Proposed Issue of Equity

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, TO US PERSONS OR IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA,
THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND, JAPAN OR ANY
JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

This announcement does not constitute or form part of, and should not be
construed as, any offer for sale or subscription of, or solicitation of any
offer to buy or subscribe for, any shares in TwentyFour Select Monthly Income
Fund Limited or securities in any other entity, in any jurisdiction, including
the United States, nor shall it, or any part of it, or the fact of its
distribution, form the basis of, or be relied on in connection with, any
contract or investment decision whatsoever, in any jurisdiction. This
announcement does not constitute a recommendation regarding any securities.

20 January 2015

TwentyFour Select Monthly Income Fund Limited

(a non-cellular company limited by shares incorporated in the Island of
Guernsey under the Companies (Guernsey) Law 2008, as amended, with registered
number 57985 and registered as a Registered Closed-ended Collective Investment
Scheme with the Guernsey Financial Services Commission)

Proposed issue of equity

The Board of Directors (the "Board") of TwentyFour Select Monthly Income Fund
Limited (the "Company") is pleased to announce that the Company is making
available to qualified investors (note 1) through its corporate broker, Numis
Securities Limited ("Numis"),new ordinary shares of 1p each in the capital of
the Company (the "New Shares") representing up to 25 million New Shares (the
"Issue").

TwentyFour Asset Management LLP ("the Investment Manager") has highlighted that
recent macroeconomic developments have led to a number of investment
opportunities within the Company's universe which it perceives as offering
attractive return and risk characteristics.

The Board and the Investment Manager therefore believe that the Issue is in
Shareholders' interests as it will further enlarge the Company and diversify
and enhance the existing portfolio. It is expected the proceeds of the Issue
can be invested on a basis consistent with the Company's dividend target. No
further issuances of shares for cash will take place until any funds raised
under the Issue have been substantially invested.

Application will be made for the admission of the New Shares to the premium
listing segment of the Official List of the UK Listing authority (the "Official
List") and to trading on the London Stock Exchange plc's main market for listed
securities (the "London Stock Exchange").

The Issue is expected to close at 12 noon (London time) on Friday, 30 January
2015, but may close earlier or later at the absolute discretion of the Company.
The Issue price per New Share will be announced on Thursday, 29 January 2015
and will be approximately a 2% premium to the NAV at Wednesday, 28 January
2015.

Qualified investors are invited to apply for New Shares by contacting Numis on
the contact details below. The decision to allot New Shares to any qualified
investor shall be at the absolute discretion of the Company and Numis. The
closing share price on 16 January2015, represented a 2.6% premium to the NAV as
at 14January 2015.

The Company will make a further announcement in due course.

For further information, please contact:

Numis Securities Limited: [phone]
Chris Gook / David Luck (Sales)
Nathan Brown / Hugh Jonathan (Corporate Finance&Broking)

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

Note 1 - As defined in section 86(7) of the Financial Services and Markets Act
2000 (as amended).

Important Information

This announcement has been prepared by, and is the sole responsibility of,
TwentyFourSelect Monthly Income Fund Limited (the "Company").

Numis Securities Limited is acting only for the Company in connection with the
matters described in this announcement and is not acting for or advising any
other person, or treating any other person as its client, in relation thereto
and will not be responsible for providing the regulatory protection afforded to
clients of Numis Securities Limited or advice to any other person in relation
to the matters contained herein.

The Company is not and will not be registered under the US Investment Company
Act of 1940, as amended. The New Shares have not been, nor will they be,
registered under the US Securities Act of 1933, as amended (the "Securities
Act") or with any securities regulatory authority of any state or other
jurisdiction of the United States or under the applicable securities laws of
Australia, Canada, Japan, the Republic of Ireland or the Republic of South
Africa or any other jurisdiction that is a member state of the European
Economic Area (other than the United Kingdom). Subject to certain exceptions,
the New Shares may not be offered or sold in the United States, Australia,
Canada, Japan, the Republic of Ireland or the Republic of South Africa or any
other jurisdiction that is a member state of the European Economic Area (other
than the United Kingdom) or to or for the account or benefit of any national,
resident or citizen of any member state of the European Economic Area (other
than the United Kingdom), Australia, Canada, Japan, the Republic of Ireland or
the Republic of South Africa or any person located in the United States.
Placings under the Issue and the distribution of this announcement in other
jurisdictions may be restricted by law and the persons into whose possession
this announcement comes should inform themselves about, and observe, any such
restrictions.

This announcement includes "forward-looking statements". All statements other
than statements of historical facts included in this announcement, including,
without limitation, those regarding the Company's business strategy and plans
are forward-looking statements.Forward-looking statements are subject to risks
and uncertainties and accordingly the Company's actual future financial results
and operational performance may differ materially from the results and
performance expressed in, or implied by, the statements. These forward-looking
statements speak only as at the date of this announcement. The Company
expressly disclaims any obligation or undertaking to update or revise any
forward-looking statements contained herein to reflect actual results or any
change in the assumptions, conditions or circumstances on which any such
statements are based unless required to do so by the Financial Services and
Markets Act 2000, the Financial Services Act 2012, the Listing Rules or
Prospectus Rules of the Financial Conduct Authority or other applicable laws,
regulations or rules.

This announcement has been approved for the purposes of s.21 of the Financial
Services and Markets Act 2000 by TwentyFour Asset Management LLP.