DISPOSAL AND SMALL SUBSCRIPTION

MILESTONE GROUP PLC
                    "Milestone" or the "Company"


                   DISPOSAL AND SMALL SUBSCRIPTION


DISPOSAL

AIM listed Milestone announces further progress in its plans to focus
on the development of  new media services  following the disposal  of
its local television broadcasting  licences to Ultra Digital  Limited
("Ultra Digital").

Ofcom has approved  the transfer  to Ultra Digital  of the  following
five restricted  television service  licences  formerly held  by  the
Group's wholly owned subsidiaries:

RTSL 035 Oxford - held by Oxford Broadcasting Limited, company number
03426787
RTSL 016 Southampton -  held by SIX  TV Southampton Limited,  company
number 0394439
RTSL 030 Fawley - held by SIX TV Southampton Limited, company  number
0394439
RTSL 015  Portsmouth -  held by  SIX TV  Portsmouth Limited,  company
number 03944398
RTSL 036 Reading - held by Reading Television Limited, company number
04570403

In the  financial year  ended  30 September  2008, the  main  trading
company for  the  local  TV division,  Oxford  Broadcasting  Limited,
incurred losses of £75,336. Ultra  has paid consideration of  £10,000
inclusive  of  VAT  for  the  five  licences  and  their   associated
intellectual property,  which  were  valued as  NIL  in  the  Group's
accounts to 30  September 2008. Settlement  will be against  existing
amounts owed to Ultra Digital by the Company.

These funds have been allocated as follows:

RTSL 035 - £6,000 allocated to Oxford Broadcasting Limited
RTSL 016 & 030 - £2,000 allocated to Six TV Southampton Limited
RTSL 015 - £1,000 allocated to Six TV Portsmouth Limited
RTSL 036 - £1,000 allocated to Reading Television Limited

Milestone Executive Director, Deborah White, said:

"Following a comprehensive  review of strategy,  the Board  concluded
that it  would  not be  in  the  best interests  of  shareholders  to
continue  to  be  exposed  to   the  local  TV  sector.  The   Oxford
transmission contract expired in April 2009 and, since that time none
of the licences have been in operation."

"The effect  of the  disposals  will be  to terminate  the  continued
trading losses  of SIX  TV, helping  Milestone to  give  shareholders
exposure to a range of robust  future-facing new media and new  media
technology  businesses.  The  Group   remains  actively  engaged   in
negotiations with the US-based services provider, Jumpstart Wireless,
and  in  the  continued  development  of  the  Nexstar  sports  media
production project. To that end, the  Board is pleased to announce  a
small  fundraising   to   support   its   ongoing   working   capital
requirements."

SMALL SUBSCRIPTION

AIM listed Milestone announces a small subscription to raise £69,427
(before expenses) through the issue of 3,295,467 new ordinary shares
of 0.1 pence in the capital of the Company (the "Subscription
Shares").

The Company has received and accepted irrevocable applications for
Subscription Shares from the following parties (collectively the
"Subscription"):


+-------------------------------------------------------------------+
| Name of       | Number of    | Subscription Shares | Subscription |
| subscriber    | Subscription | as proportion of    | Price        |
|               | Shares       | issued share        |              |
|               |              | capital             |              |
|               |              | post-admission      |              |
|---------------+--------------+---------------------+--------------|
| Redmayne      | 142,857      | 0.16%               | 1.75p        |
| Nominees (on  |              |                     |              |
| behalf of     |              |                     |              |
| Ultra Digital |              |                     |              |
| Ltd*)         |              |                     |              |
|---------------+--------------+---------------------+--------------|
| Ian Lodwick*  | 890,389      | 1.01%               | 1.8p         |
|---------------+--------------+---------------------+--------------|
| Frank Eliel   | 444,444      | 0.50%               | 2.25p        |
|---------------+--------------+---------------------+--------------|
| Diana Eliel   | 444,444      | 0.50%               | 2.25p        |
|---------------+--------------+---------------------+--------------|
| Diana Eliel   | 106,667      | 0.12%               | 2.25p        |
|---------------+--------------+---------------------+--------------|
| Brewin        | 555,556      | 0.63%               | 2.25p        |
| Nominees Ltd  |              |                     |              |
| (on behalf of |              |                     |              |
| Martin King)  |              |                     |              |
|---------------+--------------+---------------------+--------------|
| Horizon       | 204,444      | 0.23%               | 2.25p        |
| Trustees Ltd  |              |                     |              |
| (on behalf of |              |                     |              |
| M King)       |              |                     |              |
|---------------+--------------+---------------------+--------------|
| Horizon       | 284,444      | 0.32%               | 2.25p        |
| Trustees Ltd  |              |                     |              |
| (on behalf of |              |                     |              |
| M King)       |              |                     |              |
|---------------+--------------+---------------------+--------------|
| Lisa-Jayne    | 222,222      | 0.25%               | 2.25p        |
| Vines*        |              |                     |              |
+-------------------------------------------------------------------+

*These parties are contractors of the Company or its subsidiaries

The Company will be making application for the Subscription Shares to
be admitted to trading on AIM with admission anticipated on 7
September 2009. The Subscription Shares will rank pari passu in all
respects with the existing ordinary shares of Milestone.
Post-admission, the Subscription Shares in aggregate will constitute
3.73 per cent of the enlarged issued share capital of Milestone of
88,297,729 ordinary shares.

So far as the Company is aware and subject to any new notifications
received, the following persons will have a notifiable interest in
the issued share capital of Milestone post-Subscription:


+-------------------------------------------------------------------+
|                       | Pre-Subscription    | Post-Subscription   |
|-----------------------+---------------------+---------------------|
| TRMK Estate Income    | 14,372,066 (16.91%) | 15,416,510 (17.46%) |
| Ltd (& connected      |                     |                     |
| parties)              |                     |                     |
|-----------------------+---------------------+---------------------|
| Deborah Jane White    | 7,903,431 (9.30%)   | 7,903,431 (8.95%)   |
|-----------------------+---------------------+---------------------|
| Reginald John Breley  | 5,750,000 (6.76%)   | 5,750,000 (6.51%)   |
|-----------------------+---------------------+---------------------|
| Magdalene Manikam     | 5,666,667 (6.67%)   | 5,666,667 (6.42%)   |
|-----------------------+---------------------+---------------------|
| CMH Management Ltd    | 4,817,290 (5.67%)   | 4,817,290 (5.46%)   |
|-----------------------+---------------------+---------------------|
| John Godfrey          | 4,166,667 (4.90%)   | 4,166,667 (4.72%)   |
|-----------------------+---------------------+---------------------|
| Susan Auden           | 4,166,667 (4.90%)   | 4,166,667 (4.72%)   |
|-----------------------+---------------------+---------------------|
| Compass Securities    | 4,166,667 (4.90%)   | 4,166,667 (4.72%)   |
| Ltd                   |                     |                     |
|-----------------------+---------------------+---------------------|
| Carrix Ltd            | 2,777,778 (3.27%)   | 2,777,778 (3.15%)   |
+-------------------------------------------------------------------+



FOR FURTHER INFORMATION:

Milestone
Deborah White, Chief Executive
Tel: [phone]

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

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