RFC.L Regulatory News (RFC)

27 February 2015

Rangers International Football Club plc

("Rangers" the "Club" or the "Company")

Clarification of previous announcements

James Easdale

The announcement issued at 7am on 25 February 2015, in relation to the resignation of James Easdale, states that "He leaves Rangers having never received any remuneration, bonus or compromise payment during his time at the Club." In the Circular to Shareholders dated 6 February 2015 it states "James Easdale has never taken any remuneration from the Company for his role".

The Company wishes to clarify that James Easdale was paid director's fees between August 2013 and December 2013, in accordance with his contractual entitlements. However, the amounts received by James Easdale pursuant to these payments were repaid in full to the Club in January 2014. Mr Easdale did not receive any further director's fees at any point, despite being contractually entitled to do so.

Derek Llambias

The Circular to Shareholders dated 6 February 2015 contains the following text:

"The current management team is led by Derek Llambias. Derek Llambias was formerly the Managing Director of Newcastle United Football Club ("NUFC"). Derek joined NUFC in 2007 and in his five year stewardship reformed and improved stadium facilities; increased turnover from £85 million to £123 million and, from making significant losses, NUFC became one of the top 20 most profitable clubs in Europe. Derek brought in the largest ever sponsorship deals in NUFC's history and negotiated shrewdly and resolutely in the fiercely competitive arena of player transfers. One of Derek's most successful and talked about transfers was that of Andy Carroll, originally a NUFC academy player, to Liverpool for £35 million. Another such move was buying Yohan Cabaye for £5 million, a player who NUFC later sold for £19 million."

The Company wishes to clarify the following matters:

· Derek Llambias joined NUFC in 2008. He initially joined as Deputy Chairman and was appointed as Managing Director in June of that year.

· In the financial year ended 30 June 2009 (the first full accounting period after Mr Llambias' appointment), the turnover of Newcastle United Football Company Limited ("NUFCL"), as recorded in their audited accounts for that period, was £85,681,000.

· Derek Llambias resigned from his post as Managing Director of NUFC in June 2013. The turnover of NUFCL for the financial year 30 June 2013, as recorded in their audited accounts for that period, was £95,879,000. The figure of £123 million referred to in the Circular was the projected turnover, as at the time of Derek Llambias' departure, in the financial year to 30 June 2014.

· In the Deloitte "Football Money League" report for 2011/2012, published in January 2013, Newcastle United were ranked at number 20 in Europe. Newcastle United were also ranked at number 20 in the Forbes list of the richest football clubs in the world, published in April 2013. These were the last rankings published during Mr Llambias' tenure at NUFC. (Although the Club dropped out of the top 20 in both equivalent lists published in 2014, the Deloitte "Football Money League" report for 2013/2014, published in 2015, ranks NUFC at number 19.) Newcastle United did appear in the top 20 of both lists at the start of Mr Llambias' tenure, although dropped out during the intervening period. The Directors believe that is predominantly due to NUFC's relegation in 2009.

· Neither of the aforementioned reports ranks clubs solely on the basis of profitability. It should be noted that in the year to 30 June 2008, NUFCL made a loss attributable to members of £20,048,000, and a loss of £14,554,000 for the year to 30 June 2009. In the year to 30 June 2013 however, NUFCL made a profit attributable to members of £8,814,000.

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