Credit Facility of £2 million

27 October

Rangers International Football Club plc

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

Credit Facility of £2 million

Withdrawal of requisition for general meeting

The Board is pleased to announce that the Company's subsidiary, The Rangers Football Club Limited ("RFCL") has entered into a credit facility agreement with MASH Holdings Limited ("MASH") pursuant to which MASH shall make available the sum of £2 million for drawdown by the Company (the "Facility"). MASH is a shareholder in the Company holding 8.92% of the voting rights in the Company. The Facility shall be secured by standard security granted by the Company over Edmiston House and Albion car park. The Facility shall be for a 6 month term and is interest free. The Facility will be used by the Company for general working capital purposes. Under the terms of the Facility MASH has the right to appoint up to 2 directors on the board of directors of RFCL.

Further to the announcement made on 8 October 2014, the Company has entered into a letter agreement with MASH (the "Withdrawal Letter") pursuant to which the Company has invited MASH to put forward the names of 2 nominees of its choice for appointment to the Board, such appointments being subject to all necessary regulatory approvals being successfully completed for such persons nominated by MASH. In addition, the Company confirms that MASH has agreed the immediate withdrawal, by virtue of the Withdrawal Letter, of the notice served by MASH on the Company on 7 October 2014 requiring the Company to convene a general meeting of the Shareholders of the Company to put resolutions to such Shareholders for the removal of Mr Graham Wallace and Mr Philip Nash as directors of the Company

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