Directors' Subscription

MILESTONE GROUP PLC
                    ("Milestone" or the "Company)

                       DIRECTORS' SUBSCRIPTION

                         UPDATE ON STRATEGY

                          ISSUE OF WARRANTS

                            NOTICE OF AGM


DIRECTORS' SUBSCRIPTION

AIM listed Milestone announces a small subscription to raise  £19,726
(before expenses) through the issue of 1,095,889 new Ordinary  Shares
in the capital  of the Company  at a subscription  price of 1.8p  per
share  to   its   two   directors   (collectively   the   "Directors'
Subscription").

Under the  terms of  the Directors'  Subscription the  following  new
Ordinary Shares will be issued to  members of the Company's board  of
Directors ("Directors"):


+-------------------------------------------------------------------+
| Director and title      | Number of new      | Subscription value |
|                         | Milestone Ordinary |                    |
|                         | Shares of 0.1p to  |                    |
|                         | be issued          |                    |
|-------------------------+--------------------+--------------------|
| Deborah White,          | 555,556            | £10,000            |
| Executive Director      |                    |                    |
|-------------------------+--------------------+--------------------|
| John Sanderson,         | 540,333*           | £9,726             |
| Non-Executive Chairman  |                    |                    |
+-------------------------------------------------------------------+

*Shares to be issued to JFWS Limited, a company ultimately controlled
by John Sanderson

The Directors' Subscription  is expected  to complete  simultaneously
with the subscription  for 6,055,557 new  Ordinary Shares  previously
announced by the  Company on  18 March 2009  (together the  "Combined
Subscriptions"). The  Company  will  be making  application  for  the
Ordinary Shares issued under the terms of the Combined  Subscriptions
to be admitted  to trading on  AIM with admission  anticipated on  or
around 24 April  2009. The new  shares, when fully  paid and  issued,
will rank  pari passu  in  all respects  with the  existing  Ordinary
Shares of Milestone.

Under the Combined  Subscriptions, the Company  will issue  7,151,446
new Ordinary Shares representing approximately  9.35 per cent of  the
enlarged  issued  share  capital  of  Milestone  (post-admission)  of
76,458,015 Ordinary Shares (excluding  deferred shares which have  no
rights attached to them). Funds raised by the Combined  Subscriptions
will be  used to  support  the general  working capital  purposes  of
Milestone.

INTERESTS OF DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS'

So far as the Company is  aware and subject to any new  notifications
received, the following  persons will have  a notifiable interest  in
Ordinary Shares following completion of the Combined Subscriptions:


+-------------------------------------------------------------------+
|                           | Ordinary Shares | Ordinary Shares     |
|                           | held at         | expected            |
|                           | 30 March 2009   | to be held          |
|                           |                 | post-admission      |
|---------------------------+-----------------+---------------------|
| TRMK Estate Income Ltd (& | 12,690,155      | 12,690,155 (16.60%) |
| connected parties)*       | (18.31%)        |                     |
|---------------------------+-----------------+---------------------|
| Deborah Jane White        | 7,606,698       | 8,162,254 (10.68%)  |
|                           | (10.97%)        |                     |
|---------------------------+-----------------+---------------------|
| Reginald John Brealey (&  | 7,325,000       | 7,325,000 (9.58%)   |
| connected parties)**      | (10.57%)        |                     |
|---------------------------+-----------------+---------------------|
| Magdalene Manikam (&      | 5,666,667       | 5,666,667 (7.41%)   |
| connected parties)***     | (8.18%)         |                     |
|---------------------------+-----------------+---------------------|
| CMH Management Ltd        | 4,261,734       | 4,817,290 (6.30%)   |
|                           | (6.15%)         |                     |
|---------------------------+-----------------+---------------------|
| John Godfrey              | 4,166,667       | 4,166,667 (5.45%)   |
|                           | (6.01%)         |                     |
|---------------------------+-----------------+---------------------|
| Susan Auden               | 4,166,667       | 4,166,667 (5.45%)   |
|                           | (6.01%)         |                     |
|---------------------------+-----------------+---------------------|
| Compass Securities Ltd    | 4,166,667       | 4,166,667 (5.45%)   |
|                           | (6.01%)         |                     |
|---------------------------+-----------------+---------------------|
| Andrew Timms Craig (&     | 2,621,838       | 2,621,838 (3.43%)   |
| connected parties)****    | (3.78%)         |                     |
|---------------------------+-----------------+---------------------|
| Anish Sharma (& connected | 2,500,000       | 2,500,000 (3.27%)   |
| parties)                  | (3.61%)         |                     |
+-------------------------------------------------------------------+

