RAREX LIMITED — Major Shareholding Notification 2011

Aug 7, 2011

HEATLE S NOTAYSTEP ZIE

Facsimile Transmission

Baker & McKenzie

Level 27 AMP Centre 50 Bridge Street Sydney, NSW 2000, Australia ABN 32 266 778 912

Postal Address: P.O. Box R126 MOINLANDS

Date	8 August 2011	Fax	Roval Exchange NSW 1223, Australia
To	Australian Securities Exchange Company Announcements Office	1300 135 638	Tel: +61 2 9225 0200 Fax: +61 2 9225 1595 DX: 218 SYDNEY www.bakernet.com
From	Bill Fuggle
Pages (w/cover)	3
Re	ASIC From $604$ – Notice of Change of interests of substantial holder
	We enclose ASIC Form 604 (Notice of change of interests of substantial holder) in respect of Evolution Master Fund Ltd's holding of shares in Clancy Exploration Limited

$(ASK Code: CLY) (CLY).$ We note that Evolution Master Fund Ltd's Form 603 dated 15 June 2011 contained an incorrect initial substantial holding in CLY, as a result of an administrative error in calculations. The number of shares was incorrectly stated to be 12,807,951 and the

voting power, 7.7969%. The number of shares should have been stated to be 12,807,251 and the voting power, 7.7965%. The difference in these amounts is 700 shares or a 0.0004%. We note that this amount does not trigger reporting obligations under the Corporations Act 2001 (Cth).

We confirm that Evolution Master Fund Ltd has rectified this error in the enclosed Form 604.

Baker & McKenzie

pp.

Bill Fuggle Partner +61 2 8922 5100 bill.fuggle@bakermckenzie.com

Other Contact Candice Heggelund Associate +61 2 8922 5793 candice.heggelund@bakermckenzie.com

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The information contained in this facsimile is intended for the named recipients only. It may contain privileged and confidential information and if you are not an intended recipient, you must not copy, distribute or take any action in reliance on it. If you have received this facsimile in error, please notify us immediately by collect telephone call to +61 2 9225 0200 and return the original to the sender by mail. We will reimburse you for the postage.

Baker & McKenzie, an Australian Partnership is a member of Baker & McKenzie International, a Swiss Verein 1434177-v1\SYDDMS\BF1\AUSHB2

Form $604$

Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

To: Company Name/Scheme	Clancy Exploration Limited (CLY)
ACN/ARSN	105 578 756
1.	Details of substantial holder (1)
Name	Evolution Master Fund Limited SPC, Scgregated Portfolio M and Evolution Capital Management LLC.
ACN (if applicable)	Not applicable
There was a change in the interests of the substantial holder on:	04/08/2011
The previous notice was given to the company
an	15/06/2011
The previous notice was dated	15/06/2011

$\mathbf{z}$ Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the selieme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of Securities (4)	Previous notice ----		Present notice ----
----	Person's votes $\cdots$	Voting power (5)	Person's votes	Voting power (5)
. Ordinary Shares	12,807,251	7.7965% .	13,377,251	8.1434%

3, Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest or the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of chango (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
04/08/2011	Evolution Master Fund Limited SPC. Segregated Portfolio M	Buy	300,000 shares	300,000 Ordinary Shares	.1826%
04/08/2011	Evolution Master Fund Limited SPC. Segregated Portfolio M	Buy	200,000 shares	200,000 Ordinary Shares	.1218%
29/06/2011	Evolution Muster Fund Limited SPC. Segregated Portfolio M	Buy	70,000 shares	70,000 Ordinary Shares	.0426%

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
Evolution Master Fund Limited SPC, Segregated Portfolio M and Evolution Capital Management LLC.	BNP Paribas Prime Brokerage Inc.	Evolution Master Fund Limited SPC. Segregated Portfolio M	BNP Paribas Prime Brokerage Inc. holds the securities on behslf of Evolution Fund Master Limited SPC. Segregated Portfolio M	13,377,251 Ordinary Shares	8.1434%

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as fo

Name and ACN (if applicable)	Nature of association
$\cdots$ N٨ _____	N٨

6. Addresses

The addresses of persons named in this form are as follows:

Namo	Address
Clancy Exploration Limited	3 Corporation Place, Orange, NSW 2800
Evolution Capital Management LLC	2425 Olympic Boulevard, Suite 120E, Santa Monica, CA, United States 90404
Evolution Master Fund Limited SPC. Segregated Portfolio M	C/O Evolution Capital Management LLC, 2425 Olympic Boulevard, Suite 120E, Santa Monica, CA, United States 90404

print name Adrian Brindle Director Signature capacity
date $\overline{\mathbf{\delta}}$ $17$ $1201$