SEVCO 5088 LIMITED

(the "Company")

Minutes of a meeting of the board of directors held at 1 Berkeley Street, London W1J 8DJ at 10.30am on 9th May 2012.

The following directors were present:

AIDAN CHAD EARLEY CRAIG WHYTE CHARLES ALEXANDER GREEN

Registered Office

1.

It was resolved that the registered office be changed from 35 VINE STREET, LONDON, EC3N 2AA to 48 Skylines Village, Limeharbour, London, E14 9TS.

Directors

2.

It was resolved that Aidan Chad Earley, having consented to act, be and is hereby appointed as a director of the Company with effect from 9 May 2012.

3.

It was resolved that Craig Whyte, having consented to act, be and is hereby appointed as a director of the Company with effect from 9 May 2012.

4.

It was resolved that Charles Alexander Green would resign, such resignation to take effect at a date of Messrs Earley and Whytes choosing.

Share Allotments

5.

There were presented the following applications for shares:

(1) 5,000,000 Ordinary shares of 1.00 each at par from Korrisa Capital Inc. It was noted that the aforementioned shares were to be paid as follows:

a) Support + assistance, in relation to The Rangers Football Club Plc takeover. b) Opportunity to acquire The Rangers Football Club Plc by CVA or asset purchase. c) Votes in favour of CVA of The Rangers Football Club Plc . d) Votes in favour of name change of The Rangers Football Club Plc. e) Debenture waiver in the event of CVA.

(2) 5,000,000 Ordinary shares of 1.00 each at par from Willow International Ltd as nominee for Liberty Capital Markets Ltd. It was noted that the aforementioned shares were to be paid as follows:

a) Support + assistance, in relation to The Rangers Football Club Plc takeover. b) Opportunity to acquire The Rangers Football Club Plc by CVA or asset purchase. c) Votes in favour of CVA of The Rangers Football Club Plc . d) Votes in favour of name change of The Rangers Football Club Plc. e) Debenture waiver in the event of CVA. t

It was resolved that:

(a)

the aforementioned applications be approved and that shares be allotted in accordance with such applications;

(b)

the director(s) be instructed to issue the relevant share certificates.

There being no further business the meeting was closed.

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