Merchant Legal LLP 8-10 Coombe Road New Malden Surrey, KT3 4QE

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Tom Stocker Pinsent Masons LLP Princes Exchange 1 Earl Grey Street Edinburgh EH3 9AQ 16 May 2013 Dear Mr Stocker Rangers International Football Club PLC

By Email only

I refer to your letters to Aidan Earley and Douglas Ware regarding the investigation you are conducting into Craig Whytes dealings with the Rangers Football Club Limited and related matters. They have asked that I write to you on their behalf. I understand that Mr Earley has indicated to you that a letter before claim would be issued on behalf of him, Mr Whyte and Sevco 5088 Limited by the end of this week and that this letter would contain information on matters central to your investigation. I can confirm that we are in the course of preparing such a letter, but that, unfortunately, we do not anticipate that it will be issued until 24th May at the earliest (we anticipate settling the final form with senior counsel during the course of next week). I can also confirm that the letter will deal with matters which would in our view go to the crux of the subject matter of your investigation and will be accompanied by evidence that we would anticipate would assist you greatly in your task at hand. You might like to consider, therefore, postponing the conclusion of your investigation until that letter has been issued. Mr Earley and Mr Ware will be willing to consider providing further information and evidence to you once you have had time to consider the letter before claim and the accompanying evidence. Yours sincerely

Richard Beresford Consultant for and on behalf of Merchant Legal LLP

Merchant Legal LLP is a limited liability partnership registered in England and Wales at 8-10 Coombe Road, New Malden, Surrey, KT3 4QE (no. OC322062) Authorised & Regulated by the Solicitors Regulation Authority (no. 446346) The members are A. ODoherty and S. Soni Consultants: J. H. Wright, R.A.D. Beresford and J. Macdonald