Conclusion of Independent Review

30 May 2013

Rangers International Football Club plc (the "Company")

Conclusion of Independent Review

On behalf of Rangers International Football Club plc, the non-executive directors of the Company (the "Investigation Committee") engaged the law firm Pinsent Masons LLP to investigate the connections between Craig Whyte and former and current personnel of the Company and its subsidiaries (the "Investigation").

The Investigation was overseen by Roy Martin QC.

The Investigation concluded on 17 May 2013 and Pinsent Masons and Roy Martin QC have reported to the Investigation Committee. The Investigation Committee is satisfied that a thorough investigation was conducted despite the inherent limitations of a private inquiry.

Based on the assessment of the available evidence, the Company considers that the Investigation found no evidence that Craig Whyte had any involvement with Sevco Scotland Limited (now called The Rangers Football Club Limited), the company which ultimately acquired the business and assets of The Rangers Football Club P.L.C. from its administrators; nor which would suggest that Craig Whyte invested in The Rangers Football Club Limited or Rangers International Football Club plc, either directly or indirectly through any third party companies or vehicles.

On 28 May 2013, a letter before claim was sent to (inter alia) The Rangers Football Club Limited and Rangers International Football Club plcon behalf of Craig Whyte, Aidan Earley and (purportedly) Sevco 5088 Limited. The Rangers Football Club Limited and Rangers International Football Club plc will be preparing a robust response to the letter before claim. However, given that legal proceedings are threatened in the letter before claim, it would not be appropriate to make public any further content from the report or to comment further about the contents. Pinsent Masons' and Roy Martin's reports to the Company are confidential and legally privileged. This announcement is not intended to and does not serve to waive privilege in the contents of the reports which remain confidential and legally privileged.

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