Further Re: SPFL Claim

16 January 2015

Rangers International Football Club plc

("Rangers" or the "Company")

Further Re: Scottish Professional Football League Limited ("SPFL") Claim

Further to the announcement on 14 January 2015, RIFC clarifies that Rangers Football Club Limited (the "Club") did not "lose" its appeal to the Judicial Panel of the Scottish FA in respect of the EBT Commission fine of £250,000 levied on RFC 2012 PLC (previously The Rangers Football Club plc) (in liquidation). The merits of the appeal were not heard or determined. This hearing simply established that the subject matter of the dispute did not fall within the jurisdiction of the Judicial Panel. The Club will now take the matter to arbitration, and based on the facts available, the directors believe that the likelihood of an outflow of economic benefit arising is such that no provision or contingent liability has been included within the accounts."

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