Company Update

26 November 2015

Ranger Direct Lending Fund PLC ("Ranger" or "the Company")

Company update

Further to recent announcements, the Board of the Company announces that it is not progressing with its C share issue by way of a placing and intermediaries offer at this stage.

Ranger continues to see net returns to the fund on investments in line with its 12-13% target, NAV growth in line with expectations and looks forward to providing its shareholders with progressively higher dividends as it achieves full deployment of its capital.

For further information please contact:

About Ranger Direct Lending Fund Plc

Ranger Direct Lending Fund's investment objective is to seek to provide shareholders with an attractive return, principally in the form of quarterly income distributions, by acquiring a portfolio of debt obligations (such as loans, invoice receivables and asset financing arrangements and which are together referred to as "Debt Instruments") that have been originated or issued by direct lending platforms.

Direct lending platforms are an increasing source of liquidity, in particular for small and medium sized enterprises and consumers. Although there is no uniform approach as to how a platform conducts its business, each direct lending platform will typically focus on a particular category of borrower and/or underlying industry asset class. By investing in Debt Instruments originated or issued by a number of different direct lending platforms, Ranger Direct Lending Fund plc will achieve a diversified portfolio, including by reference to the identity and type of borrower, the underlying sub-asset class to which the Debt Instruments relate and the size of the individual Debt Instruments.

About the Investment Manager

Ranger Alternative Management II, LP serves as the investment manager of the Ranger Direct Lending Fund and is registered as an investment Adviser with the US Securities and Exchange Commission pursuant to the Investment Advisers Act of 1940, as amended. The Investment Manager was established in 2013 and is headquartered in Dallas, Texas USA.

The Investment Manager is controlled and supported by Ranger Capital Group, whose affiliated investment advisers manage approximately US$3.2 billion as at 31 December 2014. In addition, Ranger Capital Group provides institutional quality back office and operations support for the Investment Manager, including legal, compliance, accounting, information technology, administration and investor relations services. Ranger Capital Group was established in 2002 and is headquartered in Dallas, Texas USA.