Oaktree Nominates Two Additional Directors for Upcoming Ranger Shareholder Annual General Meeting

  Oaktree Nominates Two Additional Directors for Upcoming Ranger Shareholder
  Annual General Meeting

Business Wire

LOS ANGELES -- May 8, 2018

Further to its May 4, 2018 letter to shareholders of Ranger Direct Lending
Fund PLC (LON:RDL) (“Ranger” or the “Company”), funds managed by Oaktree
Capital Management, L.P. (“Oaktree”), an approximately 19% shareholder of
Ranger, today released an open letter to Ranger’s shareholders announcing that
it has nominated two highly qualified directors to the Board, for election at
the Company’s Annual General Meeting on June 19, 2018 (the “AGM”). This letter
follows Oaktree’s formal written request to the Company requisitioning these
resolutions to be included for consideration by shareholders at the AGM.

The full text of the letter is as follows:

May 8, 2018

Dear fellow Ranger shareholders,

As outlined in our open letter on May 4, 2018, we have been deeply
disappointed by Ranger’s Board of Directors (the “Board”), which we believe
has repeatedly demonstrated that it lacks the expertise and credibility
required to make important upcoming decisions on behalf of shareholders.

A series of the Board’s poor decisions in recent months, including (i)
presiding over the Princeton debacle, (ii) conducting what was, in our view, a
flawed and biased strategic review and (iii) exhibiting many examples of poor
corporate governance in how these processes have been conducted, have resulted
in the destruction of shareholder value and a decided lack of confidence in
the current Board. Since we made our April 11 letter to the Board available to
all shareholders on April 24, we have heard from many of you supporting our
advocacy of the wind-down option and expressing a lack of confidence in the
current Ranger Board.

We strongly believe that the Board’s weaknesses can only be resolved by adding
to the Board and introducing a greater degree of oversight, a broader range of
views and a much deeper base of relevant experience at this important
strategic time for the Company. That is why we have nominated two additional,
highly qualified directors for you to consider adding to the current Board at
the Company’s upcoming AGM: Greg Share and Dominik Dolenec. These two nominees
would bring extensive relevant experience and valuable resources to supplement
the current Board – a development that we believe should be supported by all
shareholders. Combined, they bring over 40 years of experience in financial
services and asset management and are highly qualified to help the current
Board determine and subsequently oversee the best course of action going
forward.

We urge all shareholders to vote in favor of these nominations to the Board at
the upcoming AGM.

About the Director Nominees

Mr. Share is Managing Partner and Co-Founder of Ambina Partners, LLC, an
investment firm focused on investing in software and financial services
companies. Mr. Share also has over twenty years of private equity experience
in the U.S. and Europe, which included leadership positions at Moelis Capital
Partners LLC, Fortress Investment Group LLC and Madison Dearborn Partners, LLC
where he focused on the software and financial services sectors. He began his
career in investment banking and private equity at Lazard Frères & Co. He
holds a B.S. degree in Economics, magna cum laude from the Wharton School of
University of Pennsylvania.

Mr. Dolenec is Managing Partner and Founder of Emona Capital LLP, a
London-based investment and advisory firm focusing on special situation and
disruptive technology investments. Mr. Dolenec has over 20 years of investment
and advisory experience, including assisting principals in complex
restructurings, turnarounds, financings and other corporate events. Before
founding Emona Capital in 2013, he was an Associate Portfolio Manager with
Elliott Advisors (UK) Ltd in London where he specialized in both equity and
credit investments. Earlier in his career Mr. Dolenec worked in private equity
with Insight Venture Partners, LLC and General Atlantic Partners, LLC in
Europe and the U.S. He started his career as one of the early members of the
corporate finance practice at McKinsey & Company. He holds an MBA from INSEAD
and graduated summa cum laude from the Management and Technology Program at
the University of Pennsylvania.

Sincerely,

/s/ Patrick M. McCaney
Patrick M. McCaney
Managing Director and Portfolio Manager
Value Equities
Oaktree Capital Management, L.P.

About Oaktree

Oaktree is a leader among global investment managers specializing in
alternative investments, with $121 billion in assets under management as of
March 31, 2018. The firm emphasizes an opportunistic, value-oriented and
risk-controlled approach to investments in credit, private equity, real assets
and listed equities. The firm has over 900 employees and offices in 18 cities
worldwide. For additional information, please visit Oaktree’s website at
http://www.oaktreecapital.com/.

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Contact:

Sard Verbinnen & Co
John Christiansen
+1 (415) 618-8750
jchristiansen@sardverb.com
OR
Conrad Harrington
+44 (0) 20 3178 8914
charrington@sardverb.com
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