Issue of Equity

9 March 2016

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 500,000 ordinary shares of 1p each (“Ordinary Shares”) were today sold for cash from treasury at 87.00 pence per share.

As a result of the sale from treasury set out above, the Company's issued share capital consists of 149,335,881 Ordinary Shares and 6,573,887 Ordinary Shares held in treasury. Accordingly, the total number of voting rights in the Company is 149,335,881.

For further information, please contact:

Numis Securities Limited:

Nathan Brown             [phone]

Hugh Jonathan

TwentyFour Select Monthly Income Fund Limited:

John Magrath              [phone]

Alistair Wilson