Result of Open Offer

12 September 2014

Rangers International Football Club plc

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

Result of Open Offer

The Company is pleased to announce the result of the Open Offer which closed for acceptances at 11.00 a.m. on 12 September 2014. Valid acceptances including excess applications have been received in respect of 15,667,860 ordinary shares of 1p each ("Open Offer Shares"), representing a total of approximately 78.87 per cent. of those Open Offer Shares available under the Open Offer. The Company has therefore raised gross proceeds of £3.13 million through the Open Offer.

Certain directors took part in the Open Offer. The following table indicates the participation of those parties:

Further updates on the holdings of significant shareholders will be announced to the market in due course.

Application will be made to the London Stock Exchange for the Open Offer Shares to be admitted to trading on AIM. It is expected that such admission will occur at 8.00 a.m. on 18 September 2014 ("Admission").

Following Admission, the Open Offer Shares will rank pari passu in all respects with the existing ordinary shares of 1p each ("Ordinary Shares") in issue including the right to receive all dividends and other distributions declared. Following the Open Offer, the Company's total issued and voting share capital will comprise 81,478,201 Ordinary Shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company under the FCA's Disclosure and Transparency Rules.

For further information please contact:

Rangers International Football Club plc

Graham Wallace / Paul Tyrell Tel: 0141 580 8647

Daniel Stewart & Company plc Tel: 020 7776 6550

Paul Shackleton / David Coffman

Newgate Threadneedle Tel: 020 7148 6143

Roddy Watt / John Coles