RDL.L Regulatory News (RDL)

18 June 2018

RANGER DIRECT LENDING FUND PLC (the "Company")

Board Changes

On 11 June 2018 the Company announced that, following Ares notifying the Board that it no longer wished to take up the position of investment manager, the interests of certainty would be best served by an orderly realisation of the Company's assets.

In the context of the forthcoming annual general meeting of the Company to be held on 19 June 2018 (the "AGM"), the Company wishes to update shareholders on the constitution of the Board going forward.

Christopher Waldron, Chairman, and Matthew Mulford have both confirmed that they will resign immediately prior to the AGM. As Chairman Mr Waldron lead the Company's management review process which concluded with Ares being selected as the preferred candidate to be put to shareholders in general meeting. Now that an orderly wind up of the Company is being pursued, Mr Waldron has determined that it is appropriate for him to step down. Mr Mulford has separately decided that it would now be an appropriate time to step down as the board is reconstituted in connection with the realisation of the Company's portfolio.

Jonathan Schneider intends to continue as a Director. A vote on Mr Schneider's re-election to the Board will be held at the AGM. This vote is being held as part of the Company's regular corporate governance programme.

Scott Canon has also confirmed his intention to resign as a director immediately prior to the AGM in order that the newly formed board is independent of the Company's investment manager. Mr Canon's resignation has no impact on the Company's relationship with its investment manager and is solely proposed in the context of the orderly realisation of the portfolio.

As shareholders are aware, various new directors are proposed for election at the AGM. Following the conclusion of the AGM, the board members at that time will determine what additional representation or experience is required on the Company's board taking into account the views of shareholders as it sees appropriate.

This announcement contains inside information.

For further information, please contact:

LEI: 549300VGZSKYQ7C2U221

END OF ANNOUNCEMENT