Statement re. Settlement

Rangers International Football Club plc

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

Statement re. Settlement

Rangers have agreed formal terms of settlement with former Commercial Director, Imran Ahmad regarding his current court action. The sum agreed is significantly less than the total amount which Mr Ahmad had been granted permission to arrest. As part of the settlement terms Mr Ahmad has agreed to refrain from arresting funds in Rangers' bank account or in the hands of others pending the formal removal of the case from court. No such arrestment will now take place. The case will be formally taken out of court in the next few days.

For further information please contact:

Rangers International Football Club plc

Graham Wallace / Paul Tyrrell Tel: 0141 580 8647

Daniel Stewart & Company plc Tel: 020 7776 6550

Paul Shackleton / David Coffman

Newgate Threadneedle Tel: 020 7148 6143

Roddy Watt / John Coles