*of which 4,166,667 are held by Brewin Dolphin Nominees on behalf of
Martin King
**of which 6,800,000 are held by Prism Nominees
***of which 4,166,667 are held by Alliance Trust Savings Nominees
****of which 497,583 are held by MGH Investments, a company
ultimately controlled by Andrew Craig

Following the Combined Subscriptions, the interests of Directors'  in
Ordinary Shares will be:


+-------------------------------------------------------------------+
|                         | Pre-admission      | Post-admission     |
|-------------------------+--------------------+--------------------|
| Deborah White           | 7,606,698 (10.97%) | 8,162,254 (10.68%) |
|-------------------------+--------------------+--------------------|
| John Sanderson (&       | -                  | 540,333 (0.71%)    |
| connected parties)      |                    |                    |
+-------------------------------------------------------------------+


The Directors have, individually and collectively, consulted with the
Company's nominated adviser, Arden  Partners plc ("Arden  Partners"),
regarding the  terms of  the Directors'  Subscription. The  Directors
consider that  the Directors'  Subscription has  been made  at  arms'
length and  on normal  commercial terms  and is  fair and  reasonable
insofar as Milestone shareholders are concerned.

UPDATE ON STRATEGY

Further to the statement made in its annual report published 26 March
2009, Milestone  announces  the  development of  its  strategy  as  a
digital media service provider. Following a review undertaken by  the
Board, the Company  has decided  to focus existing  resources on  the
development of Nexstar, the  sports-based internet platform which  it
is expected to launch to consumers initially as a pilot in 2010.

As a consequence  of this decision,  the Company has  decided not  to
continue to  broadcast its  non-core  analogue terrestrial  local  TV
service in Oxford.  The Company  intends to continue  to operate  its
television  production   and  broadcast   services  company,   Oxford
Broadcasting Limited, and  to review opportunities  to launch new  TV
services on digital  platforms. The  majority of  income obtained  by
Oxford Broadcasting Limited in both  the prior and current  financial
year was not attributable to the analogue TV service.

Milestone Chairman, John Sanderson, said:

"There is widespread  consensus that the  future of media  ultimately
lies with digital platforms which  is exactly the space Milestone  is
now positioning itself to  exploit. As stated  in the annual  report,
the Board continues to review  opportunities to develop as a  digital
media operator."

ISSUE OF WARRANTS

Milestone is pleased to announce the issue of 500,000 warrants to its
nominated adviser and broker, Arden Partners, under the terms of  the
Company's warrant instrument dated 27 March 2009.

The warrants in aggregate give Arden Partners the right to  subscribe
in cash for 500,000  new Ordinary Shares at  a subscription price  of
1.13p per share, being the mid market closing price of the  Company's
existing Ordinary  Shares  on  27  March  2009.  Subject  to  certain
limitations, the  warrants may  be exercised  at any  time after  the
first anniversary of  the warrant instrument  and prior to  or on  31
March 2012. There are currently no other warrants in issue.

NOTICE OF AGM

The Company announces that it  has, in preparation  for its  upcoming
2009  annual  general  meeting  of  shareholders ("AGM"),  mailed  to
shareholders its annual report and financial statements for the  year
ended  30  September  2008,  notice  of  AGM,  a form  of proxy   and
accompanying circular containing a letter from the Chairman.

The AGM  will be  held  at  11.00am  on  Tuesday  28  April  2009  at
the offices of Lawrence Graham LLP,  4 More London Riverside,  London
SE1 2AU for the following purposes:


+-------------------------------------------------------------------+
| ORDINARY BUSINESS                                                 |
|-------------------------------------------------------------------|
| 1. To adopt the report and accounts                               |
|-------------------------------------------------------------------|
| 2. To re-appoint BDO Stoy Hayward LLP as auditors                 |
|-------------------------------------------------------------------|
| 3. To re-elect Deborah Jane White as a director                   |
|-------------------------------------------------------------------|
| SPECIAL BUSINESS                                                  |
|-------------------------------------------------------------------|
| 4. To grant the directors the authority to allot limited shares   |
|-------------------------------------------------------------------|
| 5. To authorise the  directors to allot  limited shares for  cash |
| disapplying statutory pre-emption rights                          |
|-------------------------------------------------------------------|
| 6. To approve amendments to the articles of association           |
|-------------------------------------------------------------------|
| 7. To approve the repurchase of the deferred shares               |
+-------------------------------------------------------------------+


Details of the resolutions to be proposed  at the AGM are set out  in
the notice of  AGM which  will shortly be  available to  view on  the
Milestone  website www.milestonegroup.co.uk  and  at  the   Company's
registered office.


FOR FURTHER INFORMATION

Milestone Group PLC
Deborah White, Executive Director
Tel: [phone]

Arden Partners plc
Richard Day / Adrian Trimmings
Tel: [phone]

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