Holding(s) in Company

For filings with the FCA include the annex                                              
                                                                                        
For filings with issuer exclude the annex                                               
                                                                                        
                                                                                        
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi                                         
                                                                                        

1. Identity of the issuer or the underlying issuer            PICTON PROPERTY INCOME    
of existing shares to which voting rights are                 LIMITED                   
attached:ii                                                                             
                                                                                        
2. Reason for the notification (please tick the appropriate box or boxes):               
                                                                                        
An acquisition or disposal of voting rights                                     YES     
                                                                                        
An acquisition or disposal of qualifying financial instruments which may                
result in theacquisition of shares already issued to which voting rights                
are attached                                                                            
                                                                                        
An acquisition or disposal of instruments with similar economic effect to               
qualifying financial instruments                                                        
                                                                                        
An event changing the breakdown of voting rights                                        
                                                                                        
Other (please specify):                                                                 
                                                                                        
3. Full name of person(s) subject to the                     J O HAMBRO CAPITAL         
notification obligation:iii                                  MANAGEMENT LIMITED         
                                                                                        
4. Full name of shareholder(s)                                                          
 (if differentfrom 3.):iv                                                               
                                                                                        
5. Date of the transaction and date on                                                  
which the threshold is crossed or                            17 DECEMBER 2014           
reached:v                                                                               
                                                                                        
6. Date on which issuer notified:                            18 DECEMBER 2014           
                                                                                        
7. Threshold(s) that is/are crossed or                       ABOVE 5%                   
reached:vi, vii                                                                         
                                                                                        

8. Notified details:                                                                   
                                                                                       
A: Voting rights attached to sharesviii, ix                                            
                                                                                       
Class/type of    Situation         Resulting situation after the triggering transaction
shares           previous                                                              
                 to the triggering                                                     
                 transaction                                                           
if possible                                                                            
using            Number   Number   Number     Number of voting     % of  voting rightsx
the ISIN CODE    of       of       of shares  rights                                   
                 Shares   Voting                                                       
                          Rights   Direct     Directxi Indirectxii Direct   Indirect   
                                                                                       
GB00B0LCW208     21797339 21797339 23797339   23797339              5.42%                                                     
                                                                                       
            

B: Qualifying Financial Instruments                                                     
                                                                                        
Resulting situation after the triggering transaction                                    
                                                                                        
Type of financial  Expiration Exercise/              Number of voting       % of voting 
instrument         date xiii  Conversion Period xiv  rights that may be     rights      
                                                     acquired if the                    
                                                     instrument is                      
                                                     exercised/ converted.              
                                                                                        
        



Total (A+B)                                                                             
                                                                                        
Number of voting rights                  Percentage of voting rights                    
                                                                                        
23797339                                 5.42%                                          
                                                                                        


 

9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable:xxi                           
                                                                                        
NOT APPLICABLE                                                                          
                                                                                        


Proxy Voting:                                                                           
                                                                                        
10. Name of the proxy holder:                                                         - 
                                                                                        
11. Number of voting rights proxy holder will cease                                   - 
to hold:                                                                                
                                                                                        
12. Date on which proxy holder will cease to hold                                     - 
voting rights:                                                                          
                          
13. Additional information:                                  -                           
                                                                                        
14. Contact name:                                            Simon Gartery              
                                                                                        
15. Contact telephone number:                                0207 747 5637