TWENTYFOUR SELECT MONTHLY INCOME FUND - Issue of Equity

5 September 2014

TWENTYFOUR SELECT MONTHLY INCOME FUND LIMITED

(a closed-ended investment company incorporated in Guernsey with
registration number 57985)

Issue of equity

The board of TwentyFour Select Monthly Income Fund Limited (the
"Company", "SMIF") is pleased to announce that 3,000,000 new ordinary shares
of 1p each were issued today for cash at 102.66 pence per share (the "New
Shares") under the Placing Programme (as described in the Company's
prospectus, dated 18 February 2014).

As a result of the issue of equity set out above, the Company's
issued share capital consists of 123,585,881 Ordinary shares.

Application has been made for the New Shares to be admitted to the
premium segment of the Official List and to trading on the Main Market of the
London Stock Exchange. It is expected that dealings in the new shares will
commence at 8.00 a.m. on Wednesday 10 September 2014.

For further information, please contact:

Numis Securities Limited:
Nathan Brown                   [phone]
Hugh Jonathan

TwentyFour Select Monthly Income Fund Limited:
John Magrath                   [phone]
Alistair Wilson