Trinidad Approves New Positive Fiscal Incentives

17 June 2014 ASX Code: RRS and AIM Code: RRL Range Resources Limited ("Range" or "the Company") Trinidad Approves New Positive Fiscal Incentives Range is pleased to confirm that, further to announcement of 16 September 2013,the Government of Trinidad and Tobago has approved and adopted the proposedbudget incentives for oil and gas companies introduced by the Minister ofFinance and Economy of Trinidad and Tobago in the 2014 Budget Statement. Thesenewly proposed budget incentives, which especially reward companies withaccelerated development and exploration programmes including Range, areexpected to have a significant positive impact on the Company's cash flows andreturns from its ongoing production growth. These changes will be effectiveretrospectively from January 1, 2014. Commenting on today's announcement, Rory Scott Russell, CEO, said: "Range is fully committed to growing its business in Trinidad and we aretherefore delighted with the ratification of these new positive fiscalincentives. Operating in a favourable economic environment will bringsignificant benefits to the Company as we continue to increase production andunlock value from our core development assets in Trinidad." The key changes to the fiscal regime that impact Range can be found in thetable at the end of this announcement. Yours faithfully Rory Scott Russell Chief Executive Officer Contacts Buchanan (Financial PR - UK) Range Resources Limited Ben Romney / Helen Chan Rory Scott Russell T: +44 (0) 20 7466 5000 E: [email protected] GMP Securities Europe LLP (Joint Cantor Fitzgerald(Nominated AdvisorandBroker) Joint Broker)Rob Collins / Liz Williamson David Porter / Tom Sheldon / JulianT: +44 (0) 207 647 2800 Erleigh (Corporate finance) / Richard Redmayne (Corporate broking) T: +44 (0) 20 7894 7000 PPR (Financial PR -Australia) David Tasker T: +61 (8) 9388 0944 E: [email protected] The key changes to the fiscal regime that impact Range are summarised in thetable below. Current Revised (effective January 1, 2014) Investment tax · Tax credit of 20% on · Unchangedcredit qualifying capex · Tax credit can only be · Excess investment tax credit used in year incurred may be carried forward and offset in arriving at the SPT liability for the year immediately following the financial year in which the credit were generated Capital Explorationallowances Intangible expenditure · 2014 to 2017 - Allowance of 100% of costs · Initial allowance (Yr 1) - 10% of costs * Annual Allowance (Yr 1) - 20% of residue Balance · Annual allowance (Subsequent years) - 20% reducing balance Tangible expenditure · Initial allowance (Yr 1) - 20% of costs * Annual Allowance (Yr 1) - 20% of cost less Initial allowance · Annual allowance (Subsequent years) - 20% of cost less initial allowance Development Intangible expenditure Intangible & tangible expenditure · Initial allowance (Yr 1) * Initial allowance (Yr 1) - - 10% of costs 50% of costs * Annual Allowance (Yr 1) - * Annual Allowance (Yr 2) - 30% 20% of residue of costs balance * Annual allowance (Yr 3) - 20% of costs · Annual allowance (Subsequent years) - 20% reducing balance Tangible expenditure · Initial allowance (Yr 1) - 20% of costs -· Annual Allowance (Yr 1) - 20% of cost less initial allowance · Annual allowance (Subsequent years) - 20% of cost less initial allowance Workovers & Qualifying Sidetracks · 100% deduction of all · 100% deduction of tangible and intangible costs intangible costs incurred incurred in the current year Australia LondonGround Floor, 1 Havelock Street, West Suite 1A, Prince's House, 38 JermynPerth WA 6005, Australia Street, London SW1 6DNt:+61 8 9488 5220, f:+61 8 9324 2400 t:+44 (0)207 025 7040, f:+44 207 287e:[email protected] 8028 w: www.rangeresources.com.au