Issue of Equity

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA (OTHER THAN THE UNITED KINGDOM) OR TO ANY NATIONAL, RESIDENT OR CITIZEN OF THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA (OTHER THAN THE UNITED KINGDOM).

This announcement is an advertisement and does not constitute a prospectus and investors must only subscribe for or purchase any shares referred to in this announcement on the basis of information contained in a prospectus (the "Prospectus") published by Miton UK MicroCap Trust plc (the "Company") and not in reliance on this announcement. A copy of the Prospectus is available for inspection on the Company's website: via www.mitongroup.com, and at the Company's registered office: Beaufort House, 51 New North Road, Exeter EX4 4EP. This announcement does not constitute and may not be construed as, an offer to sell or an invitation to purchase, investments of any description, or a recommendation regarding the issue or the provision of investment advice by any party. No information set out in this announcement or referred to in other written or oral form is intended to form the basis of any contract of sale, investment decision or any decision to purchase shares in the Company.

FOR IMMEDIATE RELEASE

28 April 2015

Miton UK MicroCap Trust plc

Issue of equity

Miton UK MicroCap Trust plc (the "Company") is pleased to announce that it has successfully raised gross proceeds of £50 million pursuant to the first placing, offer for subscription and intermediaries offer (the "First Issue") of ordinary shares of £0.001 each (the "Ordinary Shares") as described in the prospectus published by the Company on 8 April 2015 (the "Prospectus"). The net proceeds of the First Issue are expected to be approximately £49 million.

Applications have been received under the First Issue for 100,000,000 Ordinary Shares which will be issued at a price of 50 pence per Ordinary Share (the "Issue Price"). Of these, 7,531,450 Ordinary Shares were issued under the offer for subscription and 16,887,932 Ordinary Shares were issued under the intermediaries offer and all applications were met in full.

Applications have been made for admission of the Ordinary Shares to the premium segment of the Official List of the UK Listing Authority and to trading on London Stock Exchange plc's main market for listed securities ("Admission"). Admission is expected to occur at 8.00 a.m. on 30 April 2015.

It should be noted that further to the information included in the Prospectus, the Ordinary Shares will trade under a different ticker ("TIDM") of MINI (ISIN: GB00BWFGQ085) and the C Shares will, if and when admitted, trade under the TIDM of MINC (ISIN: GB00BWFGQ200). The ISIN for both remain as disclosed in the Prospectus.

Commenting on the new trust, Miton fund manager, Gervais Williams, said:

"Many microcap companies sustain growth in their turnover and cash generation even when world growth is subdued. Therefore, now is a great time to set up a microcap fund that can take advantage of this environment where many AIM stocks are delivering strong earnings growth.

"There is an unusually large opportunity set of sub-£150m stocks, which in the main are overlooked by professional fund managers. The new Miton UK MicroCap Trust will be taking a genuinely active approach to a universe of stocks that has not only delivered some of the best long term performance, but which also has greater scope for active stock picking."

Peel Hunt is acting as sole Sponsor, Broker, Placing Agent and Intermediaries Offer Adviser to the Company.

Enquiries:

Miton UK MicroCap Trust plc

Peel Hunt LLP

Broadgate Mainland - Financial PR

Roland Cross (07831 401309)

Anouchka Burton (07769 145124)

Disclaimer

The content of this announcement which has been prepared by and is the sole responsibility of the Company, has been approved by Miton Trust Managers Limited solely for the purposes of section 21(2)(b) of the Financial Services and Markets Act 2000 (as amended).

This announcement is an advertisement and does not constitute a prospectus and investors must only subscribe for or purchase any shares referred to in this announcement on the basis of information contained in the Prospectus and not in reliance on this announcement. Copies of the Prospectus may, subject to any applicable law, be obtained from the registered office of the Company. This announcement does not constitute and may not be construed as, an offer to sell or an invitation to purchase, investments of any description, a recommendation regarding the issue or the provision of investment advice by any party. No information set out in this announcement or referred to in other written or oral form is intended to form the basis of any contract of sale, investment decision or any decision to purchase shares in the Company.

Peel Hunt LLP ("Peel Hunt"), which is authorised and regulated by the Financial Conduct Authority, 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 Peel Hunt or advice to any other person in relation to the matters contained herein.

The shares of the Company will be offered only outside of the United States, pursuant to the provisions of Regulation S of the U.S. Securities Act of 1933, as amended (the "Securities Act"). These shares will not be registered under the Securities Act, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. Moreover, the shares of the Company have not been, nor will they be, registered under the applicable securities laws of Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA (other than the United Kingdom). Further, the Company will not be registered under the US Investment Company Act of 1940, as amended. Subject to certain exceptions, the shares of the Company may not be offered or sold in the United States, Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA (other than the United Kingdom) or to, or for the account or benefit of, any national, resident or citizen of the United States, Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA (other than the United Kingdom). The First 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.