Monthly Update

17 December 2018

Ranger Direct Lending Fund PLC

(The "Company")

MONTHLY UPDATE

Following the previous announcement by the Company regarding the October 2018 Monthly Update, please use the following link to view the newsletter below (it will also be available on the Company's website in due course):

http://www.rns-pdf.londonstockexchange.com/rns/6652K_1-2018-12-17.pdf

This document is for information purposes only and is not an offer to invest. All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website for any other website, is incorporated into, or forms part of, this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.

For further information, please contact:

LEI: 549300VGZSKYQ7C2U221