The holder ceased to be a substantial holder on	11/02/2011
The previous notice was given to the company on	14/01/2011

The privious notice was dated

2. Changes in relevant interests

Perticulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting accurities of the company or scheme, since the substantial holder was last required to give a substantial holding no

14/01/2011

Date of Change	Person whose relevantinterest changed	Nature of change (4)	! Consideration given in relation [to change (6)	Cless (8) and Number ofsecurities affected	Person's votes affected
IVARIOUS.	Northcape Capital	Purchases	171.944.01	57.232	57.232
IVARIOUS	Ptv Ltd	Sales	109.104.25	36.726	36,726

3. Changes in Association

The persons who have become associates (3) of, cassed to be associates of, or have changed the nature of their association (7) with, the aubatantial holder in relation to voting interests in the company or echame are as follows:

Name and ACN/ARSN (if applicable)	.__Nature of Association
----
	---

4. Addresses

The addresses of persons in this form are as follows:

Name	.*dress
Northcape Capital Pty Ltd	L23 Australia Square, 264 George St, Sydney NSW 2000

Signature

- -	Print Name	MIKE COWIN		Capacity	DIRECTOR
	Sign Here	Лli		7Date	AI.

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DIRECTIONS

(1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related comporations, 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 4 of the form.

(2) See the definition of "relevant interest" in asctions 608 and 671B(7) of the Corporations Act 2001.

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

(4) 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 relevent 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.

(5) 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 entitied to receive in relation to that acquisition. Details must be included evan if the banefit is conditional on the happening or not of a condigency. 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.

(6) The voting shares of a company constitute one class unless divided into separate classes.

(7) Give details, if appropriate, of the present saadclation and any change in that association since the lest substantial holding notice.

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