Interest Streaming Election

6 November 2015

Ranger Direct Lending Fund Plc

(The "Company")

As stated in the Company's prospectus dated 14 April 2015 (the "Prospectus"), the Company intends to elect to designate any dividend declared by it as an interest distribution. Investors who are eligible to receive such a distribution without deduction of UK tax should complete the Declaration of Eligibility Form which can be found on the Company's website http://rangerdirectlending.com/documents/ and return the forms to Capita Asset Services, at the address detailed in the form, by 5.00pm on the record date.

The Company has also made available a form of election on its website for certified shareholders to receive any future dividend payments in US Dollars rather than Pounds Sterling. The form of election can be accessed here: http://rangerdirectlending.com/documents/

Holders of shares through CREST should not complete the form of election if they wish to receive dividend payments in US dollars and such holders should instead follow the instructions set out in the form of election.

The Company is making these documents available now as an administrative step and not in connection with an actual or proposed dividend payment. Further announcements regarding dividend payments by the Company will be made as and when such dividends are declared by the Company.

The Company further announces that it has today shortened its first accounting reference period such that the Company's first accounting reference period ended on 9 April 2015 instead of 31 December 2015. The Company has taken this decision in order to publish audited financial statements from the period from incorporation to 9 April 2015 (the "Report") which will be prepared to facilitate the satisfaction of the Companies Act 2006 requirements in respect of the payment of quarterly dividends.

In light of the foregoing, the Company intends to publish the Report shortly. Following the publication of the Report, the Company intends to revert back to an accounting reference date of 31 December and, therefore, provide further financial statements made up to 31 December in each year going forwards with effect from 31 December 2015.

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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.