October 7th, 2010 Craig Whyte [address TBC]

Re: Letter of funding availability

Dear Craig, Further to our recent meetings, I would like to refresh the overall position of our business and the relationship we would like to develop with you during and after the proposed acquisition of Glasgow Rangers FC (the Club). Through our wide range of products, including multi manager and absolute return funds, Venture Capital Trusts (VCT), Enterprise Investment Schemes (EIS), and Inheritance Tax (IHT) investment solutions, Octopus Investments now has over 1.78 billion in assets under management. We use a specialized fund which has 200 million in readily available capital to provide funding for your acquisition and ongoing development of the Club. Based on our initial due diligence, we would be comfortable committing a sum in the region of 20M to your acquisition finance package. Going forward we would hope to develop a relationship with you and the Club, leveraging off our experience in the football sector and stable funding base, to take the Club into its next stage of development under your stewardship. Our commitment of funds, as usual, is conditioned upon completion of further due diligence satisfactory to Octopus Investments and definitive transaction documents, outlined at our previous meetings. We are excited about the opportunity and I wish you all the best in finalizing and receiving approval for your acquisition.

Sincerely,

Ross Bryan Investment Manager