Results 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 (“RARE” or “the Company”) RESULTS OF THE CLAW-BACK OFFER 1. INTRODUCTION Shareholders are referred to the announcement released on SENS on 7 April 2014 and the circular posted to shareholders dated 14 April 2014 setting out the details of the Claw-Back Offer in terms of which the Company issued 25 000 000 ordinary shares of no par value in its authorised share capital (“Claw-Back Shares”) for subscription by Doculate Investments Proprietary Limited (“the Subscriber”) for a subscription price of R6.00 per Claw-Back Share (“Subscription”) and which Claw-Back Shares could be clawed back by RARE shareholders (recorded in the share register on the record date, being 17 April 2014) from the Subscriber in the ratio of 1.39762 Claw-Back Shares for every 1 RARE share held. 2. RESULTS OF THE CLAW-BACK OFFER 2.1. Applications for 430 614 Claw-Back Shares constituting 1.7% (excluding the allocation to which the Subscriber is entitled) of the Subscription (“Applications”), were received from RARE shareholders (or their renouncees). The subscription price of R2 583 684 in respect of the Applications will be refunded by RARE to the Subscriber. The balance of 24 569 386 Claw-Back Shares, constituting 98.3% of the Subscription (including the allocation to which the Subscriber is entitled), not applied for by RARE shareholders or their renouncees, has been credited to the Subscriber’s Central Securities Depository Participant. 2.2. The Claw-Back Offer did not include the right for RARE shareholders to apply for excess Claw-Back Shares. 2.3. Following the closing of the Claw-Back Offer, the Subscriber holds 37 750 301 RARE shares, representing 88.02% of the total issued share capital of RARE. Johannesburg 12 May 2014 Designated advisor: PSG Capital Proprietary Limited Date: 12/05/2014 09:00:00 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.