RDL.L Regulatory News (RDL)

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Ranger Direct Lending Fund Plc

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

X

Other (please specify):

3. Full name of person(s) subject to the notification obligation:

Bank of Montreal

4. Full name of shareholder(s) (if different from 3.):

See Box 9 below

5. Date of the transaction and date on which the threshold is crossed or reached:

16 December 2016

6. Date on which issuer notified:

21 December 2016

7. Threshold(s) that is/are crossed or reached:

12%

8. Notified details:

A: Voting rights attached to shares

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

GB00BW4NPD65

1,881,662

12.67%

1,881,662

-

1,881,662

-

11.43%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate

Exercise/ConversionPeriod

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

 -

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Exerciseprice

Expirationdate

Exercise/Conversionperiod

Number of votingrights instrumentrefers to

% of voting rights

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

1,881,662

11.43%

9. Chain of controlled undertakings through which the voting rights and /or the financial instruments are effectively held, if applicable:

Bank of Montreal is the parent company of the BMO Financial Group. The following controlled undertakings each hold voting rights of 3% or more of the issuer. All controlled undertaking(s) as detailed are wholly owned subsidiaries of the Bank of Montreal. Controlled undertakings can exercise voting rights independently.

Proxy Voting:

10. Name of proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

Based on TVR of 16,459,691as confirmed by company's announcement on 16/12/2016

14 Contact name:

Ding Wang, Bank of Montreal

15. Contact telephone name:

020 7011 5180