Statement by the Scottish Football Association

29 December 2014

Rangers International Football Club plc

("Rangers", "RIFC" or the "Company")

Statement by the Scottish Football Association ("SFA")

On Wednesday, 24 December 2014, the SFA released the following statement:

"The Scottish FA Board convened on Tuesday, 23rd December to hear a submission from the Board of Rangers Football Club. This meeting was arranged in respect of a request set out in an Application to Consent to an increase in MASH Holdings Limited's shareholding in Rangers International Football Club to a maximum of 29.9% of the issued share capital.

The Board has now carefully considered the Application and has decided, unanimously, that the Application should not be granted.

The Board, under Article 13 of the Scottish FA Articles of Association, is required to have due regard to the need to promote and safeguard the interests and public profile of association football, its players, spectators and others involved with the game. This test is set out in full in Article 13.6."

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