Rejection of Possible Offer

12 January 2015

Rangers International Football Club plc

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

Rejection of Possible Offer

The Board of Rangers has considered the revised possible offer from Robert Sarver (or a vehicle to be established and controlled by him) ("Mr Sarver") which Mr Sarver announced on 8 January.

The revised proposal by Mr Sarver was similar to his first proposal in the respect that it sought a placing of 100 million shares (to be priced at 20p in this proposal) ("Placing") which, would require the approval of shareholders (at least a 75% majority) at a general meeting. The Board of Rangers rejected the first proposal from Mr Sarver on 6 January on the basis that the Board felt it unlikely that the approval of shareholders holding sufficient shares would be forthcoming. Following receipt of the revised proposal from Mr Sarver, the Board has sought the views of a number of major shareholders on this revised proposal and has reached the same conclusion, namely that the resolution to approve the placing is unlikely to achieve the 75% majority required. Accordingly, once again, the Directors do not intend to hold the General Meeting which would be necessary to implement the revised proposal.

Ends

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