Estimated Financial Position as at 14 February 2012

The Rangers Football Club Plc

In Administration

FIXED CHARGE ASSETS

Freehold Property Including Ibrox Stadium and Murray Park

Leasehold Property - Albion Road Car Park
Goodwill
Trademarks

Less: Fixed Charge Holders

The Rangers FC Group Limited
Close Leasing Limited
Scottish Sporting Council
Premier Property Group Limited
Bank of Scotland (Albion Road Finance)
Kelvinside War Memorial Trust

FLOATING CHARGE ASSETS

Surplus from Fixed Charge Assets
Cash at Bank
Fixtures and Fittings
Player Registrations
Deferred Transfer Fees
Football Debtors
Trade Debtors

Preferential Creditors
Floating Charge Creditor - RFC Group
UNSECURED CREDITORS
Trade & Expense Creditors
Football Related Creditors
HM Revenue & Customs
Ticketus
Employees
Debenture Holders

Surplus/(Deficit) to Unsecured Creditors

Issued and Called Up Share Capital

Total Surplus/(Deficit) to Shareholders

Estimated
Outcome
Statement
Book Value (from
Duff & Phelps
Report)

Expected
Realisable Figure

109,613,870
2,931,968
620,000
39,495
113,205,333

40,000,000
1,000,000
0
0
41,000,000

TBC
-1,560,000
-505,000
TBC
TBC
TBC
-2,065,000

-18,000,000
-1,560,000
-505,000
-380,000

111,140,333

20,555,000

111,140,333
3,373,170
3,907,345
7,661,456
TBC
3,804,000
538,846
130,425,150

20,555,000
3,373,170
3,907,345
7,661,456
TBC
3,804,000
538,846
39,839,817

-20,445,000

TBC
TBC
-5,544,508
-1,063,082
-14,372,042
-26,700,000
TBC
-7,736,000
-55,415,632

-5,544,508
-1,063,082
-93,000,000
-26,700,000
-7,736,000
-134,043,590

75,009,518

-94,203,773

-10,879,400
64,130,118

-10,879,400
-105,083,173