From: Paul Clark <Paul.Clark@duffandphelps.com> Date: 9 May 2012 07:52:49 GMT+01:00 To: "'cgreen@[redacted]'" <cgreen@[Redacted]>, David Whitehouse <David.Whitehouse@duffandphelps.

com> Subject: Re: Glasgow Rangers subject to contract Thanks for the note Charles. So are you the chosen one - did Craig Whyte sign the letters ?? Speak later I'm sure. Paul

_____________________________________ Paul Clark Partner T +44 (0)207 487 7242 M +44 (0)7770 616103 F +44 (0)207 487 7299 Duff & Phelps Ltd. 43-45 Portman Square London W1H 6LY paul.clark@duffandphelps.com www.duffandphelps.co.uk

----- Original Message ----From: Charles Green [mailto:cgreen@[redacgted] Sent: Wednesday, May 09, 2012 07:37 AM To: Paul Clark; David Whitehouse Subject: Glasgow Rangers subject to contract Gentlemen further to our recent discussions re the above I confirm the following main points of our final offer . This will be sent by our solicitors later today with the full details included. To deliver the vision and future plan for the club and it's fans the CVA route is the preferred option It is vital that the CVA does not continue and become protracted as this would impact upon our timetable going forward . The key points thereafter are , you would keep Everton monies We would support you in legal claims and receive 25% of proceeds We will advance you 250k within 24hrs of signing as a exclusivity payment We will provide another 7.250 m to fund CVA Whilst we recognise we are late entrants to this process we believe we have demonstrated our ability to move quickly and decisively . This proposal requires your acceptance or will be

withdrawn . We would consider as a final option an asset deal but at a far lower price which in my view would not be in the best interest of creditors the club our it's supporters Regards Charles

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