Statement re Possible Equity Issue

Rangers International Football Club plc

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

Possible Equity Issue

Further to the announcement of 25 April 2014, the Board of Rangers announces that the Company is considering a possible equity issue in which all existing shareholders would be eligible to participate. Support is being sought from institutional investors to underwrite the possible equity issue. Discussions are ongoing and there can be no certainty of the outcome of these discussions.

In line with the exemption to the European Union Prospectus Directive the possible equity issue would be for not more than an aggregate EUR5m and would avoid the costs of preparing a prospectus.

The Company does not currently have shareholder authority to issue shares on a non pre-emptive basis and authority from shareholders to do so, which would allow placements of shares with institutional investors, will be sought at the Company's AGM later this year, in line with the Company's stated strategy.

Further announcements will be made in due course.

For further information please contact: