Subject: FW: RFC Interim Templates.xls -----------------------From: Ken Olverman <KenOlverman@rangers.co.

uk> Date: 1 February 2012 10:25 To: C_Whyte <ctw@libertycapital.biz>, Gary Withey <gary.withey@collyerbristow.com> Cc: David Grier <David.Grier@duffandphelps.com>

Response from SFA relating to Interim licensing submissions, reported yesterday. Nothing new and expected, the 2 outstanding player payable for 50K can be fixed. Emphasizing again the urgency on delivering on the Financial Statements requirements and support for completion of the audit process Ken Kenneth Olverman Financial Controller The Rangers Football Club plc Tel: 0141 580 8782 Fax: 0141 580 8594 Email: ken_olverman@rangers.co.uk From: Keith Sharp [mailto:Keith.Sharp@scottishfa.co.uk] Sent: 01 February 2012 13:54 To: Ken Olverman Subject: Re: RFC Interim Templates.xls Thanks again Ken, Please see attached. Regards Keith

Keith Sharp Financial Accountant 0141 616 6022 Scottish Football Association Company Number SC5453 Hampden Park, Glasgow G42 9AY.

>>> "Ken Olverman" <KenOlverman@rangers.co.uk> 31/01/2012 15:22 >>> Keith, as discussed our declaration at 31 Janaury 2012 On our well publicised Tax cases, per my letter of 4th October, the Discount Option Scheme liability has now been appealed. The Tribunal on the Employee Remuneration Trust completed on January with expected outcome due in March (though I say March very tentatively). The Club and Legal Council are still confident of a positive outcome from the case. On other fronts, only the Martin Bain litigation remains from former employees and the claims are being defended and countered by the club. We have arrears on Social Taxes which are subject to ongoing discussions with HMRC for agreement of a schedule to pay. The biggest focus is completion of the annual report before 31 March with an outcome on similar grounds to previous years.

Player payables have two minor issues, a payment due to the Norwegian club Harstad, the invoice was not received/processed until into January. This will be paid in due course. Aberdeen are being chased for an invoice on the Aluko contract as compensation so that we can make the payment. Hopefully I have addressed all points. Please let me know if anything else is required Regards Ken Visit the official Rangers web site at http://www.rangers.co.uk to catch up on the latest Rangers news, views and interviews and to find out more about our full range of official products and services. LIVE ACTION AT IBROX Tickets for Rangers home games are available on-line at www.rangers.co.uk, from the hotline on 0871 702 1972* or from the Ticket Centre. Hospitality packages also available call 0871 702 1972*. (Subject to availability) * calls are charged at 10p per minute from a BT landline, other network carriers may vary. ************************************************************************************* The information contained in this e-mail is CONFIDENTIAL INFORMATION and may be legally privileged. It is intended for the individual or entity named above. If you are not the intended recipient, you are hereby notified that any use, review, dissemination, distribution or copying of this document is strictly prohibited. If you receive this document in error, please immediately notify us by emailing it@rangers.co.uk and destroy the original message. Thank you. The Rangers Football Club plc, registered in Scotland with number SC004276, registered office Ibrox Stadium, 150 Edmiston Drive, Glasgow G51 2XD "Think Before You Print"

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For all the latest news, views and interviews visit www.scottishfa.co.uk. Visit the official Rangers web site at http://www.rangers.co.uk to catch up on the latest Rangers news, views and interviews and to find out more about our full range of official products and services. LIVE ACTION AT IBROX Tickets for Rangers home games are available on-line at www.rangers.co.uk, from the hotline on 0871 702 1972* or from the Ticket Centre. Hospitality packages also available call 0871 702 1972*. (Subject to availability) * calls are charged at 10p per minute from a BT landline, other network carriers may vary. ************************************************************************************* The information contained in this e-mail is CONFIDENTIAL INFORMATION and may be legally privileged. It is intended for the individual or entity named above. If you are not the intended recipient, you are hereby notified that any use, review, dissemination, distribution or copying of this document is strictly prohibited. If you receive this document in error, please immediately notify us by emailing it@rangers.co.uk and destroy the original message. Thank you. The Rangers Football Club plc, registered in Scotland with number SC004276, registered office Ibrox Stadium, 150 Edmiston Drive, Glasgow G51 2XD "Think Before You Print"

---------From: Ken Olverman <KenOlverman@rangers.co.uk> Date: 2 February 2012 04:49 To: C_Whyte <ctw@libertycapital.biz>

Craig, attached the SFA Interim return, you have already seen the SFA response. Disappointed that HMRC have applied the released arrestments and 500K against the VAT liability, this is unhelpful and would be greatly to our advantage if this can be applied to the PAYE liability. Creates a smaller gap required to either fund or come to agreement with HMRC on. The December liability must be cleared by 31 March or have an agreement in place to pay, to meet SFA requirements. Speak later Ken Kenneth Olverman Financial Controller The Rangers Football Club plc Tel: 0141 580 8782 Fax: 0141 580 8594 Email: ken_olverman@rangers.co.uk