Trading Update RARE HOLDINGS LIMITED (Incorporated in the Republic of South Africa) Registration Number: 2002/025247/06 Share Code: RAR ISIN: ZAE000092714 ("Rare" or "the Company") TRADING UPDATE In accordance with paragraph 3.4(b) of the Listing Requirements of the JSE Limited, companies are required to inform shareholders as soon as there is a reasonable degree of certainty that the earnings of the company are likely to vary by more than 20% compared to the previous reporting period. Shareholders are hereby advised that the basic loss per share is expected to be between 26 and 32 cents per share and the headline loss per share is expected to be between 22 cents and 28 cents per share, compared to the basic loss per share of 101.31 cents and headline loss per share of 73.18 cents, reported for the previous comparable period, ended 30 June 2011, as restated on SENS on 27 September 2012. The basic loss per share from continuous operations is expected to be between 25 cents and 31 cents per share and the headline loss per share from continuous operations is expected to be between 22 cents and 27 cents compared to the basic loss per share from continuous operations of 77.78 cents and headline loss per share from continuous operations of 49.65 cents, reported for the previous comparable period ended 30 June 2011, as restated on SENS on 27 September 2012. The information in this trading statement has not been reviewed by the Company’s external auditors. Johannesburg 27 September 2012 Designated advisor: PSG Capital (Pty) Limited Date: 27/09/2012 05:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.