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                                Ltd           
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 the acquisition 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                     PREMIER FUND MANAGERS LIMITED
notification obligation:iii                                                               
                                                                                          
4. Full name of shareholder(s)                                                            
 (if different from 3.):iv                                                                
                                                                                          
5. Date of the transaction and date on                                                    
which the threshold is crossed or                                     21/10/2014          
reached: v                                                                                
                                                                                          
6. Date on which issuer notified:                                     22/10/2014          
                                                                                          
7. Threshold(s) that is/are crossed or                                 4% to 5%           
reached: vi, vii                                                                          
                                                                                          

8. Notified details:                                                                                 
                                                                                                     
A: Voting rights attached to shares viii, ix                                                         
                                                                                                     
Class/type     Situation previous             Resulting situation after the triggering transaction     
of             to the triggering                                                                       
shares         transaction                                                                             
                                                                                                     
               Number          Number       Number     Number of voting      % of  voting rights x   
if possible    of              of           of shares  rights                                        
using          Shares          Voting                                                                
the ISIN                       Rights       Direct     Direct xi    Indirect Direct    Indirect      
CODE                                                                xii                              
                                                                                                     
                                                                                                     
               21,024,230      21,024,230   22,024,230 22,024,230            5.01%                   
GB00B0LCW208                                                                                         
                                                                                                     
                                                                                                     
                                                                                                     
                                                                                                     
                                                                                                     
B: Qualifying Financial Instruments                                                                  
                                                                                                     
Resulting situation after the triggering transaction                                                 
                                                                                                     
Type of        Expiration       Exercise/               Number of voting              % of voting    
financial      date xiii        Conversion Period xiv   rights that may be            rights         
instrument                                              acquired if the                              
                                                        instrument is                                
                                                        exercised/ converted.                        
                                                                                                     
                                                                                                     
                                                                                                     
                                                                                                     
                                                                                                     
C: Financial Instruments with similar economic effect to Qualifying Financial                        
Instruments xv, xvi                                                                                  
                                                                                                     
Resulting situation after the triggering transaction                                                 
                                                                                                     
Type of       Exercise price   Expiration  Exercise/   Number of voting rights % of voting rights    
financial                      date xvii   Conversion  instrument refers to    xix, xx               
instrument                                 period                                                    
                                           xviii                                                     
                                                                                                     
                                                                               Nominal   Delta       
                                                                                                     
                                                                                                     
                                                                                                     
Total (A+B+C)                                                                                        
                                                                                                     
Number of voting rights                            Percentage of voting rights                       
                                                                                                     
22,024,230                                                               5.01%                       
                                                                                                     
                                                                                                     
                                                                                                     
9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable: xxi                          
                                                                                        
                                                                                        
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:                  Percentage based on Issued Share Capital of
                                                             439,191,763                
                                                                                        
14. Contact name:                                        Christopher du Toit            
                                                                                        
15. Contact telephone number:                            [phone]