Results of Claw-back Offer RARE HOLDINGS LIMITED (Incorporated in the Republic of South Africa) Registration Number: 2002/025247/06 Share Code: RAR ISIN: ZAE000092714 ("the Company" or "RARE") RESULTS OF THE CLAW-BACK OFFER 1. INTRODUCTION Shareholders are referred to the announcement released on SENS on 24 August 2012 and the circular to shareholders dated 10 September 2012, setting out details of a Subscription by Mr. Thembinkosi Siyolo or his nominee Doculate Investments Proprietary Limited (“the Subscriber”) for the right to be allotted 1 250 000 000 new ordinary shares ("Shares") at 8 cents per Share ("the Subscription") and a renounceable Claw- Back Offer (“the Claw-Back Offer") to RARE shareholders. In terms of the Claw-Back Offer, RARE offered for Subscription by way of letters of allocation to its shareholders recorded in the register as such on Friday, 7 September 2012 ("the Record Date"), 1 250 000 000 Shares at an issue price of 8 cents per Share in the ratio of 232.01856 Shares for every 100 Shares held on the Record Date. 2. RESULTS OF THE CLAW-BACK OFFER Applications for 39 658 18 Shares constituting 3.17% (excluding the allocation to which the Subscriber is entitled to) of the Subscription ("Applications"), were received from shareholders (or their renouncees). The Subscription price of R3 172 681.44 in respect of the Applications will be refunded by RARE to the Subscriber. The balance of 1 210 341 482 Shares, constituting 96.83% of the Subscription (including the allocation to which the Subscriber is entitled to), not applied for by RARE shareholders and their renouncees, has been credited to the Subscribers’ Central Securities Depository Participant. The Claw-Back Offer did not include the right for shareholders to apply for excess Shares. Following the finalisation of the Claw-Back Offer, the Subscriber holds 1 318 091 482 Shares, representing 73.69 % of RARE`s issued share capital. Johannesburg 4 October 2012 Designated advisor: PSG Capital Proprietary Limited Date: 04/10/2012 09:50:00 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.