From: Charles Walder <charles.walder@duffandphelps.

com> Date: 16 March 2012 10:02 Subject: The Rangers Football Club plc - Offer template document To: ctw@libertycapital.biz

The 'Offer template document' has been replaced by a document titled 'Offer template document 16 March 2012' in the data room. Please use the updated document 'Offer template document 16 March 2012' when making an offer for the purchase of the Company and/or the business and assets of the Company. Indicative offers are required by 5pm Friday 16 March 2012.

From: Luke Norman <Luke.Norman@duffandphelps.com> Date: 8 March 2012 15:03:35 GMT To: "'ctw@libertycapital.biz'" <ctw@libertycapital.biz> Cc: David Whitehouse <David.Whitehouse@duffandphelps.com>, Jimmy Saunders <Jimmy.Saunders@duffandphelps.com> Subject: The Rangers Football Club plc (In Administration)

Craig Please find attached a scanned Non-Disclosure Agreement (NDA) on Duff & Phelps headed paper. In addition we now have an online data room in place which includes a number of documents that may assist you. Please follow the below link to your unique access to the data room: https://dataroom.ansarada.com/rangersfc User Name: ctw@libertycapital.biz Password: Rangers1! Please note that by accessing the data room you are agree to be bound to the terms of the NDA, however I would appreciate if you can sign the NDA in any event and return it to me by email for my records. If you require any further information please contact me. Regards For and on behalf of The Rangers Football Club Plc

Luke Norman for Paul Clark Joint Administrator

The affairs, business and property of the Company are being managed by the Joint Administrators, Paul Clark and David Whitehouse, who act as agents of the Company and without personal liability. They are both licensed by the Insolvency Practitioners Association.

_____________________________________________

Luke Norman
T +44 (0)20 7535 5338 F +44 (0)20 7487 7299

Date: Mon, 7 May 2012 15:02:17 +0100 Subject: Your access details to the "The Rangers Football Club plc (In Administration)" ansarada data room From: skali138 It is highly likely that D&P will be keeping a track of who enters the data room so PLEASE TREAT WITH EXTREME CAUTION

Subject: Your access details to the "The Rangers Football Club plc (In Administration)" ansarada data room You have been granted access to the "The Rangers Football Club plc (In Administration)" ansarada data room. To get started, click the following link: https://dataroom.ansarada.com/link/697fb1fb-32ca-4b67-af0b-c626f7b173a7 NOTE: The above link will expire in 30 days. Once your access is verified, you can log in:

Directly to this data room: https://dataroom.ansarada.com/rangersfc From ansarada's central login page: https://dataroom.ansarada.com

Useful tips 1. Spam Filters: Email notifications about document updates will be sent from noreply@notifications.ansarada.com. To ensure you receive notifications please whitelist this address in your Spam/Junk mail filter. 2. Adobe Reader: Documents in the data room are secured using dynamic rights management policies. To view them you will require Adobe Reader (version 7 or above). The latest version is available as a free download from: http://get.adobe.com/reader. 3. Mac users: If you are using a Mac computer, make Adobe Reader the default application for viewing PDF files (The standard default is usually the 'Preview' application). The latest version is available as a free download from: http://get.adobe.com/reader/otherversions.

Technical Support 24/7 technical support is available by email at support@ansarada.com,or by calling ansarada on: +1 415 829 4450 Americas Australasia +61 2 8090 8444 +44 20 3058 1060 Europe