Repayment of Shareholder Loans

Rangers International Football Club plc

("Rangers" or the "Company")

Repayment of Shareholder Loans

Further to the announcement on 25 March 2014, the Company has repaid the secured short term credit facilities provided by Mr George Letham for the principal amount of £1 million plus interest (the "Letham Facility") and by Mr Alexander Easdale for the principal amount (interest free) of £500,000 (the "Easdale Facility"). Accordingly the security over Edmiston House and Albion car park properties has been released. Mr Letham retains the right to receive a premium payable on the Letham Facility of GBP 45,000 payable in cash on 23 February 2015 or at the option of Mr Letham, and subject to the Company having all necessary authority, in new ordinary shares of 1 p each in the Company at any time before 23 February 2015.

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