Finalisation announcement in respect of the claw-back offer RARE HOLDINGS LIMITED (Incorporated in the Republic of South Africa) Registration Number: 2002/025247/06 Share Code: RAR ISIN: ZAE000180626 (“the Company” or “RARE”) FINALISATION ANNOUNCEMENT IN RESPECT OF THE CLAW-BACK OFFER 1. INTRODUCTION 1.1 Shareholders are referred to the announcement published on SENS on 3 April 2014 in terms of which shareholders were advised that the Company will proceed with the Claw-Back Offer in terms of which it will issue 25 million ordinary shares in the authorised share capital of RARE (“Claw-Back Shares”) for a subscription price R6.00 (six rand) per Claw-Back Share to Doculate Investments (Pty) Limited (“Doculate”) in the ratio of 1.39762 Claw-Back Share for every 1 RARE share held. 1.2 Shareholders are advised that the Claw-Back Offer has been approved by the JSE Limited (“JSE”) and that all conditions precedent in respect of the Claw-Back Offer have been fulfilled. 1.3 The Claw-Back Offer will not include the right for shareholders to apply for excess shares. 2. IMPORTANT DATES AND TIMES The salient dates and times of the Claw-Back Offer are as follows: 2014 Declaration announcement released on SENS on Thursday, 3 April Finalisation announcement released on SENS Monday, 7 April Last day to trade in RARE Shares in order to qualify to participate in the Claw-Back Offer (cum Entitlement) on Thursday, 10 April Listing of Claw-Back Shares and issue to Underwriter Friday, 11 April Listing of Letters of Allocation on the JSE under the JSE code RARN and ISIN ZAE000189726 at commencement of trading on Friday, 11 April RARE Shares commence trading ex-Claw- Friday, 11 April Back Rights on the JSE at commencement of trading on Claw-Back Offer Circular, Revised Listing Particulars and Form of Instruction posted to Shareholders, where applicable, on Monday, 14 April Record Date for participation in the Claw-Back Offer at the close of trade on Thursday, 17 April Dematerialised Shareholders’ accounts at their CSDP or broker automatically credited with their Entitlement on Tuesday, 22 April Certificated Shareholders’ Entitlements will be credited to an account held with the Transfer Secretaries Tuesday, 22 April Claw-Back Offer opens at commencement of trading on Tuesday, 22 April Last day to trade in Letters of Allocation on the JSE on Wednesday 30, April Trade in Claw-Back Offer Shares commences on Friday, 2 May Record date for Letters of Allocation on Friday 9 May Claw-Back Offer closes – payments to be made and Form of Instruction in respect of Letters of Allocation lodged by Certificated Shareholders by 12:00 (see note 5) on Friday, 9 May Dematerialised Shareholders’ accounts updated with Claw-Back Shares to the extent accepted and debited with the relevant costs by their CSDP or broker and new RARE share certificates posted to Certificated Shareholders (see note 5) on Monday, 12 May Results of Claw-Back Offer announcement released on SENS on or about Monday, 12 May Notes: 1. Dematerialised Shareholders are required to notify their duly appointed CSDP or broker of their acceptance or otherwise of the Claw-Back Offer in the manner and time stipulated in the agreement governing the relationship between such Shareholder and their CSDP or broker. 2. All times indicated are South African times unless otherwise stated. 3. Share certificates may not be dematerialised or rematerialised between Friday, 11 April 2014 and Thursday 17 April 2014 (both days inclusive). 4. The CSDP or broker accounts of Dematerialised Shareholders will be automatically credited with new RARE Shares to the extent to which they have accepted the Claw-Back Offer. RARE share certificates will be posted, by registered post at the Shareholders’ risk, to Certificated Shareholders in respect of the Claw-Back Shares which have been accepted. 5. CSDPs or brokers effect payment in respect of Dematerialised Shareholders on a delivery versus payment method. 3. CLAW-BACK OFFER CIRCULAR A circular containing full details of the Claw-Back Offer will be posted to shareholders on or about 14 April 2014. Johannesburg 7 April 2014 Transaction Advisor and Designated Advisor: PSG Capital Proprietary Limited Date: 07/04/2014 11:41:00 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.