Publication of Supplementary Prospectus

21 January 2015

                        PICTON PROPERTY INCOME LIMITED                         
                          ("Picton" or the "Company")                          

                    Publication of Supplementary Prospectus                    

Picton Property Income Limited (the "Company") has published a supplementary
prospectus approved by the UK Listing Authority. The publication of the
supplementary prospectus is a regulatory requirement under the Prospectus Rules
following the publication of the Company's Net Asset Value for the quarter
ended 31 December 2014.

The supplementary prospectus is supplemental to, and should be read in
conjunction with, the Prospectus published by the Company on 1 May 2014 and the
supplementary prospectuses published by the Company on 14 July 2014, 4 August
2014, 29 October 2014 and 21 November 2014 respectively, all in relation to the
Placing Programme.

Copies of the supplementary prospectus will shortly be available for inspection
at www.hemscott.com/nsm.do and on the Company's website at www.pictonproperty.co.uk

                                     ENDS                                      

For further information:

Northern Trust International Fund                   Telephone: [phone]
Administration Services (Guernsey) Limited                                     
David Sauvarin                                                                 
The Company Secretary                                                          
Trafalgar Court                                                                
Les Banques                                                                    
St Peter Port                                                                  
Guernsey                                                                       
GY1 3QL                                                                        
                                                                               
Picton Capital Limited                              Telephone: [phone]
Michael Morris                                                                 
                                                                               
J.P. Morgan Cazenove                                Telephone: [phone]
William Simmonds                                                               
                                                                               
Oriel Securities Limited                            Telephone: [phone]
Roger Clarke                                                                   
                                                                               
Tavistock Communications                            Telephone: [phone]
Jeremy Carey, James Verstringhe                                                


Note to Editors

Picton Property Income Limited ('Picton') is an income focused, property
investment company listed on the London Stock Exchange. It was established in
2005 to invest both directly and indirectly in commercial property across the
United Kingdom.

With Net Assets of £315.7 million at 31December 2014, the Company's objective
is to provide shareholders with an attractive level of income, together with
the potential for capital growth by investing in the principal commercial
property sectors.